The Maritime Merchant Banking Firm.

Transcription

1 The Maritime Merchant Banking Firm

2 Index A Brief Overview of AMA Current Assignments and Representative Completed Transactions Appendix - Detailed AMA Structure - Staff Biographies 1

3 A Brief Overview of AMA

4 AMA is a unique merchant bank Established in 1987, AMA is the only merchant banking firm in the U.S. exclusively focused on the maritime industry AMA is staffed by nine banking professionals, who on a combined basis, have over 120 years of experience in the maritime industry Affiliated with NIB Capital of the Netherlands, an AA- rated bank, with a significant ship financing business Offices in New York and Oslo AMA s professionals sit on multiple boards including Ship Finance International, General Maritime, Oceania Cruises, Trailerbridge, TBS International, MC Shipping and The Seamen s Church Institute 3

5 Our clients are industry leaders and we bring them distinct strategic advantage AMA delivers An unparalleled global information network Pro-active counsel based on long term relationships A unique ability to bridge the worlds of shipping and Wall Street Access to multiple capital markets including Norway and the US 4

6 The value we deliver is well recognized Exclusive Advisor to CRUISEINVEST LLC in its arrangements with Best Shipping Merchant Bank 2000 Best Shipping Deal of 2000 Best Restructuring 2002, Restructuring of the Year Best Private Equity Deal 2002 (Hon Mention) January

7 Current Assignments and Representative Completed Transactions

8 M&A Clipper $410 mm Advised the company on its acquisition of Lasco, the Portland based dry bulk operator Camillo Eitzen & Co $112 mm Advised this new public company on its acquisition of the niche chemical tanker company Navale Francaise General Maritime $415 mm Advised the company on its acquisition of Soponata, a tanker operator in Portugal Golden Ocean $1,800 mm As part of the restructuring process, AMA managed the sale of the company to Frontline for price of $1.8 billion Czech Ocean $200 mm Sold the company to two major European dry bulk operators after the equity holders decided to exit the shipping industry altogether American Classic Voyages $81 mm Represented the company in bankruptcy and sold the company to Delaware North Corp 7

9 Strategic Advisory Services Cruiseinvest (Renaissance cruise) I.M.Skaugen Retained by Cruiseinvest stakeholders Credit Agricole and Alstom to help achieve the greatest long term value for the ships possible in a distressed market helped build the new cruise line Oceania Retained by the company to advise them on strategic matters and to find a partner for a fleet renewal program Lasco Retained by the company, owner of panamax and handysize bulk carriers, to explore strategic alternatives Confidential client Advised on growth strategy and capital markets alternatives worldwide including going public Confidential client Valued a joint venture company and negotiated a split between the partners PDV Marina Advised the development of Strategic Alliances for the shipping arm of the national oil company of Venezuela, PDVSA 8

10 Restructuring Enterprises Shipping bondholders $175 mm Advised the bondholders 61% improvement in the position post retention Pegasus Shipping Ltd $155 mm Advised the company on the restructuring of high yield bond as well as their secured bank debt led by JP Morgan Chase Global Ocean Carriers Ltd. $120 mm Advised the bondholders average 150% improvement in the position Pacific & Atlantic $128 mm Advised the company on the restructuring and on raising new capital TBS Shipping bondholders $110 mm Advised the bondholders average 125% improvement in the position Hvide Marine bondholder $300 mm Advised the largest bondholder 9

11 Helping Financial Institutions Bank of Scotland $50 mm Assisted the bank in restructuring its loan portfolio and helped establish a joint venture between the bank and a shipowner Allfirst $110 mm Advised the bank on the sale of its maritime loan portfolio Seoulbank $110 mm Bought loans from Seoulbank Finansbanken $188 mm Assessed and valued the shipping portfolio of the bank for the company board U.S. Maritime Administration (MarAd) N/D* Advising MarAd on the disposition of three U.S. flag cruise vessels Kawasaki Leasing Co. *N/D : not determined $60 mm Assisted the company to disinvest from a ULCC investment - also assisted the company in restructuring defaulted loan by a cruise company 10

12 Capital Raising Overseas Shipholding Group Multiple transactions including $175million off-balance sheet lease and $350million working capital facility Gearbulk Arranged a series of financial leases between Boston based American Finance Group and Gearbulk for total 7 open hatch, gantry craned bulkcarriers Essar Shipping Raised $110 million debt financing Samsung Heavy Ind. Structured and arranged an $85 million working capital financing P&O Raised mezzanine loan used in a UK tax-lease for two newbuilding container vessels Lasco Financial advisor to Lasco Shipping Co. on its $116m sale and leaseback of seven Panamax bulkers to Norwegian KS and German KG limited partnerships 11

13 Appendix - Detailed AMA Structure - Staff Biographies

14 American Marine Credit American Marine Advisors, Inc. American Marine Credit, LLC. AMA Shipping Fund I, I, LLC. Established to provide credit products to our clients Provides and underwrites all types of secured debt from senior to mezzanine Provides bridge financing to facilitate bonds offerings, equity issues or lease facilities Arranges and distributes syndicated loans Prices, underwrites and funds credit more quickly than banks Since its inception in May 1998, AMC has committed to providing in excess of $800 million in debt facilities 13

15 American Shipping Fund I, LLC. American Marine Advisors, Inc. American Marine Credit, LLC. AMA Shipping Fund I, I, LLC. Established in January 2000 to acquire Dry Bulk Carriers, Containerships, Chemical Carriers, Product Tankers and Gas Ships Purchasing power: $200m Realized an internal rate of return of 20% for 3.5 years The Fund s investment period closed in December 2001 and the final investment was monetized in August 2003 Fund partners were NIB Capital and GATX, a major U.S. finance company 14

16 AMA Shipping Fund I Deal One: Sale and Time Charter Back Transaction with HMM The mezzanine investment was monetized in August of 2003 realizing an IRR of 16% Three 3,000 TEU second hand container vessels owned by HMM Equity from Thor Dahl $13.7 million second mortgage loan provided by the AMA s Fund Vessels time-chartered back to HMM The first mortgage financing provided by NIB Capital 15

17 AMA Shipping Fund I Deal Two: Purchase of Five Vessels and the Related Loans From Seoul Bank The investment was sold in May 2002 yielding an IRR 30% Vessels were on bareboat charters to Pan Ocean of South Korea The related loans were purchased at a discount to outstanding amounts Senior Loan for the acquisition was provided by G.E. Capital Vessels included: Three 27,000 DWT bulkers One 73,000 DWT bulker One 700 TEU feeder vessel 16

18 Appendix - Detailed AMA Structure - Staff Biographies

19 Staff Biographies AMA New York Paul M. Leand, Jr. Chief Executive Officer Paul joined the Company in He has spearheaded AMA s restructuring practice, making AMA the preeminent maritime restructuring advisor for both creditors and companies alike, and helping earn Marine Money s Merchant Bank of the Year honors in 2000 and Restructuring of the Year honors in 2002 when he was involved in the restructuring of numerous high yield issues including Golden Ocean, Global Ocean, Pegasus and Enterprises. Paul also has extensive experience in structuring leasing and debt facilities. Prior to joining AMA, he worked at the First National Bank of Maryland. Over a nine year period, Paul managed the Bank s Railroad Division and, later, it s International Maritime Division. He holds a BS/BA from Boston University s School of Management. Paul is a Director of the Frontline subsidiary Ship Finance International Limited. James G. Dolphin President Jim joined AMA in At AMA, he has been actively engaged in M&A, strategy and restructuring efforts, including the creation of the new cruise line Oceania out of the remnants of the Renaissance Cruises fleet. Prior to joining AMA, Jim led the global maritime management consulting practice at Booz Allen Hamilton. He has served a wide range of clients including large independent owners, liner companies, oil majors and other global resource companies, railroads, ports and maritime service companies. Jim previously worked as a commercial banker specializing in shipping and holds a BA from Rice University. He is a Director of Oceania Cruises and a member of the Board of Trustees of The Seaman s Church Institute. 18

20 Staff Biographies Peter S. Shaerf Senior Vice President Peter joined AMA in Peter has almost 30 years experience in the maritime industry. Prior to joining AMA he was a co-founder of Poseidon Capital and he also ran The Commonwealth Group, a leading broker and consultant in the container and liner sector. Peter has extensive experience advising hedge funds and investors on a variety of maritime investments in both equity and distressed debt. He is a Director of General Maritime Corp (NYSE), MC Shipping (AMEX), TBS International, and Trailer Bridge (NASDAQ). Peter is a Director of The Containerization and Intermodal Institute and Vice Chairman of the Government sponsored Short Sea Shipping Co-operative. He holds a BA in international business law from London Guildhall University. John C. Wobensmith Senior Vice President Prior to joining AMA, John worked at The First National Bank of Maryland. During his sevenyear tenure at the Bank, he worked in the International Maritime Division. He then worked in the Bank s Special Assets group restructuring and managing distressed maritime loans. While at AMA, he has been involved in the structuring and raising of both debt and equity, M&A transactions and working with companies through the restructuring/bankruptcy process. He also was responsible for AMA Shipping Fund I which managed a 20% internal rate of return over a three and a half year period. He holds a BA in Economics from St. Mary s College. 19

21 Staff Biographies M.Y. Choi Vice President Prior to joining AMA 1998, M. Y. worked for at Fearnleys Korea Ltd. where she was in charge of ship financing and special projects. At AMA she has been principally responsible for maintaining, expanding and developing the Company s profile in the Korean shipping and banking industry. At AMA, she has concluded multiple transactions with leading Korean companies including Pan Ocean, Samsung Heavy Industries and Hyundai. She holds a BA degree in Business Administration from Ewha Woman s University in Korea. Kevin O Hara Vice President Kevin joined AMA in He previously worked in the ship finance departments of DVB Nedship Bank and the First National Bank of Maryland working on providing financing for shipping and offshore clients as well as working with distressed shipping companies. At AMA, he has spent time working on private equity projects, debt raising assignments, M&A and restructuring assignments as well as analyzing options for the redeployment of several cruise ships. He holds a BBA in Finance and International Business from Loyola College in Maryland. 20

22 Staff Biographies Jens Birkmann Associate Jens joined AMA in Prior to joining AMA, Jens worked in the M&A group of Credit Suisse First Boston in London. At AMA, he has been actively engaged in M&A advisory assignments, valuation projects as well as debt and equity restructuring efforts for a multitude of companies in the dry bulk shipping industry, the cruise ship sector and the offshore industry. Jens holds an MBA from The Wharton School and an MA in Finance from The Sorbonne University in Paris. Gordon Agress Associate Gordon joined AMA in 2004 after working for JP Morgan and UBS Warburg. He has executed a variety of sell-side M&A and fairness opinion assignments, and raised capital in the public debt, bank debt, equity-linked and project finance markets. Gordon holds an MBA from the University of Chicago. 21

23 Staff Biographies AMA Oslo Rolf A. Wikborg President of AMA Norway AS Rolf was a co-founder of AMA in 1987, and now heads AMA Norway. Prior to AMA, Rolf was the Managing Director of Fearnleys, Mexico. He started with Fearnleys in 1983 in the Project Department involved in the sale & purchase, of second hand tonnage as well as new ship construction and finance. Rolf has extensive experience in all aspects of the industry and has represented clients in the bulk, tanker, reefer, cruise, chemical and container sectors. He is an officer in the Royal Norwegian Navy and holds a BSc in Management Sciences from UMIST, England and M.I.C. from Oslo in International Maritime and Insurance Law. 22

24 American Marine Advisors, Inc. 200 Park Avenue, 31st Floor New York, N.Y Phone: (212) Fax: (212) Video Conf.: (212) /5969 Direct Dial Mobile Ext Gordon Agress (212) (917) Jens Birkmann ( (917) MeeYoung Choi (212) (646) Jim Dolphin (212) (646) Paul Leand (212) (917) Kevin O Hara (212) (646) Kohara@amausa.com Peter Shaerf (212) (646) Pshaerf@amausa.com Rolf Wikborg Rwikborg@amausa.com John Wobensmith (212) (646) Jwobensmith@amausa.com 23