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freed0m
Joined: 09 Jan 2008
Posts: 2695
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 Posted: Sun Nov 22, 2009 4:22 pm Post subject: |
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to meatball
found the information about HSH Nordbank
| Quote: | HSH Nordbank is the world's largest provider of ship finance
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can search on google. |
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freed0m
Joined: 09 Jan 2008
Posts: 2695
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| Posted: Sun Nov 22, 2009 3:02 pm Post subject: |
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| shin wrote: | Source: http://www.lloydslist.com/ll/news/rickmers-maritime-eyes-new-equity-for-newbuildings/20017526052.htm;jsessionid=26F9ABCF13A02D0E44915531B73CC2B9
Rickmers Maritime eyes new equity for newbuildings
By Marcus Hand in Singapore - Wednesday 23 April 2008
Quah: the plans are not a commitment to raise equity.
RICKMERS Maritime is looking to raise $500m in new equity over the next three years to finance the remainder of its $1.3bn newbuilding programme.
The Singapore-listed shipping trust is seeking approval from shareholders to issue new securities on one or more occasions with a gross value of up to $650m.
In a roadshow presentation to unitholders ahead of an emergency general meeting on 5 May, Rickmers proposed three equity issues between now and the third quarter of 2010 to raise up to $500m.
These would be $100m in equity fund raising some time between now and the first quarter of 2009, $80m in the third quarter of 2009, and $320m in the third quarter of 2010.
Rickmers recently secured $627m in new credit facilities, which effectively cover the financing of nine 4,250 teu newbuildings it has on order for delivery by the end of 2009. The newbuildings are for long term charter contracts with Mitsui OSK Lines and Hanjin Shipping.
Rickmers Trust Management chief financial officer Quah Ban Huat described the plans as an “assumption” and that it was “not a commitment to raise equity”.
The trust stressed that the timing and size of any the equity issue would depend on the market conditions. Mr Quah added that if the market was poor it would not raise equity.
The first proposed issue of $100m would be to partially repay a $130m top-up debt facility, while the second $80m issue would be to partially fund the last three 4,250 teu newbuildings.
The trust has combined debt and cash of $670m, more than covering the $636m cost of the nine newbuildings.
The trust has long term aim of a 50:50 debt-to-equity ratio, and Mr Quah said it would also like to have some capacity to acquire more vessels. Rickmers Maritime is actively looking for more deals both on newbuildings and secondhand vessels.
A third round of proposed equity raising of $320m in the third quarter of 2010 would be to partially fund four 13,100 teu newbuildings being built at a cost of $711.6m, and all destined for long term charters with Maersk Line. The remaining $391.6m in investment for the four newbuildings would be funded through debt financing to be obtained at a later date, and cash reserves and excess cash from operations. |
something from quite long ago about equity funding and funding of the remaining 3 4250 TEU boxships and the 4 13100 TEU boxships.
about highlighted part, market condition is bad, the price is depressed. how to raise money from equity? placement or right issue or both can only fetch at most 30cents according to latest share price of 0.36. huge dilution to NAV and existing shareholders. |
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freed0m
Joined: 09 Jan 2008
Posts: 2695
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| Posted: Sat Nov 21, 2009 5:24 pm Post subject: |
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when is there going to be a refinancing package?
wait til neck long long liao......
push up the share price so can do a private placement at high otherwise even a private placement will be depressed. rights will be further depressed....
push up the price liao |
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meatball
Joined: 23 Jul 2005
Posts: 4474
Location: Piggies sty
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| Posted: Wed Nov 18, 2009 3:32 pm Post subject: |
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Shipping trusts: 3Q09 results recap
Results recap.
All three shipping trusts reported 3Q results recently. FSL
Trust (FSLT) results were in line with our expectations while Rickmers
Maritime (RMT)'s were below as the trust did not accept delivery of the
latest Hanjin newbuild vessel, which the sponsor will hold on to, while talks
continue on challenges regarding the trust's large debt load; a maturing
loan facility; and a large committed order book. Pacific Shipping Trust (PST)
results were above our estimates as we had factored in charter rate cuts to
CSAV but negotiations on that front have yet to be resolved. All three trusts
reported that their charterers have been making charter payments on time
so far.
DPU visibility is limited.
Only FSLT has given DPU guidance for 4Q09
(1.50 US cents, flat QoQ). In our opinion, the other two trusts are not in a
position to give much forward guidance because of ongoing issues. In fact,
we believe FSLT has relatively the most visibility on 12 months forward
DPU. Counterparty risk - the risk of a charterer defaulting or renegotiation
charter terms - remains the major concern for the sector and consequently
a major threat to DPU. Still, FSLT has addressed the most immediate
threat to distributions by securing loan-to-value (LTV) covenant waivers. On
the other hand, the CSAV renegotiation continues to be an overhang on
PST. Rate concessions would impact cash flows and potentially give just
cause to its other charterer (its sponsor) for demanding similar concessions.
Meanwhile, we believe it is more prudent to not expect further distributions
from RMT, the most at-risk trust in our view, while negotiations with lenders
and its sponsor continue to be unresolved.
Prefer FSLT.
We maintain our UNDERWEIGHT rating on the sector. We
believe the tide has yet to turn for the container industry, and believe
investors should limit their exposure to leveraged asset owners in this space.
FSLT [BUY, FV: S$0.72] is our preferred play for the shipping trust sector
as it has addressed many of our concerns regarding its balance sheet and
previously aggressive payout policy. We also like its diversified portfolio
and the relative visibility of its yield. Proceeds from its recent placement
have been earmarked for acquisitions, which could be made in the coming
months. On the other extreme, we have a SELL rating on RMT [FV: S$0.16]
driven by the complex challenges faced by the trust. In our opinion, a
resolution here is: uncertain; likely to be time-consuming; and perhaps
significantly dilutive to unitholders.
(Meenal Kumar) |
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freed0m
Joined: 09 Jan 2008
Posts: 2695
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| Posted: Wed Nov 18, 2009 1:52 pm Post subject: |
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| Jabez wrote: | | Sell the ships to YZJ to convert them to battle ships to be used by Chinese Navy in Somalia to combat pirates? |
those new Hanjin boxship is being built in YZJ....
haven't finished already ready to convert to battle ships?
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Jabez
Joined: 09 Nov 2009
Posts: 126
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| Posted: Wed Nov 18, 2009 1:49 pm Post subject: |
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| Sell the ships to YZJ to convert them to battle ships to be used by Chinese Navy in Somalia to combat pirates? |
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shin
Joined: 17 Jan 2006
Posts: 7173
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| Posted: Wed Nov 18, 2009 1:42 pm Post subject: |
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| Jabez wrote: | Negative cashflow needs borrowing.
If borrowing cannot be done, shareholder capital injection is inevitable... |
Maybe can also explore selling the ships.... 
Day after day, it is getting closer to the SubPrime II (on the sea version)  |
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Jabez
Joined: 09 Nov 2009
Posts: 126
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| Posted: Wed Nov 18, 2009 1:28 pm Post subject: |
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Negative cashflow needs borrowing.
If borrowing cannot be done, shareholder capital injection is inevitable... |
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freed0m
Joined: 09 Jan 2008
Posts: 2695
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| Posted: Wed Nov 18, 2009 1:05 pm Post subject: |
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| Bank of JK wrote: | Talk about biting the bullet, what will you guys do if you have a say in Rickmers current precadictment?
I would probably no give dividend for the next 2 quarters and repay loan, but that may also mean many shareholders wanting out of the whole senerio. In such a situation I definately will want to do the opposite and accumulate cheap.
Many of you guys think rasing capital is a good thing, as it will take a very short time to solve their current problem. The bad thing is being a ship trust, having debt is a SOP for all, so after solving this problem another will come up next. Not a good move. |
if next 2Qs no dividend, can only pay the 130 mil topup facility.
how about those new Hanjin 4250 TEU container ships?
how about those 4 new 13000 TEU boxships?
raising capital is a must to make those acquisitions. |
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Jabez
Joined: 09 Nov 2009
Posts: 126
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| Posted: Wed Nov 18, 2009 1:02 pm Post subject: |
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One possible option:
Covert the loan to rights with higher interest rate & the option to convert to share in 5 years time at 20% above current share price.
Benefit
Rickmer - get to refinance the loan
Creditor - get the option to convert to share at pre-determined price |
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