Deutsch
MS Java - Fully Syndicated
Asset
A modern Super Handymax bulker vessel, with a deadweight of approx. 50,000
tons. The vessel is one of the most recent generation open hatch
bulkers which, due to their box shaped cargo holds and ship-wide hatches,
are ideally suited for the transport of unitised goods. The vessel will
be built at the state-owned Indonesian yard PT. PAL for a purchase price
of USD 29 million.
Market
Dry bulk carriers account for nearly 40% of the total load-carrying
capacity of the world-wide maritime trade fleet. Historically the dry
bulk market has exhibited stable growth, which - as a consequence of
the forecast growth of the global economy (especially in Asia) - can
be expected to continue in the future. Typical dry bulk cargoes are
coal, grain, iron ore, agricultural products as well as steel and paper
products. In addition, in the world dry bulker fleet there is a substantial
imbalance between current order book and tonnage (i.e. ships) which
are 20 or more years old, hence replacement of transport capacity becomes
increasingly important.
Employment
MS Java is under a long-term time charter to Gearbulk Shipowning Ltd.
The charter rates run at USD 16,000 per day (gross) for 10 years
and USD 17,000 per day (gross) for years 11-15. USD 14,400 per day
(gross) has been estimated as the re-hiring charter rate, assuming the charterer
does not exercise its purchase options. At the end of the 20 year base
case, a sale of the vessel at scrap value has been assumed.
Charterer
The charterer is part of the Gearbulk group, one of the leading companies
in the open hatch bulker segment and the market leader in the transportation
of paper and other forest products.
Ship Management
Management of the ship is undertaken by Sunship Schiffahrts Kontor KG,
Emden, a member of the Reederei Lauterjung group. The Reederei Lauterjung
group has comprehensive experience in managing seagoing vessels and
has been operating in that role for more than 25 years.
Debt Financing
The debt financing accounts for 31% of the transaction volume and is
exclusively USD denominated. The debt financing is fully amortised
over 10 years, i.e. over the tenor of the time charter with Gearbulk.
Interest payments are capped by way of an interest cap agreement.
Economics
- Projected distributions of 233%
-
Tonnage tax
