MARKETREPORTShipping&Offshore
2018
PARTI–MARKET&FIGURES03Prologue&Employees
07ProjectFinanceEnvironment
08ChallengingOffshoreMarket
10TheTankerMarket
14TheContainershipMarket
16DrybulkConfidence
20ProjectsEstablished
24ProjectsConcluded
25ExisLngProjects&Segments
26FleetList2018
PARTII–CURRENTPROJECTS28AberdeenOffshoreDIS
29 AnkerShippingLtd
30AtlanLcKamsarmaxDIS
31BergshavAframaxAS
32CIT-Grieg
33CIT-Thor
34DongguanChemicalTankersDIS
35EuropeanVentureDIS
36FeederContainerIIDIS
TABLEOFCONTENTS
37 GarthcliffShippingLtd.
38GoldenKamsarDIS
39HenrieZaProductDIS
40HighYieldShippingDIS
41HomborsundContainerDIS
42IndustrialShippingDIS
43LesleyProductDIS
44MSNordstjernenDIS
45NordicHandysizeDIS
46NordicHandysizeIIDIS
47NordicHandysizeIIIASNEW
48NordicHandysizeIVHoldingASNEW
49NordicLR1ASNEW
50NordicMaxbox
51 NorthernProductDIS52 NorthernSupplyASNEW
53NorthernTankersDISNEW
54PandaChemicalIIDIS
55ParkStreetShippingLtd
56SaragolTankers1DIS
57SaragolTankers2DIS
58 SeminyakDIS
59 SouthernChemicalDIS
60StandardPSV
61SudongOffshoreDIS
62TasmanicHeavyli`DISNEW
63PlatouShipinvestIDIS
64GraphicalOverview
65HeadOffice&Contacts
DearInvestorsandBusinessAssociates,In 2018 we have seen a so` recovery in both thecontainership and drybulk market where earnings havenormalisedandreturnedtoamodest levelofprofitability.Investorswho had the courage to enter themarketwhileearnings were at OPEX levels have been rewarded by anincreaseinassetvaluesofupto50-60%fromtheboZomin2016/2017.WearenowenteringaninteresLngperiodinshippingwithnew regulaLons such as Ballast water treatment systemrequirementsandthe2020IMOSulphurCap.InaddiLontothisweobserveahistoricallyverylowfleetgrowthinmosttradiLonal segments coupled with a limited amount ofnewbuilding orders being placed. The current chartermarketbasedonnewbuildingprices is sLllunaZracLve. InaddiLon, there is limited access to aZracLve financeschemes.Manyof the tradiLonal shippingbankshave reduced theirshipping poriolios, and are focusing on serving largercorporate clients, leaving medium sized owners with fewopLonsonthefinanceside.Manybankshavealso le`thesector completely. These lenders have been replaced byprivateequitythathaveseenanopportunitytobridgethefundinggap le`by thebanks. Their costofdebt capital issignificantly higher, and is close to the ship owners owncostofequity.AlternaLve financing soluLons such as the NorwegianProjectFinancemarketwill remainan importantsourceoffinance for all sizes of ship owning companies. Theinvestment structure is flexible, either through equity co-investmentsorsaleleasebackstructuresthatallowsownersto either refinance exisLng debt or take advantage of theopportuniLesinthecurrentlowcycleenvironment.2017 was one of themost acLve years in the NorwegianProjectFinancemarketpost2008withatotalof76vessels(~USD1.2Bn)financedbyClarksonsPlatou,Fearnleys,NRPandPareto.We expect to see a conLnuaLon of this development asmanyof thedealsdone in2017are repeatdealswith thesame ship owners having established a good track recordand reputaLon with Norwegian investors. The market isalsoopenforownerswithinteresLnginvestmentproposals,lookingforNorwegianco-investors.We see opportuniLes in most of the segments goingforward given the above menLoned factors, limiLng thesupply side growth. The following paragraphs contains abrief overview of our thoughts over next year for thevariousshippingsegments.
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MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
PROLOGUEDrybulkAcross most sizes, except for Handysize bulkers, we haveseen 2nd hand asset values return to newbuilding parity.Furthermore,earningsareata levelwhereit ispossibletoreturnequitytoinvestorsa`erOpexandfinancecosts.Thecurrent FFA market is pricing Q3 and Q4 at a premiumcompared to todays freight rates. We anLcipate that thefocuswillshi`fromassetplayovertoyieldstructureswithlongertermemployment.We anLcipate to see more structured transacLons indrybulk over the next 12 months. Either through plainvanillasaleleasebacksorstructureswithupsidesharing.ContainervesselsSimilartothedrybulkmarket,thefeedercontainersegmenthasrecoveredfromtheboZomlevelsinQ42016.WebelievetherearemoreinteresLngopportuniLesinthissegment going forward in terms of selecLve asset play aswellasstructuredyieldprojects.OffshoreSince2016wehavebuilt upafleetof9mediumsizePSVvessels together with Fletcher Shipping and StandardDrilling. The commondenominator in this fleet is that thevessels were all purchased from distressed situaLon with100% equity. In 2018 we hope to conLnue posiLoningourselves for recovery and securing modern and goodassetsattodayslowprices.TankersWeanLcipate that the2ndhalfof2018willbechallengingfor both crude and product tankers. However, we arestarLng to see interesLng opportuniLes as asset valueshavedropped substanLallyover the last year. Weexpectthat therewillbe interesLngassetplayopportuniLesoverthenext6monthsboth forolder vintage tonnageand formoremoderntonnage.Kindregards,ClarksonsPlatouProjectFinance
CLARKSONSPLATOUPROJECTFINANCEClarksons Platou Project Finance AS has since its incepLon in2004 become one of the world’s major project financecompanies that specialize in shipping and offshore relatedfinancial schemes in the interest of both shipowners andfinancialinvestors.The main objecLve is to idenLfy aZracLve investmentopportuniLes, which involve the purchase of shipping andoffshorerelatedassetsalongwithsecuredemployment,aswellas present asset play cases when the Lming is opLmal. ThestrengthofClarksonsPlatouProjectFinance liesnotonlywiththehighlyqualifiedstaff,butalsowiththevastshippingrelatedresourcesavailablewithintheClarksonsPlatouGroup.Clarksons Platou Project Finance is an independent companywithintheClarksonsPlatouGroupuLlizingthefullpotenLalofhaving close contact with shipbrokers, shipowners, shipmanagers,bankers,lawyersandconsultantsworldwide.CLARKSONSPLATOUPROJECTSALESInlate2014,ClarksonsPlatouProjectFinanceestablishedanewdivisiondesignatedtosourcingequityandincreasingliquidityofproject shares in the second handmarket. The new focus onsaleswill allow us to further increase our project acLvity anddeal size. The teamconsistsof fourbrokersanda complianceofficer. Increasing the liquidity in the secondhandmarketwillprovideaddedvaluetoourexisLnginvestorsandopportuniLesfornewinvestorstoenterexisLngprojects.
CLARKSONSPLATOUREALESTATEClarksons Platou Real Estate AS is one of the leadingplayerswithinNorwegianrealestateprojectfinance.Thecompany is a fully integrated real estate corporatefinance house specialized in sourcing, structuring andfacilitaLng commercial real estate. The company’sgeographicalfocusisontheNorwegianandSwedishrealestatemarket.Thecompany’scoreacLviLesare:v OriginaLonofinteresLngfinancialestate
opportuniLesv Structuringandrestructuringofrealestateprojectsv StructuringofdevelopmentandopportunisLc
projectsv Projectfinancingofrealestateprojectsv CorporatefinanceassisLngwithinthecommercial
sectorv Assetmanagement
CLARKSONSPLATOUPROPERTYMANAGEMENTClarksons Platou Property Management AS is aprofessional manager and developer of industrial andcommercial real estate. The company offers highlyqualified services within all types of management forsophisLcatedrealestateinvestors,tenantsandsuppliers.The company’s main focus is to contribute to valuecreaLonfortheinvestorsandthepropertyitselfbybeinghands-onthroughoutthelifespanoftheinvestment.Thecompany’scoreacLviLesare:v Technicalmanagementv TenantrelaLonshipmanagementv Leqngandcommercialmanagementv CorporatemanagementandreporLngv BuildingoperaLonsandmaintenancev Realestatedevelopment
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MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
5
CLARKSONSPLATOUPROJECTFINANCE
PROJECTSALES
PROJECTFINANCE
LARSGJERDESeniorBroker
STIANSKAUG-PAULSENSeniorBroker
ANDREASW.BANGHeadofSales
AXELMOLTZAUAASJointManagingPartner
CHRIS.W.SVENSSONJointManagingPartner
TRULSWIESEKOLSTADSeniorBroker
TRONDHAMRESeniorPartner
BENJAMINRYENG-HANSENManagingDirector
HEIDIMEYERWESTBYOfficeManager
ERIKKRISTIANANDRESENCorporateManager
ELISABETHRELBOSecretary
EVALISEBJERKECorporateManager
STEFFENLILLENGBroker
LINEC.AUGELIHeadofCompliance
MAGNUSBURAASCorporateManager
MARIANNEKNUDSENCorporateManager
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
ProjectFinanceAdvantages:Directinvestments,cleanandlowcoststructureswithhighdegreeofinvestorcontrol
Lowerrunningcoststhanstock-listedalterna[ves:
UncomplicatedandRobustCapitalStructures: 5
Directinvestmentintotheassets:
5
ClarksonsPlatouProjectFinance–CapitalRaised TD
5
5 6 5 6
Millions
AccumulatedTransac[on olume
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
OffshoreMarketcondiLonsintheoffshoresegmentremainchallenging,butwehavestartedtoseesomeposiLvesignals,mostnotablyincreasingrigtenderingacLvityandastrongvolumeincreaseinordersforsubseaequipmentandFloaLngProducLonUnits.ThiscorrespondswithincreasingsancLoningofnewfielddevelopments.AlbeitsLllatalowlevel,thishaspickedupnotablyfromlevelsseenin2015,2016and2017.WehavealsoseenanupLckintermcontracLngandtenderingforPSVsintheNorthSea,alsodrivingthedayratesupsomewhat,whichcouldperhapsbeanearlyindicatorofimprovingmarketcondiLonsforthebroaderOSV-segment.Finally,therehasbeensomeimprovementinthesecond-handtransacLonmarketwithnotablejackupandfloatertransacLons,aswellasincreasingM&AacLvitywithintherig-andOSV-segments.OSVandSubsea2ndhandtransacLonsarealsoontherise.EventhoughtheseareposiLvesignalsthatcouldindicatethatOffshoreisabouttorecoverintermsofacLvity,overcapacityintheasset-heavysegmentsremainssignificant.Consequently,uLlizaLonandratesgenerallyremainatlowlevels.WeexpectaconLnuedgradualimprovementinoffshoreacLvitygoingforward,butmostlikely,itwillsLlltakesignificantLmetorebalancetheassetsegmentsinordertoseemoresustainableuLlisaLonandratelevels.TheOffshoreDrillingRigMarketTotaloffshorerigdemandseemstohaveboZomedearlyin2017,andweexpectdemandtoincreasegraduallythroughoutthecurrentyear.Today,theglobaloffshorerigcount(rigsoncontract)standsat441units,marginallyupfromtroughlevelsofaround425units.Adeeperanalysisoftherigmarketdisplayssignificantregionalandsubsegmentvariances.Inshallowwater,weseeincreasedrigdemandinAsiaandWestAfrica,andstabledemandintheMiddleEast,theNorthSeaandMexico.FortheDW/UDWfloatersegment,weseeindicaLonsofdemandgrowthinUSGoM,IndiaandAsia.TheNorthSeaHarshEnvironment(HE)semi-submarketfurtherstandsoutasasomewhatspecialcase.ThesegmenthasalreadyLghtenedsignificantlyonbackofmoderatedemandincreaseandsupplysideaZriLon.Consequently,dayratesinthissegmenthavegenerallydoubledfromtroughlevels,andHE-focusedplayershavepickedupalloftheHEsemisstrandedatyardsinAsia,thelatestbyOdsellforUSDm505.Indeeperwaters,WestAfricaandBrazilontheotherhandsLllseemtobelaggingintermsofrecovery,thoughwehaveseensomeposiLveindicaLonsduringthefirsthalfof2018fordrillingrequirementsin2019and2020.IntermsofotherassettransacLons,wehavealsoseenasignificantvolumeofhighspecJUtransacLons,inparLculardrivenbynewcomerBorrDrilling.Finally,wehavebeguntoseeanincreasingtrendtowardsacquisiLonsofstrandedUDWfloatersfromshipyards.
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Offshore,higheroilpriceandimprovingsen[ment
RebalancingofthebroaderrigmarketfurtherconLnuestoprogressonbackoflowuLlizaLonandrates,financialstressandcontractors’realizaLonoftheneedtoreducecapacityacrosstheindustry.Assuch,contractorshavereLredmorethan30%ofthetotalfloaterfleetsincethedownturnstartedinlate2014.WeexpectthereLrementtrendtoconLnueastheindustryissLlllookingtocutcosts.ReLrementofassetsinthejackupsegmenthasbeenlesspronouncedforseveralreasons,andunlessthispicksup,rebalancingofthejackupsegmentmaylikelybepushedfurtheroutinLme.TheSubsea&FieldDevelopmentMarketSancLoningofnewoffshorefielddevelopmentshasconLnuedtoseeanotableupLcksofarin2018comparedto2015,2016and2017.ProvidedoilpricesremainrelaLvelystableforward,weexpectthistrendtoconLnue.SubseaequipmentawardstotheindustrylikelyboZomedin2016withalowlevelof83Christmastreesawarded(eachsubseawellrequiresasubseaChristmastree).Thiscomparestoanannualaveragelevelof324since2000and153treesin2015.For2017,204Christmastreeswereawardedtothesubseaequipmentindustry,i.e.morethanadoublingfromthelevelseenin2016.CorrespondingpicturecanbeobservedintermsofcontractsfornewFloaLngProducLonUnits.EquipmentmanufacturingleadLmeshoweverimplythatthisequipmentwillbeinstalledoffshorefrom2019andbeyond,whichiswhenmajorityofactualoffshore/subseaacLvitywilltakeplace.ThisimpliesthatfleetuLlizaLonacrossthesubseasegmentislikelytoremainsubduedatleastthrough2018andinto2019atleast.However,thebacklogforthelargestsubseaEPCcontractorsimprovedslightlyin2017andislikelytoseefurtherimprovementthrough2018.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Subseamaintenanceworkcouldalsopickupinthenearertermfuture,supporLngsomewhathighervesselacLvityinthesector.TheoffshorewindspaceintheNorthSeaisalsocreaLngnewdemandforsubseatonnage,andsomesubseasegmentswillachievedecentuLlisaLonduringthesummerseasonof2018intheNorthSea,asoil&gasandoffshorewindplayerscompeteforthesametonnage.Limitednewbuildingshavebeenplacedoverthelastthreeyearswithinthesubseasegment,butweexpectthelevelofnewbuildstopotenLallyseeamarginalupLckgoingforward,incasedrivenbyspecializedvessels.OffshoreServiceVessels(OSV:PSVandAHTS)ThemarketforOSVsremainschallenging,characterisedbysignificantvesselovercapacity,lowuLlizaLonanddayratesaroundthelevelofoperaLngexpensesforthevesselsinmostregions.GlobalfleetuLlisaLon(alsotakingintoaccountstackedvessels)forlargeOSVsiscurrentlyaround61-65%(AHTSandPSVrespecLvely),whileacLveuLlisaLonlevelsinsomeregionsnaturallyremainsubstanLallyhigher(77-85%globallyforAHTSandPSVrespecLvely).IntheseseveremarketcondiLons,mostorallvesseloperatorsarestrugglingsignificantly,andwehaveconLnuedtowitnesshighcorporateacLvityintermsofrefinancing,restructuringandconsolidaLon.SomeoftheUSplayershavealsomanagedtoreducetheirdebtsubstanLallyasaresultoftheseprocesses,makingthemmorecompeLLvegoingforward.IncreasedconsolidaLonandsignificantvesselaZriLonbodeswellforthelongertermrebalancingofthesegment,butonbackofthesubstanLalovercapacity,weanLcipatearecoverytomoresustainabledayratelevelstosLllbeseveralyearsout.Asforrigs,regionaldifferencesdoapply,andrateshavecomeupslightlyalreadye.g.intheNorthSeawherebothspotandtermrateshavecomeupnoteworthyfromtroughlevels.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
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Subseamaintenanceworkcouldalsopickupinthenearertermfuture,supporLngsomewhathighervesselacLvityinthesector.TheoffshorewindspaceintheNorthSeaisalsocreaLngnewdemandforsubseatonnage,andsomesubseasegmentswillachievedecentuLlisaLonduringthesummerseasonof2018intheNorthSea,asoil&gasandoffshorewindplayerscompeteforthesametonnage.Limitednewbuildingshavebeenplacedoverthelastthreeyearswithinthesubseasegment,butweexpectthelevelofnewbuildstopotenLallyseeamarginalupLckgoingforward,incasedrivenbyspecializedvessels.OffshoreServiceVessels(OSV:PSVandAHTS)ThemarketforOSVsremainschallenging,characterisedbysignificantvesselovercapacity,lowuLlizaLonanddayratesaroundthelevelofoperaLngexpensesforthevesselsinmostregions.GlobalfleetuLlisaLon(alsotakingintoaccountstackedvessels)forlargeOSVsiscurrentlyaround61-65%(AHTSandPSVrespecLvely),whileacLveuLlisaLonlevelsinsomeregionsnaturallyremainsubstanLallyhigher(77-85%globallyforAHTSandPSVrespecLvely).IntheseseveremarketcondiLons,mostorallvesseloperatorsarestrugglingsignificantly,andwehaveconLnuedtowitnesshighcorporateacLvityintermsofrefinancing,restructuringandconsolidaLon.SomeoftheUSplayershavealsomanagedtoreducetheirdebtsubstanLallyasaresultoftheseprocesses,makingthemmorecompeLLvegoingforward.IncreasedconsolidaLonandsignificantvesselaZriLonbodeswellforthelongertermrebalancingofthesegment,butonbackofthesubstanLalovercapacity,weanLcipatearecoverytomoresustainabledayratelevelstosLllbeseveralyearsout.Asforrigs,regionaldifferencesdoapply,andrateshavecomeupslightlyalreadye.g.intheNorthSeawherebothspotandtermrateshavecomeupnoteworthyfromtroughlevels.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
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Crudetankerearningsfellfurtherinthefirsteightmonthsof2018asthecombinaLonofstrongvoluntarycompliancewithOPECandnon-OPECproducLoncutsandaddiLonalinvoluntaryoutputreducLonsaffectedvesseldemand.OurassessedweightedaverageearningsforVLCCsinthisperioddeclinedby47%comparedtoayearago,whileassessedaverageearningsforSuezmaxesandAframaxeswerebothdownby21%and12%respecLvely.AssessedearningsforLR2andLR1productstankersonthebenchmarkMiddleEasttoFarEastroutedeclinedby2%and8%,respecLvely,againstthesameperiodin2017,whileassessedaveragecleanMRearningsdeclinedby20%.Aspateofnewlydeliveredcrudeoiltankerspickingupoilproductcargoesfortheirfirstvoyageonlong-hauljourneystotheAtlanLcBasinandmoreUSexportsheadingshort-haulbecauseofnarrowpricespreadscontributedtothelowerearnings.FleetgrowthlevellingoffThe low level of earnings, relaLvely high demoliLon pricesand trading restricLons for older vessels all contributed tolarge numbers of tankers being removed from the fleet inthe first half of 2018. This meant that the average crudetankerfleetsizegrewby3.2%YoY,whiledemoliLonandlowlevelsofdeliveriesconstrainedproductstankerfleetgrowthto 3.5% YoY compared to the first half of 2017. Combinedthetotaltankerfleetincreasedby3.3%YoYinthisperiod.
TheTankerMarket2018,theonlywayisup…
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Slow tonnage demand growth in the first half 2018Preliminary esLmates for seaborne crude trade showsimilar levels for the first eight months of this yearcompared to the same period in 2017. Asia increasedimports,predominantlyintoChinaandIndia,whilean8%decline in imports came in the USA and also Europelowered its imports during this period. However, due toanincreaseintransportdistanceasmorecrudefounditsway from the AtlanLc basin to East of Suez, tonmiledemandforcrudecarriersgrewby1% inthefirsthalfoftheyear.EsLmates for oil products trade in the first half of 2018indicate a 3% hike in seaborne trade. A surge in SaudiArabiangasoline,dieseland fueloil importswasamajorcontributorand imports intoNorthAmericahelped raiseseabornetrade.ApartfromChina,MalaysiaandThailandoilproductimportsintoAsiaslowedduringthisperiod,aswas the case forEurope. Ifweaccount foranesLmatedshorter sailing distance, the ton-mile demand for oilproducts increased by 1% YoY during this six-monthperiod.According toouresLmates the ton-miledemandfor the total tanker fleet, i.e. crude and clean carrierscombined,grewby1%YoYinthefirstsixmonthsof2018.Due to cutbacks in OPEC producLon and supplydisrupLons, the oil market has become anxious aboutspare producLon capacity and oil prices have been inbackwardaLon. The subsequent stock draw has sent anumber of floaLng storage vessels back into acLvetrading. Indwtterms,wehaveregisteredacloseto40%YoY reducLon in floaLng storage during the first half ofthe year, leaving only about 80 million bbls le` ononboardtankers.Thishasfurtherweakenedthedemandfor tankers by an esLmated1.5%YoY in thefirst half of2018.AdjusLng for a small improvement inproducLvity,wehavecalculatedfirsthalf2018tankerdemandgrowthto-0.5%YoY.
Thedemandsideofthemarketappearstobedevelopinginasimilar way to 2017, with strong growth in Chinese crudeimports once again expected to be the key driver. China’sindependent refiners have been granted significantlyincreasedcrudeimportquotasin2018andthisisexpectedtoleadtostrongimportgrowthonceagain.AgreatervolumeofChina’s crude import will transit overland in 2018 however,following the expansion of the ESPO spur line into northernChina.China’simportgrowthisexpectedtobesupplementedbyaddiLonalimportsintoVietnamoncethenew200,000bpdrefinerycommencesoperaLonslaterintheyear.With OPEC producLon cuts expected to restrain MiddleEasternshipments,addiLonalvolumesshouldonceagainflowon long-haul voyages from the AtlanLc Basin, in parLcularfrom the United States, Brazil and Kazakhstan where oilproducLon is due to increase. These long-haulWest to Eastflowsareonceagainexpected togenerate significant tonne-milegrowthTheprospects for thecrudetankermarketarebrighter from2019,whenfleet growth is expected to slow further and re-balancingof theoilmarketsandhigherpricesshould leadtorestoraLon of some or all of the crude oil output that iscurrentlyshutdownbybothOPECandnon-OPECproducers.Fleet demographics also point to the potenLal for a moresustained upturn as significant numbers of vessels are nowapproaching20yearsofage.WehavealsoseenanumberofvesselssoldfordemoliLonat18and19yearsofageinrecentmonths,indicaLngthatownersarenowwillingtodivestoldervessels ingreaternumbersandatyoungerages, incenLvizedbythehigherscrappricesonoffer.
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MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
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MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
TankermarketsettoimprovefromnowonThedemandforoilisexpectedtopickupfurtherinthesecondhalfof2018inlinewiththeusualseasonaltrendtoreach1.4%YoYaccordingtotheIEA.TheyfurtherexpectaconLnuedincreaseinNorthAmericandemand,albeitatalowerlevelthanthefirsthalf,butadeclineforotherOECDcountries.ThemaindriverofoildemandwillonceagainbeAsia.Asiaremainsinthedriver’sseatandoildemandgrowthisprojectedtogrowatthesame1.4%pacein2019beforeslackeningto1.1mb/dgrowthin2020.NewoilproducLontosaLsfythegrowingdemandisexpectedtomainlycomefromtheAmericas;theUS,CanadaandBrazil.The“CallonOPEC”shouldthusremainataroundthecurrentproducLonlevelof32mb/dthroughout2020,weargue.WhetherOPECisabletoaccommodatesuchalevelremainstobeseen.AsmenLonedabove,VenezuelaisstrugglingtokeepoilproducLonfromfurtherdeclinesandmayreacha1mb/dlevelalreadybytheendofthisyear,afurtherdropof0.3–0.4mb/dfromtheproducLonlevelinAugust.Libyahasalsoproventobeanunstablesupplierduetothecountry’spoliLcalunrestandIraniswidelyexpectedtosufferfromtheUSsancLonscomingintoforceinearlyNovemberofthisyear.WehavealreadyseenIranianexportsdown0.3mb/dinAugustasbuyersareavoidingtheircrudeoilinfearofretaliaLonfromtheUS.OPEChaspledgedtoreplacelostIranianvolumesandshouldIranrepeatthebehaviourfromthelastLmetheywereundersancLons,anumberofVLCCswillbeusedforfloaLngstorage.Atthepeakin2015,wecountedmorethan20NITCVLCCsLedupinstorage.Iflostbarrelsarereplaced,thestorageplaywilllikelyhaveaposiLveeffectontonnagedemand.
Basedontheabove,webelievetherewillberoomforhealthygrowthinseabornecrudetrade.Oneimportantdriverwillalsobelongertransportdistance.AsignificantpartofnewproducLoniscomingfromtheAtlanLcBasin,whilenewrefinerycapacityiscomingfromEastoftheSuezandwilllikelyresultinagrowingcrudedeficitinthisregion.Higherdemandforoilandthusincreasedrefinerythroughputwillalsodrivegrowthinseabornetradeofoilproducts.
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MarketReport2018–CLARKSONSPLATOUPROJECTFINANCE
The Container Ship Market – fundamentals graduallyimprovingA`eraso`erperiodoverthesummermonths,spot freightrateshavefirmedlatelyoncertaintradelanes.Thestrongestincrease has been noLced on the Trans Pacific route fromAsia to the East Coast of America, where box rates havejumpednearly60%sinceJune.OntheAsiatoEuroperoute,a 10% increase has been registered. On the North/Southtrades and also most Intra Asia routes only small changeswerenoLced. A`er a posiLve first half of this year, the charter marketeasedbackaliZleinJuly/Augustformostsizes.OnarelaLvebasis, the larger charter ships have experienced the mostsignificantdrop.The12monthcharterratefora6,800TEUunit decreased more than 10%, while for smaller sizes, atypically5–10%reducLonhasbeenreported..FleetgrowthIn thefirsthalfof thisyear,0.85millTEUofnewcontainership capacity entered operaLon. Themajority of deliverieswereinlargesizes.Removalsamountedtoonly34,000TEU.Themajorpartofthistonnagewereshipswithacapacityofless than 1000 TEU. The average age of ships sold forrecyclingwas 25 years,which is up from an average of 21yearsin2017.Theaveragesizeofthecellularcontainershipsexpanded by 6.5 percent compared with the first half lastyear.Fromthestartof thisyear, thefleetexpandedby3.9percent. The fleet increase has mainly been in the sizesabove 10,000 TEU. During the last 12months, the cellularfleet above 10,000 TEU has increased by 27 percent. Forships between 5,000 and 10,000 TEU, the size of the fleetshrank by 1.5 percent, while the fleet between 1000 and5000 TEU, expanded only 1.0 percent. Per July 1, the idlecapacitywascurrentlylessthan2percentofthefleet.
14
TheContainerShipMarket–Demandgrowthsurpassessupplygrowth
MarketprospectsGlobalcontainerizedtradewilltoalargeextentbedrivenbyeconomic acLvity. Historically, nearly 90 of the annualchanges in container trade can be explained by the yearlygrowthrateinworldGDP. In2017,thefactorwas1.4andsofarthisyear,thefactorisslightlyabove1.0.BasedonthelatestforecastforworldGDPin2018through2020,weexpectthecontainertradefactortoworldGDPtobe 1.3, which should correspond with some 5 percentgrowthp.a.incontainervolumes.Inthisscenario,weexpectthe world economy to increase by slightly less than 4percentperannum.On a regional basis, the most important trade lane in thecontainermarket,measuredinTEU-miles,isAsiatoEurope.Going forward, containerized imports are forecasted togradually elevate on the background of firm economiccondiLons. The US container imports should also seeconLnued growth, although the growth rate might slowsomewhatcomparedwiththelastyear.Trade growth within Asia is likely to recover gradually.Chinese import growth is expected to remain subdueddueto forecastedmoderateeconomicgrowth.However,withinother Asian countries, stronger economic acLvity shouldsupport containerized imports. Indian economicperformance is forecasted to remainsteady. LaLnAmerica,Africa and Eastern Europe are expected to see a gradualeconomic recovery, which should bode well for increasedcontainerizedimportsintheyearstocome.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
FleettrendWeesLmateabout1.2millTEUofnewtonnagetocommenceoperaLonthisyear.In2019,thedeliveryprogramis1millTEU,butactualdeliveriesmightbeslightlylowerduetoslippage.Averylargepartofthenewshipsenteringserviceoverthenextyears are within the largest size categories. This will conLnue to generate a cascading effect onto other trades, but thetonnagebalancewithinthefeedersizeswillalsobecomeLghter.Thisyear,weesLmatescrappingtobe0.2millTEUandin2019and2020onlyslightlyhigher.NewIMOrulesarelikelytohavesomeimpactonscrapping.Onthehorizonto2020,modernfuelefficientshipswillhaveagreatcompeLLveadvantagewiththeenforcementofthenewlow-sulphurfueloilrules.Wewillhowever,underlinethatthemaindriverforscrappingwillbethemarket profitability.The net fleet expansion is expected to be 4.7 percent this year, followed by 4.5 percent and 3.5percentin2019and2020,respecLvely.ConclusionOnthisbasis,afleetgrowthintherangeof3.5percentand4.7percentp.a.combinedwithabout5percentp.a.increaseintonnagedemandshouldresultinagradualrecoveryinmarketfundamentalsintheyearstocome.ThemainupsidepotenLalinthissectorisfasterthanexpectedeconomicrecovery,especiallyintheemergingmarkets.Thesurgeinrecoverywillsignificantlyboostgrowthintonnagedemand.AdownsideriskwillbeamoreprotecLveUStradepolicywhichcouldnegaLvelyaffecttheworldtradeandtherebyalsohaveanegaLveimpactontonnagedemand.Inordertoimproveprofitability,inaddiLontoreducingoperaLngcosts,containercarriersmayundergoanadjustmentinthesizeoftheoperaLngfleet.Thiscanbedonethroughhigherscrapping,moreidlingandwithdrawalsofcapacityinlowvolumeseasons.
15
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
FundamentalssteadilyimprovingDryBulkearningshaveingeneralbeenfairlysteadysofarthisyear,apartfromtheCapesizesectorwherewesawstrongvolaLlity.However,freightlevelshavebeensignificantlyhigherthanlastyear.Duringthefirsthalfofthisyear,averageearnings,dependingonsegments,havebeenbetween25and30percenthigherthaninthecomparableperiodlastyear.Periodrateshavealsoappreciatedandmostoftheperiodtheyhavebeenhigherthanspotrates.StrongtradegrowthYeartodatestaLsLcssuggestDryBulktradetohaveincreasedaround3percentcomparedwiththesameperiodlastyear.RealtonnagedemandisesLmatedtohaveincreasedsomewhatfasterduetolongerdistances,andincreasingballasLngfactoretc.Chinesedrybulkimportsrose4.2percent.AmongtherespecLvecommodiLes,weregistereda1.6percentdropinironoreimports,a9percentjumpincoalimportswhileagroupofothercommodiLeselevated7percent.Amongothercountries,wenoLcedasignificantdropinBrazilianferLlizersimports.Onthecontrary,coalimportstoS.Korea,Philippines,Thailand,VietnamandMalaysiasawintotalasignificantincrease,mainlydrivenbyexpandingcapacityincoalfiredpowerplants.Indiancoalimportshavealsorecovereda`ertwoyearsofdecline.Yeartodatevolumesareupmorethan10milltonscomparedwiththesameperiodlastyear.Inironore,theglobaltradeseemstohavebeenbasicallyunchangedasmostcountrieshaveimportedmoreorlessthesamevolumesasinthesameperiodlastyear..Globaltradeingrainsandsoybeanclimbednearly4percent.ImportstotheAsianregionwereintotalupalmost5percent.China’ssoybeanimportswerebasicallyunchanged,whileimportstoTheMiddleEastregionwereelevatedby2percent.WealsonoLcedhighervolumestoAfricaand,Europe.SeabornetransportaLonofminorbulkincreasedbyaround3percent.WenoLcedaconLnuedstronggrowthinscrapmetalsimportstoTurkey,whiletheglobalsteeltradeonlywentupmarginally.Otherwise,bauxiteandnickeloreimportstoChinaincreasedsignificantly.InothercommodiLesweregisteredonlymoderatechangescomparedwiththesameperiodlastyear.
16
Drybulk–Freightmarketandvaluesintheprocessofnormalising
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
17
FleettrendYeartodatefiguressuggestdeliveriesofnewshipstohavebeen20milldwt.Removalstotaledonly2.8milldwt.Theaveragesizeofthefleetwasthereby2.4%largerthaninthesameperiodlastyear.Sincethestartofthisyear,thefleethasbeenenlargedby2.2%.MarketprospectsTheworldeconomyispredictedtoperformrelaLvelywelloverthecomingyears.OnedownsiderisktothisscenariowillbemounLngtradetariffsoncertaincommodiLes.AlonglasLngtradewarwilloverLmeresultinincreasinginflaLonandhigherinterestrates.However,themostimportantfactorforDryBulkdemandwillbeChina’seconomicperformanceandinparLcularChina’simportrequirementsforironoreandcoal.China’sdomesLcsteeldemandisexpectedtoincreaserelaLvelyslowlyoverthecomingyears.Inordertomaintainthecurrentsteeloutputlevel,Chinaneedstomaintainthecurrenthighvolumesofsteelexports.Webelieve,ChinesesteelexportswillbestronglysupportedbyChineseforeigninvestmentsincountrieswhichdonothavesufficientdomesLcsteelproducLoncapaciLes.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Chineseironoreimportrequirementswill,inaddiLon,tothesteeloutputlevelalsobeaffectedbythepacedomesLchighcostironorecapacitywillbephasedout.ThestrongsteelmarginsforsteelproducersarealsosupporLnghighqualityironoredemandwhichreducestheenergyuseandtherebylocalpolluLon.NewValecapacitybecomingoperaLonaloverthenextcomingyearsisofhighqualityandtherebyaZracLveforChinesesteelmakers.ThisshouldbodewellforafurtherelevaLonoflonghaulironoreimportsinthecomingyears.ChineseconsumpLonofcoalisexpectedtoincreasemoderatelyoverthenextyear.Coal’sshareintheenergymixisexpectedtoremainhigherthanearlierforecastedbecausetheexpansionofhydropowercapacitywillbemodest.Eventhoughotherenergysourceswillexpandtheircapacitysignificantly,theywillprobablynotexpandfastenoughtomeettheexpectedgrowthinenergydemand.Theofficialenergyplansuggeststhatcoalburningpowercapacitywillbeenlargedbyroughly2-3percentperyearupto2020.FuturecoalimportswillthereforetoalargeextentbedeterminedbyhowmuchcoalChinawillprocuredomesLcally.EventhoughsomenewcoalproducLoncapacitywillbecomeoperaLonalinthecomingyears,theoverallChinesecoalminingcapacitywillprobablyincreaseonlymoderatelybecauseolder,unprofitablemineswillbecloseddown.Therefore,coalimportsshouldatleastremainstable,butmostprobablyincreasesubjecttoaconLnuedelevaLonofdomesLccoalconsumpLon.
Newfuelregula[onsin2020
5 6 5
5
5
Conclusion
ThemajordownsideriskswillbeChina seconomicgrowth.AslowdowninChineseinvestmentsinproper[esetc.willpoten[allyimpactdrybulkdemandnega[velyintermsofslowergrowthindrybulkimports.Alonglas[ngtradewarwillmostlikelyimpacttheworldeconomynega[velyandconse uentlyalsoaffecttonnagedemandnega[vely.
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
THEPROJECTPORTFOLIOSUMMAR
20
PROJECTSESTABLISHED2004 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
Aries(Ugelstad)SupplyIKS 1 April2004 NOK 201046770 42300000 15000000 57300000RossCapeDIS 1 October2004 USD 17350000 3850000 1000000 4850000InternaLonalContainerShipsKS 2 November2004 USD 66260000 12260000 4150000 16410000J.B.UOBOIKS 1 December2004 USD 36580000 7780000 5000000 12780000
No.ofvessels 5 TotalNOK 201046770 42300000 15000000 57300000No.ofprojects 4 TotalUSD 120190000 23890000 10150000 34040000
TotalEUR 0 0 0
PROJECTSESTABLISHED2005 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
EidsivaTruckerKS 1 February2005 EUR 10900000 2470000 2000000 4470000MountFaberKS 4 April2005 USD 80900000 13325000 13325000NorwegianShippingDIS PORTFOLIO April2005 USD 19200000 13700000 5500000 19200000GoliatRoroKS 1 May2005 EUR 9000000 1960000 1500000 3460000GlobalCableKS 2 June2005 USD 12320000 2870000 3000000 5870000BergshavChemicalKS 2 July2005 EUR 20470000 4470000 2200000 6670000VolstadSupplyIKS 1 August2005 NOK 262620000 75050000 20000000 95050000ScandinavianBulkersKS 5 September2005 EUR 28926000 6776000 6000000 12776000VolstadSupplyIIKS 1 November2005 NOK 262620000 75050000 20000000 95050000AgderOceanReeferKS 3 November2005 USD 27750000 6150000 6150000CelineIOBODIS 1 November2005 USD 12470000 1970000 3000000 4970000CementShipIIDIS 1 November2005 USD 19800000 5575000 4000000 9575000MulLpurposeBulkersDIS 4 December2005 EUR 27145000 4695000 4500000 9195000SBSTempestKS 1 December2005 NOK 134300000 29300000 10000000 39300000SBSTorrentKS 1 December2005 NOK 141175000 31975000 10000000 41975000GreenPacificDIS 3 December2005 USD 30590000 6090000 8000000 14090000
No.ofvessels 31 TotalNOK 800715000 211375000 60000000 271375000No.ofprojects 16 TotalUSD 203030000 49680000 23500000 73180000
TotalEUR 96441000 20371000 16200000 36571000
PROJECTSESTABLISHED2006 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
NorwegianShippingIIDIS PORTFOLIO January2006 USD 8000000 5200000 2800000 8000000SBSTyphoonKS 1 January2006 NOK 167050000 36650000 25000000 61650000JapanOffshoreDIS 3 April2006 USD 37150000 8150000 3000000 11150000Aries(Ugelstad)SupplyIIKS 1 April2006 NOK 155000000 33000000 21000000 54000000EuropeanVentureDIS 2 April2006 USD 46325000 9965000 5000000 14965000NFCOffshoreDIS 4 April2006 USD 74500000 24480000 8000000 32480000OceanlinkOffshoreDIS 1 May2006 USD 13250000 2750000 2500000 5250000PandaChemicalOilDIS 1 June2006 USD 19545000 4345000 1500000 5845000WesternChemicalKS 3 July2006 EUR 32775000 7095000 5750000 12845000SingaporeOffshoreDIS 5 August2006 USD 129100000 8500000 8000000 16500000OceanlinkOffshoreIIDIS 1 August2006 USD 12000000 2250000 2250000 4500000JapanOffshoreIIDIS 3 September2006 USD 39075000 8775000 7825000 16600000NFCOffshoreIIIDIS 2 October2006 USD 46046000 14186000 8666000 22852000JapanOffshoreIIIDIS 2 October2006 USD 47340000 10540000 9430000 19970000OceanlinkOffshoreIIIDIS 2 October2006 USD 28500000 5200000 9600000 14800000AgderOceanReeferIIDIS 2 November2006 USD 19500000 4500000 4500000NorthernOffshoreDIS 2 November2006 USD 39000000 8400000 6740000 15140000NorwegianProductDIS 2 November2006 USD 32865000 7265000 6500000 13765000GlobalCableIIDIS 2 December2006 USD 45400000 9400000 6000000 15400000
No.ofvessels 39 TotalNOK 322050000 69650000 46000000 115650000No.ofprojects 19 TotalUSD 637596000 133906000 87811000 221717000
TotalEUR 32775000 7095000 5750000 12845000
Projectsestablishedperyear
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
21
PROJECTSESTABLISHED2007 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
RossChemicalDIS 5 February2007 USD 119100000 25100000 12000000 37100000
AtlanLcGuardianDIS 1 February2007 USD 42880000 8100000 8000000 16100000
NFCPanamaxDIS 1 March2007 USD 24650000 4650000 4650000
OrchardOffshoreDIS 4 March2007 USD 43800000 7800000 2125000 9925000
RafflesOffshoreDIS 1 March2007 USD 45945000 12445000 4500000 16945000
NorwegianOffshoreDIS 4 April2007 USD 65470000 21900000 6000000 27900000
MedEthyleneDIS 2 May2007 USD 27875000 6275000 4500000 10775000
UllswaterSubseaDIS 1 May2007 USD 48820000 12820000 5000000 17820000
EuropeanVentureIIDIS 1 July2007 USD 11370000 3370000 6000000 9370000
TiomanOffshoreDIS 1 July2007 USD 51150000 11150000 11150000
SentosaOffshoreDIS 4 July2007 USD 46350000 8300000 8300000
SouthernChemicalDIS 3 July2007 EUR 88200000 10350000 10000000 20350000
BoveyOffshoreLtd 4 August2007 USD 43600000 10500000 10500000
AsianBulkersDIS 3 October2007 USD 142875000 49075000 49075000
ShortSeaShippingDIS 4 November2007 EUR 24800000 4550000 4500000 9050000
RossChemicalIVDIS 2 November2007 USD 53000000 18000000 18000000
DongguanChemicalTankersDIS 1 November2007 USD 32750000 7150000 7000000 14150000
PantheonChemicalDIS 1 November2007 EUR 31000000 5160000 5500000 10660000No.ofvessels 43 TotalNOK No.ofprojects 18 TotalUSD 799635000 206635000 55125000 261760000
TotalEUR 144000000 20060000 20000000 40060000
PROJECTSESTABLISHED2008 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
MarinelineChemicalDIS 3 February2008 USD 79850000 12680000 12680000
EddaAccommodaLonDIS 1 February2008 EUR 126500000 44000000 12000000 56000000
NFCAHTSLimited 2 March2008 USD 70520000 24600000 24600000
BukitTimahOffshoreDIS 3 May2008 USD 125269250 29269250 29269250
MountbaZenOffshoreDIS 2 May2008 USD 109134000 25134000 25134000
BoveyOffshoreLtd. 4 May2008 USD 42650000 14475000 14475000
SemakauProducerDIS 1 July2008 USD 20400000 20400000 20400000
EuropeanVentureIIIDIS 1 July2008 USD 17720000 5720000 5000000 10720000
GoldenKamsarDIS 1 August2008 USD 67294000 17294000 12500000 29794000
JimbaranDIS 1 September2008 USD 54200000 9035000 9035000
SeminyakDIS 2 September2008 USD 108963000 18618000 14000000 32618000
JBUSOffshoreDIS 2 September2008 USD 60000000 27000000 27000000
OceanlinkReeferIIIDIS 1 September2008 USD 20200000 5200000 5000000 10200000
AgderOceanReeferKS 7 October2008 USD 53500000 10000000 7000000 17000000No.ofvessels 31 TotalNOK No.ofprojects 14 TotalUSD 829700250 21942525043500000 262925250
TotalEUR 126500000 4400000012000000 56000000
PROJECTSESTABLISHED2009 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
Leighton/ICON 3 July2009 USD 135000000 10000000 10000000
ICONVictorious 1 August2009 USD 42500000 37750000 37750000
DivingBell 1 November2009 USD 10000000 8000000 8000000No.ofvessels 5 TotalNOK No.ofprojects 3 TotalUSD 187500000 55750000 55750000
TotalEUR
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
22
PROJECTSESTABLISHED2010 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
OctavianBulkerDIS 1 July2010 USD 37400000 16000000 16000000ShanghaiBulkerDIS 1 August2010 USD 9000000 1670000 1670000SaragolTankers1DIS 1 September2010 USD 48237500 17737500 17737500SaragolTankers2DIS 1 September2010 USD 54312500 18812500 2000000 20812500
No.ofvessels 4 TotalNOK No.ofprojects 4 TotalUSD 148950000 54220000 2000000 56220000
TotalEUR -
PROJECTSESTABLISHED2011 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
NorthernSupplyDIS 2 May2011 USD 88000000 20800000 19280000 40080000RedfishOffshore 2 November2011 USD 45000000 9000000 9000000
No.ofvessels 4 TotalNOK No.ofprojects 2 TotalUSD 133000000 29800000 19280000 49080000
TotalEUR
PROJECTSESTABLISHED2012 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
SingaporeSupplyDIS 1 March2012 USD 42700000 10240000 8580000 18820000IndustrialShippingDIS 7 March2012 EUR 25950000 5750000 5750000VestlandMarinePSVDIS 1 April2012 USD 1650000 1650000 1650000MSNordstjernenDIS 1 November2012 NOK 6000000 6000000 6000000
No.ofvessels 10 TotalNOK 6000000 6000000 6000000No.ofprojects 4 TotalUSD 44350000 11890000 8580000 20470000
TotalEUR 25950000 5750000 5750000
PROJECTSESTABLISHED2013 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
FeederContainerVesselDIS 1 May2013 USD 4300000 4300000 4300000SudongOffshoreDIS 1 October2013 USD 26000000 8200000 8200000PandaChemicalIIDIS 1 November2013 USD 4315000 1815000 2000000 3815000
No.ofvessels 3 TotalNOK No.ofprojects 3 TotalUSD 34615000 143150002000000 16315000
TotalEUR
PROJECTSESTABLISHED2014 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
VestlandMarineSeismicDIS 1 February2014 USD 1550000 1550000 1550000HighYieldShippingDIS 1 April2014 USD 6000000 6000000 6000000CIT-GriegLygra 1 June2014 USD 49000000 49000000 49000000CIT-GriegMinerva 1 June2014 USD 17100000 17100000 17100000DSVAllianceDIS 1 June2014 USD 21500000 10112500 10112500AberdeenOffshoreDIS 1 November2014 USD 71464000 32464000 32464000LesleyProductDIS 1 November2014 USD 2355000 2355000 2355000
No.ofvessels 7 TotalNOK No.ofprojects 7 TotalUSD 168969000 118581500 118581500
TotalEUR
PROJECTSESTABLISHED2015 NO.OFVSLS. ESTABLISHED CURRENCY TOTALPROJECTPRICE PAIDINCAPITALUNCALLEDCAPITAL
TOTALCOMMITTEDCAPITAL
BergshavAframaxAS 2 January2015 USD 10000000 7500000 2500000 10000000CIT-ThorMagni 1 February2015 USD 21500000 21500000 21500000HomborsundContainerDIS 1 April2015 USD 4750000 4750000 4750000HenrieZaProductDIS 1 April2015 USD 10400000 8400000 8400000CIT-ThorModi 1 May2015 USD 21500000 21500000 21500000CITThorFrigg 1 May2015 USD 21500000 21500000 21500000FeederContainerIIDIS 2 September2015 USD 15525000 15525000 15525000CIT-ThorFreyja 1 September2015 USD 21500000 21500000 21500000
No.ofvessels 10 TotalNOK No.ofprojects 8 TotalUSD 125175000 122175000 2500000 123175000
TotalEUR
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
23
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
PROJECTS ESTABLISHED 2016 NO. OF VSLS. ESTABLISHED CURRENCY TOTAL PROJECT
PRICE PAID IN CAPITAL UNCALLED CAPITAL
TOTAL COMMITTED CAPITAL
PSV Opportunity I DIS 3 July 2016 USD 12 000 000 12 000 000 12 000 000
Nordic Handysize DIS 1 August 2016 USD 7 975 000 7 975 000 7 975 000
PSV Opportunity II DIS 2 September 2016 USD 13 500 000 13 500 000 13 500 000
PSV Opportunity III DIS 2 Decmeber 2016 USD 14 900 000 14 900 000 14 900 000
Nordic Maxbox 2 Decmeber 2016 USD 16 500 000 16 500 000 16 500 000
No. of vessels 10 Total NOK No. of projects 5 Total USD 64 875 000 64 875 000 0 64 875 000
Total EUR
PROJECTS ESTABLISHED 2017 NO. OF VSLS. ESTABLISHED CURRENCY TOTAL PROJECT
PRICE PAID IN CAPITAL UNCALLED CAPITAL
TOTAL COMMITTED CAPITAL
Standard PSV 5 January 2017 USD 62 200 000 62 200 000 62 200 000 Nordic Handysize II DIS 1 January 2017 USD 9 500 000 9 500 000 9 500 000 Park Street Shipping DIS 1 February 2017 USD 9 500 000 9 500 000 9 500 000 Atlantic Kamsarmax DIS 1 April 2017 USD 7 045 000 4 390 000 2 655 000 7 045 000 Northern Product DIS 1 June 2017 USD 10 600 000 3 900 000 10 600 000 2x 2800 TEU Containerships 2 October 2017 USD 21 500 000 21 500 000 21 500 000 Nordic Handysize III AS 2 November 2017 USD 22 800 000 14 320 000 22 800 000 1x Passenger Cruiseship 1 December 2017 USD 21 250 000 21 250 000 21 250 000
No. of vessels 14 Total NOK No. of projects 7 Total USD 164 395 000 161 740 000 2 655 000 164 395 000
Total EUR
PROJECTS ESTABLISHED 2018 NO. OF VSLS. ESTABLISHED CURRENCY TOTAL PROJECT
PRICE PAID IN CAPITAL UNCALLED CAPITAL
TOTAL COMMITTED CAPITAL
1x Passenger Cruiseship 1 January 2018 USD 21 000 000 21 000 000 21 000 000
Garthcliff Shipping Ltd 1 January 2018 USD 7 650 000 7 650 000 7 650 000 Nordic Handysize IV Holding AS 2 April 2018 USD 26 500 000 15 500 000 26 500 000
Northern PSV AS 2 April 2018 USD 6 700
000 6 700
000 6 700
000 Northern Tankers DIS 1 May 2018 USD 13 350 000 5 850 000 13 350 000 Tasmanic Heavylift DIS 1 June 2018 USD 11 300 000 6 700 000 11 300 000 Anker Shipping Ltd 1 July 2018 USD 7 840 000 7 840 000 7 840 000
Nordic LR1 AS 1 September 2018 USD 15 400 000 15 400 000 15 400
000
No. of vessels 10 Total NOK No. of projects 8 Total USD 109 740 000 71 240 000 0 109 740 000
Total EUR
24
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
41 EddaAccommodaLonDIS 1 December2008 EUR 126500000 N/A 201242 MulLpurposeBulkersDIS 4 December2005 EUR 27145000 N/A 201243 NorwegianShippingDIS 1 April2005 USD 19200000 15% 201244 OceanlinkReeferIIIDIS 1 September2008 USD 20200000 N/A 201245 AgderOceanReeferIIDIS 2 November2006 USD 19500000 N/A 201346 AgderOceanReeferKS 3 November2005 USD 27750000 N/A 201347 CementShipIIDIS 1 November2005 USD 19800000 19% 201348 JimbaranDIS 1 September2008 USD 54200000 -100%* 201349 NorwegianShippingIIDIS 1 January2006 USD 8000000 8% 201350 OceanlinkOffshoreIIIDIS 2 October2006 USD 28500000 N/A 201351 RafflesOffshoreDIS 1 March2007 USD 45945000 16% 201352 VestlandMarinePSVDIS 1 April2012 USD 1650000 30% 201353 AgderOceanReeferKS 7 October2008 USD 53500000 -67%* 201454 AtlanLcGuardianDIS 1 February2007 USD 42880000 N/A 201455 BoveyOffshoreLtd 4 May2008 USD 42650000 17% 201456 BoveyOffshoreLtd 4 August2007 USD 43600000 17% 201457 EuropeanVentureIIIDIS 1 July2008 USD 17720000 24% 201458 GlobalCableIIDIS 2 December2006 USD 45400000 21% 201459 MarinelineChemicalDIS 3 February2008 USD 79850000 -100%* 201460 MedEthyleneDIS 2 May2007 USD 27875000 4% 201461 MountFaberKS 4 April2005 USD 80900000 32% 201462 NorwegianProductDIS 2 November2006 USD 32865000 3% 201463 PandaChemicalOilDIS 1 June2006 USD 19545000 -53%* 201464 SBSTorrentKS 1 December2005 NOK 141175000 23% 201465 SBSTyphoonKS 1 January2006 NOK 167050000 21% 201466 RTSPanamaxDIS 1 April2007 USD 24000000 N/A 201467 FeederContainerVesselDIS 1 May2013 USD 4300000 23% 201568 NorthernSupplyDIS 2 May2011 USD 88000000 N/A 201569 OctavianBulkerDIS 1 July2009 USD 37400000 -29% 201570 SingaporeSupplyDIS 1 March2012 USD 42700000 N/A 201571 UllswaterSubseaDIS 1 May2007 USD 48820000 15% 201572 DSVAllianceDIS 1 June2014 USD 21500000 -100%* 201673 OrchardOffshoreDIS 4 March2007 USD 43800000 18% 201674 SingaporeOffshoreDIS 5 August2006 USD 129100000 18% 201675 VestlandMarineSeismicDIS 1 February2014 USD 1550000 7% 201676 SentosaOffshoreDIS 4 July2007 USD 46350000 13% 201777 BukitTimahOffshoreDIS 3 May2008 USD 125269250 -20% 201778 AsianBulkersDIS 3 October2007 USD 142875000 -100%* 201779 SudongOffshoreDIS 1 October2013 USD 26000000 -75% 201880 BergshavAframaxAS 1 January2015 USD 10000000 13% 201881 HomborsundContainerDIS 1 April2015 USD 4750000 -65% 201881 Vesselsfinancedandsold: 161 USD/EUR1:1(USD/NOK8.20): ~$4500000000
*Cash-on-cashreturn
ProjectsConcluded
# ProjectName Vessels Established Currency TotalProjectCost IRR Sold1 DivingBell 1 July2009 USD 10000000 N/A N/A2 ICONVictorious 1 July2009 USD 42500000 N/A N/A3 Leighton/ICON 3 July2009 USD 135000000 N/A N/A4 RedfishOffshore 2 November2011 USD 45000000 N/A N/A5 RossChemicalDIS 5 February2007 USD 119100000 N/A N/A6 ShortSeaShippingDIS 4 November2007 EUR 24800000 N/A N/A7 InternaLonalContainerShipsKS 2 November2004 USD 66260000 95%* 20058 Aries(Ugelstad)SupplyIKS 1 April2004 NOK 201046770 66% 20079 Aries(Ugelstad)SupplyIIKS 1 April2006 NOK 155000000 64% 200710 CelineIOBODIS 1 November2005 USD 12470000 57% 200711 GoliatRoroKS 1 May2005 EUR 9000000 -25%* 200712 GreenPacificDIS 3 December2005 USD 30590000 N/A 200713 J.B.UOBOIKS 1 December2004 USD 36580000 37% 200714 JapanOffshoreDIS 3 April2006 USD 37150000 70%* 200715 JapanOffshoreIIDIS 3 September2006 USD 39075000 733%* 200716 JapanOffshoreIIIDIS 2 October2006 USD 47340000 49%* 200717 NFCOffshoreDIS 4 April2006 USD 74500000 477% 200718 NFCOffshoreIIIDIS 2 October2006 USD 46046000 26%* 200719 NorthernOffshoreDIS 2 November2006 USD 39000000 153% 200720 RossCapeDIS 1 October2004 USD 17350000 41% 200721 GlobalCableKS 2 June2005 USD 12320000 28% 200922 SemakauProducerDIS 1 July2008 USD 20400000 19% 200923 EidsivaTruckerKS 1 February2005 EUR 10900000 -100%* 201024 NFCAHTSLimited 2 March2008 USD 70520000 -5%* 201025 ScandinavianBulkersKS 5 September2005 EUR 28926000 0% 201026 BergshavChemicalKS 2 July2005 EUR 20470000 -48%* 201127 EuropeanVentureIIDIS 1 July2007 USD 11370000 20% 201128 JBUSOffshoreDIS 2 September2008 USD 60000000 3% 201129 MountbaZenOffshoreDIS 2 May2008 USD 109134000 -8%* 201130 NorwegianOffshoreDIS 4 April2007 USD 65470000 0% 201131 OceanlinkOffshoreDIS 1 May2006 USD 13250000 16% 201132 OceanlinkOffshoreIIDIS 1 August2006 USD 12000000 35% 201133 PantheonChemicalDIS 1 November2007 EUR 31000000 N/A 201134 RossChemicalIVDIS 2 November2007 USD 53000000 N/A 201135 SBSTempestKS 1 December2005 NOK 134300000 30% 201136 ShanghaiBulkerDIS 1 August2010 USD 9000000 55% 201137 TiomanOffshoreDIS 1 July2007 USD 51150000 10% 201138 VolstadSupplyIKS 1 August2005 NOK 262620000 27% 201139 VolstadSupplyIIKS 1 November2005 NOK 262620000 38% 201140 WesternChemicalKS 3 July2006 EUR 32775000 -60%* 2011
25
Exis[ngProjects&Segment
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
# Offshore/Supply # Total project price Comment 1 European Venture DIS 2 USD 46 325 000 2 Aberdeen Offshore DIS 1 USD 71 464 000 3 Northern Supply AS 9 USD 52 150 000 4 Standard PSV 5 USD 62 200 000
17 Tankers # Comment
5 Panda Chemical II DIS 1 USD 4 315 000 6 Southern Chemical DIS 2 EUR 88 200 000 7 Dongguan Chemical DIS 1 USD 32 750 000 8 Saragol Tankers I DIS 1 USD 56 000 000 9 Saragol Tankers II DIS 1 USD 49 000 000 10 Lesley Product DIS 1 USD 2 355 000 11 Henrietta Product DIS 1 USD 10 400 000 12 Northern Tankers DIS 1 USD 13 350 000 13 Northern Product DIS 1 USD 13 100 000 14 Nordic LR1 AS 1 USD 15 400 000
11 Bulk carriers # Comment
15 Golden Kamsar DIS 1 USD 67 294 000 16 Industrial Shipping DIS 3 EUR 34 000 000 17 Nordic Handysize DIS 1 USD 7 970 000 18 Nordic Handysize II DIS 1 USD 9 500 000 19 Park Streeet Shipping Ltd 1 USD 9 500 000 20 Nordic Handysize III AS 2 USD 22 800 000 21 Nordic Handysize IV Holding AS 2 USD 26 500 000 22 CIT Grieg 1 USD 52 000 000 23 Atlantic Kamsarmax DIS 1 USD 25 200 000
13 Containers # Comment
24 Feeder Container II DIS 2 USD 15 500 000 25 High Yield Shipping DIS 1 USD 6 000 000 26 Nordic Maxbox 2 USD 17 000 000 27 Anker Shipping Ltd 1 USD 7 840 000 28 Garthcliff Shipping Ltd 1 USD 5 461 000
7 MPP # Comment
29 Tasmanic Heavylift DIS 1 11 300 000 1 Other # Comment
30 MS Nordstjernen DIS 1 USD 1 000 000 1 Total $/euro 1:1 835 874 000 Projects 30 Vessels 50
6
Fleetlist
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Clarksons Platou Project Finance Fleet List
Project Vessel Type Vessel Name DWT/TEU/BHP/M2 Built Yard Charter Type
Aberdeen Offshore DIS PSV FS Cygnus 750m2 2014 Simek Yard, Norway TC Anker Shipping Ltd Container Feeder Vessel Saturn 1341 TEU 2008 Jiangsu YZJ TC Atlantic Kamsarmax Kamsarmax Newbuilding Atlantica Sun 82000 2019 Hantong Shipyard N/A
CIT-Grieg Dry bulk vessel Star Lygra 50741 2013 Hyundai Mipo BB
Dongguan Chemical Tankers DIS IMO II Chemical Tanker Toreach Pioneer 8200 2008 Zhejiang Haifeng Shipbuilding Co. Ltd., China BB
European Venture DIS PSV GSP Queen 2 x 3978 BHP 2006 Jaya Yard, Singapore BB
European Venture DIS PSV GSP King 2 x 5440 BHP 2005 Jaya Yard, Singapore BB
Feeder Container II DIS Container Feeder Vessel MV Portofino 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Feeder Container II DIS Container Feeder Vessel MV Ponente 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Garthcliff Shipping Ltd Container Feeder Vessel Sentosa 1200 TEU 2001 Hanjin Shipyard TC
Golden Kamsar DIS Kamsarmax Golden Eclipse 79600 2010 Jinhaiwan Shipyard, China BB
Henrietta Product DIS Product Tanker Henrietta PG 9847 2001 Frisian Shyd, Netherlands BB
High Yield Shipping DIS Container Feeder Vessel MSC Positano 2300 TEU 2003 Daewoo, South Korea BB
Industrial Shipping DIS MPP Single-Decker MV Forza 4117 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Distinto 4160 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Lontano 4160 2000 Severnav S.A, Romania BB
Lesley Product DIS Product Tanker Lesley PG 6249 1998 Appledore Shipbuilders, UK BB
MS Nordstjernen DIS Veteran Passenger Ship MS Nordstjernen 570 1956 Blohm & Voss, Germany BB
Nordic Handysize DIS Handysize Bulk Carrier Nordic Malmoe 37000 2012 Jianghu Nantong TC
Nordic Handysize II DIS Handysize Bulk Carrier Nordic Skagen 35000 2010 TK Shipbuilding, Korea TC
Nordic Handysize III AS Bulk Carrier Elenia 35000 2011 SPP Goseong TC
Nordic Handysize III AS Bulk Carrier Elbia 35000 2011 SPP Goseong TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Nanjing 35000 2013 Guyo Shipyard TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Dalian 37500 2013 Guyo Shipyard TC
Nordic LR1 AS LR1 Tanker Nordic Geneva 74000 2009 New Century Shipyard SPOT
Nordic Maxbox Baby Panamax Container Bomar Bravo 3500 TEU 2013 Wenchong Shipyard TC
Nordic Maxbox Baby Panamax Container Bomar Charlie 3500 TEU 2013 Wenchong Shipyard TC
Northern Product DIS Product Tanker Dumlupinar 11300 2008 Dearsan Shipyard BB
Northern Supply AS PSV FS Arendal 700m2 2006 Kleven Verft, Norway TC
Northern Supply AS PSV FS Bergen 700m2 2006 Kleven Verft, Norway Warm Lay-up
Northern Supply AS PSV FS Kristiansand 700m2 2005 Kleven Verft, Norway TC
Northern Supply AS PSV FS Aberdour 680m2 2008 Vard Aukra, Norway Warm-layup
Northern Supply AS PSV FS Abergeldie 680m2 2009 Vard Aukra, Norway Warm-Layup
Northern Supply AS PSV FS Braemar 710m2 2007 Aker Brevik, Norway SPOT
Northern Supply AS PSV FS Balmoral 710m2 2008 Aker Brevik, Norway SPOT
Northern Tankers DIS Product Tanker Lisca Bianca 38000 2008 Hyundai MIPO BB
Northern Supply AS PSV FS Crathes 3250 2008 Aker Aukra TC
Northern Supply AS PSV FS Carrick 3250 2009 Aker Aukra TC
Panda Chemical II DIS Product Tanker Panda PG 6725 2004 Sedef Shipyard/ Istanbul BB
Park Street Shipping Ltd Handysize Bulk Carrier Nordic London 35000 2010 TK Shipbuilding, Korea TC
Standard PSV PSV Standard Viking 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Princess 1060m2 2008 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supplier 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supporter 1000m2 2009 STX Brevik TC
Standard PSV PSV Standard Provider 1000m2 2010 STX Brevik SPOT
Saragol Tankers 1 DIS Product Tanker LR MV Luengo 73626 2007 New Century Shipbuilding Co. BB
Saragol Tankers 2 DIS Product & Crude Oil Tanker MT Mucua 114000 2008 New Times Shipbuilding Co. Ltd. China BB
Southern Chemical DIS Chemical Tanker Alicudi M 40083 2004 Korea BB
Southern Chemical DIS Chemical Tanker Lipari M 3400 2002 Italy BB
Tasmanic Heavylift DIS MPP Tasmanic Winter 3250 2012 CSC Qingshan SPOT
6
Fleetlist
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Clarksons Platou Project Finance Fleet List
Project Vessel Type Vessel Name DWT/TEU/BHP/M2 Built Yard Charter Type
Aberdeen Offshore DIS PSV FS Cygnus 750m2 2014 Simek Yard, Norway TC Anker Shipping Ltd Container Feeder Vessel Saturn 1341 TEU 2008 Jiangsu YZJ TC Atlantic Kamsarmax Kamsarmax Newbuilding Atlantica Sun 82000 2019 Hantong Shipyard N/A
CIT-Grieg Dry bulk vessel Star Lygra 50741 2013 Hyundai Mipo BB
Dongguan Chemical Tankers DIS IMO II Chemical Tanker Toreach Pioneer 8200 2008 Zhejiang Haifeng Shipbuilding Co. Ltd., China BB
European Venture DIS PSV GSP Queen 2 x 3978 BHP 2006 Jaya Yard, Singapore BB
European Venture DIS PSV GSP King 2 x 5440 BHP 2005 Jaya Yard, Singapore BB
Feeder Container II DIS Container Feeder Vessel MV Portofino 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Feeder Container II DIS Container Feeder Vessel MV Ponente 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Garthcliff Shipping Ltd Container Feeder Vessel Sentosa 1200 TEU 2001 Hanjin Shipyard TC
Golden Kamsar DIS Kamsarmax Golden Eclipse 79600 2010 Jinhaiwan Shipyard, China BB
Henrietta Product DIS Product Tanker Henrietta PG 9847 2001 Frisian Shyd, Netherlands BB
High Yield Shipping DIS Container Feeder Vessel MSC Positano 2300 TEU 2003 Daewoo, South Korea BB
Industrial Shipping DIS MPP Single-Decker MV Forza 4117 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Distinto 4160 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Lontano 4160 2000 Severnav S.A, Romania BB
Lesley Product DIS Product Tanker Lesley PG 6249 1998 Appledore Shipbuilders, UK BB
MS Nordstjernen DIS Veteran Passenger Ship MS Nordstjernen 570 1956 Blohm & Voss, Germany BB
Nordic Handysize DIS Handysize Bulk Carrier Nordic Malmoe 37000 2012 Jianghu Nantong TC
Nordic Handysize II DIS Handysize Bulk Carrier Nordic Skagen 35000 2010 TK Shipbuilding, Korea TC
Nordic Handysize III AS Bulk Carrier Elenia 35000 2011 SPP Goseong TC
Nordic Handysize III AS Bulk Carrier Elbia 35000 2011 SPP Goseong TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Nanjing 35000 2013 Guyo Shipyard TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Dalian 37500 2013 Guyo Shipyard TC
Nordic LR1 AS LR1 Tanker Nordic Geneva 74000 2009 New Century Shipyard SPOT
Nordic Maxbox Baby Panamax Container Bomar Bravo 3500 TEU 2013 Wenchong Shipyard TC
Nordic Maxbox Baby Panamax Container Bomar Charlie 3500 TEU 2013 Wenchong Shipyard TC
Northern Product DIS Product Tanker Dumlupinar 11300 2008 Dearsan Shipyard BB
Northern Supply AS PSV FS Arendal 700m2 2006 Kleven Verft, Norway TC
Northern Supply AS PSV FS Bergen 700m2 2006 Kleven Verft, Norway Warm Lay-up
Northern Supply AS PSV FS Kristiansand 700m2 2005 Kleven Verft, Norway TC
Northern Supply AS PSV FS Aberdour 680m2 2008 Vard Aukra, Norway Warm-layup
Northern Supply AS PSV FS Abergeldie 680m2 2009 Vard Aukra, Norway Warm-Layup
Northern Supply AS PSV FS Braemar 710m2 2007 Aker Brevik, Norway SPOT
Northern Supply AS PSV FS Balmoral 710m2 2008 Aker Brevik, Norway SPOT
Northern Tankers DIS Product Tanker Lisca Bianca 38000 2008 Hyundai MIPO BB
Northern Supply AS PSV FS Crathes 3250 2008 Aker Aukra TC
Northern Supply AS PSV FS Carrick 3250 2009 Aker Aukra TC
Panda Chemical II DIS Product Tanker Panda PG 6725 2004 Sedef Shipyard/ Istanbul BB
Park Street Shipping Ltd Handysize Bulk Carrier Nordic London 35000 2010 TK Shipbuilding, Korea TC
Standard PSV PSV Standard Viking 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Princess 1060m2 2008 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supplier 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supporter 1000m2 2009 STX Brevik TC
Standard PSV PSV Standard Provider 1000m2 2010 STX Brevik SPOT
Saragol Tankers 1 DIS Product Tanker LR MV Luengo 73626 2007 New Century Shipbuilding Co. BB
Saragol Tankers 2 DIS Product & Crude Oil Tanker MT Mucua 114000 2008 New Times Shipbuilding Co. Ltd. China BB
Southern Chemical DIS Chemical Tanker Alicudi M 40083 2004 Korea BB
Southern Chemical DIS Chemical Tanker Lipari M 3400 2002 Italy BB
Tasmanic Heavylift DIS MPP Tasmanic Winter 3250 2012 CSC Qingshan SPOT
6
Fleetlist
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Clarksons Platou Project Finance Fleet List
Project Vessel Type Vessel Name DWT/TEU/BHP/M2 Built Yard Charter Type
Aberdeen Offshore DIS PSV FS Cygnus 750m2 2014 Simek Yard, Norway TC Anker Shipping Ltd Container Feeder Vessel Saturn 1341 TEU 2008 Jiangsu YZJ TC Atlantic Kamsarmax Kamsarmax Newbuilding Atlantica Sun 82000 2019 Hantong Shipyard N/A
CIT-Grieg Dry bulk vessel Star Lygra 50741 2013 Hyundai Mipo BB
Dongguan Chemical Tankers DIS IMO II Chemical Tanker Toreach Pioneer 8200 2008 Zhejiang Haifeng Shipbuilding Co. Ltd., China BB
European Venture DIS PSV GSP Queen 2 x 3978 BHP 2006 Jaya Yard, Singapore BB
European Venture DIS PSV GSP King 2 x 5440 BHP 2005 Jaya Yard, Singapore BB
Feeder Container II DIS Container Feeder Vessel MV Portofino 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Feeder Container II DIS Container Feeder Vessel MV Ponente 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Garthcliff Shipping Ltd Container Feeder Vessel Sentosa 1200 TEU 2001 Hanjin Shipyard TC
Golden Kamsar DIS Kamsarmax Golden Eclipse 79600 2010 Jinhaiwan Shipyard, China BB
Henrietta Product DIS Product Tanker Henrietta PG 9847 2001 Frisian Shyd, Netherlands BB
High Yield Shipping DIS Container Feeder Vessel MSC Positano 2300 TEU 2003 Daewoo, South Korea BB
Industrial Shipping DIS MPP Single-Decker MV Forza 4117 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Distinto 4160 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Lontano 4160 2000 Severnav S.A, Romania BB
Lesley Product DIS Product Tanker Lesley PG 6249 1998 Appledore Shipbuilders, UK BB
MS Nordstjernen DIS Veteran Passenger Ship MS Nordstjernen 570 1956 Blohm & Voss, Germany BB
Nordic Handysize DIS Handysize Bulk Carrier Nordic Malmoe 37000 2012 Jianghu Nantong TC
Nordic Handysize II DIS Handysize Bulk Carrier Nordic Skagen 35000 2010 TK Shipbuilding, Korea TC
Nordic Handysize III AS Bulk Carrier Elenia 35000 2011 SPP Goseong TC
Nordic Handysize III AS Bulk Carrier Elbia 35000 2011 SPP Goseong TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Nanjing 35000 2013 Guyo Shipyard TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Dalian 37500 2013 Guyo Shipyard TC
Nordic LR1 AS LR1 Tanker Nordic Geneva 74000 2009 New Century Shipyard SPOT
Nordic Maxbox Baby Panamax Container Bomar Bravo 3500 TEU 2013 Wenchong Shipyard TC
Nordic Maxbox Baby Panamax Container Bomar Charlie 3500 TEU 2013 Wenchong Shipyard TC
Northern Product DIS Product Tanker Dumlupinar 11300 2008 Dearsan Shipyard BB
Northern Supply AS PSV FS Arendal 700m2 2006 Kleven Verft, Norway TC
Northern Supply AS PSV FS Bergen 700m2 2006 Kleven Verft, Norway Warm Lay-up
Northern Supply AS PSV FS Kristiansand 700m2 2005 Kleven Verft, Norway TC
Northern Supply AS PSV FS Aberdour 680m2 2008 Vard Aukra, Norway Warm-layup
Northern Supply AS PSV FS Abergeldie 680m2 2009 Vard Aukra, Norway Warm-Layup
Northern Supply AS PSV FS Braemar 710m2 2007 Aker Brevik, Norway SPOT
Northern Supply AS PSV FS Balmoral 710m2 2008 Aker Brevik, Norway SPOT
Northern Tankers DIS Product Tanker Lisca Bianca 38000 2008 Hyundai MIPO BB
Northern Supply AS PSV FS Crathes 3250 2008 Aker Aukra TC
Northern Supply AS PSV FS Carrick 3250 2009 Aker Aukra TC
Panda Chemical II DIS Product Tanker Panda PG 6725 2004 Sedef Shipyard/ Istanbul BB
Park Street Shipping Ltd Handysize Bulk Carrier Nordic London 35000 2010 TK Shipbuilding, Korea TC
Standard PSV PSV Standard Viking 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Princess 1060m2 2008 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supplier 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supporter 1000m2 2009 STX Brevik TC
Standard PSV PSV Standard Provider 1000m2 2010 STX Brevik SPOT
Saragol Tankers 1 DIS Product Tanker LR MV Luengo 73626 2007 New Century Shipbuilding Co. BB
Saragol Tankers 2 DIS Product & Crude Oil Tanker MT Mucua 114000 2008 New Times Shipbuilding Co. Ltd. China BB
Southern Chemical DIS Chemical Tanker Alicudi M 40083 2004 Korea BB
Southern Chemical DIS Chemical Tanker Lipari M 3400 2002 Italy BB
Tasmanic Heavylift DIS MPP Tasmanic Winter 3250 2012 CSC Qingshan SPOT
6
Fleetlist
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
Clarksons Platou Project Finance Fleet List
Project Vessel Type Vessel Name DWT/TEU/BHP/M2 Built Yard Charter Type
Aberdeen Offshore DIS PSV FS Cygnus 750m2 2014 Simek Yard, Norway TC Anker Shipping Ltd Container Feeder Vessel Saturn 1341 TEU 2008 Jiangsu YZJ TC Atlantic Kamsarmax Kamsarmax Newbuilding Atlantica Sun 82000 2019 Hantong Shipyard N/A
CIT-Grieg Dry bulk vessel Star Lygra 50741 2013 Hyundai Mipo BB
Dongguan Chemical Tankers DIS IMO II Chemical Tanker Toreach Pioneer 8200 2008 Zhejiang Haifeng Shipbuilding Co. Ltd., China BB
European Venture DIS PSV GSP Queen 2 x 3978 BHP 2006 Jaya Yard, Singapore BB
European Venture DIS PSV GSP King 2 x 5440 BHP 2005 Jaya Yard, Singapore BB
Feeder Container II DIS Container Feeder Vessel MV Portofino 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Feeder Container II DIS Container Feeder Vessel MV Ponente 1701 TEU 2002 Stocznia Szczecinska, Poland TC
Garthcliff Shipping Ltd Container Feeder Vessel Sentosa 1200 TEU 2001 Hanjin Shipyard TC
Golden Kamsar DIS Kamsarmax Golden Eclipse 79600 2010 Jinhaiwan Shipyard, China BB
Henrietta Product DIS Product Tanker Henrietta PG 9847 2001 Frisian Shyd, Netherlands BB
High Yield Shipping DIS Container Feeder Vessel MSC Positano 2300 TEU 2003 Daewoo, South Korea BB
Industrial Shipping DIS MPP Single-Decker MV Forza 4117 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Distinto 4160 2000 Severnav S.A, Romania BB
Industrial Shipping DIS MPP Single-Decker MV Lontano 4160 2000 Severnav S.A, Romania BB
Lesley Product DIS Product Tanker Lesley PG 6249 1998 Appledore Shipbuilders, UK BB
MS Nordstjernen DIS Veteran Passenger Ship MS Nordstjernen 570 1956 Blohm & Voss, Germany BB
Nordic Handysize DIS Handysize Bulk Carrier Nordic Malmoe 37000 2012 Jianghu Nantong TC
Nordic Handysize II DIS Handysize Bulk Carrier Nordic Skagen 35000 2010 TK Shipbuilding, Korea TC
Nordic Handysize III AS Bulk Carrier Elenia 35000 2011 SPP Goseong TC
Nordic Handysize III AS Bulk Carrier Elbia 35000 2011 SPP Goseong TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Nanjing 35000 2013 Guyo Shipyard TC
Nordic Handysize IV Holding AS Bulk Carrier Nordic Dalian 37500 2013 Guyo Shipyard TC
Nordic LR1 AS LR1 Tanker Nordic Geneva 74000 2009 New Century Shipyard SPOT
Nordic Maxbox Baby Panamax Container Bomar Bravo 3500 TEU 2013 Wenchong Shipyard TC
Nordic Maxbox Baby Panamax Container Bomar Charlie 3500 TEU 2013 Wenchong Shipyard TC
Northern Product DIS Product Tanker Dumlupinar 11300 2008 Dearsan Shipyard BB
Northern Supply AS PSV FS Arendal 700m2 2006 Kleven Verft, Norway TC
Northern Supply AS PSV FS Bergen 700m2 2006 Kleven Verft, Norway Warm Lay-up
Northern Supply AS PSV FS Kristiansand 700m2 2005 Kleven Verft, Norway TC
Northern Supply AS PSV FS Aberdour 680m2 2008 Vard Aukra, Norway Warm-layup
Northern Supply AS PSV FS Abergeldie 680m2 2009 Vard Aukra, Norway Warm-Layup
Northern Supply AS PSV FS Braemar 710m2 2007 Aker Brevik, Norway SPOT
Northern Supply AS PSV FS Balmoral 710m2 2008 Aker Brevik, Norway SPOT
Northern Tankers DIS Product Tanker Lisca Bianca 38000 2008 Hyundai MIPO BB
Northern Supply AS PSV FS Crathes 3250 2008 Aker Aukra TC
Northern Supply AS PSV FS Carrick 3250 2009 Aker Aukra TC
Panda Chemical II DIS Product Tanker Panda PG 6725 2004 Sedef Shipyard/ Istanbul BB
Park Street Shipping Ltd Handysize Bulk Carrier Nordic London 35000 2010 TK Shipbuilding, Korea TC
Standard PSV PSV Standard Viking 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Princess 1060m2 2008 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supplier 1060m2 2007 Aker Brattvaag, Norway TC
Standard PSV PSV Standard Supporter 1000m2 2009 STX Brevik TC
Standard PSV PSV Standard Provider 1000m2 2010 STX Brevik SPOT
Saragol Tankers 1 DIS Product Tanker LR MV Luengo 73626 2007 New Century Shipbuilding Co. BB
Saragol Tankers 2 DIS Product & Crude Oil Tanker MT Mucua 114000 2008 New Times Shipbuilding Co. Ltd. China BB
Southern Chemical DIS Chemical Tanker Alicudi M 40083 2004 Korea BB
Southern Chemical DIS Chemical Tanker Lipari M 3400 2002 Italy BB
Tasmanic Heavylift DIS MPP Tasmanic Winter 3250 2012 CSC Qingshan SPOT
THEPROJECTS
28
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:ChrisW.Svensson,CorporateManager:MagnusBuraas
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: October2014 Es[matedsharevalueper1% N/A
Paidincapital: USD 17,000,000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 0 Es[matedIRRBuyer: N/A
Accumulateddividends: USD N/A Es[matedIRRSeller: N/A
Es[matedExpiry: Q42024 Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
AberdeenOffshoreDIS
Vessel(s)name: FSCYGNUS
Type: PSVUT755LC
DWT: 3,150Yard: SIMEK,Flekkesord,Norway
Built: November2014
Class: DNVGL
Flag: BriLsh
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: Projectprice: USD 34,800,000Paidincapital: USD 17,000,000Uncalledcapital: USD 0Tech&CommercialManager: FletcherSupplyVesselsLtd.TimeCharterer: EnquestBBCharter: N/ADailyTimecharterrate: USD 5,750
Es[matedResidual: USD26,000,000
Es[matedIRR: N/A
2017 2018E 2019E 2020E 2021EOpera[ngrevenue 3,186,000 2,662,000 3,309,000Opera[ngexpenses -2,378,000 -2,434,000 -2,526,000Netopera[ngcashflow 807,000 228,000 783,000Purchase/Saleofvessel 0 0 0Interestearned 0 0 0Interestexpenses -602,000 -381,000 -399,000Paidincapital 0 0 0Drawdown/Repaymentlongtermdebt 0 150,000 -160,000Netfinancialitems -602,000 -231,000 -559,000Netprojectedcashflow 205,000 -3,000 224,000Es[mateddividend 0 0 0
Cash USD N/AImplicitvesselvalue USDAccountsReceivable USDTotalassets USDOutstandingdebt USDShorttermpayables USDTotaloutstandingdebt USDEs[matedprojectvalue USD
The company aquired the newbuilding, FS Cygnus, on 14November 2014.ThevesselisfixedonaT/CtoEnquestwithexpiry9January2019.
Mortgageloan: 18911140
Balloon: 11031498
Term: 5years
Quarterlyinstalments: 393982
Interest: LIBOR+2.95%
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
29
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:AxelMoltzauAas,CorporateManager:EvaLiseBjerke
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: July2018 Es[matedsharevalueper1% N/A
Paidincapital: GBP 7,840,000 Lastreportedsalepr1% N/A
Uncalledcapital: GBP 0 Es[matedIRRBuyer: N/A
Accumulateddividends: GBP 0 Es[matedIRRSeller: N/A
Es[matedExpiry: N/A Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
AnkerShippingLtd
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: N/AProjectprice: GBP 7,840,000Paidincapital: GBP 7,840,000Uncalledcapital: GBP 0Tech&CommercialManager: NordicHamburgTimeCharterer: CaribbeanFeederServicesBBCharter: N/ADailyT/Crate: USD 9,750
Es[matedResidual: N/A
Es[matedIRR: N/A
2017 2018E 2019E 2020E 2021EOpera[ngrevenue N/AOpera[ngexpensesNetopera[ngcashflowPurchase/SaleofvesselInterestearnedInterestexpensesPaidincapitalDrawdown/RepaymentlongtermdebtNetfinancialitemsNetprojectedcashflowEs[mateddividend
AnkerShippingLtd.isajointventurebetweenNordicHamburgandaUKInvestmentFund.Theprojectownsandoperatesa2008-builtcontainervesselcurrentlyon5-7monthsLmechartertoCaribbeanFeederServices.
Mortgageloan: N/A
Balloon:
Seller'scredit
Term:
Quarterlyinstalments:
Interest:
Vessel(s)name: Saturn
Type: ContainerFeederVessel
TEU: 1,341Yard: JiangsuYangzijang,China
Built: 2008
Class: BV
Flag: UK
Cash GBP N/A
Implicitvesselvalue GBP
Totalassets GBP
Outstandingdebt GBP
Shorttermpayables GBP
Totaloutstandingdebt GBP
Es[matedprojectvalue GBP
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
30
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:TrulsWieseKolstad/AxelMoltzauAas,CorporateManager:BenjaminRyeng-Hansen
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: April2017 Es[matedsharevalueper1% USD94,895
Paidincapital: USD 7,045,000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 0 Es[matedIRRBuyer: N/A
Accumulateddividends: USD N/A Es[matedIRRSeller: 19%
Es[matedExpiry: Within2019 Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
Atlan[cKamsarmaxDIS
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: AtlanLcaShippingASProjectprice: USD 7,045,000Paidincapital: USD 7,045,000Uncalledcapital: USD 0Bareboatcharterer: N/AFutureCharterer: OldendorffCarriersExpiryofcharter: N/ADailybareboatrate: USD N/A
Es[matedResidual: USD27,500,000
Es[matedIRR: 30-50%
2017 2018E 2019E 2020E 2021EOpera[ngrevenue 0 0Opera[ngexpenses -557,000 -388,000Netopera[ngcashflow -557,000 -388,000Purchase/Saleofvessel -3,622,500 -2,415,000Interestearned 4,000 2,000Interestexpenses 0 0Paidincapital 4,390,000 2,655,000Drawdown/Repaymentlongtermdebt 0 0Netfinancialitems 771,500 242,000Netprojectedcashflow 214,500 -146,000Es[mateddividend 0 0
Cash USD 112,000Implicitvesselvalue USD 27,500,000AccountsReceivable USD 0Totalassets USD 27,612,000AccountsPayable USD 18,112,500Shorttermpayables USD 10,000Totaloutstandingdebt USD 18,122,500Es[matedprojectvalue USD 9,489,500
The vessel was ordered by Oldendorff Carriers, who also carries out thesupervisiononbehalfoftheproject.ThevesselispurchasedonMoAtermsfromOldendorffCarriers,effecLvelyremovingtheconstrucLonrisk.75%ofthe contract price will be paid on delivery. This project was jointlyconcludedwithFearnleyProjectFinanceAS.
Mortgageloan: 100%Equity
Balloon:
Term:
Quarterlyinstalments:
Interest:
Vessel(s)name: TBN
Type: SDARIKamsarmax
DWT: 82,000Yard: Hantong,China
Built: January2019
Class: TBA
Flag: TBA
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
31
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:AxelMoltzauAas,CorporateManager:BenjaminRyeng-Hansen
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: February2015 Es[matedsharevalueper1% USD840
Paidincapital: USD 6,500,000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 0 Es[matedIRRBuyer: N/A
Accumulateddividends: USD 7,900,000 Es[matedIRRSeller: N/A
Es[matedExpiry: Q42018 Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
BergshavAframaxAS
Vessel(s)name: STEALTHBERANA
Type: AframaxTanker
DWT: 115,897Yard: SamsungHI,SouthKorea
Built: 2010
Class: DNVGL
Flag: Malta
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: BergshavManagementASProjectprice: USD 6,500,000Paidincapital: USD 6,500,000Uncalledcapital: USD 0T/Ccharterer: Phillips66Commencementofcharter: October2015DailyBBrate:: USD 12,900DailyT/Crate: USD 25,150
Es[matedResidual: Bareboat
Es[matedIRR: 73%
2017 2018E 2019E 2020E 2021EOpera[ngrevenue 7,941,000 1,553,000Opera[ngexpenses -7,209,000 -1,649,000Netopera[ngcashflow 732,000 -96,000Purchase/Saleofvessel -120,000 144,000Interestearned 0 0Interestexpenses 0 0Paidincapital 0 0Drawdown/Repaymentlongtermdebt 0 1,821,000Netfinancialitems -120,000 1,965,000Netprojectedcashflow 612,000 1,869,000Es[mateddividend 1,200,000 2,384,000
BergshavAframaxAShascharteredinoneAframaxTankeron32monthsbareboatcharter.ThevesselisfixedonTCtoPhilips66fortheremainingbareboatperiod.ThevesselwasredeliveredtoownersinMarch2018.ThecompanyiscurrentlyunderliquidaLon.
Mortgageloan: 100%Equity
Balloon:
Term:
Quarterlyinstalments:
Interest:
Cash USD 84,000
Implicitvesselvalue USD -
Totalassets USD 84,000
Outstandingdebt USD -
Shorttermpayables USD -
Totaloutstandingdebt USD -
Es[matedprojectvalue USD 84,000
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
32
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:ChrisW.Svensson,CorporateManager:BenjaminRyeng-Hansen
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: May2014 Es[matedsharevalueper1% N/A
Paidincapital: USD 49000000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 0 Es[matedIRRBuyer: N/A
Accumulateddividends: USD N/A Es[matedIRRSeller: N/A
Es[matedExpiry: N/A Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
CIT-Grieg
Vessel(s)name: StarLygra StarMinerva
Type: Open-HatchBulkCarrierOpen-HatchBulk
CarrierDWT: 50,700 49,955Yard: HyundaiMipo,Korea OshimaSB
Built: 2013 2008
Class: ABS DNVGL
Flag: Cyprus MarshallIsl.
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: Projectprice: USDPaidincapital: USDUncalledcapital: USDBareboatcharterer: GriegShippingIIASCommencementofcharter: Expiryofcharter: DailyBBrate: USD
Es[matedResidual: N/A
Es[matedIRR: N/A
2017 2018E 2019E 2020E 2021EOpera[ngrevenue N/AOpera[ngexpensesNetopera[ngcashflowPurchase/SaleofvesselInterestearnedInterestexpensesPaidincapitalDrawdown/RepaymentlongtermdebtNetfinancialitemsNetprojectedcashflowEs[mateddividend
ProjectfinancedincooperaLonwithCIT.
Mortgageloan: N/A
Balloon:
Term:
Quarterlyinstalments:
Interest:
Cash USD N/A
Implicitvesselvalue USD
Totalassets USD
Outstandingdebt USD
Shorttermpayables USD
Totaloutstandingdebt USD
Es[matedprojectvalue USD
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
33
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:ChrisW.Svensson,CorporateManager:BenjaminRyeng-Hansen
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: August2014 Es[matedsharevalueper1% N/A
Paidincapital: USD 86000000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 0 Es[matedIRRBuyer: N/A
Accumulateddividends: USD N/A Es[matedIRRSeller: N/A
Es[matedExpiry: N/A Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
CIT-Thor
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: Projectprice: USDPaidincapital: USDUncalledcapital: USDBareboatcharterer: P/FThorTimeCharterer: PGSGeophysicalASExpiryofcharter: DailyBBrate: USD
Es[matedResidual: N/A
Es[matedIRR: N/A
2017 2018E 2019E 2020E 2021EOpera[ngrevenue N/AOpera[ngexpensesNetopera[ngcashflowPurchase/SaleofvesselInterestearnedInterestexpensesPaidincapitalDrawdown/RepaymentlongtermdebtNetfinancialitemsNetprojectedcashflowEs[mateddividend
ProjectfinancedincooperaLonwithCIT.
Mortgageloan: N/A
Balloon:
Term:
Quarterlyinstalments:
Interest:
Vessel(s)name: ThorMagni ThorModi ThorFreyja ThorFrigg
Type: SeismicSup. SeismicSup. SeismicSup. SeismicSup.
DWT: 1,750 1,750 1,750 1,750Yard: Besiktas Besiktas Besiktas Besiktas
Built: 2014 2015 2015 2015
Class: DNVGL DNVGL DNVGL DNVGL
Flag: Bahamas Bahamas Bahamas Bahamas
Cash USD N/A
Implicitvesselvalue USD
Totalassets USD
Outstandingdebt USD
Shorttermpayables USD
Totaloutstandingdebt USD
Es[matedprojectvalue USD
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
34
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:AxelMoltzauAas,CorporateManager:MagnusBuraas
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: December2007 Es[matedsharevalueper1% USD30,000
Paidincapital: USD 7,150,000 Lastreportedsalepr1% USD36,500
Uncalledcapital: USD - Es[matedIRRBuyer: N/A
Accumulateddividends: USD 6,675,000 Es[matedIRRSeller: 3.70%
Es[matedExpiry: Q42021 Latenttaxliabilityvesselpr.1% USD5,700
Latenttaxliabilitydebtpr.1% USD0
DongguanChemicalTankersDIS
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: AtlanLcaShippingASProjectprice: USD 15,324,000Paidincapital: USD 7,150,000Uncalledcapital: USD -Bareboatcharterer: ToreachguaranteedbyDongguanTimeCharterer: 15October2008Expiryofcharter: 15October2021DailyBBrate: USD 5,250/d&4,200/d
Es[matedResidual: 18,200,000
Es[matedIRR: 17%
2017 2018E 2019E 2020E 2021EOpera[ngrevenue 1,407,000 1,147,000 1,533,000 1,537,000 1,789,000Opera[ngexpenses -103,000 -116,000 -106,000 -108,000 -109,000Netopera[ngcashflow 1,304,000 1,031,000 1,427,000 1,429,000 1,680,000Purchase/Saleofvessel 0 0 0 0 1,000,000Interestearned 1,000 1,000 0 0 0Interestexpenses 0 0 0 0 0Paidincapital 0 0 0 0 0Drawdown/Repaymentlongtermdebt 0 0 0 0 -800,000Netfinancialitems 1,000 0 0 0 200,000Netprojectedcashflow 1,305,000 1,032,000 1,427,000 1,429,000 1,880,000Es[mateddividend 1,200,000 1,175,000 1,425,000 1,400,000 1,942,000
Originally8yearsBBperiod.BBperiodhasbeenextendedfor5yearsatadailyrateofUSD4,200.A`erextensionin2016theprojectisconsideredasafinanciallease.ThechartererhasanobligaLontobuythevesselatUSD1millionlessoutstandingseller’screditattheendofthecharter.100%equityasthemortgagewasrepaidinfullin2016.Thechartereriscurrently6monthsbehindonbareboatpaymentsduetofinancialdifficulLes.
Mortgageloan: Repaidinfullin2016
Seller'sCredit: USD800,000
Balloon: N/A
Term: N/A
Quarterlyinstalments: N/A
Mortgage20.11.08-04.05.2012 0%
Mortgage04.05.08-04.11.2015 Repaidinfullin2016
Interest:Seller'sCredit N/A
Vessel(s)name: MTToreachPioneer
Type: ChemicalTankerIMOII
DWT: 8,200
Yard: ZheijangHaifengShipbuilding,ChinaBuilt: 2008
Class: CCS
Flag: MarshallIsland
Cash USD 44,000
Implicitvesselvalue USD 2,966,000
Totalassets USD 3,010,000
Outstandingdebt USD 0
Shorttermpayables USD 10,000
Totaloutstandingdebt USD 10,000
Es[matedprojectvalue USD 3,000,000
MARKETREPORT2018–CLARKSONSPLATOUPROJECTFINANCE
35
KEYFIGURES(Dateofanalysis30.09.2018)ProjectBroker:ChrisW.Svensson,CorporateManager:ErikKrisLanAndresen
THEVESSEL(S)
COMMERCIALDETAILS
INFOMEMORANDUMBASECASE
CASHFLOWFORECASTS
BALANCE30.09.2018E
COMMENTS
FINANCING
Established: April2006 Es[matedsharevalueper1% N/A
Paidincapital: USD 9,965,000 Lastreportedsalepr1% N/A
Uncalledcapital: USD 5,000,000 Es[matedIRRBuyer: N/A
Accumulateddividends: USD 14,090,000 Es[matedIRRSeller: N/A
Es[matedExpiry: Q42018 Latenttaxliabilityvesselpr.1% N/A
Latenttaxliabilitydebtpr.1% N/A
EuropeanVentureDIS
Corporatemanagement: ClarksonsPlatouProjectFinanceASDisponentowner: NorthSeaShippingASProjectprice: USD 46,325,000Paidincapital: USD 9,965,000Uncalledcapital: USD 5,000,000Bareboatcharterer: GrupServiciiPetroliereS.A.CharterCommencement December2017GSPKingBBRate USD 3,250/dGSPQueenBBRate USD 2,750/d
Es[matedResidual: USD35,000,000
Es[matedIRR: 17%
2017 2018E 2019E 2020E 2021EOpera[ngrevenue 107,000 1,238,000Opera[ngexpenses -106,000 -41,000Netopera[ngcashflow 1,000 1,197,000Purchase/Saleofvessel 0 0Interestearned 0 0Interestexpenses -50,000 -685,000Paidincapital 0 0Drawdown/Repaymentlongtermdebt 0 -538,000Netfinancialitems -50,000 -1,223,000Netprojectedcashflow -49,000 -26,000Es[mateddividend 0 0
Charterisexpiring31Dec2018.
Mortgageloan: USD36,360,000
Balloon: USD13,480,000
Seller'scredit USD0
Term: 8Years
Semi-Annualinstalments: USD1,350,000
Interest: LIBOR+4.00%
InterestSeller'sCredit N/A
Vessel(s)name: GSPQueen GSPKing
Type: AHTS,FIFI1&DP2 AHTS,FIFI1&DP2
BHP: 2x3978 2x5440Yard: JayaYard,Singapore JayaYard,Singapore
Built: 2006 2005
Class: ABS ABS
Flag: Gibraltar Gibraltar
Cash USD 60,000
Implicitvesselvalue USD N/A
Totalassets USD N/A
Outstandingdebt USD 6,182,000
Shorttermpayables USD 20,000
Totaloutstandingdebt USD 6,202,000
Es[matedpro
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