Joint Opportunities with KEXIM

Transcription

1 Copyright THE EXPORT IMPORT BANK OF KOREA, ALL RIGHTS RESERVED Joint Opportunities with KEXIM - A Brief Guide to KEXIM Maritime Financing Programs - June 8 th 2016

2 Table of Contents KEXIM at a Glance Maritime Finance Center (MFC) at KEXIM KEXIM Maritime Financing Program KEXIM Financing in Greece Recent Track Records

3 KEXIM at a Glance

4 KEXIM at a Glance Key Point Specially Mandated Institution Republic of Korea 100% Ownership An Export Credit Agency mandated by Korean Government to promote export competitiveness of Korean goods and services Establishment 1976 Governing Authority Equity Ownership Ministry of Strategy and Finance U$10bn 100% Government-owned - Korean Government (73.9%) - The Bank of Korea (13.1%) - Korea Development Bank (13%) Par with Sovereign Ratings Aa2 (Stable) AA- (stable) AA- (Stable) 4

5 KEXIM at a Glance Financial Highlights Summary of Financial Statements (U$ Bn) Total Assets (Total Loans) (40) (42.8) (48.7) (55.8) (57.1) Total Equity Net Income * Funding ( 15) : U$13Billion Consistent Profitability Solid Asset Base with Strong Asset Quality Conservative Credit and Risk Management Loan by Geography and by Product Middle East 16% Africa 1% Oceania 4% Import Loans 12% Export Loans 64% Shipbuilding 14% Asia 44% Overseas Investment Loan 24% Industrial Plants 14% Petrochemicals 8% Metal 5% Europe 19% Americas 16% Automobiles 5% Textile 4% Others 14% Source: KEXIM, Dec

6 KEXIM at a Glance KEXIM s Ship Financing 2015 Shipping Portfolio League Table (Commitment) (U$ Bn) DNB HSH Nordbank Nordea KfW IPEX Bank of China China EXIM Credit Agricole CIB DVB KEXIM SuMi TRUST BNP Paribas NORD/LB ABN Amro (Source: KEXIM, Marine Money) 6

7 Maritime Finance Center (MFC) at KEXIM

8 Maritime Finance Center(MFC) at KEXIM Key Point History Organization ( ) Located in BIFC* * Busan International Finance Center ( ) Opening Ceremony of MFC Maritime Finance Center(MFC) Purpose of Establishment Maritime Finance Group Maritime Project Finance Department Maritime Corporate Finance Department Maritime Finance Center(MFC) - To facilitate the development of the maritime financing Team1 (Ship Finance) Team 2 (Ship Finance) Shipping Finance Team Marine Finance Services Team < > 8

9 KEXIM Maritime Financing Program

10 KEXIM Maritime Financing Program Overview of KEXIM Maritime Financing Program Shipbuilding Process Shipbuilding contracts Steel Cutting Keel Laying Launching Delivery After delivery Financial Support for Shipbuilding Companies Export-Related Performance Guarantee (Refund Guarantee, Contract-Related Performance Guarantee, etc) Export Project Loan Financial Support for Shipping Companies D i r e c t L o a n & F i n a n c i a l G u a r a n t e e / B o n d G u a r a n t e e KEXIM Provides Customized Finance Support that Shipbuilding & Shipping companies need according to the Shipbuilding Stage 10

11 `KEXIM Maritime Financing Program Senior Facility Direct Loan Structured Ship Financing Non-Recourse Limited Recourse } Based on Project Finance Full Recourse Based on Corporate Finance Guarantee Financial Guarantee KEXIM covered Loan for Commercial Banks Bond Guarantee KEXIM covered Bond for Investors 11

12 KEXIM Maritime Financing Program As an ECA, our export credit for ship financing generally follows the rules under the OECD Arrangement for its terms and conditions. Direct Loans Financial Guarantee Bond Guarantee Applicant Borrower Borrower Issuer Beneficiary Borrower Commercial Banks Capital Market Investors Tenor 12 years from a starting point of credit Maximum Amount Within the amount regulated in OECD guideline(up to 80% of contract price) Premium Payment Quarterly or semi-annual equal installments Upfront Upfront Repayment Quarterly or semi-annual equal installments Security Package Mortgage, Assignment of Earnings, Pledge over Earning Accounts, etc. 12

13 KEXIM Maritime Financing Program Transition from Financial Guarantee to Bond Guarantee Loan Guarantee Growth of ECA-Guaranteed Bonds ECA Guarantee Banks Repayment Loan 79m (2) 965m (14) 2.6bn (19) 291m (2) 6.5bn (37) 4.2bn (25) (in $) Buyer 00 01~ Bank Loan Market US-EXIM Launching US-EXIM Increasing * Source : JP Morgan ECGD Launching COFACE, KEXIM Launching Bond Guarantee Strength of ECA-Guaranteed Bond ECA Guarantee Repayment Investor Buyer Bond proceeds Capital Market 1 Diversifies funding sources to the capital market 2 Direct access to broader investor bases 3 Stable and long term financing/investment 13

14 KEXIM Maritime Financing Program Structure of Direct Loan & Financial Guarantee Corporate Guarantee Ship Owner Equity Injection Lenders (KEXIM, CB) Loan Agreement Borrower (SPC) Shipbuilding Contract Korean Shipbuilders Repayment BBC/BBCHP Escrow Account Charter Rate Charterer 14

15 KEXIM Maritime Financing Program Structure of Bond Guarantee Builder Investor KEXIM Financial Guarantee KEXIM Bond Guarantee Contract Payment Bond Proceeds P+I Beneficiary Commercial Banks Bond Investors Contract Bond Proceed Charterer Hire Buyer (Issuer) P+I Note Trustee Tenor Up to 12 years Premium Upfront Guarantee Repayment Amortization KEXIM Security Mortgage, Lease Contract, Earning Assignment, etc. 15

16 KEXIM Maritime Financing Program Case Study I (Direct Loan) Project Outline Financing Type Structured Finance Loan Agreement Project Size USD 174 Million (Contract Price) Vessels 2 container vessels Loan Tenor 10 years from delivery Shipbuilder Korean shipyard Financing Strucutre USD 87M (KEXIM, 50%) - USD 77M (KEXIM Direct Loan) - USD 10M (KEXIM Guarantee) USD 43M (Commercial, 25%) 16

17 KEXIM Maritime Financing Program Case Study II (Bond Guarantee) Direct Loan + Covered Bond Direct Loan + Guarantee + Covered Bond Bonds Proceeds Bonds Proceeds Investors Repayments A Tanker Co. Investors Repayments B Tanker Co, Option to convert Guarantee Kexim Direct Loan Kexim Covered Loan Loans Loans Repayments Commercial Bank Covered Bond KEXIM Guarantee Loans Repayments Guarantee changes to KEXIM covered Bond Guarantee KEXIM (U$1 억 ) Direct Loans KEXIM CB <24> 17

18 KEXIM Maritime Financing Program KEXIM ECO-SHIP Fund Program Overview Program KEXIM ECO-SHIP FUND PROGRAM Fund Size KRW 1 Trillion (USD 1 Billion) KEXIM Investment Program Co-Investors KRW 250 Billion (25%) Pension Funds, Insurance Companies, Commercial Banks, Investment Banks Investment Target Junior debt or equity of Eco-ships purchased by shipping companies * International shipping projects can be considered where Korean contents are involved. Currency & Interest Swap Each project fund enters into currency and/or interest swap agreements 18

19 KEXIM Maritime Financing Program KEXIM ECO-SHIP Fund Program Structure KEXIM ECO-SHIP FUND PROGRAM 1 (Portion : 25%) KEXIM anchors transactions, making approvals first. 2 Institutional Investors (Participants: 75%) Participation subject to own discretion. Investment Program Project Manager Manage Project Funds Fund 1 Fund 2 Fund 3 Fund 4 Funds for Each Project (KRW/USD) *After review and due-diligence 1 Proposal made to KEXIM first 2 Proposal made to other SIC (SPC) SIC (SPC) SIC (SPC) SIC (SPC) participants after KEXIM approval Shipping Company Shipping Company Shipping Company Shipping Company 19

20 KEXIM Maritime Financing Program KEXIM ECO-SHIP Fund Program KEXIM ECO-SHIP FUND PROGRAM Institutional Investors (25%) (75%) Investment/Withdrawal Eco-ship Program Fund Junior Financing Repayments Fund Management Project Manager Senior Lender *KEXIM and other ship financing Institutions Shipper Senior Financing Repayments L/T Cargo Contract Guarantee SPC BBC-HP Shipping Companies Eco-Ship Order Ship Builder 20

21 KEXIM Financing in Greece

22 KEXIM Financing in Greece KEXIM s Ship Financing in Greece Danaos Corporation 4 Containers 263mil TSAKOS Energy Nav. 4 Tankers 127mil Dynagas Dynagas LTD. 4 LNG Carriers 246mil Thenamaris LNG Holding INC. 3 LNG Carriers, 196mil Ocean Rig 1 Drillship 300mil OCEANUS Container Carriers LLC 4 LNG Carriers, 348mil Oceanbulk Container Carriers LLC 8 Containers, 167mil Angelicoussis Shipping Group 3 VLCCs, 155mil Source: KEXIM s previous deals 22

23 Recent Track Records

24 Structured Financing (2014~2015) Oceanbulk Dorian LPG OceanRig BW LPG ICBC Leasing USD 167,000,000 USD 408,000,000 USD 300,000,000 USD 267,400,000 USD 260,000,000 Eight container ships Nineteen LPG Carriers One Drillship Seven LPG Carriers Two LNG Carriers Joint Arranger with CA-CIB Joint Arranger with ABN-AMRO, ING Bank Joint Arranger with DNB Bank, DVD Bank, Credit Sussie Joint Arranger with DNB Bank, SEB Bank Joint Arranger with CA-CIB GasLog Subsea7 Gener8 Maritime Hapag-Lloyd Navig8 Product Tankers USD 407,200,000 Eight LNG Carriers Joint Arranger with CITI, NORDEA USD 327,600,000 1 Diving Support Vessel, Heavy Construction Vessel Joint Arranger with CITI USD 342,300,000 Thirteen VLCCs Joint Arranger with CITI, NORDEA USD 167,600,000 Five container ships Joint Arranger with CITI, HSBC USD 193,000,000 Eight Tankers Joint Arranger with CA-CIB 24

25 Eco-Ship Fund Eco-Ship Fund 1 Eco-Ship Fund 2 Eco-Ship Fund 3 KRW 30,400,000,000 (KEXIM KRW 7,600,000,000) Four bulk Carriers Arranger : KSF & HI Investment Management KRW 18,000,000,000 (KEXIM KRW 4,500,000,000) Two bulk Carriers Arranger : KSF & HI Investment Management USD 38,800,000 (KEXIM USD 9,700,000) Four Tankers Arranger : KSF & HI Investment Management Eco-Ship Fund 4 Eco-Ship Fund 5 USD 17,900,000 (KEXIM USD 4,500,000) Two Tankers Arranger : KOMARF & Korea Investment Management USD 18,000,000 (KEXIM USD 4,500,000) In the pipeline Arranger : KSF & HI Investment Management 25

26 Thank you!