Markedsrapport – Desember 2007 - NRP AS

Side 41 Markedsrapport – Desember 2007
TDS Containership IV DIS
Contact: Endre Landbø (endre.landbo@nrp.as)
Date of analysis:
01.12.2007
Estimated share price (USD) 1 %
Estimated share price (USD):* 210 000
Key figures: 100 %
Paid in equity (USD):* 18 945 000
Accumulated dividend (USD): 0
Residual value sensitivity on IRR :
LOW CASE BASE CASE HIGH CASE
Residual value 2013: 50 000 000 60 000 000 70 000 000
IRR estimated share price: 10,50 % 16,03 % 20,37 %
IRR total capital: 5,26 % 7,23 % 9,09 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details The Vessels
Corporate management: Ness, Risan & Partners AS Vessel names: M/V Thorscape, M/V Thorswave
Technical management: Jahre Wallem AS Type: Fully cellular container vessels
Commercial management: Thor Dahl Management AS TEU: 2,908 (2039 @ 14t)
Reefer capacity: 285
Purchase price vessels: USD 84 500 000 Dwt: 35,020
Paid in capital: USD 18 945 000 LOA: 195,7m
Uncalled capital: USD 12 675 000 Beam: 32,25m
Yard: Hyundai Heavy Industries, South Korea
Base case assumptions: Built: 1997/1996
TC rate with CMA CGM until Aug. 2010 (ex.4.0% com.): USD 22 175/day Class: GL + 100 A 5 Container
TC Rate with ZIM until Mai 2011 (ex. 6.75% com.): USD 21 350/day Main engine: Hyundai Sulzer 8RTA 72U 32,560 BHP
Speed: 22 knots
Next Drydock: 2012/2011
*ZIM has option to extend charter for 3 years at 25,250/day from 2011 until
2014.
Last Drydock: 2007/2006
Charterer: CMA CGM, ZIM
Estimated Cashflow Financing (31.12.2007)
2007 2008 2009 Balance Ann. Inst. Interest Balloon
Operating revenue 3 842 046 14 913 314 14 913 314 Mortgage debt 1 33 800 000 2 750 000 5,85 % * 17 300 000
Operating expenses 996 400 3 946 380 4 025 308 Mortgage debt 2 16 900 000 1 375 000 5,68 % ** 8 650 000
Dry docking 0 0 0 Mortgage debt 3 16 900 000 1 375 000 5,75 % ** 8 650 000
Administration expenses 75 000 153 000 156 060 Total 67 600 000 5 500 000 34 600 000
Net operating cashflow 2 770 646 10 813 934 10 731 946
Interest earned 17 462 134 499 118 696
Interest expenses 1 092 181 3 828 798 3 510 816
Repayment long term debt 0 5 500 000 5 500 000
Net financial items -1 074 719 -9 194 300 -8 892 120
Net project cashflow 1 695 927 1 619 634 1 839 827
Estimated dividend 0 2 700 000 1 500 000
Estimated Balance (31.12) Additional information
2007 2008 2009
Working capital 2 095 927 1 015 561 1 355 388
Vessels* 83 232 461 80 511 937 77 523 975
Total assets 85 328 388 81 527 499 78 879 363
Outstanding debt 67 600 000 62 100 000 56 600 000
Total outstanding debt 67 600 000 62 100 000 56 600 000
Net asset value pre dividend #REF! 12 483 954 13 113 756
*Vessel value is calculated based on a depreciation of annual annuity factor
of 9.6%
The mortgage financing has a aggregated quarterly installment of
USD 1 375 000.
*Mortgage debt 1 has fixed interest at 5.8475% incl. margin until
21.09.2013.
**Mortgage debt 2 has fixed interest at 5.68% incl. margin until
2.10.2010.
***Mortgage debt 3 interest rate is not fixed.
The charter to CMA CMG is for 36 months and commenced August 2007.
Thereafter we have assumed the next 36 months charter rate to be USD 25
250/day i.e. equal to the optional rate in the Zim charter.
Ness, Risan & Partners AS