SETTING SAIL TO GERMANY

Transcription

1 SETTING SAIL TO GERMANY Opportunities for Asian investors 8TH ANNUAL MARINE MONEY HONG KONG SHIP FINANCE FORUM Simon Madej 24 March 2015 HSH-NORDBANK.COM

2 HSH s M&A track-record Selected M&A and financial restructuring credentials Marine Money Award Sale of eight boxships to Ahrenkiel Steamship Group Sale of J.J. Sietas KG Schiffswerft GmbH u. Co. to Pella Shipyard Sale of Ahrenkiel Group to MPC and Thien & Heyenga Structuring and sale of a USD 300 m vessel portfolio Advisor to HSH Nordbank Advisor to the seller Advisor to HSH Nordbank Advisor to HSH Nordbank Sale of essential parts of Norderwerft to Lürssen Werft 2012 Advisor to the seller Sale of Neuenfelder Maschinenfabrik to TTS Group (Norway) 2012 Advisor to the seller Rickmers Group Debt Financing/ Structuring USD 2.5 bn 2010 Advisor to the company Compañia Sudamericana de Vapores/CSAV (Chile) Financial Restructuring USD 770 m 2009 Advisor to the company [...] Benefiting from Navios economies of scale and superior technical and commercial management, this groundbreaking deal is highly innovative and a "win-win for all the parties. [ ] But at the end of the day, the HSH Nordbank/Navios deal out-shone the rest in achieving an open-ended solution to a very large problem. Marine Money February/March

3 My goal today My purpose of talking with you today is to discuss investment opportunities for your firm in Germany 3

4 The outcomes that I am seeking Explain the current situation in the German market Ensure that you understand what kind of investment opportunities exist Answer any questions you may have at this time 4

5 Past German business model Quantity x Price = $$$ USD Fees Costs KG Funding High LTVs High T/C-rates High management fees (4%) 5

6 faces many challenges today Quantity x Price = $ USD Fees Costs Newbuilds No KG Funding Low LTVs Legacy LTV >100% Risk of insolvency Low T/C-rates Low management fees (4%) Unchanged overhead 6

7 Global issue volume ( bn) 10 Global public debt & equity Lehman collapse Bond Volume Public Equity Source: Capital IQ Bond Volume Public Equity Institutional money has been used for years by shipping groups worldwide 7

8 No. of global issues since ' vs. reality in Germany Bond Volume Public Equity Source: Capital IQ but has only limited importance for German Public Equity Bonds ship funding activities 8

9 Fragmented market structure German players active in technical ship management 674 # of vessels under management Many shipping groups compete for a decreasing number of vessels under management Source: HSH research 9

10 The way forward for German shipping groups Lean cost structures Geographic expansion Multi asset classes Direct access to freight 10

11 What does it mean for you? Industry trends in Germany New sources of funding required Consolidation into larger entities Growth into new markets & products Opportunities arising for you Put your capital to work Get access to distressed assets Expand your business 11

12 The way forward for Asian investors Acquire German ship management expertise and participate in distressed assets auctions Cooperate with strong German partners and expand your business Speak to us! 12

13 Questions? Based on you own experience, what questions do you have for me at this time?

14 Thank you for your attention. Contact details: Simon Madej Executive Director HSH Nordbank AG Corporate Finance, M&A + 49 (0) simon.madej@hsh-nordbank.com HSH-NORDBANK.COM

15 Disclaimer The information contained in this presentation is for informational purposes only and can not substitute own research or separate legal, tax and financial advice and information. This presentation does not constitute an offer to buy or sell certain assets. The use of this presentation for advertising purposes is strictly prohibited. HSH Nordbank AG points out that the herein published information is only meant for investors with own economical experience, who are able to evaluate the risks and chances of the herein discussed information and who are themselves able to conduct research through a variety of sources. The statements and data contained in this presentation are based on either thorough research by HSH Nordbank AG or on sources that are considered reliable but cannot be verified. HSH Nordbank AG regards the sources used as reliable but cannot assess their reliability with absolute certainty. Single pieces of information could only be assessed regarding their plausibility; an assessment regarding their accuracy has not been made. This information is only meant to provide non-binding perceptions of markets and products as of the time this presentation was issued. HSH Nordbank AG and its respective employees thoroughly conducted work on this presentation but cannot guarantee completeness, actuality and accuracy of the provided information. This document may only be distributed in compliance with the legal regulations in the respective countries and persons obtaining possession of this document should inform themselves about and comply with the applicable local regulations. This document does not contain all material information needed for economic decisions and the information provided can vary from those made by other sources / market participants. HSH Nordbank AG as well as their organisational bodies and employees cannot be held responsible for losses resulting from the use of this presentation, its contents or for losses which in any way are connected to this presentation. HSH Nordbank AG points out that it is not allowed to distribute this presentation or any of its contents to third parties. Damages to HSH Nordbank AG resulting from the unauthorised distribution of this presentation or any of its contents to third parties have to be compensated for by the distributor. The distributor has to keep HSH Nordbank AG free from all claims arising from the unauthorised distribution of this presentation or any of its contents to third parties and all legal cost in connection with those claims. HSH Nordbank AG Corporate Finance, M&A Gerhart-Hauptmann-Platz 50 DE Hamburg Germany Tel.: