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 26<br />
Longa DIS - financial shipping project<br />
Contact: Ragnvald Risan (r.risan@nrp.as)<br />
Ness, Risan & Partners <strong>AS</strong><br />
Date of analysis:<br />
01.12.<strong>2007</strong><br />
Estimated share price (USD): 1 %<br />
Estimated share price USD:* 29 700<br />
Key figures: 100 %<br />
Paid in equity (USD): 2 525 000<br />
Accumulated dividend (USD): 0<br />
Residual value sensitivity on IRR :<br />
B<strong>AS</strong>E C<strong>AS</strong>E<br />
Residual value end C/P: 1 500 000<br />
IRR estimated share price: 15,08 %<br />
IRR total capital: 4,59 %<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: B/C Siam Ruby<br />
Commercial Management: Atlantica Shipping <strong>AS</strong> Type: Handysize bulk carrier<br />
DWT: 35,501<br />
Purchase price vessels: USD 14 085 000 GRT/NRT/LDT: 20,866/13,293/7,237<br />
Paid in capital: USD 2 525 000 LOA/ Beam: 176,0m /28,2m<br />
Uncalled capital:* USD 3 500 000 Yardt: Tohoku Shipbuilding, Japan<br />
Commencement of C/P: 30. May <strong>2007</strong> Built: 1984<br />
Expiry of C/P: 30. May 2012 Class/flag: NKK/ Panama<br />
Main Engine: Mitsubishi 6UEC60HA, 7 502kw at 140 rpm<br />
Base case assumptions:<br />
BB rate net per day year 1: USD 10 500<br />
BB rate net per day year 2-5: USD 8 700<br />
Charterer: Emirates Trading Agency LCC<br />
* The Uncalled capital will be reduced pro-rata with the repayment of the<br />
mortgage debt<br />
Estimated Cashflow Financing (31.12.<strong>2007</strong>)<br />
Estimated Cashflow <strong>2007</strong> 2008 2009 Balance Inst. Interest Balloon<br />
Operating revenue 2 253 173 3 445 500 3 175 500 Mortgage debt 1 9 150 000 1 350 000 6,00 % * 975 000<br />
Administration expenses 43 750 76 500 78 030 Sellers Credit 1 500 000 0 0,00 % 1 500 000<br />
Net operating cashflow 2 209 423 3 369 000 3 097 470 Total 10 650 000 1 350 000 2 475 000<br />
Interest earned 22 036 32 424 28 404<br />
Interest expenses 371 875 508 500 380 250<br />
Repayment long term debt 1 350 000 2 325 000 1 950 000<br />
Net financial items -1 699 839 -2 801 076 -2 301 846<br />
Net project cashflow 509 584 567 924 795 624<br />
Estimated dividend 400 000 650 000 800 000<br />
Estimated Balance (31.12) Additional information<br />
<strong>2007</strong> 2008 2009<br />
Working capital 127 584 45 509 41 133<br />
Vessel* 11 866 288 9 464 221 6 863 646<br />
Total assets 11 993 872 9 509 729 6 904 779<br />
Outstanding debt 1. Prior 9 150 000 6 825 000 4 875 000<br />
Sellers credit 1 500 000 1 500 000 1 500 000<br />
Total outstanding debt 10 650 000 8 325 000 6 375 000<br />
* Vessel value (vessel value incl. C/P) is calculated based on a<br />
depreciation of annual annuity factor of 8.1%<br />
* 100% of the loan is fixed from November <strong>2007</strong> until end of charter may<br />
2012 at 6.0% interest incl. margin.<br />
Annual instalments:<br />
Year 1: 2 700 000<br />
Year 2-5: 1 950 000<br />
The Charterer has options to buy the vessel at:<br />
30. May 2010 at USD 7 500 000<br />
30. May 2011 at USD 4 750 000<br />
The Charterer has an obligation to purchase the vessel for USD 1 500 000 at<br />
the end of the charter (30. May 2012).
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