26 th Annual Marine Money Week Risk on!
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1 26 th Annual Week Risk on! 20 June 2013 Investing Equity into the Rebound Andy R. Dacy, Managing Director & CEO - Global Maritime, J.P. Morgan Asset Management Randee E. Day, President & CEO, Day & Partners LLC Aristides J. Pittas, Chairman & CEO, Euroseas Ltd. Seth E. Wilson, Managing Director, Jefferies Capital Partners LLC Moderator: Harry Theochari, Head of Transport, Norton Rose Fulbright LLP
2 Private Equity Deals Fund Amount Investment Description Sector [musd] 2008 First Reserve Corporation 300 Diamond S Shipping LLC Suezmax Tankers Tankers 2008 Greenbriar Equity Group LLC 100 Ardmore Shipping Limited Product Tankers Product Tanker 2008 New Mountain Capital LLC 150 Intermarine LLC Project cargo / US Flag Heavy Lift 2008 Blackstone Group LP, Cerberus Capital 500 American Petroleum Tankers US Flag Tankers Jones Act Management 2009 Eton Park Capital Management LP, Rhone 175 Euromar LLC Container Vessels Container Capital LLC 2009 Fortress Investment Group LLC 100 Clipper Bulk USA Inc Handysize bulk carriers Bulk 2009 Delos Shipping Fund, JV between Omega 100 Megacore Shipping Ltd Product Tankers Product Tanker Investments Ltd & Topley Corporation 2009 Tufton Oceanic Ltd and clients 250 ACS Shipping (ex Allocean Singapore) Offshore / Aframax / Supramax / Containerships 2010 Oaktree Capital Management LP 100 Gulmar Offshore Limited Offshore Offshore 2010 Kelso & Company LP Cronos Ltd. Containers Container 2010 Kelso & Company LP 150 Delphin Shipping LLC Supramax bulk Newbuildings Bulk 2010 Kelso & Company LP Poseidon Container Holdings LLC Containers Container 2010 Littlejohn & Co LLC, Northern Shipping Fund LLC 100 Soundview Maritime LLC Containers Container 2010 Apollo Global Management LLC 420 Principal Maritime Management LLC Suezmax Tankers Tankers 2010 Cartesian Capital Group LLC 90 Bulk Partners Limited Bulk Carriers Bulk 2010 Yildirim Group 500 CMA-CGM SA Container line Container 2010 Alterna Capital Partners LLC 100 Western Bulk AS Product Tankers / Supramax Product Tanker 2010 Oaktree Capital Management LP 100 Iremis (formerly Gulmar Offshore Limited) Offshore Offshore 2010 Oaktree Capital Management LP, Peter 500 Maritime Equity Partners Newco - acquisition of 12 drybulk ships of Bulk Georgiopoulos, Lion Cao Private Equity various sizes 2011 Carlyle Investment Management LLC, Tiger 900 Newco Newbuilding Container Ships Container Group LLC 2011 Octavian Maritime Holdings Inc 100 SPC Product Tankers Product Tanker 2011 WL Ross & Co. LLC 900 Diamond S Shipping LLC Tankers Tankers 2011 Lindsay Goldberg LLC 247 Odfjell Terminals BV Terminals Terminals 2011 Tufton Oceanic Ltd 25 SPC Supramax bulker Bulk 2011 Tufton Oceanic Ltd 54 Tufton Sharewell Tankers 70% share of two product tankers Product Tanker 2011 Oaktree Capital Management LP 200 General Maritime Corp Equity recap Tankers 2011 Oaktree Capital Management LP 250 Beluga Shipping GmbH Heavy Lift Heavy Lift 2011 Oaktree Capital Management LP 83 Wellard Group Holdings Pty Ltd Livestock Livestock 2011 JP Morgan Asset Management 750 Ceres Hellenic Shipping Enterprises Ltd LNG Tankers LNG 2011 Corbin Robertson Jr., Natural Resource Partners 150 Quintana Shipping Ltd Kamsarmax Bulk LP, Riverstone LLC 2011 JP Morgan Chase & Co, Harren & Partner SUMO Shipping Project Cargo Heavy Lift 2011 OMERS Ventures 520 V. Ships Ship Management Ship Management 2
3 Private Equity Deals Fund Amount Investment Description Sector [musd] 2012 Wayzata Investment Partners 27 SPC 51,000 DWT Product Tanker (built 1997) Product Tanker 2012 Wayzata Investment Partners 30 SPC 50,000 DWT Product Tanker Newbuild Product Tanker 2012 Perella Weinberg Partners LP Prime Marine Inc Product Tankers Product Tanker 2012 Oaktree Capital Management LP 500 OceanbulkShipping LLC Opportunistic 2012 DF Energy Acquisition LLC Castleton Commodities International LLC Bulk Carriers Bulk (Formerly LDH Energy) 2012 Oaktree Capital Management LP Rickmers Holding GmbH & CIE 8x 5,370 TEU Containerships (Newbuilds) Container 2012 Blackstone Group LP, Tufton Oceanic Ltd 180 BTS Tanker Partners 85% share of 9 Product Tankers Product Tanker 2012 Tufton Oceanic Ltd and clients 100 SPC Four Product Tankers Product Tanker 2012 Oaktree Capital Management LP 750 Lloyds Banking Group plc Bought loan portfolio Debt 2012 Oaktree Capital Management LP Floatel International 42% ownership Offshore 2012 Oaktree Capital Management LP 175 General Maritime Corp Equity recap Tankers 2012 Alterna Capital Partners LLC 100 SPC Product Tankers Product Tanker 2012 WL Ross & Co. LLC 110 Navigator Gas Transport PLC LPG Carriers LPG 2012 Fonds Stratégique d'investissement SA 150 CMA-CGM SA Container Line Container 2012 Yildirim Group 100 CMA-CGM SA Container Line Container 2012 CHAMP Private Equity Pte Ltd 207 Miclyn Express Offshore Ltd Offshore Services Offshore 2012/2013 Lindsay Goldberg LLC 220 Odfjell Terminals BV Terminals Terminals 2012 Southern Cross Latin America Private Equity 220 Ultrapetrol Funds 2013 Seaborne Intermodal (Lindsay Goldberg LLC) 420 Container Acquisition from Buss Capital 275,000 Containers Container 2013 Kelso & Company LP 126 Technomar Shipping 2x6,900 TEU Container Ships Container 2013 Roullier, Group BPCE 147 JV with Louis Dreyfus Armateurs 4xHandysize drybulkers Bulk 2013 APICORP Petroleum Shipping Fund (Tufton 150 SPC 5 MR Tankers Product Tanker Oceanic & APICORP) 2013 Ontario Teachers Pension Plan 470 SeaCube Container Leasing Ltd. 507,000 Containers (795,000 TEU) Container 2013 Assorted Oaktree Funds 60 Capital Product Partners 2013 Riverstone Holdoings LLC 200 Ridgebury Tankers Product Tankers (Primary focus on Suezmax) Product Tanker 2013 Oaktree Capital Management LP OceanbulkShipping LLC 6x 9,000 TEU Containerships (Newbuilds) Container 2013 Nordic Capital 538 Unifeeder A/S Logistics - feeder and shorsea network in N Logistics Europe 2013 Oaktree & Goldman Sachs Excel Maritime Bank Debt Circa $150m in bank debt for (60-70 cent Debt range) 2013 Oaktree Capital Management LP 135 Newco 5 MRs from Torm Product Tanker In Progress MC Seamax Shipping Opportunities Fund 750 SPC Containerships, 100m raised Container In Progress WL Ross & Co. LLC/Astrup Fearnley AS m raised Shipping/Offshore In Progress Ipsa Capital (Klaus Nyborg) Singapore based fund Container 3
4 What attracts private equity to shipping? 4
5 What advantages does private equity bring what additional added value is there to an owner? 5
6 What are the disadvantages of private equity what should owners look out for? 6
7 Crystal Ball Time What is the realistic level of investment we are likely to see by private equity, in shipping, in 2013/14? 7
8 For how long is private equity likely to have an appetite for shipping? 8
9 The Big Question Will 2013/14 provide the best investment opportunity in a generation? 9
10
11 Disclaimer Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa (incorporated as Deneys Reitz Inc) and Fulbright & Jaworski LLP, each of which is a separate legal entity, are members ( the Norton Rose Fulbright members ) of Norton Rose Fulbright Verein, a Swiss Verein. Norton Rose Fulbright Verein helps coordinate the activities of the Norton Rose Fulbright members but does not itself provide legal services to clients. References to Norton Rose Fulbright, the law firm, and legal practice are to one or more of the Norton Rose Fulbright members or to one of their respective affiliates (together Norton Rose Fulbright entity/entities ). No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any Norton Rose Fulbright entity (whether or not such individual is described as a partner ) accepts or assumes responsibility, or has any liability, to any person in respect of this communication. Any reference to a partner or director is to a member, employee or consultant with equivalent standing and qualifications of the relevant Norton Rose Fulbright entity. The purpose of this communication is to provide information as to developments in the law. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual contact at Norton Rose Fulbright. 11
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