»Aframax-Tanker Fleet Fund«
The vessels
The König & Cie. Aframax Tanker Fleet Fund consists of four used, modern and flexible applicable double covering crude oil tanker (aframax class) with a load carrying capacity of about in each case 105,000 dwt. With a length of 236 m, width of 42 m and a depth of 14,8 m they drive approximately 15 knots. The purchase prices of the ships are peer-reviewed as adequate and in the tendency of the risen market and in reference to the use value as favourable.
The building of the ships took place under the supervision of the renowned Norwegian classification society Det Norske Veritas (DNV). They correspond to the various international regulations and recommendations, among other things the MARPOL agreement, the rules of the US coast guard for driving on US waters and the recommendations of the OCIMF (Oil Companies Internationally Navy Forum).
The MT "Cape Aspro" was delivered on 10 February 2004, the MT "Cape Ancona" and the MT "Cape Avila" on 1 March 2004 and the MT "Cape Akrotiri" on 8 March 2004.
The market
20% of the tanker fleet is 15 years old or older and until 2007 in accordance with IMO 13 G approx. 34% of the fleet is already intended for an obligatory "Phase Out". A further shortage of the offer is to be expected, because since 21 October 2003 an intake prohibition exists for single hull ships in European Union waters.
Partner and employment
Dockyard: All four Aframax tankers were built on the Hyundai Samho Heavy Industries (HSHI) and were delivered in the year 1998. The fifth-largest shipyard in the world, Hyundai Samho Heavy Industries (HSHI), came out 1999 from the Halla engineering & Heavy Industries CO. She is a daughter of the world largest dockyard Hyundai Heavy Industries (HHI).
Employment: Charterer of the two tankers MT "Cape Aspro "and MT" Cape Avila "are since March 2004 100% subsidiaries of the US-American shipping company Overseas Shipholding Group, Inc. (OSG). The Aspro tanker corporation, Marshall Islands, and the Avila tanker corporation, Marshall Islands, chartered the ships to a daily rate of USD 19,875 (net). The OSG explained to be entitled for the commitments of its subsidiaries from the freight contracts.
Two of the ships of the Aframax Tanker Fleet Fund, the MT "Cape Ancona" and the MT "Cape Akrotiri", drive within the scope of the Aframax International Pools. Thereby they will generate market-average incomes. They participate thus at the chances of the market, without being suspended the risk to drive as exclusive ship from a rate valley in the next.
Ship Manager is the Columbia Shipmanagement (www.columbia.com.cy), one of the world-wide largest Shipmanager. The society is a subsidiary of the renowned Schoeller Holdings Ltd., Limassol/Zypern, (www.schoeller-holdings.com).
Efficiency consideration
Efficiency consideration Tranche 2004, quote in %, data with rounding differences
| Year | Initial Investment (+ credit/-charge) | Tax burden | Payout (delayed) | Amount | accumulated Amount | |
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| 2004 | - 60% | - 23,7% | 0,0% | - 36,3% | - 36,3% | |
| 2005 | - 20% | - 1,2% | 8,5% | - 10,3% | - 46,6% | |
| 2006 | - 20% | 0,0% | 8,5% | - 11,5% | - 58,1% | |
| 2007 | 0,2% | 8,5% | 8,3% | - 49,8% | ||
| 2008 | 0,2% | 8,5% | 8,3% | - 41,5% | ||
| 2009 | 0,2% | 8,8% | 8,5% | - 33,0% | ||
| 2010 | 0,2% | 8,8% | 8,5% | - 24,5% | ||
| 2011 | 0,2% | 8,8% | 8,5% | - 15,9% | ||
| 2012 | 0,2% | 8,8% | 8,5% | - 7,4% | ||
| 2013 | 0,2% | 9,0% | 8,8% | 1,4% | ||
| 2014 | 0,2% | 9,0% | 8,8% | 10,1% | ||
| 2015 | 0,2% | 9,5% | 9,3% | 19,4% | ||
| 2016 | 0,2% | 12,0% | 24,4% | 34,8% | ||
| Sales in 2016 | 13,2% | 25,8% | ||||
| Amount | - 100% | - 9,5% | 134,3% | |||
| Averaged payout without sale p.a. | 8,4% | |||||
Economic data
A participation is possible as a standard limited partner and/or as an advantage limited partner. With the advantage limited liability capital attractive payments of 8% per annum, starting from 2004 to 2016 rising to 12% per annum are planned.
With the standard limited liability capital attractive payments of 8,5% per annum, starting from 2005 to 2016 rising to 12% are intended. Altogether approx. 108.5% (without sales) are planned.