MT »Cape Esmeralda«
The vessel
The MT »Cape Esmeralda« is a modern double covering product/chemical tanker. The ship has 14 charge tanks with a total volume of approximately 13,600 cbm including 2 Sloptanks. The tanker is appropriate for the transport of liquids in accordance with IMO class II and III and is suitable thereby for the world-wide employment. The ship carry the flag of Marshall Islands and is registered in Majuro.
The market
Product/chemical tankers around 12.000 tdw are used because of their size particularly on short distances. The main operational area will be prospective the north and/or Baltic Sea and the Mediterranean, where also smaller ports can be started.
With the aggravation of the IMO rule 13G, which is effective since October 2003, the European Union has forbidden travels of older tankers in there waters. Approx. 60% of crude oil and product tankers with 10.000 to 20,000 tdw are older than 20 years (status: September 2003). At present 28% of oil-transport is handled in European Union ports. A phase-out of a substantial part of the fleet is predictable. Beyond that there is a split market, in which modern double covering product/chemical tanker like the MT »Cape Esmeralda« will obtain presumably higher rates.
Partner and employment
The Dockyard Samho Shipbuilding Co. Ltd., South-Korea, is specialized in the building and the repair of chemical tankers. The dockyard grows according to own data continuously and is today in the situation to manufacture new buildings up to a size of 15.000 tdw.
Charterer is Schoeller Holdings Ltd., Limassol/Cyprus. The charterperiode is five years plus one option of 12 month (+/- 30 Tage). The charterrate is for the first 24 month USD 7.900/day, for the second 24 month USD 8.600/day and USD 8.900/Tag for the last 12 month. The daily charterrate for the option-period is USD 9.400/day. Schoeller HoldingsLtd. dispose of a Dynamar-Rating of 3.
Shipmanager 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/Cyprus, (www.schoeller-holdings.com). The Dynamar-Rating of Columbia Shipmanagement is 3-4.
Economic data
A participation is possible as standard limited partner or as preferred limited partner. The preferred limited liability capital receives a pre-profit of 8% and a preferred participation at the liquidity proceeds. The average payment net yield (without sales) for the preferred limited liability capital amounts to 10.4% p.a.
The average payment net yield (without sales) for the preferred limited liability capital amounts to 10.1% p.a. 10,1% p.a.