»Produktentanker-Fonds« I
The Vessels
The »Produktentanker-Fonds« I is made up of two modern Double-Hull-Tankers of the so-called Handymax-Class. The MT »KING ERNEST« was taken over by the Charterer in September 2001 and the MT »KING EVEREST« in October 2004. With a length of 182,55m, a breadth of 27,34m, a tonnage of approx. 37.000 tdw and a draft of 11,21m they are driving with a speed of 15 knots.
Construction and technical equipment are intended for the worldwide charter. The MT »KING EVEREST« is equipped with the iceclass ICE-1B, the MT »KING ERNEST« is equipped with the iceclass ICE-1A. This vessels are type-approved and were built already several times. Further ships has been ordered.
The Market
Approx. 32% of the product tanker fleet of the class 30.000 to 39.999 tdw are older than 20 years and approx. 39% of the Handymax-class are Single-Hull-Tankers. There is a high potential of compulsory wrecking according to IMO-13G regularities. Against this it exists a volume of order by approx. 16% of the current Handymax-fleet. This suggests a positive development of the charter rate on a long-term basis.
The Partners
Construction-Shipyard: The Hyundai Mipo Dockyard Co. Ltd., Ulsan/South Korea (HMD) was founded 1975 and started business with repairs- and rebuildings of ships. Since 1996 Hyundai Mipo Dockyard Co. Ltd. is constructing new ships. This construction-shipyard is one of the worldwide leading shipyards, specialized on middle-sized ships of highest quality.
Charterer: At the 6th December 2006 the MT »KING ERNEST« has been chartered for first three years (+/ - 30 days) to Ganges Shipping LLC, Majuro, Marshall Islands. The OMI Corporation is a 100% parent company of the Ganges Shipping LLC and guaranteed for the associate company the fulfillment of the charter contract.
The MT »KING EVEREST« will operate according to the charter contract with the Scorship Navigation Limited within the „Libra Tankers Pool“ directly in the travelcharter-market. The „Libra Tankers Pool“ was founded in December 2006 by the OMI Corporation (USA) and the Scorship Navigation Ltd., Marshall Islands.
Shipping Company of the MT »KING EVEREST« and the MT »KING ERNEST« is the Scorship Navigation GmbH & Co. KG with head office in Hamburg. This shipping company has been founded by König & Cie. GmbH & Co. KG together with the Scorpio Shipping Company Limited, British Virgin Islands.
The technical equipment was set up by OMCI Germany GmbH & Co. KG, a 100 % subsidiary of OMI Corporation with head office in Stamford, Connecticut, USA, as sub-manager of the Scorship Navigation GmbH & Co. KG.
The Investment Advantage
- Ultra-modern double-hull-crude oil – and chemical tankers of the Handymax-class
- Attractive pay-offs for limited liability capital as of 2007 amounting to 8% p.a. of the paid fund capital
- Preferred limited partners are getting amongst the term a preferential payment amounting up to 6,5% p.a.
- Three years of charter for the MT »KING ERNEST« on duty for a 100% subsidiary of OMI Corporation
The Return on Investment
| Return on investment | % | |
| Standard limited liability capital | ||
| Investment incl. premium | 105,00 | |
| Surplus * | 112,1 | |
| Total return on investment before tax and premium | 218,2 | |
| Preffered limited liability capital | ||
| Investment incl. premium | 105,00 | |
| Surplus * | 102,1 | |
| Total return on investment before tax and premium | 208,2 | |
Economic & Fiscal Facts and Figures
Attractive payments for limited liability capital are expected for 2007 amounting 8% p.a. and more for standard limited partner’s share. According to the forecast calculation preferred limited partners are getting for the total term a preferred payment up to 6,5%. Total pay-offs are expected for the standard limited partner’s amounting up to 218% and for preferred limited partner’s amounting up to 208% incl. the values of proceeds by selling the vessels.
Declaration of accession
Investors participate through the associated company EVEREST KG und ERNEST KG, both based in Hamburg. The minimum investment stake is € 15,000 plus 5% premium. Larger investments must be divisible by € 1,000.
Analysis
The König & Cie. GmbH & Co. KG actual annual report 2005 can be read here.
Data sheet
| MT »King Everest« (Everest) / MT »King Ernest« | ||
| Vessel type | Handymax-tanker, oil / chemical tanker | |
| Loading capacity | 6 loading tanks + sloptanks with a total volume of 43.000 cbm | |
| compartmentation | Transport of seven different grades of oil at the same time (14 Oilpumps,7 independent Loading-/discharge-wire and a transport-pump) | |
| Deadweight capacity Design | EVEREST: 37.229 tdw / ERNEST: 36.997 tdw | |
| Deadweight capacity Scantling | EVEREST: 43.111 cbm / ERNEST: 43.267 cbm | |
| Surveying | gross: EVEREST: 23.217 / ERNEST: 23. 246 BRZ (GT),net: EVERST: 10.113 / ERNEST: 10.126 NRZ (NT) | |
| Length over all | 182,55 m | |
| Length between perpendiculars | 175,00 m | |
| Breadth | 27,34 m | |
| Moulded depth | 16,70 m | |
| Draft Scantling | 11,21 m | |
| Draft Design | 10,85 m | |
| Speed | 14,50 / 15 kn | |
| Consumption | Approx. 90% MCR crude oil; EVEREST: 37,89 / ERNEST: 44,12 t/day | |
| Classification | Det Norske Veritas | |
| Class sign | 1A1 Tanker for Oil and Chemicals ESP, Ship Type 3 EO, ICE-1B (EVEREST) /ICE-1A (ERNEST), VCS-2, LCS-SID, Clean, Coat-1, TMON | |
| Crew | 30 persons | |
| Shipyard | Hyundai Mipo Dockyard Co. Ltd., Ulsan/Südkorea | |
| Flag | Marshall Islands / Marshall Islands (exspected) | |
| Registry port | Majuro / Majuro (exspected) | |
| Registry | EVEREST: Seeschiffregister des Amtsgericht Hamburg ERNEST: Seeschiffregister des Amtsgericht Hamburg (exspected) | |
| Shipyard delivery | EVEREST: 12. september 2001; ERNEST: 29. october 2004 | |
| Construction number | EVEREST: 0009; ERNEST: 0301 | |
| IMO number | EVEREST: 9228837; ERNEST: 9305532 | |
| Main engine | EVEREST: Hyundai B&W 6S50 MC-C Mk7 max. power MCR 9.463 kW bei n = 127UpM,engine power NRC 8.058 kW at n = 120,3 UpM; fuel HFO 380 cSt. at 50°CERNEST: Hyundai-B&W Type: 7S50 MC-C Mk7, max. power MCR 11.060 kW bein= 127 UpM, engine power NRC 9.401 kW (85% MCR) at n= 120,3 UpM, fuelHFO 380 cSt. Bei 50°C | |
| Accommodation | Accommodation 30 persons | |
| Weight | EVEREST: 8.745 t / ERNEST: 8.825 t | |
Source and Application of funds
| Source of funds | USD | EUR | EUR | % of source of funds before agio | % of limited partners contribution | |
| 1. Limited partners contribution | ||||||
| Standard limited liability capital | 31.900.000 | |||||
| König & Cie. GmbH & Co. KG | 100.000 | |||||
| König & Cie. Treuhand GmbH | 20.000 | |||||
| Scorship Navigation GmbH & Co. KG | 100.000 | |||||
| 4.000.000 | 36.120.000 | 45,66% | 100,00% | |||
| 2. Debt | ||||||
| 2.1. Mortgage loan | ||||||
| 2.1.1. MT "KING EVEREST" Tankschiffahrts GmbH & Co. KG | 26.370.000 | |||||
| 2.1.2. MT "KING ERNEST" Tankschiffahrts GmbH & Co. KG | 29.510.000 | 42.984.615 | ||||
| 2.2. Credit on current account | 0 | 42.984.615 | 54,34% | 119,01% | ||
| Source of funds excl. premium | 79.104.615 | 100,00% | 219,01% | |||
| 3. Premium amounting to 5% of llc. | 1.806.000 | 5,00% | ||||
| Source of funds total | ||||||
| Source of funds total | 80.910.615 | 224,01% | ||||
| Source of funds | ||||||
| 1. Acquisition of the ships | ||||||
| MT "KING EVEREST" Tankschiffahrts GmbH & Co. KG | ||||||
| 42.687.500 | 32.980.582 | |||||
| Additional costs | 125.000 | 96.154 | ||||
| MT "KING ERNEST" Tankschiffahrts GmbH & Co. KG | ||||||
| Costs | 47.937.500 | 37.014.100 | ||||
| Additional costs | 170.000 | 130.769 | 70.221.605 | 88,77% | 194,41% | |
| 2. Expenses referring to vessels | ||||||
| Preparing shipmanagement | 335.000 | 335.000 | 0,42% | 0,93% | ||
| 3. Incorporation- and start-up expenses | ||||||
| Incorporation- and start-up expenses,monitoring application of funds | 547.276 | |||||
| Organisation controlling | 200.000 | |||||
| Trust fees | 98.276 | |||||
| Placement guarantee | 638.500 | |||||
| Financing placement | 860.000 | |||||
| Sales incidental costs | 400.000 | |||||
| 5.366.200 | 8.110.252 | 10,25% | 22,45% | |||
| 4. Liquidity reserves | ||||||
| Liquidity reserves | 437.758 | 437.758 | 0,55% | 1,21% | ||
| Application of funds excl. premium | 79.104.615 | 100,00% | 219,01% | |||
| 5. Premium amounting to 5% of the llc. | 1.806.000 | 5,00% | ||||
| Application of funds total | ||||||
| Application of funds total | 80.910.615 | 224,01% | ||||
Disclaimer
The plan calculations of this participation folder are based on the final contracts and agreements, essentially however on prognoses, those for their part are based on experiences and expectations. Different factors can affect the yield situation positively and negatively.
Relevant for a participation is only the full issuing prospectus with company contract, trust contract and the investment declaration. In the issuing prospectus, we point out especially the chapter dealing with possible risks. Of course, we can also send you the issuing prospectus by post.