DVB Bank Group - Client Presentation - The specialist in international transport finance
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
The specialist in international transport finance DVB Bank Group – Client Presentation Frankfurt/Main, February 2019
Disclaimer This presentation has been prepared by DVB Bank Group. This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy or subscribe for securities to any person. This document is not a prospectus. The presentation is a short summary description of certain aspects in respect of DVB Bank Group. It may not contain all relevant information in respect of the topics covered. This presentation is therefore not a sufficient basis for any investment decision in respect of any securities of DVB Bank Group. This presentation contains forward-looking statements which include statements about our beliefs and expectations as well as the assumptions underlying them. Such statements speak only as of the day they are made since they are based on plans, estimates and projections currently available to the management of DVB Bank Group. Forward-looking statements contain risks and uncertainties, and it cannot be guaranteed that they will turn out to be correct in light of future events or developments. Information and opinions contained in this presentation have been compiled or arrived from sources believed by DVB Bank Group to be reliable. Any statements about DVB Bank Group’s market position are based on DVB Bank Group’s own estimates, unless explicitly stated otherwise herein. Although the information shown herein has been taken from sources which are believed to be reliable or is based on DVB Bank Group’s own estimates, no warranty or representation is made as to the correctness, completeness and accuracy of the information or the assessments made on its basis. DVB Bank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. Client Presentation __ February 2019 __ Disclaimer Page 2
Contents
01/ DVB – Business model 04/ DVB – About us
5 Competitive strengths 64 Structure
67 Board of Managing Directors
02/ DVB – Business divisions and services 71 Supervisory Board
10 Lending volume 72 Staff
12 Shipping Finance
23 Aviation Finance 05/ DVB – Further information
34 Land Transport Finance 75 DVB worldwide
44 Financial Institutions and Syndications 76 Imprint
47 DVB Corporate Finance 77 Photo credits
53 Investment Management
03/ DVB – Financials and outlook
58 Financial figures
60 Macroeconomic environment and outlook
Page 3
01/ DVB – Business model
5 Competitive strengths
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB’s business model (1)
Shipping Aviation
Structured Asset Lending
Finance Finance
Asset Management
Client Account
Risk Distribution & Loan Participations Land Transport
Finance
Corporate Finance Solutions
Private Equity Sourcing & Investments
Asset & Market Research
Client Presentation __ February 2019 __ Competitive strengths Page 5
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB’s business model (2)
Business divisions Business areas Products Clients/Co-investors Core regions
Shipping Finance / Tankers / Small to large public and private / Europe
/ Dry bulk carriers In all Transport companies (shipowners, shipping / The Americas
/ Container vessels Finance divisions: companies, trading houses and / Asia
/ Car carriers / Structured Asset charterers)
/ Container boxes Lending
/ Risk Distribution &
Loan Participations
Aviation Finance / Passenger aircraft / Corporate Finance / Airlines / Europe
/ Freighter aircraft Solutions / Operating lessors / North & South
/ Aircraft engines / Logistic companies America
/ Private Equity Sourcing & / Asia
Investments / Middle East/Africa
/ Asset & Market
Research
Land Transport Finance / Rail-based (freight cars, loco- Aviation Finance / Equipment lessors / Europe
motives, passenger train sets) solely: / Railway companies / North America
/ Rail-related / Shippers or industrial clients with own / Australia
(container chassis) / Advisory Services rail equipment fleets
/ Aviation Asset
Management
Investment Management Investment & asset / Private Equity Sourcing & / Institutional investors (insurance / Global coverage
management: Investments companies, pension funds, hedge
/ Aviation Investment funds, private equity firms)
Management (AIM) / Rail car/intermodal owners
Client Presentation __ February 2019 __ Competitive strengths Page 6
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB’s competitive strengths
Business model focused and international in scope
Business policy conservative
Organisation transparent structures and swift decision-making
Human resources qualified and experienced
Services intensive, industry-specific client service
Asset & Market Research extensive and award-winning
Credit portfolio diversified by multiple criteria and categories
Refinancing granular and maturity-matched
Own funds sound capital base
Client Presentation __ February 2019 __ Competitive strengths Page 7
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Instruments for sustainably dealing with credit risks
Intensive Close monitoring Early Closely Watch Default
research and of compliance Warning Monitored List List
close client with all lending List List
contact agreements
/ Forecasting future / e.g. specific covenants / Identification of / Early detection of / Close monitoring of / In general, all
market developments in the Shipping Finance potentially higher risks increased risks of transactions that have to transactions are placed
and asset values forms contracts, like value in case the market potential problem be restructured and/or of on the Default List if
the basis of our portfolio maintenance clauses environment exposures transactions with a risks have materialised,
strategy and individual continues to deteriorate potential or already and the deal has been
deal decisions by quarterly portfolio existing need to classified as defaulted
stress tests recognise allowance for (Default Rating).
/ Increased visit credit losses
frequency depending / Basis: changing asset
on risk situation values (specific haircuts)
and counterparties’
creditworthiness
(increase of probability
of default)
Client Presentation __ February 2019 __ Competitive strengths Page 8
02/ DVB – Business divisions and services
10 Lending volume 44 Financial Institutions and Syndications
12 Shipping Finance 47 DVB Corporate Finance
23 Aviation Finance 53 Investment Management
34 Land Transport Finance
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Customer lending volume
€ bn US$ bn
30 Jun 2018 31 Dec 2017 % 30 Jun 2018 31 Dec 2017 %
Shipping Finance 7.2 7.3 -1.4 8.4 8.8 -4.5
Aviation Finance 5.4 5.9 -8.5 6.3 7.1 -11.3
Land Transport Finance 1.4 1.3 7.7 1.7 1.6 6.3
Investment Management 0.2 0.2 – 0.2 0.2 –
Core business 14.2 14.7 -3.4 16.6 17.7 -6.2
NCA portfolio1 4.1 4.7 -12.8 4.7 5.6 -16.1
Total 18.3 19.4 -5.7 21.3 23.3 -8.6
By business division By region
2.7% Offshore
22.5% NCA portfolio1
3.3% Middle East & Africa 0.4% Australia & New Zealand
4.4% South America
77.5% Core business
thereof: 15.8% Asia
39.3% Shipping Finance 50.6% Europe
29.5% Aviation Finance
7.6% Land Transport
22.9% North America
Finance
1.1% Investment Management
1 During the course of restructuring its business divisions, a process initiated in 2017, the Bank decided to run down certain parts of its portfolios over the course of the next years. This NCA portfolio comprises non-performing loans, as well as assets from the
Transport Finance and Investment Management activities which are no longer in line with DVB's strategy.
Client Presentation __ February 2019 __ Lending volume Seite 1001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Portfolio collateralisation
Loan-to-value ratio – relation between drawn loans and the market value of the assets financed
%
100
90
80.2
80 77.0
70.0 74.7 70.9 71.1 71.3 72.6 72.3
68.2 70.8 70.8 70.1 70.6 67.9
70
60
50
40
30
20
10
0
Shipping Finance Aviation Finance Land Transport Finance
2013 2014 2015 2016 2017
Client Presentation __ February 2019 __ Lending volume Page 11Shipping Finance –
In-depth expertise
Page 1201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Shipping Finance – In-depth expertise Our mission statement: “To create sustainable risk-adjusted income through providing bespoke financial solutions to our diversified client base, leveraging our unique global position in the shipping industry” / Our dedicated approach and our commitment to the shipping industry bring us closer to our clients. / Our Shipping Finance portfolio is diversified across sectors and geographic regions. / Our target assets include, amongst others, tankers (crude oil, gas, chemical, product), dry bulk vessels, container vessels and container boxes. / We analyse and continuously track the vessels financed from the yard to the scrapyard. / Our risk management and research are ingrained in the process and involved throughout the life cycle of a loan. Client Presentation __ February 2019 __ Shipping Finance Page 13
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance portfolio (30 Jun 2018: €7.2 bn)
Total lending volume by vessel type Total lending volume by country risk
2.1% Middle East & Africa
3.2% Car carriers 1.4% Others 1.9% South and Central
America & Caribbean
3.1% Offshore
5.5% Container boxes
54.8% Tankers
53.9% Europe
thereof:
10.0% Container carriers 16.5% Crude oil tankers 15.3% Asia & Australia
14.5% Product tankers
14.2% Gas tankers
9.6% Chemical tankers
25.1% Bulk carriers 23.7% North America
Client Presentation __ February 2019 __ Shipping Finance Seite 1401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Deal of the year 2017
CMA CGM
CMA CGM S.A. (CMA CGM) is the third-largest container liner group globally with approximately 2.5 million TEU capacity and
approximately 12% market share. It has been privately owned since its founding in Marseille in 1978. With the first transaction dating
back to 1998, the company is a long-term client of DVB. Despite the challenging conditions in the container market, CMA CGM
proved its resilience and has been playing a leading role in the consolidation of the industry.
In 2016, we closed our first bilateral JOLCO transaction for CMA CGM, financing a fleet of container boxes. The competitiveness and
efficiency shown during that transaction has been highly valued by the company and resulted in them approaching us for this new
JOLCO opportunity regarding a portfolio of new dry container boxes, which closed in May 2017.
The JOLCO was structured and arranged by DVB, whereby we were not only a senior term loan provider, but a lease and equity
arranger as well, thanks to the structured leasing expertise developed within our Shipping Finance Asia team. Together with the Tokyo
colleagues, the team was able to source the equity to be raised by a Japanese equity house.
By sourcing the equity for this transaction as well as providing the senior
debt financing, we were able to offer a 100% finance solution to a long-
standing client of the Bank and a key player in the industry.
Client Presentation __ February 2019 __ Shipping Finance Page 1501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Transaction highlights 2017
TORM Solvang AMA Capital Partners/
Värde Partners
/ Financing of nine Medium Range (MR) / Refinancing of four 17,000 cbm LPG/E / Providing financing to the joint venture
product tankers for one of the top players in carriers built in 2007/2008 and post-delivery between Värde, a Minneapolis based
the international product tanker market. financing of two 21,000 cbm LPG/E with alternative asset manager, and AMA Capital
2019 delivery for this shipping company Partners, an experienced maritime advisor,
/ DVB was part of the lender group of four
leading in transportation of LPG, for five eco-design container vessels (two
international shipping banks which
petrochemical gases and ammonia. 1,700 TEU and three 2,500 TEU).
participated on a fully equal basis.
/ DVB was asked to join in on this facility with / The transaction was structured as a 50:50
/ This large and well-structured deal received
a final stake of 25%. club deal. The vessels are commercially and
special market visibility due to TORM’s
technically managed by Reederei Nord.
special position in the market.
Client Presentation __ February 2019 __ Shipping Finance Page 1601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Some important deals 2017
AMA Capital Partners and Värde Partners Pacific International Lines Tankerska plovidba
Senior Secured Term Loan Facility Senior Secured Term Loan Facility for Senior Secured Term Loan Facility
2 x 1,700 TEU Japanese Operating Lease (JOLCO) Refinancing of 2 x Suezmax tankers and
2,000 TEU container vessel 2 x Aframax tankers
3 x 2,500 TEU containerships
US$15 million Financing of 2 x newbuild Aframax tankers
US$48 million
US$130 million
Co-Arranger & Facility Agent Bilateral
Co-Arranger
Canada Steamship Lines Samos Steamship TORM
Refinancing Refinancing Fleet financing
4 x self-unloading dry bulk vessels 1 x 2008 Very Large Crude Carrier 9 x Medium Range tankers
US$20 million US$30 million US$130 million
Bilateral Bilateral Co-Arranger
CMA CGM Solvang Winning International Group
Japanese Operating Lease with Senior Secured Term Loan Facility Senior Secured Term Loan Facility
Call Option (JOLCO) 4 x 2007/2008 built 17,000 cbm LPG carriers 1 x 2014 built Capesize bulker
Fleet of container boxes 2 x 21,000 cbm LPG newbuilds US$18 million
JOLCO Arranger US$158 million Bilateral
Mandated Lead Arranger
Iolcos Hellenic Maritime
Fleet refinancing
US$37 million
Bilateral
Client Presentation __ February 2019 __ Shipping Finance Page 1701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Accolades
__ 2016
/ Bank Debt – West; Deal of the Year 2015 Marine Money Shipping
/ Export Credit Agency – West; Deal of the Year 2015 Marine Money Shipping
__ 2013
/ Editor’s Choice Award – Navigator Gas Marine Money
/ Editor’s Choice Award – Sovcomflot Marine Money
/ Contribution to Ship Financier Marine Money
/ Bank Debt Deal of the Year 2012 Marine Money Offshore
/ Editor’s Choice Award 2012 – Norskan Offshore Marine Money Offshore
/ The Ship Finance Award Seatrade Asia
__ 2012
/ Shipping Financier of the Year Greek Shipping Awards (Lloyd’s List)
/ Leasing (East) Deal of the Year 2011 Marine Money
/ Securizations Deal of the Year 2011 Marine Money
Client Presentation __ February 2019 __ Shipping Finance Page 1801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Accolades
__ 2011
/ Editor’s Choice of the Year – West Marine Money
/ Editor’s Choice of the Year – Shipping Research Marine Money
/ Leasing Deal of the Year – East Marine Money
/ Project Finance Deal of the Year Marine Money
/ Export Credit Deal of the Year – West Marine Money
__ 2010
/ Asia Ship Finance Award 2010 Seatrade Asia
/ Shipping Debt Deal of the Year – South America Jane’s Transport Finance
/ Shipping Leasing Deal of the Year Jane’s Transport Finance
__ 2009
/ Shipping Deal of the Year – North America Jane’s Transport Finance
/ Award for Contribution to Ship Finance 2008 Marine Money
Client Presentation __ February 2019 __ Shipping Finance Page 1901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Accolades
__ 2008
/ Best Shipping Finance Research Lloyd’s Shipping Economist
__ 2007
/ Shipping Debt Deal of the Year – Europe Jane’s Transport Finance
__ 2006
/ Restructuring Deal of the Year 2006 Marine Money
/ Best Shipping Finance Research Lloyd’s Shipping Economist
/ Ship Finance Personality for Dagfinn Lunde Lloyd’s Shipping Economist
/ M&A Deal of the Year 2005 Marine Money
__ 2005
/ Best Shipping Finance Research Lloyd’s List Economist
Client Presentation __ February 2019 __ Shipping Finance Page 2001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Accolades
__ 2004
/ Best Shipping Finance Research Lloyd’s Shipping Economist
/ Shipping Equity Deal of the Year Jane’s Transport Finance
/ Most Innovative Shipping Finance Deal Lloyd’s Shipping Economist
/ Best Ship Financier Lloyd’s List Maritime Asia
__ 2002
/ Most Professional Overall Finance Service to Shipping Lloyd’s Shipping Economist
__ 2001
/ Best Overall Knowledge of the Tanker Sector Lloyd’s Shipping Economist
__ 2000
/ Most Innovative Ship Finance Institution Worldwide Lloyd’s Shipping Economist
__ 1999
/ Best Ship Financier Lloyd’s List Maritime Asia
Client Presentation __ February 2019 __ Shipping Finance Page 2101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping markets – Outlook 2018
/ The positive macroeconomic environment is benefitting trade in most shipping sectors. The dry bulk and container
shipping market fundamentals are expected to continue to improve in 2018. However, earnings and values have
already improved steeply and we do not expect any major additional improvement for these sectors. The crude and
product tanker markets are suffering from negative short-term factors and are likely to improve slowly later this year.
/ The threat of an increase in protectionist trade policies is growing. The impact has so far been limited with positive
trade growth registered in the first half of 2018. Further developments need to be monitored.
/ Excess capacity in the existing fleets will continue to represent a challenge for most shipping sectors. The difficult
environment in most shipping and offshore sectors is putting pressure on shipyards which continue to propose
attractive prices. Nonetheless, ordering activity was slow during the first half of 2018, which favours a rebalancing of
supply and demand. Further ordering may be a major risk to continued recovery.
/ Major regulatory changes are on the way. However, although the Ballast Water Treatment was due to become
effective in September 2017, the International Maritime Organization has granted a two-year extension. As this new
regulation translates into additional investments, it was expected to accelerate the phasing out of older units
(especially larger ones for which ballast water treatment installations are most expensive). The extension will
2018
postpone the phasing out of these units.
Client Presentation __ February 2019 __ Shipping Finance Page 22Aviation Finance –
Integrated platform
solutions
Page 2301/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Aviation Finance – Integrated platform solutions (1) Our mission statement: As a hybrid institution, we provide our customers with the most efficient blend of capital and services at any period in time and at any point along the industry cycle. / We feature a unique platform of Aviation Finance services and products employing industry-skilled individuals. / We continually develop our asset-based lending practice to profitably expand our business. / We are willing to assume residual value risks – based on in-depth research and market/asset knowledge. / We take a proactive approach to maintaining and growing our portfolio. / We like to ensure that our distinctive features are fully recognised and valued. Client Presentation __ February 2019 __ Aviation Finance Page 24
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Integrated platform solutions (2)
Structured Aviation Aviation Aviation
Asset Asset Financial Investment
Financing Management Consultancy Management
2017
Asset Research
Information & Strategic Marketing
Client Presentation __ February 2019 __ Aviation Finance Page 2501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance portfolio (30 Jun 2018: €5.4 bn)
Total lending volume by aircraft type Total lending volume by country risk
3.5% Regional jets 1.8% Turboprops 2.0% Offshore
thereof: thereof:
3.3% Embraer 1.4% ATR
0.4% Bombardier 3.6% South & Central America
0.2% Bombardier
5.3% Freighters
thereof:
8.5% Middle East & Africa
5.3% Boeing
51.8% Narrowbody pax 36.4% Europe
thereof:
29.5% Airbus
22.3% Boeing
23.7% Asia & Australia
37.6% Widebody pax 25.8% North America
thereof:
24.9% Boeing
12.7% Airbus
Client Presentation __ February 2019 __ Aviation Finance Seite 2601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Deal of the year 2017
Sora Airlease
In July 2017, DVB, in its capacity as Lead Arranger and Sole Underwriter, closed a limited recourse term loan financing a portfolio of
17 aircraft with Sora Airlease (Sora). Sora is a newly-established joint venture between Merx Aviation and Orix Aviation, two well-
established and close clients of DVB.
The well-diversified portfolio of mid-life assets, which included stellar lessee names such as Southwest Airlines, British Airways and
Alaska Airlines, formed a seed portfolio for the new joint venture and offered the opportunity to build a platform with the flexibility to
grow and explore multiple exit opportunities.
The portfolio’s size and mid-life average age represented challenges for some competing banks. By utilising the resources and
expertise of the wider DVB Aviation platform, including DVB’s Aviation Asset Management, Aviation Credit and Aviation Research
teams, DVB was able to analyse, structure and risk adjust the financing of the portfolio. Furthermore, the execution capabilities of
DVB were an added attraction for Sora which was looking to meet a tight closing timetable.
As part of DVB’s goals to provide complete structured financing
solutions to our aviation clients, DVB first closed the transaction with
Sora and subsequently brought in new lenders to the joint venture,
providing financing access to Sora as it continues to grow its fleet to
new lenders in Asia, Europe and the USA.
Client Presentation __ February 2019 __ Aviation Finance Page 2701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Transaction highlights 2017
Air Canada Ping An Leasing Haitong UT Leasing
/ DVB arranged the senior debt of a / Lead Arranger for two short-term loan / Lead Arranger for a full recourse portfolio
JOLCO financing (Japanese Operating facilities for two new A350-900 aircraft on financing facility for four Airbus
Lease with Call Option) for the delivery lease to Vietnam Airlines, marking our narrowbody aircraft on lease to Volaris
of a Boeing 787-9 to Air Canada. first transactions with the Chinese lessor. and Philippine Airlines.
/ The debt was underwritten by DVB / Our execution capabilities within a short / Our experience in providing such
Transport Finance Ltd in Tokyo, and DVB timeframe proved crucial for the portfolio financing solutions enabled the
brought in another institution as senior successful delivery of the first aircraft to client to successfully acquire the aircraft
lender, which further diversified the the operator, whilst the ability to bring assets from the seller.
airline’s funding base. three additional partner banks into the / This marks our first cooperation with
two respective facilities further value-add
/ In addition, DVB is Agent, Security Haitong UT Leasing, with DVB being one
to the client’s financing needs.
Trustee and Account Bank in this of the first international financiers for the
transaction. budding leasing company.
Client Presentation __ February 2019 __ Aviation Finance Page 2801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Some important deals 2017
Alaska Airlines/Horizon Air DVB's Aviation Asset Management Orix Aviation/Merx Aviation
Aircraft remarketing 44 commercial aircraft sold/leased, Limited Recourse Financing
9 x B737 126 aircraft under lease management Portfolio of 17 aircraft
Q400 turboprop aircraft in 2017 Debt Arranger & Underwriter
Remarketing Agent
Apollo Aviation Group DVB's Aviation Investment Management Ping An Leasing
Limited Recourse Warehouse Financing Investment Advisor to equity funds owning Senior Debt Financing
Large portfolio of aircraft 121 commercial aircraft 1 x A350-900 on lease to Vietnam Airlines
Lender 1 engine Agent & Arranger
2 airline equity investments
Avianca Goshawk SunExpress
Full Recourse Financing PDP Financing Full Recourse Financing
2 x A320-200 3 x B737-800 2 x B737-800
1 x A319-100 Agent & Arranger Agent & Arranger
Agent & Arranger
DAE Capital
PDP Financing
15 x A320-200
Co-Arranger & Security Agent
Client Presentation __ February 2019 __ Aviation Finance Page 2901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Accolades
__ 2019
/ Cargo Aircraft Finance ABS Deal of the Year Global Transport Finance
__ 2018
/ Bank Loan Deal of the Year Airfinance Journal
/ Operating Lease Deal of the Year Airfinance Journal
/ Used Aircraft Deal of the Year Airfinance Journal
/ Export Credit Deal of the Year Airfinance Journal
/ Best European Capital Markets Deal Ishka
__ 2017
/ Asia-Pacific Bank of the Year Airline Economics
/ Aircraft Securisation Deal of the Year – US Global Transport Finance
/ Aircraft Finance Portfolio Acquisition Global Transport Finance
__ 2016
/ Europe Deal of the Year Airfinance Journal
/ Used Aircraft Deal of the Year Airfinance Journal
Client Presentation __ February 2019 __ Aviation Finance Seite 3001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Accolades
__ 2015
/ Commercial Loan Deal of the Year Airfinance Journal
__ 2013
/ Used Aircraft Deal of the Year 2012 Airfinance Journal
__ 2012
/ Sale/Leaseback Deal of the Year 2011 Airfinance Journal
/ Predelivery Payment Deal of the Year 2011 Airfinance Journal
/ North America Deal of the Year 2011 Airfinance Journal
__ 2010
/ Regional Jet Deal of the Year Airfinance Journal
/ Aviation Research House of the Year Jane’s Transport Finance
__ 2009
/ Aircraft Debt Deal of the Year – North America Jane’s Transport Finance
/ Aircraft Debt Deal of the Year – South America Jane’s Transport Finance
Client Presentation __ February 2019 __ Aviation Finance Seite 3101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Accolades
__ 2008
/ Aircraft Debt Deal of the Year – Asia Jane’s Transport Finance
/ Aircraft Debt Deal of the Year – Middle East Jane’s Transport Finance
/ Aircraft Capital Markets Award Jane’s Transport Finance
/ PDP Deal of the Year Airfinance Journal
/ Cargo Finance Deal of the Year Airfinance Journal
/ Africa Deal of the Year Airfinance Journal
__ 2007
/ Aircraft Debt Deal of the Year – Africa Jane’s Transport Finance
__ 2005
/ Long Term Aircraft Finance Deal of the Year – Middle East Jane’s Transport Finance
__ 2002
/ Aircraft Debt Deal of the Year – Europe Jane’s Transport Finance
Client Presentation __ February 2019 __ Aviation Finance Seite 3201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation markets – Outlook 2018
/ Demand for passenger transport remains robust as global air traffic grew 6.8% for the first five months of 2018 (year-on-year). Airfreight
growth decreased somewhat (to 5.3%), as the inventory re-stocking cycle came to an end and trade tensions increased. Passenger yields
improved by just over 3% in 2017, a trend projected to continue in 2018. Fuel and labour cost are likely to rise for airlines.
/ Global airline net profits far more than doubled between 2014 and 2015, and remained at high levels in 2016/2017. Although preliminary Q1
2018 figures indicate an increased industry profit, a slight drop is projected for the full year (ca. US$ 34 billion). Fuel cost are expected to
increase from 21% to 24% of airline expenses, despite ever improving fuel efficiency of the global jet fleet. Labour cost are likely to rise 2.2%
per available tonne kilometre. All in all, there are no industry-specific reasons indicating a downturn in demand but unexpected economic
headwinds, political instability or terrorism could undermine consumer confidence in international (air) travel.
/ After the 2013/2014 peak in jet orders (ca. 3,500 p.a.), orders dropped by ca. 39 % in 2015/2016 but recovered to just over 2,500 in 2017. As
of mid-2018, new aircraft order levels are close to 2017 levels at the same point in time; however, the Farnborough Air Show, a major sales
event, could bring a few surprises. While no major new programme launches are expected, Airbus has recently taken over the ex-Bombardier
CSeries programme, which could result in several (re-)launch orders. Overall, the backlog for commercial jets remains strong. With restricted
new delivery volumes in the mainstream single-aisle market (engine supply bottleneck), airlines are eager to even deploy older used
equipment to maintain their schedules. The grounding of several Rolls Royce powered Boeing 787’s – due to engine problems – has revived
short-term demand for older twin-aisle jets as replacement interim lift.
/ Modern single-aisle aircraft values remain firm but certain regional aircraft types and select larger twin-aisle jets are showing clear weakness.
Values of aircraft on lease contracts are very strong as investors compete with each other for opportunities to expand their portfolios. In
general, there is ample commercial financing available for new and increasingly also for used aircraft, especially if sold with a lease attached.
2018
At current fuel cost levels, both the older generation and the new technology aircraft remain competitive. There is no reason to expect a sharp
downturn in the short term for modern single-aisles such as the Airbus A320/321 and the Boeing 737, but despite short-term pick-up in
demand, there are concerns about the values of select twin-aisles such as the Airbus A330 as well as the Boeing 777.
Client Presentation __ February 2019 __ Aviation Finance Page 33Land Transport Finance –
Consistent client franchise
Page 3401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Land Transport Finance – Consistent client franchise We have a clear mission statement: We highly value our client relationships. The goal is to increase our client franchise as the leading rail asset financing partner in our core regions. Based on our / understanding of the market, / focus, / capacity to execute transactions, and / flexibility, we offer added value by / advising on intelligent asset finance solutions, and / taking appropriate risk positions that capitalise on the cyclical nature of the underlying sectors. Client Presentation __ February 2019 __ Land Transport Finance Page 35
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance portfolio (30 Jun 2018: €1.4 bn)
Total lending volume by asset type Total lending volume by country risk
6.4% Rail-related
thereof: 3.2% Australia
6.4% Container chassis
40.8% North America
56.0% Europe
93.6% Rail-based
thereof:
66.2% Freight cars
16.6% Locomotives
9.7% Regional passenger train sets
1.1% Passenger coaches
Client Presentation __ February 2019 __ Land Transport Finance Seite 3601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Deal of the year 2017
VTG
VTG AG, founded in 1951 and headquartered in Hamburg, is the largest rail car lessor in Europe managing over 80,000 rail cars
globally. The company is listed at the Frankfurt Stock Exchange and part of MDAX. Our relationship with VTG has historically been
strong and we entered into many on- and off-balance sheet financings over the last 25 years.
Besides its European rail car fleet, VTG is also an active player in the North American rail car market. VTG Rail Inc., a 100%
subsidiary of VTG, owns a mid-sized fleet of around 5,250 railcars operating in the US, Canada and Mexico. In addition, the company
has 1,000 cars on order to be delivered until mid-2018. The fleet consists mainly of covered hoppers and tank cars on lease to a
diversified group of lessees.
Mid 2017, VTG approached its main relationship banks to provide a standalone facility to finance its entire fleet operating in North
America. We were eventually mandated as Joint Mandated Lead Arranger to arrange a senior secured term financing as key member
of a club deal alongside two other banks.
The main drivers for our mandate were our strong track record in closing
complex transactions with VTG Europe as well as our long-standing
experience and track record in the North American rail market.
Especially the latter was important for the client and led – in an excellent
transatlantic co-operation between our New York and Frankfurt teams –
to a smooth closing of the transaction.
Client Presentation __ February 2019 __ Land Transport Finance Page 3701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Transaction highlights 2017
National Steel Car Trip Rail Master Funding Bentheimer Eisenbahn
/ Arranger and Sole Lender in a revolving / Arranger and sole provider of a liquidity / Financing for a core client in local public
senior secured warehouse loan with an facility for a Master Funding LLC in the rail transport, provided jointly with
accordion feature for a North American US to more efficiently support a railcar syndication partner Grafschafter
railcar manufacturer. asset-backed securities of a fleet of more Volksbank as part of a meta financing
than 17,500 railcars being operated in deal.
/ The funds are used to finance a
North America.
diversified fleet of brand-new railcars for / The senior secured loan based on an
the cross-border rail market. / The transaction followed a string of operating lease is used for the
earlier transactions that the Bank created construction and long-term financing of
/ The financing can be syndicated.
with own innovative ideas, and also five new Alstom Lint41 DMUs which will
allowed taking a sole Co-Manager role be running under a long-term franchise
on a respective bond financing agreement.
/ As part of the transaction, DVB also
assumed the residual value risks from
this very proven equipment, which are
based on a standard platform.
Client Presentation __ February 2019 __ Land Transport Finance Page 3801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Some important deals 2017
ARS Altmann Netinera (Die Laenderbahn)
Senior Secured Term Loan Operating Lease Financing
Fleet of 277 open car carriers Fleet of 4 x E-locos and
Arranger & Co-Lender 7 x double-deck coaches
Arranger & Co-Lender
Bentheimer Eisenbahn VTG
Operating Lease Senior Secured Term Loan
5 x Lint41 Fleet of 6,167 freight cars
Arranger & Co-Lender US$172 million
Arranger & Underwriter
Enkay Leasing
Lease Co. Initial Warehousing
National Steel Car produced rail cars
US$75 million
Arranger & Sole Lender
Client Presentation __ February 2019 __ Land Transport Finance Page 3901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Accolades
__ 2019
/ Rail Finance Innovator of the Year Global Transport Finance
/ Rail Finance Deal of the Year – Europe Global Transport Finance
__ 2018
Rail Finance Deal of the Year – Europe Global Transport Finance
__ 2017
/ Rail Capital Markets Deal of the Year – Americas Global Transport Finance
/ Rail Finance Deal of the Year – Americas Global Transport Finance
/ Best International Transport Finance Provider – Germany Transport News
__ 2015
/ Rail Finance Deal of the Year – Europe Global Transport Finance
Client Presentation __ February 2019 __ Land Transport Finance Page 4001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Accolades
__ 2014
/ Rail Finance Innovator of the Year Global Transport Finance
/ Rail Finance Deal of the Year – Europe Global Transport Finance
__ 2012
/ Rail Finance Innovator of the Year Global Transport Finance
__ 2011
/ Rail Finance Innovator of the Year Jane’s Transport FinanceC
__ 2010
/ European Rail Deal of the Year Jane’s Transport Finance
__ 2009
/ Americas Rail Deal of the Year Jane’s Transport Finance
Client Presentation __ February 2019 __ Land Transport Finance Page 4101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land Transport Finance – Accolades
__ 2008
/ Rail Finance House of the Year Jane’s Transport Finance
/ US Rail Deal of the Year Jane’s Transport Finance
__ 2007
/ Rail Finance House of the Year Jane’s Transport Finance
/ US Rail Deal of the Year Jane’s Transport Finance
__ 2006
/ European Rail Deal of the Year Jane’s Transport Finance
__ 2005
/ Road Finance Innovator Jane’s Transport Finance
Client Presentation __ February 2019 __ Land Transport Finance Page 4201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Land transport markets – Outlook 2018
/ Demand perspectives for rail freight transport are positive for Europe, North America and Australia. Transport price, lease rate and utilisation
rate increases can be expected. The outlook for the European rail passenger market is positive as well.
/ In its reference scenario, the European Commission expects an annual 1.6% increase of European logistics and freight transport activity
between 2010 and 2030. SCI Verkehr forecasts a 1.4% rail freight performance (tonne-km) growth p.a. in Europe, 1% growth p.a. for new
locomotives and new freight cars as well as 4% p.a. for new urban rail equipment worldwide between 2016 and 2020.
/ The US Department of Transportation’s Bureau of Transportation Statistics and Federal Highway Administration projected a compound
annual growth rate of +0.8% in rail freight for the period 2016‒2045. Moody’s projects a 1.25% to 2.0% rail freight carload volume growth
scenario for North America in 2018. FTR Intel forecasts a rail freight growth of 2.7% in 2018. However, a threat of a full-blown trade dispute is
looming, especially between the United States and China.
/ Coal markets are still depressed in the US (tighter emission regulations) and the United Kingdom (doubling of the carbon tax and closure of
some coal-powered stations), subdued in Australia (lower growth in demand from Asia, but the China-Australia Free Trade Agreement lifts
many import duties), but still doing fine in continental Europe (more import due to mine closures and retreat from nuclear energy in Germany).
President Trump’s emphasis on the reliance on coal could stimulate the important coal sector in the US short-term.
/ Intermodal transport is likely to be positive. The International Union for Road-Rail Combined Transport (UIRR) has a slightly positive business
outlook for 2018. Stephens Inc. expects an increase of 5.4% in 2018 intermodal volumes in the US.
/ Locomotive and freight car demand is weak in Australia and the US, since current fleets must be better utilised first. In Europe, demand is for
electric locomotives and freight cars significantly growing. Asset prices are stable or increasing outside energy sectors (coal, oil and sand).
2018
/ Leasing companies continue to gain market share in Europe and also in the freight car sector in North America.
/ The lack of train drivers gives railroad companies firm headwinds in Europe and the US. However, a lack of truck drivers, almost fully utilised
trucking capacity and stricter hours-of-service recording rules for truckers will provide tailwinds in the US.
Client Presentation __ February 2019 __ Land Transport Finance Page 4301/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Financial Institutions and Syndications Our skills and expertise as an arranger and syndicator mean that our clients can rely on DVB to place their financing requirements. We support DVB’s three Transport Finance divisions in raising non-public mezzanine and market debt globally. The key drivers of our strategy are: / We coordinate existing and establish new relationships with global financial institutions (including institutional investors). / We develop and maintain a good understanding of each financial institution’s risk appetite and requirements. / We ensure close cooperation with DVB’s global transport finance network, research and advisory teams. / We provide competitive pricing structures based on up-to-date information, access to global networks and ad-hoc analysis. / We empower effective management of the syndication process and provide a personalised bespoke approach towards financial institution partners. / We understand the wider economic conditions and how they affect transportation financing. / We offer shipping ECA (primarily maritime) arranging and coordination. / We coordinate secondary loan purchasing. Client Presentation __ February 2019 __ Financial Institutions and Syndications Page 44
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Financial Institutions and Syndications portfolio
(30 Jun 2018: €660.8 mn)
Total sell-down volume by business division
7.7% Land Transport Finance
75.4% Aviation Finance
16.9% Shipping Finance
Client Presentation __ February 2019 __ Financial Institutions and Syndications Page 4501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Financial Institutions and Syndications – Outlook 2018
/ Macroeconomic themes expected to affect the transportation market in 2018 include the near-conclusion of Basel IV reforms which
sets a clearer course for banks to adjust internal risk policies, rising US interest rates coupled with ECB tapering of its quantitative
easing programme (thereby diminishing the ability to access ‘cheap money’) and the continuation of China’s international
acquisitions. Uncertainty caused by the above factors – among others – is pressuring long-term costs of liquidity and is expected to
contribute to shorter loan tenors being preferred across all industries.
/ Buoyed by robust passenger and cargo demand, the market expects the global aviation industry to continue its strong performance
in 2018. More innovative financing structures may be inspired to accommodate aviation clients’ changing demands in the wake of
IFRS 16, a greater scrutiny on tax avoidance, and financiers with a new-found interest in the industry. A greater inflow of capital into
the industry will likely intensify competition in an already heated market. Nonetheless, the flow of more structured and bespoke types
of deals remains steady, making specialised banks like DVB still competitive. The desire to exploit opportunistic deals as well as to
effectively utilise the balance sheet (noting increased capital costs) is therefore expected to remain a priority for financial institutions.
/ The trend amongst financial institutions to exit/scale down maritime portfolios is likely to continue in 2018 as banks deem these to be
‘non-core’ investments with an expectation for a more regionalised focus for some. For remaining established lenders, capacity is
expected to remain restricted to core clients, or focus upon credit quality and vessel employment. Consolidation will also likely
continue as companies seek ways to reduce costs, or the opportunity arises for stronger shipping companies to acquire weaker
competitors.
/ For rail, activity is still expected to remain focused in North America and Europe with a limited number of opportunities. As with 2017,
liquidity is likely to increase for rail projects including from the Asia/Pacific region where financial institutions are gaining interest for
2018
this asset class. In 2018, appetite is expected to continue for diversified railcar fleets, younger equipment, leasing companies with
strong financial track records, and publicly-owned entities.
Client Presentation __ February 2019 __ Financial Institutions and Syndications Page 4601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information DVB Corporate Finance Our mission is to increase non-capital binding revenue, enhance cross-sell of DVB products and services, and contribute to the sustainable top- and bottom-line growth of the DVB franchise. / As a bank-wide resource, DVB Corporate Finance (DVBCF) renders strategic and financial advisory services to our corporate clients. / By leveraging our specialised transportation focus, in-depth corporate finance experience, and DVB’s asset-based lending, we create tailor-made financial solutions for our clients. / Our traditional activities include mergers and acquisitions (M&A), advisory services, and private and public placements of debt and equity. The debt capital markets and structured asset finance/asset-backed securities (ABS) presence are a natural extension of DVB’s core loan business. / Our Private Placement Group maintains a close dialogue with a variety of global financial and strategic investors to support DVBCF’s business initiatives. / Utilising our strong network of corporate clients and lending relationships, we develop strategic dialogues with our clients to deliver integrated financial solutions. Client Presentation __ February 2019 __ DVB Corporate Finance Page 47
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance portfolio (30 Jun 2018)
Revenue by business division Revenue by products
24.0% Advisory and
3.7% Shipping Finance Mergers & Acquisitions
48.5% Aviation Finance
47.8% Land Transport Finance
76.0% Capital Markets
Client Presentation __ February 2019 __ DVB Corporate Finance Page 4801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance – Deal of the year 2017
Empresa Pública Flota Petrolera Ecuatoriana
DVBCF acted as Exclusive Financial Advisor and Sole Placement Agent in raising alternative capital on behalf of Empresa Pública
Flota Petrolera Ecuatoriana (EP Flopec), the state-owned shipping company of Ecuador. DVBCF has maintained a close strategic
dialogue with EP Flopec under a diverse mandate since April 2016 to provide a variety of strategic and corporate finance services,
including a sale-and-lease-back of crude oil tanker assets.
Founded in 1972, EP Flopec is one of Ecuador’s most prominent public companies and a critical conduit for the South American
OPEC-member nation’s crude oil exports. The company has a long-standing presence in global tanker markets as a highly-respected
shipowner and operator of several market-leading tanker pools, including the Panamax International pool. Furthermore, our Shipping
Finance Americas team also enjoys a long-standing relationship with EP Flopec.
As exclusive advisor, DVBCF assisted the company in sourcing and analysing a variety of strategic alternatives to raise capital and
expand its business on optimal terms. DVBCF provided a full suite of corporate finance services, including corporate valuation,
assessment of alternatives, financial structuring and modelling, and a global roadshow for institutional investors. In June 2017,
DVBCF closed the sale-and-lease-back transaction involving three crude oil tankers.
Post-transaction close, DVBCF has continued its engagement with EP
Flopec, assisting the company in evaluating a variety of new commercial
prospects with strategic capital and operating partners, as well as
coordinating with the Ecuadorian government on other national energy-
related projects.
Client Presentation __ February 2019 __ DVB Corporate Finance Page 4901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance – Transaction highlights 2017
GasLog Greenship Eton Park
/ Co-manager in issuance of 8.875% / Financial Advisor to Singapore-based dry / Co-Arranger and Advisor to Eton Park on
Senior Unsecured Notes due 2024 by an bulk owner and operator seeking to the sale of its 70% interest in a joint
international owner and operator of LNG dispose of vessels and reduce its global venture established in 2014 for the
carriers. leverage. purpose of owning and leasing a portfolio
of narrowbody airframes to select airline
/ DVBCF’s role was a direct result of / DVBCF introduced potential buyers and
operators.
ongoing strategic dialogue to address provided strategic advice throughout the
GasLog’s financial and growth objectives entire sell-side process, including / This important transaction reflected
plus joint marketing efforts with Arctic preparation of marketing materials and DVB’s comprehensive expertise in
Securities to assess various debt capital roadshows. aviation, efficiency in execution, and
markets including US institutional high strong network of institutional and
/ Sales of 14 vessels to Eagle Bulk
yield and Scandinavian bond markets. strategic investors.
Shipping and JP Morgan Asset
/ The transaction was GasLog’s debut in Management were the successful result. / It showcased strong cooperation with
the US debt capital markets as its first AIM and AAM and allowed DVBCF to
SEC-documented bond, with investors build upon its solid reputation as an
spanning US, Europe, and Scandinavia. experienced and leading advisor in
aviation.
Client Presentation __ February 2019 __ DVB Corporate Finance Page 5001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance – Some important deals 2017
Eton Park Trip Rail Master Funding
Railcar ABS Offering
M&A Sell-side Advisory 17,587 railcars
18 x Airframe Joint Venture US$238 million
Joint Arranger & Placement Agent Co-Manager & Liquidity Facility Structuring Agent
GasLog
8.875% Senior Unsecured Notes
LNG carriers
US$250 million
Co-Manager
Client Presentation __ February 2019 __ DVB Corporate Finance Page 5101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance – Outlook 2018
/ Global M&A activity remains strong in 2018 despite a variety of economic and geopolitical factors including trade tensions between the
US and its largest trading partners (China, EU), Brexit uncertainty, and threats from North Korea and the Middle East. Driven by a
revived global economy led by investment recovery in advanced economies and continued growth in emerging Asia, we expect
companies to benefit from strong capital markets, as well as larger cash positions to execute on strategically imperative transactions. In
transportation, we are likely to see a steady flow of activity as companies take advantage of improved market conditions and continue to
raise capital to execute strategic transactions.
/ The debt capital market is expected to continue its recovery and return confidence to investors and borrowers throughout the remainder
of 2018, broadly including the transportation sector. We expect an upturn in institutional aviation deal volume, driven by asset growth
and consolidation. In addition to tapping liquid debt market products such as corporate bonds, transportation borrowers will continue to
explore bilateral direct funding with alternative investors both in investment grade and sub-investment grade categories.
/ The first half of 2018 saw a continuation of strong issuance volume in asset-backed securities backed by aircraft, railcars, and
containers. Highlights include several inaugural issuers stepping into the market and others returning after a multi-year hiatus, with
credit spreads achieving record tight levels as supply/demand fundamentals remained favourable. Although on pace to set a post-crisis
record in terms of issuance, downside risks remain as the rising rate environment, looming trade wars, and other geopolitical risks could
eventually weigh on the market and slow momentum through the second half of the year.
/ With the economy on improved footing, supported by low interest rates, low inflation, and improving corporate profits across sectors, the
2018
equity capital markets outlook is positive for the second half of 2018. Transportation sector market access is expected to remain solid,
driven by global trade growth, subsiding supply and demand imbalances, sector consolidation, and a generally bullish investor risk
appetite, particularly in the hard-asset sectors.
Client Presentation __ February 2019 __ DVB Corporate Finance Page 5201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Investment Management / We are active as an investment consultant and asset manager for investment vehicles in the international transport sector. / We assume an investment management function on behalf of institutional clients – but where DVB aligns its interest with institutional clients with a material yet minority equity risk participation. / Our Aviation Investment Management (AIM) team manages the Deucalion aircraft and aviation investments as well as the intermodal and rail transport investments. / Investors profit from DVB’s asset know-how and strong market penetration. Client Presentation __ February 2019 __ Investment Management Page 53
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Investment Management – Investment volume (30 Jun 2018)
Breakdown of the investment volume
74.7% 25.3%
AIM SIM
AIM: thereof: 71.4% Aviation 2.0% Stephenson Capital 1.3% Container
AIM by asset type €753.0 mn SIM shipping portfolio by asset type €267.1 mn
1.2% Other
59.9% Passenger narrowbody 14.0% Other investments
17.7% Disassembly
thereof: 4.4% Containerships 53.8% Tankers
15.3% Widebody
2.3% Engines thereof:
0.1% Narrowbody 5.0% Car carriers 19.0% LPG tanker
18.0% Chemical tankers
6.2% Crude oil tankers
11.3% Bulk carriers 5.6% LNG tankers
5.0% Product tankers
21.2% Passenger widebody 11.5% Offshore vessels
Client Presentation __ February 2019 __ Investment Management Page 54You can also read
