Overview of K-sure Ship Finance. The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens

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1 Overview of K-sure Ship Finance The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens

2 ECA Overview Introduction of K-sure K-sure Ship Finance Program New Product : Capital Market Program K-sure Ship Finance Figures Credential and Award

3 1. ECA Overview

4 ECA Overview What is Export Credit Agency(ECA)? ECA are public entities that provide financing support for exporters or buyers to facilitate trade and investment - Commercial banks have a limited capacity to support high-risk & large scale & long term cross border financing transaction (Market Imperfection) - ECAs role is to fill a financing gap and cover risks that the commercial banks would not otherwise be willing to take, which results in a loss of exports - The first export credit agency, UKEF(ECGD) of the United Kingdom, was established in 1919, and most countries in the world have their own ECA to boost export - ECAs supported about 11% of global export and investment flows in

5 Major ECAs in Ship Finance Major ECAs in Ship Finance In the field of merchant ship and offshore, ECAs in the Top 3 shipbuilding countries (Korea, China and Japan) play a major role in global ship finance market Two types of ECAs : Pure cover vs Direct lending - Pure cover (Insurance or Guarantee) : K-sure, Sinosure, NEXI, Euler Hermes - Direct lending : KEXIM, CEXIM, JBIC, KFW Merchant Ship & Offshore Ferry, Cruise China China Korea Korea Germany France Finland Japan Japan Norway Italy 2

6 2. Introduction of K-sure

7 K-sure History Export Insurance Act Enacted Business Transferred to K-Exim Changed the name to Korea Trade Insurance Corporation (K-sure) Act Enacted Business initiated by Korea Reinsurance Corp. Business Transferred to K-Exim KEIC Established K-sure (Korea Trade Insurance Corporation) Export Insurance initiated by Korea Reinsurance Corp. Korea Export Insurance Corp. (KEIC) established by Gov t as separate corporation to keep up with increasing Korean trade volume and change of global environment 3

8 K-sure in Brief KOREA s Export Credit Agency (ECA) 100% State-owned Agency : Operated under the Trade Insurance Act Annual Underwriting Volume : National Assembly approves every year (US$195bn in 2014) Financial Resources : Trade Insurance Fund based on Trade Insurance Act Government guarantees financial losses (Fiscal back-up) Key financial partner for Korean exports : Supported over 24% of total exports in 2013 One of global Top 5 ECAs (by volume supported / Dealogic, BU) Staffs : About five hundred(500) People Guardian Authority Ministry of Trade, Industry & Energy - Former Ministry of Knowledge Economy 4

9 K-sure Business Volume Business Volume in 2013 : US$185.7 bn Covered nearly 24.1% out of total Korean exports in 2013 Business Volume(US$ Bil) Usage Rate(%) The Target Business Volume in 2014 : US$190 bn Short - Term business (ex Consumer Products Support) : US$183 bn Medium & Long - Term business (ex Capital Goods Support) : US$17 bn - Ships : US$ 5.9 bn - Plants & Others : US$ 11.1 bn 5

10 3. K-sure Ship Finance Program

11 K-sure Ship Finance Programs A range of ship finance programs M&LT Export Credit Insurance Export Infrastructure Insurance Overseas Business Credit Insurance Export Bond Insurance(R/G) Shipowner (Buyer) Shipbuilding Contract 6 Shipbuilder (Supplier)

12 K-sure Buyer s Credit Scheme Covers lender s losses against Buyer s non-payment on ship finance loan triggered by political or commercial(credit) risks Medium & Long Term (M&LT) Export Credit Insurance (for foreign buyers) Export Infrastructure Insurance (for Korean buyers) Overseas Business Credit Insurance (for vessels built by Korean shipbuilder overseas) Korean Exporter (Shipbuilder) ShipBuilding Contract Cash Buyer (Shipowner) Loan Repayment Bank Buyer s Credit Cover 7

13 Export Bond Insurance Scheme (Refund Guarantee) Covers Issuing Bank s Losses in R/G triggered by Buyer s Calling Korean Exporter (Shipbuilder) Ship Building Contract Advance Payment Buyer Refund Guarantee (Advance Payment Bond) Bank Export Bond Insurance 8

14 Benefit of K-sure Buyer s Credit Shipowner s Benefit from K-sure Buyer s Credit Higher Leverage Lower Interest rate Longer Tenor Competitive Premium Fast and Flexible K-sure s Credit Enhancement Reasonable Pricing Responsive Attitude 9

15 Benefit of K-sure Buyer s Credit Improvement in Interest Margin of K-sure Insured Facility 3.0% 2.5% Average Interest Margin of K-sure Insured Facility 2.60% 2.41% 2.0% 1.94% 1.99% 2.03% 1.5% 1.57% 1.0% 0.5% 0.60% 0.74% 0.40% 0.33% 0.59% 0.0%

16 OECD Consensus The Arrangement on Officially Supported Export Credits (OECD) provides framework for the orderly use of ECA financing. ECA supported Ship financing 11

17 Working Policy for Buyer s Credit Basically, K-sure provides Buyer s Credit on a secured basis under the OECD guideline Loan Amount : 70% of ship contract amount (Up to 80%) Coverage ratio : 95% (5% residual risks shared with lenders) Coverage Period : Pre- and post-delivery financing Repayment of Principal : maximum 12 years from the delivery Currency coverage : U$, Euro, Yen, etc Security package : In line with global ship finance standards First-priority mortgage of the vessel, Assignment of the shipbuilding contract, Insurances, Earning Accounts, charter contact, R/G and so on Corporate guarantee 12

18 Organization of K-sure Ship Finance Organization of K-sure Ship Finance Marine Finance Department Container Team Tanker Team Offshore Team Containership Tanker LNG, LPG Carrier Offshore Bulker Special Vessel 13

19 4. New Buyer s Credit Product : Capital Market Program

20 K-sure s Capital Market Program Capital Market Program(Bond) Reduction in traditional bank loan and shipowner s pursuit of alternatives Triggered by Euro crisis, long depression of shipping industry, Basel Ⅲ standard Shipowner pursuing alternative source of funding in capital markets - Capital markets : Huge & low-cost financing Project bond of other ECAs in aircraft finance US-EXIM UKEF(ECGD) Coface Sector Aircraft, Oil and Gas Aircraft Aircraft Total Amount US$14.7Bn US$0.99Bn US$0.67Bn Number of transaction Coupon rate 2.55%(Aug 2013) 3.00%(Aug 2013) 3.50%(Aug 2013) K-sure & KEXIM launched bond program in ship finance Attract huge interest from shipowners who are eager to cut financing cost 14

21 K-sure s Capital Market Program Transaction Structure KSURE Agent Security Agent Agency Agreement KSURE Korean Shipbuilder Shipbuilding contract Security Issuer (SPV) Proceeds Note 100% cover of P + I Bondholder P + I Note Trustee P + I Bond issuance & New building of vessel Issuer : SPV of shipowner, Investor(boldholder) : Institutional investor Facility amount : up to 80% of new building price of the vessels Risk coverage : 100% of P+I of the Note Note Trustee: act on behalf of Bondholder in particular for claim and repayment concern K-sure agent : act on behalf of KSURE in relation with security interest 15

22 K-sure s Capital Market Program Key Characteristics Unconditional and Irrevocable cover Investors are typically less concerned as to what the underlying asset is They will analyze the risk largely based on the guarantee provided by the K-sure On demand payment of insurance proceeds Timely payment of principal and interest is of utmost importance to the investors Exchange Option Vessel contract price can be paid by bank loan insured by KSURE initially Within 2 years after the delivery of the vessel, insured note can be issued to refinance the loan (i.e. exchange existing loan into the note insured by KSURE) 16

23 5. K-sure Ship Finance Statistics

24 K-sure Buyer s Credit Demand Uprise in Market Demand and K-sure Buyer s Credit Volume Abundant Liquidity Remaining Uncertainties Stricter Regulation Rising market demand for K-sure Buyer s Credit 17

25 K-sure Buyer s Credit Volume Expanding K-sure buyer s credit Volume and Market Share Volume(Unit : U$bil) Market Share % % 20% 15% % % 9.8% 12.3% % 5% (unit : US$ bil) 0% Year e Korean NB contracting (A) Financing need * ( B = A X 70%) K-sure covered ship finance (C) K-sure market share(d=c/b) 6.6% 6.5% 9.8% 12.3% 23.2% * Assuming 70% of NB contract price as financing need 18

26 K-sure Buyer s Credit Portfolio No of Vessels : 270, Total Exposure : USD18.4bil (as of June 2014) Region Vessel Type America 18% Middle East 15% Africa 5% Asia 13% Europe 49% Bulker 5% LNG/ LPG 17% Offshore &etc 20% Tanker 17% Container 41% 19

27 Partnership with Global Banks Insured Value (as of June 2014) Rank K-sure agent bank # of Vessel Insured value (U$mil) 1 BNP Pariba 41 3,695 2 CA-CIB 46 3,041 3 Citi 27 2,604 4 KfW 21 1,736 5 DNB 19 1,191 6 HSBC 16 1,136 7 SG ING DVB SMBC Others 57 2,431 Total ,413 20

28 6. Credential & Award

29 Credential for Greek shipowner Dynacom Dryships Dynagas Capital Maritime LNG U$148M Tankers U$117M LNG U$187M Containers U$131M Poseidon Technomar Enesel 2014 Angelicoussis Containers U$61M Containers U$180M Containers U$141M LNG U$977M 21

30 Award Winning Award from Marine Money & Trade Finance(2013) Bank Debt : UASC (Containership) Export Credit : Golar LNG (LNG carrier) 2013 deals of the year Seadrill (Drillship) Golar LNG (LNG carrier) CSAV (Containership) UASC (Containership) 22

31 Article Trade Finance Magazine (June 2014) 23

32 7. Recent news of K-sure

33 Recent News of K-sure K-sure marine department s move to Busan, Top 5 port in the world Moved to Busan on 29 th September Ship finance department of KEXIM and KDB, Korean major financiers, also moved to Busan K-sure s sponsor for 8 th Marine Money Korea Ship Finance Forum Date : 4 November 2014 Location : Busan, Korea 24

34 Thank you for your attention! Mu Jeong, Park Head of Container team, Marine Finance Department Tel : (82-51)

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