»Suezmax-Tanker Fleet Fund«
The vessels
The König & Cie. Suezmax-Tanker Fleet Fund consists of five modern crude oil tanker (Suezmax class), MT »Cape Baffin«, MT »Cape Barry«, MT »Cape Bowen«, MT »Cape Bata« and MT »Cape Baker«.
These vessels are double covering tanker with a load capacity of 150.000 to 160.000 tdw., two of them have coated tanks and can carry in addition to crude oil "clean" products also. The vessel MT »Cape Barry« has an ice class.
All vessels carry the flag of Marshall Islands and are registered in Majuro.
The market
13% of the fleet is older than 20 years. According to IMO 13G rules approx. 34% of the existing fleet must be "phased out" till 2015 (December 2003; Clarksons, Prof. Dr. Berthold Volk).
Partner and employment
Dockyards are Hyundai Samho Heavy Industries Co. Ltd., South-Korea (MT »Cape Barry«, MT »Cape Baffin« and MT »Cape Baker«)and Samsung Heavy Industries, South-Korea (MT »Cape Bowen« and MT »Cape Bata«). These dockyards are korean large shipyards with a good reputation and a experience of many years in building tankers.
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/Zypern, (www.schoeller-holdings.com).
Charterer of the two vessels MT »Cape Barry«/MT »Cape Baffin« is Kristian Gerhard Jebsen Skipsrederi A/S (KGJS), Bergen/Norway. The charterperiod is 5 years plus 5 options each with 12 month (+/- 30 days). The daily charterrate for the first five years is USD 23.100 (gross). The daily charterrate for the option-years (first two years) is USD 23.700 (gross) and USD 24.200 (gross) for the remaining time.
Charterer of the MT »Cape Baker« is Tsakos Energy Navigation. The charterperiod is 5 years plus three options of 12 month (+/- 30 days). The daily charterrate for the first five years is USD 22.750 (net). The daily charterrate for the option-years (first two years) is USD 23.500 (net) USD 24.000 (net) for the remaining time.
The vessels MT »Cape Bata« and MT »Cape Bowen« are employed since 1 December 2003 in the "Gemini Tanker Pool", a Suezmax Tanker-Pool of the US-based OMI Corporation and the König-Columbia Tankers Ltd. (Marshall Islands).
The advantages
- Profit from pool earnings, higher as calculated in the prospectus for MT »Cape Bata« and MT »Cape Bowen«
- Financing at more favorable interest terms
- Security of the fiscal conception, because the regulations of the BMF letter from 20 October 2003 (so-called "Fünfter Bauherrenerlaß") and the "Haushaltsbegleitgesetzes 2004" are considered.
- 8% payment on the standard limited liability capital already in 2004
- Small inheritance and donation-fiscal load
Due to tanker-market boom, the prices for new buildings and secondhand tankers enormously rose. Today the costs for equivalent tankers of the Suezmax class lie between USD 60 to 64 millions, more than for the five tankers in the fleet fund (USD 53 to 55 millions.)
Reflux of capital
| Reflux of capital Tranche 2003 | % | |
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| Limited liability capital | 105,0 | |
| Surplus from the investment | 64,0¹ | |
| Average payment per annum without sales | 9,5 | |
| Reflux of capital Tranche 2004 | % | |
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| Limited liability capital | 105,0 | |
| Surplus from the investment | 63,4¹ | |
| Average payment per annum without sales | 9,5 | |
| Vorzugskommanditkapital | % | |
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| Limited liability capital | 105,0 | |
| Surplus from the investment | 96,0² | |
| Average payment per annum without sales | 9,6 | |
¹ Related to a participation of a church tax-requiring single investor with maximum tax rate.
² Related to a participation of a church tax-requiring investor with a taxable income of EUR 70.000.
Analysis
The above-average quality of this fund was confirmed also by experts. The check analysis evaluates the fund with the best score for ship participation: 1.66. Also the result of the Scope Analysis (in former times Fondscope) is excellent.