MT »Cape Bruny«
The vessel
The MT "Cape Bruny" is a new, flexible hull covering product/chemical tanker. The vessel is particularly suitable for the transport of liquids such as crude oil, petroleum products, jet fuel, molasses and food oil and can load up to 45.300 cbm into 15 separate tanks. The MT "Cape Bruny" is a sister ship of the MT "Cape Bille" and MT "Cape bon". The ship was delivered on 15 January 2004 of the Hyundai Mipo dock yard Co. Ltd., Ulsan/South-Korea. It leads the flag of Marshall Islands.
The market
Due to an overaged fleet existence of the product/chemical tankers and a "Phase Out" of the single hull vessels (specified by the regulation of the IMO 13G), existing good market chances for modern double hull tankers. Replacement requirements at tonnage are demonstrable present. 58% of the tanker fleet are 15 years old or older. Until 2007, in accordance with IMO 13G, 34% of the fleet must be taken from the market.
Partner and employment
Dockyard: The Hyundai Mipo Dockyard Co. Ltd. belongs to the Hyundai Heavy Industries (HHI), the world largest ship building company. Hyundai Mipo Dockyard Co. Ltd. is prominent in the change and the repair of ships and is one of the most well-known new building shipyards for medium sized, fastidious and high-quality ships.
Charterer: The MT "Cape Bruny" was chartered first for 5 years to the Schoeller Holdings Ltd., Limassol/Cyprus. The charter amounts to USD 12.400/day (gross) for the first 12 months, USD 12.800/day (gross) for the second 12 months and USD 13.500/day (gross) for the following 36 months. In addition an option was granted to the charterer from 12 months to USD 14.800/day (gross).
The Ratingagentur Dynamar, Netherlands,evaluates Schoeller Holdings Ltd. in the scale of1 (very well) to 10 with a rating of 3. Further information about Schoeller Holdings Ltd. and their subsidiary companies you´ll find on the Website www.schoeller-holdings.com
Shipmanager is the Columbia Shipmanagement (www.columbia.com.cy), one of the world-wide largest Shipmanager.
Calculation of profitability
Calculation of profitability, in percent, data with rounding differences
| Year | Initial Investment (+ credit/-charge) | Tax | Payout | Amount | accumulated | |
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| 2004 | - 50% | 13,2% | 0,0% | - 36,8% | - 36,8% | |
| 2005 | - 40% | 5,5% | 8,0% | - 26,5% | - 63,3% | |
| 2006 | - 15,0% | 2,2% | 8,0% | - 4,8% | - 68,1% | |
| 2007 | - 0,1% | 8,0% | 7,9% | - 60,2% | ||
| 2008 | - 0,1% | 9,0% | 8,9% | - 51,3% | ||
| 2009 | - 0,1% | 10,0% | 9,9% | - 41,4% | ||
| 2010 | - 0,1% | 10,0% | 9,9% | - 31,5% | ||
| 2011 | - 0,1% | 10,0% | 9,9% | - 21,5% | ||
| 2012 | - 0,1% | 10,0% | 9,9% | - 11,6% | ||
| 2013 | - 0,1% | 10,0% | 9,9% | - 1,7% | ||
| 2014 | - 0,1% | 10,0% | 9,9% | 8,2% | ||
| 2015 | - 0,1% | 10,0% | 9,9% | 18,1% | ||
| 2016 | - 0,1% | 10,0% | 9,9% | 28,0% | ||
| 2017 | - 0,1% | 12,0% | 11,9% | 39,9% | ||
| 2018 | - 0,1% | 12,0% | 11,9% | 51,8% | ||
| Sales | -9,6% | 34,0% | 24,4% | 76,2% | ||
| Amount | - 105,0% | 10,2% | 171,0% | 76,2% | ||
| Total Capital return flow | 181,2% | |||||
| Internal interest after tax | 9,2% | |||||
Economic data
Altogether payments are planned at a value of approx. 171% including proceeds of sale related to the nominal limited liability capital. For 2005 8% are calculated per annum related to the nominal limited liability capital. Until 2018 an increase of the payments up to 12% per annum is intended. The average payment in the operating phase (without sales) amounts to approx. 9.2% p.a.
| Capital return flow | % | |
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| Limited partners share incl. 5% agio | 105,0 | |
| Medium return reflow from payments, sales proceeds and tax refund | 192,0 | |
| Medium outflow from payments of taxes in the operating phase and by the sale | 10,8 | |
| Total capital return flow | 181,2 | |
| Surplus from the investment | 76,2 | |