Markedsrapport – Desember 2007 - NRP AS
Markedsrapport – Desember 2007 - NRP AS
Markedsrapport – Desember 2007 - NRP AS
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<strong>Markedsrapport</strong> <strong>–</strong> <strong>Desember</strong> <strong>2007</strong> Side 20<br />
Eastern Reefer II DIS - financial shipping project<br />
Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis:<br />
(All figures in 1000 JPY) 01.12.<strong>2007</strong><br />
Estimated share price (JPY): 1 %<br />
Estimated share price (JPY):* 2 900<br />
Key figures: 100 %<br />
Paid in equity (JPY): 240 000<br />
Accumulated dividend (JPY): 0<br />
Residual value sensitivity on IRR :<br />
B<strong>AS</strong>E C<strong>AS</strong>E<br />
Residual value end C/P: 500 000<br />
IRR estimated share price: 15,27 %<br />
IRR total capital: 6,70 %<br />
* The Share price includes a 5% deduction on the the tax position of the<br />
company.<br />
Corporate details The Vessel<br />
Corporate management: Ness, Risan & Partners <strong>AS</strong> Vessel's name: M/V Pohah No. 2<br />
Commercial Management: Oceanlink Ltd. Type: Reefer<br />
Cargo Cap: 235,039 cbft<br />
Purchase price vessels: JPY 1 200 000 Dwt: 5,134<br />
Paid in capital: JPY 240 000 LOA/ Beam: 113,4m /16,6m<br />
Uncalled capital: JPY 240 000 Yard: Kyokuyo Shipyard Corp, Japan<br />
Commencement of C/P: 27. March <strong>2007</strong> Built: 2 000<br />
Expiry of C/P: 27. March 2017 Class/flag: N.K.<br />
Main engine: Akasaka, 8UEC37LA x 1 set., 5600 PS x 210 RPM<br />
Base case assumptions:<br />
BB rate net per day year 1-10: JPY 401,5<br />
Guarantor: Khana Enterprises Co. Ltd., Japan<br />
and Oswego Ltd., Korea<br />
Charterer: NOK Co. Ltd., Panama<br />
Estimated Cashflow Financing (31.12.<strong>2007</strong>)<br />
Estimated Cashflow <strong>2007</strong> 2008 2009 Balance Inst. Interest Balloon<br />
Operating revenue 112 019 146 548 146 548 Mortgage debt 1 865 500 58 500 2,78 % * 124 500<br />
Administration expenses 9 000 9 180 9 364 Sellers Credit 60 000 0 0,00 % 60 000<br />
Net operating cashflow 103 019 137 368 137 184 Total 925 500 58 500 0 184 500<br />
Interest earned 0 0 0<br />
Interest expenses 19 364 23 519 21 350<br />
Repayment long term debt 58 500 78 000 78 000<br />
Net financial items -77 864 -101 519 -99 350<br />
Net project cashflow 25 155 35 849 37 834<br />
Estimated dividend 15 000 36 000 37 000<br />
Estimated Balance (31.12) Additional information<br />
<strong>2007</strong> 2008 2009<br />
Working capital 10 155 10 003 10 837<br />
Vessels* 1 186 434 1 171 732 1 155 800<br />
Total assets 1 196 588 1 181 735 1 166 637<br />
Outstanding debt 1. Prior 865 500 787 500 709 500<br />
Sellers credit 60 000 60 000 60 000<br />
Total outstanding debt 925 500 847 500 769 500<br />
* Vessel value is calculated based on a depreciation of annual annuity<br />
factor of 8,2%<br />
Ness, Risan & Partners <strong>AS</strong><br />
* Annual instalments:<br />
Year 1-10: JPY 78 000<br />
80% of the mortgage is fixed until 26. March 2014 at 2,78% inc. Margin.<br />
All JPY figuers in 1000 JPY
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