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 38<br />
Swetank III 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:* 21 000<br />
Key figures: 100 %<br />
Paid in equity (USD): 1 750 000<br />
Accumulated dividend (USD): 150 000<br />
Residual value sensitivity on IRR :<br />
LOW C<strong>AS</strong>E B<strong>AS</strong>E C<strong>AS</strong>E HIGH C<strong>AS</strong>E<br />
Residual value end C/P: 1 000 000 2 000 000 2 250 000<br />
IRR estimated share price: 9,06 % 15,74 % 17,01 %<br />
IRR total capital: 3,36 % 5,08 % 5,49 %<br />
* The Share price includes a 5% deduction on the the tax position of the<br />
company.<br />
Corporate details The Vessels<br />
Corporate management: Ness, Risan & Partners <strong>AS</strong> Vessel's name: M/T Baltic Claire<br />
Commercial Management: Arne Blystad <strong>AS</strong> Type: Chemical tanker<br />
Dwt: 8 950<br />
Purchase price vessels: USD 11 500 000 LOA/ Beam: 103,5 m /17,5 m<br />
Paid in capital: USD 1 750 000 Yard: Sembawang Bethlehem Yard, Singapore<br />
Uncalled capital: USD 2 250 000 Built: 1991 (rebuilt 2002)<br />
Commencement of C/P: 30. October 2006 Class: DnV ICE-A1, Tanker for Oil Products, ESP, EO HL<br />
Expiry of C/P: 30. October 2014 Flag: NIS<br />
IMO class: IMO III<br />
Base case assumptions: Other: 1A Ice Class, Double Hull<br />
BB rate net per day: 5 050<br />
Charterer: Svithoid Tankers AB<br />
Estimated Cashflow Financing (31.12.<strong>2007</strong>)<br />
Estimated Cashflow <strong>2007</strong> 2008 2009 Balance Inst. Interest Balloon<br />
Operating revenue 1 843 250 1 843 250 1 843 250 Mortgage debt 1 3 850 000 500 000 6,19 % * 200 000<br />
Administration expenses 76 500 78 030 79 591 Mortgage debt 2 3 850 000 500 000 6,25 % ** 200 000<br />
Net operating cashflow 1 766 750 1 765 220 1 763 659 Sellers Credit 1 150 000 0 0,00 % 1 150 000<br />
Interest earned 26 119 25 972 20 400 Total 8 850 000 1 000 000 1 550 000<br />
Interest expenses 525 379 463 204 400 252<br />
Repayment long term debt 1 000 000 1 000 000 1 050 000<br />
Net financial items -1 499 259 -1 437 232 -1 429 851<br />
Net project cashflow 267 491 327 988 333 808<br />
Estimated dividend 150 000 550 000 300 000<br />
Estimated Balance (31.12) Additional information<br />
<strong>2007</strong> 2008 2009<br />
Working capital 359 633 137 621 171 430<br />
Vessels* 9 687 448 8 660 073 7 542 445<br />
Total assets 10 047 080 8 797 695 7 713 875<br />
Outstanding debt 1. Prior 7 700 000 6 700 000 5 650 000<br />
Sellers credit 1 150 000 1 150 000 1 150 000<br />
Total outstanding debt 8 850 000 7 850 000 6 800 000<br />
* Vessel value is calculated based on a depreciation of annual annuity<br />
factor of 8,6%<br />
* Fixed at 6,185% incl margin until 30. October 2011<br />
** Not fixed, we have assumed an interest rate of 6,25% incl. Margin for<br />
the remaining period.<br />
Annual instalments for mortgage 1 and 2:<br />
Year 1-2: 1 000 000<br />
Year 3-8: 1 050 000<br />
The Charterer has options to purchase the vessel from 30. October 2009<br />
and every year thereafter at preagreed prices as follows:<br />
30. October 2009: USD 8 750 000<br />
30. October 2010: USD 7,600 000<br />
30. October 2011: USD 6 400 000<br />
30. October 2012: USD 5 100 000<br />
30. October 2013: USD 3 750 000<br />
30. October 2014: USD 2 250 000
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