MS Java (now: MS Sunrise) | Fully Syndicated

The Fund MS Java has invested in a capesize bulker.

Vessel
A modern capesize bulker of approx. 180,000 tons deadweight. The ship is due for completion in April 2011 in South Korea and will be named "MS Sunrise". The MS Sunrise will be constructed according to modern specifications, fulfilling the highest safety and environmental requirements. The purchase price for the MS Sunrise is 54.8 million USD. Only recently vessels of this size and quality were achieving prices of 105 million USD.

Seller / Shipyard
The seller and shipyard tasked with building the MS Sunrise is the South Korean firm Sungdong Shipbuilding & Marine Engineering Co., Ltd., Tongyoung. Sungdong has been building tankers and bulkers for many years and is considered one of the top ten builders of capesize bulkers in the world.

Charter
Whilst negotiating the purchase of the MS Sunrise, talks were also underway with potential parties to charter the MS Sunrise. Based on the amount and tenor of the charter, a final decision was made in favour of STX Pan Ocean Co. Ltd., Seoul, South Korea. Upon delivery the MS Sunrise will be chartered to STX for eight years at a rate of 25,400 USD per day.

Shipping Company
STX, established in 1966, has 72 ships of its own and a fleet of 235 chartered vessels (per December 2009). This makes STX one of the world's largest shipping companies. STX's core business is the transportation of bulk commodities.

Special Purpose Vehicle / Distributions
The partnership Doric Zweite Navigation GmbH & Co. KG has purchased the MS Sunrise. The partnership - jointly with another partnership - indirectly participates in the MS Sunrise, having acquired shares in the Fund. Distributions from the Fund are expected to result in total distributions to investors of over 230 percent.

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