PRIVATE EQUITY AND SHIPPING: WHAT S BEEN DONE SO FAR
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1 PRIVATE EQUITY AND SHIPPING: WHAT S BEEN DONE SO FAR Marine Money s 15th Annual New York Ship Finance Forum November 12, 2014 The Plaza Hotel, New York City John F. Imhof Jr., Partner Maritime and Transportation Finance Group Seward & Kissel LLP
2 Disclaimers All information set forth on the attached slides has been provided by Marine Money and neither the speaker nor Seward & Kissel LLP has provided or is responsible for this information. It is difficult to know all of the transactions that have taken place involving shipping and private equity over the last seven years. 2
3 Private Equity Investments in Shipping 3
4 Number of Private Equity Deals and Participants Deals PE Participants * YTD Source: Marine Money * 4
5 Number of Private Equity Deals and Participants Deals PE Participants * YTD Source: Marine Money * 5
6 Private Equity Investment in Shipping USD Billion * YTD Source: Marine Money * 6
7 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 7
8 Private Equity Investment in the Crude Tanker Sector PE Participant/Partner Amount (USD Million) Investment Description 2008 First Reserve Corporation 300 Diamond S Shipping LLC Suezmax Tankers 2010 Apollo Global Management LLC 420 Principal Maritime Management Suezmax Tankers 2011 Oaktree Capital Management LP 200 General Maritime Corp. Equity Recap 2012 Oaktree Capital Management LP 175 General Maritime Corp. Equity Recap 2013 BHR Capital, Glendon Capital Management, GoldenTree Asset Management, Solus Alternative Asset Management, York Capital TOTAL 1, Euronav Perpetual preferred convertible equity instrument to partially fund the acquisition of 15 VLCCs from Maersk Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 8
9 Private Equity Investment in the Crude Tanker Sector PE Participant/Partner Amount (USD Million) Investment Description 2008 First Reserve Corporation 300 Diamond S Shipping LLC Suezmax Tankers 2010 Apollo Global Management LLC 420 Principal Maritime Management Suezmax Tankers 2011 Oaktree Capital Management LP 200 General Maritime Corp. Equity Recap 2012 Oaktree Capital Management LP 175 General Maritime Corp. Equity Recap 2013 BHR Capital, Glendon Capital Management, GoldenTree Asset Management, Solus Alternative Asset Management, York Capital TOTAL 1, Euronav Perpetual preferred convertible equity instrument to partially fund the acquisition of 15 VLCCs from Maersk Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 9
10 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 10
11 Private Equity Investment in the Product Tanker Sector PE Participant/Partner Amount (USD Million) Investment Description 2008 Greenbriar Equity Group LLC 100 Ardmore Shipping Limited Product Tankers Blackstone Group LP, Cerberus Capital 500 American Petroleum Tankers Jones Act Product Tankers Management 2009 Delos Shipping Fund, JV between Omega 100 Megacore Shipping Ltd. Product Tankers Investments Ltd. & Topley Corporation 2011 Octavian Maritime Holdings Inc. 100 SPC Product Tankers WL Ross & Co. LLC 900 Diamond S Shipping LLC Tankers Tufton Oceanic Ltd. 54 Tufton Sharewell Tankers 70% Share of 2 Product Tankers Alterna Capital Partners LLC 100 Joint Venture with Mid Ocean Jones Act Product Tanker Marine 2012 Wayzata Investment Partners 27 SPC 51,000 DWT Product Tanker (1997) Wayzata Investment Partners 30 SPC 50,000 DWT Newbuild Product Tanker Perella Weinberg Partners LP? Prime Marine Inc. Product Tankers Blackstone Group LP, Tufton Oceanic Ltd. 180 BTS Tanker Partners 85% Share of 9 Product Tankers Tufton Oceanic Ltd. and clients 100 SPC Four Product Tankers Alterna Capital Partners LLC 100 SPC Product Tankers TOTAL ,291 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 11
12 Private Equity Investment in the Product Tanker Sector PE Participant/Partner Amount (USD Million) Investment Description 2008 Greenbriar Equity Group LLC 100 Ardmore Shipping Limited Product Tankers Blackstone Group LP, Cerberus Capital 500 American Petroleum Tankers Jones Act Product Tankers Management 2009 Delos Shipping Fund, JV between Omega 100 Megacore Shipping Ltd. Product Tankers Investments Ltd. & Topley Corporation 2011 Octavian Maritime Holdings Inc. 100 SPC Product Tankers WL Ross & Co. LLC 900 Diamond S Shipping LLC Tankers Tufton Oceanic Ltd. 54 Tufton Sharewell Tankers 70% Share of 2 Product Tankers Alterna Capital Partners LLC 100 Joint Venture with Mid Ocean Jones Act Product Tanker Marine 2012 Wayzata Investment Partners 27 SPC 51,000 DWT Product Tanker (1997) Wayzata Investment Partners 30 SPC 50,000 DWT Newbuild Product Tanker Perella Weinberg Partners LP? Prime Marine Inc. Product Tankers Blackstone Group LP, Tufton Oceanic Ltd. 180 BTS Tanker Partners 85% Share of 9 Product Tankers Tufton Oceanic Ltd. and clients 100 SPC Four Product Tankers Alterna Capital Partners LLC 100 SPC Product Tankers TOTAL ,291 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 12
13 Private Equity Investment in the Product Tanker Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2013 APICORP Petroleum Shipping Fund (Tufton 150 SPC 5 MR Tankers Oceanic & APICORP) Riverstone Holdings LLC 200 Ridgebury Tankers Product Tankers (Primary focus on Suezmax) Oaktree Capital Management LP 60 Capital Product Partners Oaktree Capital Management LP 135 Newco 5 MRs from Torm Tufton Oceanic 5 d'amico International Shipping 2% share in DIS Oaktree Capital Management and Navig8 220 Navig8 Chemical Tankers New Venture Ordered 6 Firm 37,000 DWT IMO 2 Chemical Tankers with Options for 6 more Pacific Alliance Group 58 Nordic Shipholding 75% stake in Nordic Shipholding in exchange for acquiring $58 million of the company's debt through entity named Nordic Maritime 2014 YTD Pacific Alliance Group? BW Pacific JV with BW group with initial fleet of 10 MRs from Vitol; initial fleet will include BW's 10 MRs and 17 LR1s Avista Capital Partners 150 SEACOR Non controlling interest in Jones Act tanker Apollo Global Management 118 Philly Tankers venture with Aker Philadelphia Shipyard and American Shipping Company Two Jones Act product tankers: Aker ($58.5 million, 54%) Apollo ($36 million, 26%), ASC ($25 million, 20%) Alterna Capital Partners LLC 185 Newbuildings 6 Handysize Newbuild Product/Chemical Tankers TOTAL YTD 1,281 TOTAL YTD 3,572 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 13
14 Private Equity Investment in the Product Tanker Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2013 APICORP Petroleum Shipping Fund (Tufton 150 SPC 5 MR Tankers Oceanic & APICORP) Riverstone Holdings LLC 200 Ridgebury Tankers Product Tankers (Primary focus on Suezmax) Oaktree Capital Management LP 60 Capital Product Partners Oaktree Capital Management LP 135 Newco 5 MRs from Torm Tufton Oceanic 5 d'amico International Shipping 2% share in DIS Oaktree Capital Management and Navig8 220 Navig8 Chemical Tankers New Venture Ordered 6 Firm 37,000 DWT IMO 2 Chemical Tankers with Options for 6 more Pacific Alliance Group 58 Nordic Shipholding 75% stake in Nordic Shipholding in exchange for acquiring $58 million of the company's debt through entity named Nordic Maritime 2014 YTD Pacific Alliance Group? BW Pacific JV with BW group with initial fleet of 10 MRs from Vitol; initial fleet will include BW's 10 MRs and 17 LR1s Avista Capital Partners 150 SEACOR Non controlling interest in Jones Act tanker Apollo Global Management 118 Philly Tankers venture with Aker Philadelphia Shipyard and American Shipping Company Two Jones Act product tankers: Aker ($58.5 million, 54%) Apollo ($36 million, 26%), ASC ($25 million, 20%) Alterna Capital Partners LLC 185 Newbuildings 6 Handysize Newbuild Product/Chemical Tankers TOTAL YTD 1,281 TOTAL YTD 3,572 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 14
15 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 15
16 Private Equity Investment in the Dry Bulk Sector PE Participant/Partner Amount (USD Million) Investment Description 2009 Fortress Investment Group LLC 100 Clipper Bulk USA Inc Handysize Bulk Carriers 2010 Kelso & Company LP 150 Delphin Shipping LLC Supramax Bulk Newbuildings Cartesian Capital Group LLC 90 Bulk Partners Limited Bulk Carriers Alterna Capital Partners LLC 100 Joint Venture with Western Bulk Bulk Oaktree Capital Management LP, Peter Georgiopoulos, Lion Cao Private Equity 500 Maritime Equity Partners Newco Acquisition of 12 Drybulk Ships of Various Sizes 2011 Tufton Oceanic Ltd. 25 SPC Supramax Bulker Corbin Robertson Jr., Natural Resource 150 Quintana Shipping Ltd. Kamsarmax Partners LP, Riverstone LLC 2012 Oaktree Capital Management LP 800 Oceanbulk Shipping LLC Opportunistic DF Energy Acquisition LLC? Castleton Commodities Bulk Carriers International LLC TOTAL ,915 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 16
17 Private Equity Investment in the Dry Bulk Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2013 Roullier, Group BPCE 147 JV with Louis Dreyfus Armateurs 4 x Handysize Drybulkers Oaktree Capital Management, Monarch 40 Star Bulk Carriers Combined 18.6% of Star Bulk in Rights Offering Alternative Capital WL Ross & Co. LLC, Conti Group, Fearnley Advisors, Solus Alternative Asset Management 100 Nautical Bulk Holdings 8 Ultramax Newbuildings 2014 YTD Carlyle Group 112 Interlink 10 Eco Handysize Bulk Carrier Newbuildings Garrison Investment Group? Pioneer Maritime Startup Plans to Acquire Geared Bulkers York Capital 111 Deiulemar Shipping through ABY 12 Bulkers Holding Ltd. Strategic Value Partners 7 Genco Shares $4.2 Million Shares for a 9.4% Stake Oaktree Capital Management (Star Bulk), Angelo Gordon TOTAL YTD 1,152 TOTAL YTD 3, Excel Maritime Carriers Purchase of 34 bulkers from Excel for million shares at $13.12 per share, $57 million in cash and $231 million from a secured bridge loan facility with Oaktree and Angelo Gordon (Excel Investors) Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 17
18 Private Equity Investment in the Dry Bulk Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2013 Roullier, Group BPCE 147 JV with Louis Dreyfus Armateurs 4 x Handysize Drybulkers Oaktree Capital Management, Monarch 40 Star Bulk Carriers Combined 18.6% of Star Bulk in Rights Offering Alternative Capital WL Ross & Co. LLC, Conti Group, Fearnley Advisors, Solus Alternative Asset Management 100 Nautical Bulk Holdings 8 Ultramax Newbuildings 2014 YTD Carlyle Group 112 Interlink 10 Eco Handysize Bulk Carrier Newbuildings Garrison Investment Group? Pioneer Maritime Startup Plans to Acquire Geared Bulkers York Capital 111 Deiulemar Shipping through ABY 12 Bulkers Holding Ltd. Strategic Value Partners 7 Genco Shares $4.2 Million Shares for a 9.4% Stake Oaktree Capital Management (Star Bulk), Angelo Gordon TOTAL YTD 1,152 TOTAL YTD 3, Excel Maritime Carriers Purchase of 34 bulkers from Excel for million shares at $13.12 per share, $57 million in cash and $231 million from a secured bridge loan facility with Oaktree and Angelo Gordon (Excel Investors) Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 18
19 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 19
20 Private Equity Investment in the Container Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2009 Eton Park Capital, Rhone Capital 175 Euromar LLC Container Vessels 2010 Kelso & Company LP? Cronos Ltd. Containers Kelso & Company LP? Poseidon Container Holdings LLC Containers Littlejohn & Co., Northern Shipping Funds 100 Soundview Maritime LLC Containers Yildirim Group 500 CMA CGM SA Container Line 2011 Carlyle Investment Management, Tiger 900 Newco Newbuilding Container Ships Group 2012 Oaktree Capital Management LP? Rickmers Holding GmbH & Cie. 8 x 5,370 TEU Newbuild Containerships Fonds Stratégique d'investissement SA 150 CMA CGM SA Container Line Yildirim Group 100 CMA CGM SA Container Line 2013 Seaborne Intermodal (Lindsay Goldberg ) 420 Container Acquisition from Buss 275,000 Containers Kelso & Company LP 126 Technomar Shipping 2 x 6,900 TEU Container Ships Ontario Teachers Pension Plan 470 SeaCube Container Leasing Ltd. 507,000 Containers (795,000 TEU) Oaktree Capital Management LP? Oceanbulk Shipping LLC 6 x 9,000 TEU Newbuild Containerships York Capital Management 500 Joint Venture with Costamare Costamare will own up to 49%, two year investment period, 6 year term IPSA Capital (Klaus Nyborg)? 5 x 2004 built 1850 TEU containerships Apollo Global Management 500 Joint Venture with Rickmers JV to Initially Invest in Secondhand Containerships 2014 KKR (Borealis) 216 Embarcadero Maritime 9 Feeder Container Vessels from Commerzbank YTD Danica Pension 73 Stake in Unifeeder Acquired from Nordic Capital TOTAL 4,230 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 20
21 Private Equity Investment in the Container Sector YTD PE Participant/Partner Amount (USD Million) Investment Description 2009 Eton Park Capital, Rhone Capital 175 Euromar LLC Container Vessels 2010 Kelso & Company LP? Cronos Ltd. Containers Kelso & Company LP? Poseidon Container Holdings LLC Containers Littlejohn & Co., Northern Shipping Funds 100 Soundview Maritime LLC Containers Yildirim Group 500 CMA CGM SA Container Line 2011 Carlyle Investment Management, Tiger 900 Newco Newbuilding Container Ships Group 2012 Oaktree Capital Management LP? Rickmers Holding GmbH & Cie. 8 x 5,370 TEU Newbuild Containerships Fonds Stratégique d'investissement SA 150 CMA CGM SA Container Line Yildirim Group 100 CMA CGM SA Container Line 2013 Seaborne Intermodal (Lindsay Goldberg ) 420 Container Acquisition from Buss 275,000 Containers Kelso & Company LP 126 Technomar Shipping 2 x 6,900 TEU Container Ships Ontario Teachers Pension Plan 470 SeaCube Container Leasing Ltd. 507,000 Containers (795,000 TEU) Oaktree Capital Management LP? Oceanbulk Shipping LLC 6 x 9,000 TEU Newbuild Containerships York Capital Management 500 Joint Venture with Costamare Costamare will own up to 49%, two year investment period, 6 year term IPSA Capital (Klaus Nyborg)? 5 x 2004 built 1850 TEU containerships Apollo Global Management 500 Joint Venture with Rickmers JV to Initially Invest in Secondhand Containerships 2014 KKR (Borealis) 216 Embarcadero Maritime 9 Feeder Container Vessels from Commerzbank YTD Danica Pension 73 Stake in Unifeeder Acquired from Nordic Capital TOTAL 4,230 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 21
22 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 22
23 Private Equity Investment in Shipping Debt YTD PE Participant/Partner Amount (USD Million) Investment Description 2012 Oaktree Capital Management 750 Lloyds Banking Group plc Loans Loan Portfolio 2013 Oaktree Capital Management, Goldman Sachs 150 Excel Maritime Bank Debt Circa $150m in Bank Debt (for cent range) (Bulk) Magna Group 11 FreeSeas Debt Deutsche Bank forgave remaining FreeSeas debt KKR 580 Maritime Finance Company Establishment of an Asset Backed Merchant Banking Venture with $580 Million Committed Start Up Capital Bank of America, Brigade Capital Management, Canyon Capital Advisors, Midtown Acquisitions, Oaktree Capital Management, Onex Capital Partners, Planning Capital 985 Eagle Bulk Debt Syndicated debt led by RBS along with WestLB, Bank of China, Lloyds TSB Bank, Santander, SMBC, CIC (Bulk) Unknown buyers 520 Genco Bank Debt Purchase from DNB (Bulk) Davidson Kempner 500 Lloyds Banking Group Loans Loan Portfolio Oaktree Capital Management 385 Commerzbank Loans 13 Chemical Tankers (Chemical) 2014 YTD KKR 150 Berlian Laju Tankers Debt Senior secured syndicated loan from BNP Paribas and Nordea at high 60s (Chemical/Gas Tankers) Davidson Kempner 400 Lloyds Banking Group Loans $500 million of loans, reportedly at 80% KKR, York Capital, SC Lowey, Onex 513 Berlian Laju Tankers Debt MLA consortium of DNB, ING, Standard Chartered, NIBC, BNP Paribas, Nordea, SEB have sold all of their debt (originally $685 million) at between 70 and 80 cents (Chemical/Gas Tankers) TOTAL 4,944 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 23
24 Private Equity Investment in Shipping Debt YTD PE Participant/Partner Amount (USD Million) Investment Description 2012 Oaktree Capital Management 750 Lloyds Banking Group plc Loans Loan Portfolio 2013 Oaktree Capital Management, Goldman Sachs 150 Excel Maritime Bank Debt Circa $150m in Bank Debt (for cent range) (Bulk) Magna Group 11 FreeSeas Debt Deutsche Bank forgave remaining FreeSeas debt KKR 580 Maritime Finance Company Establishment of an Asset Backed Merchant Banking Venture with $580 Million Committed Start Up Capital Bank of America, Brigade Capital Management, Canyon Capital Advisors, Midtown Acquisitions, Oaktree Capital Management, Onex Capital Partners, Planning Capital 985 Eagle Bulk Debt Syndicated debt led by RBS along with WestLB, Bank of China, Lloyds TSB Bank, Santander, SMBC, CIC (Bulk) Unknown buyers 520 Genco Bank Debt Purchase from DNB (Bulk) Davidson Kempner 500 Lloyds Banking Group Loans Loan Portfolio Oaktree Capital Management 385 Commerzbank Loans 13 Chemical Tankers (Chemical) 2014 YTD KKR 150 Berlian Laju Tankers Debt Senior secured syndicated loan from BNP Paribas and Nordea at high 60s (Chemical/Gas Tankers) Davidson Kempner 400 Lloyds Banking Group Loans $500 million of loans, reportedly at 80% KKR, York Capital, SC Lowey, Onex 513 Berlian Laju Tankers Debt MLA consortium of DNB, ING, Standard Chartered, NIBC, BNP Paribas, Nordea, SEB have sold all of their debt (originally $685 million) at between 70 and 80 cents (Chemical/Gas Tankers) TOTAL 4,944 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 24
25 Private Equity Investment by Sector USD Billion Crude Product Bulk Container Debt Other * YTD Source: Marine Money * 25
26 Private Equity Investment in Other Sectors YTD PE Participant/Partner Amount (USD Million) Investment Description 2008 New Mountain Capital LLC 150 Intermarine LLC Project Cargo / US Flag 2009 Tufton Oceanic Ltd. and clients 250 ACS Shipping (Allocean Singapore) Offshore / Aframax / Supramax / Containerships 2010 Oaktree Capital Management LP 100 Gulmar Offshore Limited Offshore Oaktree Capital Management LP 100 Iremis (fka Gulmar Offshore Ltd.) Offshore 2011 Lindsay Goldberg LLC 247 Odfjell Terminals BV Terminals Oaktree Capital Management LP 250 Beluga Shipping GmbH Heavy Lift Oaktree Capital Management LP 83 Wellard Group Holdings Pty Ltd. Livestock JP Morgan Asset Management 750 Ceres Hellenic Shipping Enterprises LNG Tankers JP Morgan Chase & Co., Harren & Partner? SUMO Shipping Project Cargo OMERS Ventures 520 V.Ships Ship Management WL Ross & Co. LLC 63 Navigator Gas Transport PLC 19.4% Stake (LPG) TOTAL ,513 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 26
27 Private Equity Investment in Other Sectors YTD PE Participant/Partner Amount (USD Million) Investment Description 2012 Oaktree Capital Management LP? Floatel International 42% Ownership (Offshore) WL Ross & Co. LLC 110 Navigator Gas Transport PLC 34% Stake from Lehman Brothers for a Total of 61% (LPG) CHAMP Private Equity Pte Ltd. 207 Miclyn Express Offshore Ltd. Offshore Services Southern Cross Latin America PE Funds 220 Ultrapetrol Equity Investment (Barge, Offshore & Product Tankers) Lindsay Goldberg LLC 220 Odfjell Terminals BV Terminals 2013 Nordic Capital 538 Unifeeder A/S Logistics feeder and shortsea network in N. Europe Delos Shipping Fund, Tennenbaum Capital? 80% of Koenig KG Eton Park Capital Management LP 2 Goldenport Holdings Inc. 4% Share of Goldenport Holdings Blackstone Tactical Opportunities 700 Joint Venture with Eletson Gas LPG Newbuildings and Secondhand Acquisitions Apollo Global Management 30 Aker Philadelphia Investment Brings Holding to 13.06% 2014 YTD Tennenbaum Capital 29 Euroseas Ltd. Convertible Preferred Equity (Containers and Bulk) Oaktree Capital Management, Breakwater Capital 100 Odfjell Joint Venture $50 million for 50% equity in Odjfell LPG business and further $50 million to finance growth with exercise of options for 4 LPG carriers Pavilion Energy (subsidiary of Temasek Holdings)? BW Pavilion LNG Joint Venture with the BW Group with an Initial Fleet of 1 Existing and 2 Newbuild LNG Carriers TOTAL YTD 2,156 TOTAL YTD 4,669 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 27
28 Private Equity Investment in Other Sectors YTD PE Participant/Partner Amount (USD Million) Investment Description 2012 Oaktree Capital Management LP? Floatel International 42% Ownership (Offshore) WL Ross & Co. LLC 110 Navigator Gas Transport PLC 34% Stake from Lehman Brothers for a Total of 61% (LPG) CHAMP Private Equity Pte Ltd. 207 Miclyn Express Offshore Ltd. Offshore Services Southern Cross Latin America PE Funds 220 Ultrapetrol Equity Investment (Barge, Offshore & Product Tankers) Lindsay Goldberg LLC 220 Odfjell Terminals BV Terminals 2013 Nordic Capital 538 Unifeeder A/S Logistics feeder and shortsea network in N. Europe Delos Shipping Fund, Tennenbaum Capital? 80% of Koenig KG Eton Park Capital Management LP 2 Goldenport Holdings Inc. 4% Share of Goldenport Holdings Blackstone Tactical Opportunities 700 Joint Venture with Eletson Gas LPG Newbuildings and Secondhand Acquisitions Apollo Global Management 30 Aker Philadelphia Investment Brings Holding to 13.06% 2014 YTD Tennenbaum Capital 29 Euroseas Ltd. Convertible Preferred Equity (Containers and Bulk) Oaktree Capital Management, Breakwater Capital 100 Odfjell Joint Venture $50 million for 50% equity in Odjfell LPG business and further $50 million to finance growth with exercise of options for 4 LPG carriers Pavilion Energy (subsidiary of Temasek Holdings)? BW Pavilion LNG Joint Venture with the BW Group with an Initial Fleet of 1 Existing and 2 Newbuild LNG Carriers TOTAL YTD 2,156 TOTAL YTD 4,669 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. 28
29 What Kinds of Investments Is Private Equity Making? Direct investment through common and preferred equity Acquisitions Joint ventures Mezzanine and subordinated debt financing Bridge financing Sale-leaseback transactions Acquisition of distressed shipping debt, often followed by enforcement or restructuring 29
30 Private Equity Exits from Shipping 30
31 Selected Private Equity Exits from Shipping $1,000 $800 $962 USD Million $600 $400 $500 $200 $0 $ $100 $140 $157 Source: Marine Money. Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides, neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein. Greenbriar - Ardmore Alterna - MOTC Blackstone / Cerberus - APT 31
32 What s Next for Private Equity and Shipping? 32
33 What s Next for Private Equity and Shipping? Further investment? What sectors? What kinds of investments? Consolidation? Mergers and acquisitions? Vessel acquisitions? Further exits? Vessel sales? Leverage to fund distributions? Private sales of companies? Initial public offerings? 33
34 What s Next for Private Equity and Shipping? It may depend on where we are in the cycle. Source: DNB; Declaration of Morten Arntzen in Support of the Official Committee of Equity Security Holders of the Debtors Objections to Confirmationof the First Amended Prepackaged Plan of Reorganization of the Debtors under Chapter 11 of the Bankruptcy Code, In re Genco Shipping & Trading Ltd., United States Bankruptcy Court, S.D.N.Y., Case No , Filed June 20,
35 Summary Private equity investment in shipping appears to have slowed in 2014 Investment will likely continue Fund managers will be increasingly selective Some funds are beginning to realize on earlier investments Look for more consolidation Look for more exits Look for private equity to be more involved as lenders 35
36 Contact John F. Imhof Jr. Partner Maritime & Transportation Finance Group Seward & Kissel LLP Tel:
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