MV »Stadt Lübeck«

The Vessel

The MV »STADT LÜBECK« (Year of construction 2001) is a flexibly usable Secondhand container ship of the 1,100 TEU class (16,794 tdw) with its own cargo gear and connections for 200 reefer container. The vessel has a competitive advantage because it can proportionally transport a higher number of loaded containers as other Feeder ships of its class. It is comparatively fast with 19.5 kn at a design depth of only 8.8 m and is built according to the regulations of the American classification company American Bureau of Shipping.

The Market

Container Feeder ships like the MV »STADT LÜBECK« are in positive interaction with very big container ships because they guarantee collects and distributing traffics from and to the main ports. According to the report „Einsatzbedingungen für das MS»STADT LÜBECK«“ (2.7.2004) from Prof. Dr. B. Volk, the existing fleet of container ships grew in the segment 700 to 1.599 TEU in the past below average.

Partner and Employment

Dockyard is the Jurong Shipyard Pte. Ltd., Singapur, which has experiences from four decades in the making of different types of LCL freight and container ships.

Charterer is the New Econ Line Pte. Ltd. from Singapur, which operates the Container-Feeder-Service in South-East Asia. The vessel is chartered for two years. The daily charterrate amounts to USD 12.500 (net) for the first year and USD 13.000 (net) for the second year.

Shipping company owner is Thien & Heyenga Bereederungs- und Befrachtungsgesellschaft m.b.H. from Hamburg (founded 1977), König & Cie. maintains long-standing business relations to this house. At present, Thien & Heyenga manage 26 ships, thereof 17 container ships in the range of 300 to 1,600 TEU.

Partner since the foundation phase is BNW Beteiligungsgesellschaft Neuer Wall mbH, Hamburg.

Calculation of profitability

Calculation of profitability, Limited partner Tranche 2005

Year	Initial Investment	Tax (+ credit/-charge)	Payout	Amount	Capital commitment
2004	- 9.000	0	0	- 9.000	- 9.000
2005	- 72.000	19.023	9.000	- 43.977	- 52.977
2006	- 24.000	4.457	9.000	- 10.543	- 63.520
2007		0	9.000	9.000	- 54.520
2008		- 87	9.000	8.913	- 45.607
2009		- 87	9.000	8.913	- 36.694
2010		- 87	9.000	8.913	- 27.781
2011		- 87	9.000	8.913	- 18.868
2012		- 87	10.000	9.913	- 8.955
2013		- 87	10.000	9.913	958
2014		- 87	10.000	9.913	10.871
2015		- 87	11.000	10.913	21.784
2016		- 174	12.000	11.826	33.610
Sale in 2016		- 19.213	29.264	10.051	43.661
Amount	- 105.000	3.397	145.264	43.661
Total Reflux of capital					148.661
Average payment p.a., without sales			9,3%

For the calculation of the total capital reflow of the tranche 2005 the following premises are made (taxable income in the amount of EUR 170,000 and a participation sum of 100.000 EUR): Investor single, full deductibility of the negative results from this participation, tax rates in 2004 45% and as of 2005 42%, solidarity surtax 5.5% during the complete running time, church tax, church tax non-deductible, tax reductions are carried out in the same year, tax payments are carried out with pawning of a year, distributions are carried out in the same year, in the year 2016 all payments are carried out in the same year.

Economic data

Altogether payments amounting to 116% exclusive and 145% inclusive sale of the ship are planned. For 2005 the payments amounts to 9% related to the nominal limited partner share. In 2016 an increase of the distributions to 12% is scheduled. The average distribution in the operation phase is 9.3% p.a.

Reflux of capital Tranche 2004	%
Limited partners share	105,0
Surplus from the investment	45,0¹
Average payment p.a., without sales	9,3
Reflux of capital Tranche 2005	%
Limited partners share	105,0
Surplus from the investment	43,6¹
Average payment p.a., without sales	9,3

¹ Related to a participation of a church taxable investor at maximum tax rate (compare prospectus page 36/37)