Marine Money London. Tormod Høiby. January 2014
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1 Marine Money London Tormod Høiby January 214
2 The Pareto Group, a complete approach to the shipping & energy space Conventional Value-added Capital markets Equities Fixed income Bank syndication Pareto Shipping Sale & Purchase Newbuilding Pareto Offshore Offshore rigs Chartering Newbuilding Sale & Purchase Advisory M&A Equity, Bond & Debt Restructuring Research Equity & Credit Research, Shipping, Oil Service Pareto Dry Cargo Dry cargo Sale & Purchase Newbuilding Pareto Bassøe Wet cargo Chartering Sale & Purchase Odin Marine Products & Chemical Chartering Sale & Purchase Johan G. Olsen Offshore vessels Chartering Newbuilding Sale & Purchase Asset Management Shipping & Offshore funds Investor services Structured Finance Asset syndication Project finance Courtesy of Oil Rig Photos Norway dominated by capital intensive shipping and energy industries, and Pareto has pioneered the financing of these Established in 1986 as a partnership 1% owned by the employees 58 professionals providing investment banking, brokering and advisory services to the energy, offshore and shipping space Pareto Securities represents the investment banking arm of the Group and it is also the largest part of the Group 2
3 Global investor reach and placing power New York Calgary* Aberdeen* Oslo, Stockholm, Copenhagen, Helsinki, Bergen, Stavanger, Trondheim, Malmö, Kristiansand Los Angeles* London Houston Singapore Rio de Janeiro Perth Equity issues Typical distribution of demand by region US 2% RoW Asia 15% 15% Nordic 3% UK 2% Nordic 45% High yield issues Typical distribution of demand by region US 25% UK / Cont. EUR 3% *Under establishment 3
4 Selected 213 clients More than 15 transactions across all continents 4
5 Norwegian high yield market High yield issue market share in Norway, YTD Number of sole high yield bonds deals, YTD Pareto 49% Pareto 18 DNB 12% Fearnley 23 Swedbank 9% DNB 2 Nordea 9% Nordea 14 SEB 5% Swedbank 12 Fearnley 4% ABG 9 ABG 3% Arctic 2 Arctic 3% SEB 1 RS Platou 3% SpareBank1 1 Carnegie 1% RS Platou 1 SpareBank1 1% Carnegie Danske % Danske Other 2% Other We have raised over USD 1bn in high-yield debt so far in 214 Source: Pareto Securities 5
6 A busy year in shipping with USDbn 8 of equity raised Five largest players with 6% of volume Shipping ECM transactions in 213 Dominant issuers 213 We counted 65 equity issues in the sector globally USDbn 8 raised in equity Average issue size of USDm 12 1,9 Scorpio dominant with 25% of the volume and an average deal size of USDm 27 1, In a «quiet» year the Fredriksen Group still the second largest with 14% Scorpio Fredriksen Navig8 Navios Dorian Navig8 taking 8% of the total 213 volume from August to December ECM by market Oslo Stock Exchange 6% Other 5% Oslo OTC 38% NASDAQ / NYSE 51% Source: Pareto Securities 6
7 Pareto raised USD 2.3bn in shipping equity during 213 Sole capital raisings accounting for over USD 1.1bn Pareto shipping ECM transactions in 213 Deal value Pareto ECM shipping transactions in 213 Company Month Sector Size (USDm) Pareto sole Navig8 Crude Tankers Dec-13 Crude 16 American Shipping Company Dec-13 Product 12 Nordic American Tankers Ltd Nov-13 Crude 65 Hafnia Tankers Ltd Nov-13 Product 75 Avance Gas Nov-13 LPG 1 Dorian LPG Nov-13 LPG 25 Greenship Bulk Trust Oct-13 Drybulk 23 Navig8 Product Tanker Inc Oct-13 Product 15 Hafnia Tankers Ltd Oct-13 Product 235 Western Bulk ASA Oct-13 Drybulk 125 Star Bulk Oct-13 Drybulk 7 Frontline 212 Sep-13 Drybulk 225 Navig8 Product Tanker Inc Aug-13 Product 17 Greenship Bulk Trust Aug-13 Drybulk 25 Dorian LPG Jul-13 LPG 168 Ocean Yield Jul-13 Various 166 Greenship Bulk Trust Jun-13 Drybulk 62 Nordic American Tankers Ltd Apr-13 Crude 9 USDm 2,5 2,278 2, 1,5 1, 5 Total deal value Deals by sector # of deals 6 5 1,15 Total sole deal value Drybulk Product LPG Crude Other Source: Pareto Securities 7
8 3 main pockets of demand with the US dominating Norway USD ~18m UK USD ~24m RoW RoW US USD ~68m RoW RoW Rest of the world USD ~15m Based on 2 x Navig8 Product Tankers placements, Hafnia, Western Bulk, 2 x Dorian placements, Frontline 212, 2 x Greenship 8
9 Equity markets aggressive, but shipping is a large sector Shipping equity raised in 213 vs. value of global fleet ~4% Value of global fleet YE12 Estimated value appreciation Estimated value YE13E Assumed equity portion New equity Source: Pareto Research, Bloomberg 9
10 Most of the equity raised during the second half Shipping equity raised in Norway in 213 USDm Crude LPG Products Drybulk Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Source: Pareto Research, Clarkson Research Services 1
11 What is required for investor support A US listing is important for pricing? What are investors asking for Enterprise value / Gross asset value 16% 14% 12% 1% 8% 6% 4% 2% % Size is important for pricing? Market cap. 3,5 3, 2,5 2, 1,5 1, 5 In-house management Eco-design Low cost operation Modern vessels on the water Liquidity US listing Defined exit Clean exposure Targeted strategy Defined use of proceeds Common factors for success: Sponsor, timing, aggression 7% 8% 9% 1% 11% 12% 13% 14% 15% Enterprise value / Gross asset value Source: Pareto Research 11
12 Pareto footprint in shipping Selected transactions December 213 December 213 November 213 November 213 November 213 November 213 October 213 October 213 Crude Tankers of share Product Tankers USD 16m USD 12m USD 75m USD 1m USD 25m USD 65m USD 7m USD 15m Co-Manager Co-Manager October 213 October 213 October 213 September 213 August 213 July 213 July 213 June 213 IPO and listing on Oslo Børs 212 Product Tankers IPO and listing on OSE (two transactions) USD 235m NOK 75m USD 23m USD 225m USD 17m NOK 1.bn USD 168m USD 86m Joint Bookrunner Joint Bookrunner Joint Bookrunner April 213 April 213 April 213 December 212 November 212 September 212 September 212 September year senior unsecured FRN NOK 3m 5 year senior unsecured FRN NOK 3m of share USD 87m BLUE WALL SHIPPING of share USD 6m 5 year senior unsecured fixed rate bond USD 125m Fairness opinion in relation to the voluntary offer by Øystein Stray Spetalen 5 year senior unsecured FRN USD 15m 3 year senior unsecured FRN NOK 7m Joint Manager Co-Manager Joint Manager Financial Advisor September 212 June 212 April 212 March 212 February 212 January 212 July 211 May 211 EMS Seven Seas ASA USD 15m rights issue 3 year senior unsecured FRN 5 year senior unsecured fixed rate bond IPO and listing on NYSE 3 year senior secured fixed rate bond IPO and listing on Oslo Børs of share and subsequent Oslo Axess listing NOK 6m NOK 7m USD 38m USD 2m USD 1m NOK 714m NOK 535m Co-Manager Joint Bookrunner Joint Bookrunner Joint Bookrunner 12
13 Contact details and disclaimer Oslo (Norway) Pareto Securities AS Dronning Mauds gate 3 PO Box 1411 Vika N-115 Oslo Stavanger (Norway) Pareto Securities AS Haakon VIIs gate 8 PO Box 163 N-41 Stavanger Bergen (Norway) Pareto Securities AS Olav Kyrres gate 22 PO Box 933 N-588 Bergen Kristiansand (Norway) Pareto Securities AS Dronningensgate 3 N-4611 Kristiansand Trondheim (Norway) Pareto Securities AS Nordre gate 11 PO Box 971 Sentrum N-741 Trondheim Pareto Shipping AS Dronning Mauds gate 3 PO Box 1411 Vika N-115 Oslo Pareto Offshore AS Dronning Mauds gate 3 PO Box 1411 Vika N-115 Oslo Copenhagen (Denmark) Pareto Securities AS Copenhagen Branch Langebrogade 5 DK-1411 Copenhagen K DENMARK Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Stockholm (Sweden) Pareto Securities AB Berzelii Park 9 PO Box 7415 S Stockholm SWEDEN Tel: Fax: Malmö (Sweden) Pareto Securities AB Stortorget 13 S Malmö SWEDEN Tel: Fax: Helsinki (Finland) Pareto Securities Oy Aleksanterinkatu 44, 6 th floor FI-1 Helsinki FINLAND Tel: Fax: London (UK) Pareto Securities Ltd 8 Angel Court London EC2R 7HJ UNITED KINGDOM Tel: New York (US) Pareto Securities Inc 15 East 52 nd Street, 29 th floor New York NY 122 USA Tel: Fax: Houston (US) Pareto Securities Inc One Riverway, Suite 174 Houston TX 7756 USA Tel: Fax: Singapore Pareto Securities Pte Ltd 16 Collyer Quay #27-2 Hitachi Tower Singapore SINGAPORE Tel: Fax: Rio de Janeiro (Brazil) Pareto Securities Ltda Av. Presidente Wilson 231, 9 andar Rio de Janeiro, RJ BRAZIL Tel: Fax: Bloomberg: PASE (go) Reuters: PARETO Disclaimer These materials have been prepared by Pareto Securities AS and/or its affiliates (together Pareto ) exclusively for the benefit and internal use of the client named on the cover in order to indicate, on a preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to any third party without the prior written consent of Pareto. The materials contain information which has been sourced from third parties, without independent verification. The information reflects prevailing conditions and Pareto s views as of the date of hereof, and may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumes any obligation to, update or correct the materials. Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of such securities or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referred to herein. The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financial decisions or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or its contents. Neither Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials. 13
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