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Investing in LNG Propulsion Erik-Jan Verdegaal CFO Anthony Veder
15-3-2016
Contents
• Introduction
• Anthony Veder and LNG
• Retrofit of the Coral Anthelia
• The Sustainable Shipping Loan
• Questions
15-3-2016 Anthony Veder – Investing in LNG Propulsion
History
15-3-2016
We have a long-standing maritime history
2010
Focus on LPG, NH3 and LNG
1990
Focus on gas shipping only
1968
First gas tanker built
1945
World War II
1937
Establishment
Anthony Veder – Investing in LNG Propulsion
15-3-2016
Our fleet
1,000 – 3,000 (1)
3,000 – 4,000 (3)
4,000 – 5,0002(5)
5,000 - 6,500 (9)
6,500 – 8,000 (5)
6,500 (1)
7,500 (1)
16,000 (1)
18,000 (2)
35,000 (1)
1 All LNG carriers have dual fuel engines 2 Two Ethylene carriers have dual fuel engines 3 One 5,800 cbm LNG bunker-feeder vessel (dual fuel) on order and one 18,000 cbm LNG Carrier ICE Class 1A Super on order
Small to midsize
LNG (3) 1, 3
Handy & Midsize (3)
Petchem (23)
“Leading European
player”
“Market leader &
pioneer”
“Challenger”
Current fleet by
size, cbm
(# of vessels)
Segment
(# of vessels)
Position
Maintain strong
customer base and
stable cash flow
Diversify geographical presence and customer
base Strategy
Anthony Veder – Investing in LNG Propulsion
Contents
• Introduction
• Anthony Veder and LNG
• Retrofit of the Coral Anthelia
• The Sustainable Shipping Loan
• Questions
15-3-2016 Anthony Veder – Investing in LNG Propulsion
Advantages of LNG
Environment
Reserves
Expected long-term
price
LNG as fuel
LNG fuel burns much cleaner than diesel,
substantial reduction of:
- Fine particle
- NOx emissions
- SOx emissions
Estimated that there are 5x as much
natural gas reserves:
- Natural gas reserves for 250 years
- Crude oil reserves for 50 years
In the long term, the expected price of
LNG is lower than the price of diesel.
Anthony Veder – Investing in LNG Propulsion 15-3-2016
Our small scale LNG fleet Coral Methane
Delivery 2009
Size 7,500 cbm
Cargo LNG/LPG/Ethylene
Dimensions 118 x 19 x 6.4 m
Engine DFDE Rolls Royce
Coral Energy
Delivery 2013
Size 15,600 cbm
Cargo LNG
Dimensions 156 x 23 x 7.4 m
Engine Wärtsilä 8L50DF
Coral Anthelia
Delivery 2013 (retrofit 2014)
Size 6,500 cbm
Cargo LNG/LPG/Ethylene
Dimensions 115 x 17 x 7 m
Engine MAK 6M46DF
15-3-2016 Anthony Veder – Investing in LNG Propulsion
The first LNG propelled LEG carriers
Particulars Dimensions Fuel Gas system
Size 4,700 cbm Delivery 2014 Length 100 m Bunker
tanks
2 * 100 cbm
Tanks 2 x Type C Propulsion DF Breadth 17 m Bunker
interval
2 weeks
Cargo Ethylene/LPG Manifold Low Draught 6.5 m LNG
loading
Truck
Anthony Veder – Investing in LNG Propulsion 15-3-2016
Contents
• Introduction
• Anthony Veder and LNG
• Retrofit of the Coral Anthelia
• The Sustainable Shipping Loan
• Questions
15-3-2016 Anthony Veder – Investing in LNG Propulsion
15-3-2016
Retrofit of the Coral Anthelia LPG/LEG/LNG carrier (6,500 cbm)
- Delivery in 2013: conventional six-cylinder
MaK M43C diesel engine.
- New target:
- LNG boil-off gas as fuel
- Not completely replacing the old
engine.
- Solution in 2015: a MaK M46 dual-fuel
engine.
- Partners: Damen Shiprepair Rotterdam (Van
Brink shipyard), Bolier (MaK dealer), Croon
Elektrotechniek (electrical contractor),
Leemberg (piping contractor) and Eekels
(ship automation contractor).
Anthony Veder – Investing in LNG Propulsion
15-3-2016
Financing of retrofit
Key points:
- Cost of 15% of new-build price
- Loan-to-value
- Who will finance?
Reasons for success:
- Relationship bank
- Value of the retrofit
- Sustainable investment
Anthony Veder – Investing in LNG Propulsion
Contents
• Introduction
• Anthony Veder and LNG
• Retrofit of the Coral Anthelia
• The Sustainable Shipping Loan
• Questions
15-3-2016 Anthony Veder – Investing in LNG Propulsion
15-3-2016
On order: Coral EnergICE ICE Class 1A Super LNG Carrier (18,000 cbm)
- Long term time charter contract
with Gasum (Finland) / Skangas
- LNG cargo is to fuel the
propulsion
- Reduction of impact on marine
life (green options for chemicals
in antifouling, lubricants and
ballast water treatment)
Anthony Veder – Investing in LNG Propulsion
15-3-2016
1st Certified Sustainable Shipping Loan
The Sustainable Shipping Loan:
- EUR 66 million
- Competitive margin
- Leverage >80%
- 20 year tenor
- Amortising repayment profile
Anthony Veder – Investing in LNG Propulsion
15-3-2016
The Sustainable Shipping Framework
Bureau Veritas provided a positive second opinion on the transaction’s sustainable credentials.
Clean Shipping
Index
Sustainability Assessment
Tool
Framework
Based on Green Bond Principles
Benchmarking tool to evaluate
the environmental performance
of ships and carriers (Stichting
De Noordzee is actively
involved in the development of
the environmental criteria)
Sustainability Assessment
tool developed by ABN Amro
to asses Anthony Veder
Group
Anthony Veder – Investing in LNG Propulsion
15-3-2016
The reasons for success
Certification of the financing is the result of:
(i) Anthony Veder’s dedication to sustainable shipping,
(ii) The eco-friendly design of the LNG vessel,
(iii) Sourcing and use of the product to reduce emissions in Finland by Gasum/
Skangas, and
(iv) ABN AMRO’s expertise in sustainable financing.
Anthony Veder - Investing in LNG Propulsion
Contents
• Introduction
• Anthony Veder and LNG
• Retrofit of the Coral Anthelia
• The Sustainable Shipping Loan
• Questions
15-3-2016 Anthony Veder – Investing in LNG Propulsion
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