Mergers & Acquisitions
VOLUME 4
ISSUE 5
January 31, 2008
INSIDE
Mergers & Acquisitions
page 1
Market Commentary
page 4
Back to the Futures
page 12
Deal Tables &
Bond Prices
page 11
Conference Schedule
page 17
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Defensive Acquisition with Upside
On Tuesday, just a week after Quintana’s press release
announcing the termination of the sale process, Excel and
Quintana jointly announced that Excel had, over the week-
end, agreed to acquire Quintana pursuant to a definitive
merger agreement whereby Quintana would become a
wholly owned subsidiary of Excel. The purchase price will
be approximately $2.2 billion (based upon Excel’s closing
price of $33.00), including net debt of Quintana and other
costs
Under the terms of the agreement, Quintana shareholders
will receive a combination of cash and stock. Each
Quintana share will receive $13.00 in cash and 0.4084
shares of Class A common stock in Excel. Based upon
Monday’s closing price, the offer represents a total value of
$26.48 per share, representing a 57% premium to
Quintana’s closing price on that day of $16.89 and a 34%
premium to Quintana’s 30-day average price. The agree-
ment provides for a cap of $31.38 based upon an Excel
share price of $45.00 as well as price adjustments for divi-
dend payments.
As of September 30, 2007, Excel’s balance sheet shows
19,893,556 Class A and 135,326 Class B shares outstand-
ing. The holders of Class A shares are entitled to one vote
per share on each matter requiring the approval of the
holders of common shares while each Class B share is enti-
tled to 1,000 votes per share. To accomplish the transac-
tion, Excel will issue another 23,907,759 Class A shares to
shareholders of Quintana’s outstanding shares, unvested
restricted stock and warrants. This will give Qunitana eco-
nomic ownership of 55% of the Class A or public shares
with the Panayotides family’s indirect holding diluted to
approximately 11.5%. However, control of the Class B
shares remains with Mr. Panayotides’ family interests. In
terms of voting power, Class A shareholders control
approximately 24.5% of the vote of which Quintana’s
shareholders control 13.3%.
Excel’s current board of directors is composed of nine
members of whom four are independent non-executive
O Marine Money Freshly Minted
directors. The addition of Messrs. Molaris, Mende,
Robertson and Cornell will increase the size of the board
to 13 of which seven will be independent, presuming no
further changes are made. Make no mistake Excel is in
control, but from the standpoint of the economics
Quintana got its fair share.
This is a transformational transaction for Excel. Not only
did it create one of the world’s largest bulk owners and
operators by DWT, it married two different operating
philosophies, which will provide for an interesting give and
take. But from Mr. Panayotides viewpoint, the transaction
“enhances the financial stability of Excel.”
From Quintana’s perspective, their goal of unlocking
shareholder value has been accomplished. In light of
diminished valuation due to the long-term charter con-
tracts, they receive a reasonable price in light of the fleet
NAV and recent share trading levels. More importantly,
the share portion now provides upside, which was limited
by the Quintana model.
In terms of the combined fleet, the new company will
operate 47 vessels on the water (3.7 million DWT) and 8
newbuild capsizes (1.4 million DWT) to be delivered
between 2008 and 2010. The company now has the capa-
bility of offering the full spectrum of dry bulk vessels to its
first class customers which include, cargo interests, such as
EDF, BHPBilliton, Bunge, Cargill and operators such as
COSCO, Oldendorff, Armada and Daeyang. The aver-
age age of the fleet is 8.1 years with the capesize and kam-
sarmax being younger and the panamax and handymax the
eldest. The newbuilding capesizes are interesting in that
they are ordered from Japanese and Korean yards and the
risk is spread, on all but one, through joint ownership with
AMCIC, a company controlled by Quintana’s principals.
The key element of this deal for us was the employment
profile that resulted from the combination of a more spot
focused company with one that emphasized fixed employ-
ment. Quintana struggled with its below market employ-
ment but the new company benefits from a floor, albeit
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Mergers & Acquisitions continued
low, while adding unfixed days to take advantage of current market
conditions. In short, the fixed charter coverage of the combined
company is respectively 78%, 57% and 46% for 2008, 2009 and
2010.
Other strategic factors supporting the combination in addition to
size are strong cash flow visibility, a modern diverse fleet, built-in
growth from newbuildings, significant synergies, an expanded first
class customer base and an experienced management team.
Synergies will largely come from the technical and operational man-
agement provided by Maryville Maritime Inc., Excel’s in-house
management company, as well as the benefits of a larger fleet. They
expect savings of $15 to 20 million annually through improved uti-
lization, dry-dock savings, improved daily operating expense and
lower general and administrative expenses.
Mr. Molaris a strong vote of confidence in the industry and the
transaction given these turbulent times. Nordea will act as agent for
the transaction and together with Deutsche Bank will serve as joint
bookrunners. Members of the bank financing consortium include:
Credit Suisse, DVB, Deutsche Bank, GE Capital, National Bank
of Greece and Nordea. The balance of the funding will come from
$350 million in available cash and $225 million in debt rolling with
the transaction.
On a pro forma basis, the company will have $1.625 billion in debt
with approximately $100 million in available cash. Based upon fleet
appraisals, excluding newbuildings, the debt represents 45% of the
combined fleet market value. On the conference call, Natasha
Boyden of Cantor Fitzgerald raised concerns about the resulting
leverage.

To finance the transaction, Excel has received a $1.4 billion commit- Kudos are due to Citi and Deutsche Bank who acted as financial
ment for new secured loans from a syndicate of banks led by Nordea advisors to Quintana and Excel respectively. On the legal front,
Bank Finland PLC, London Branch. Based upon the size of the Quintana was represented by Morgan Lewis & Bockius while
transaction and the fact that it was underwritten was according to Excel’s legal team included White & Case and Gr. J. Timagenis.

Cash Flow Multiples by Vessel Type

EBITDA Multiple
Ship Type Sub-type* Charterfree Spot 1-year TC 3-year TC 2003-06
Value (US$) Average Spot
TANKER
VLCC Modern 300,000 dwt $138,000,000 4.9 7.0 8.3 6.1
Vintage 250-285,000 dwt $55,000,000 2.2 5.0 - 2.9
Suezmax Modern 150,000 dwt $96,000,000 6.7 7.4 8.0 5.2
Aframax Modern 95-105,000 dwt $73,000,000 4.4 7.1 8.1 5.5
Mid-aged 95-105,000 dwt $60,000,000 3.9 10.4 7.1 4.9
Clean Product Modern 70-75,000 dwt $62,000,000 5.7 7.5 7.9 5.2
Mid-aged 30-35,000 dwt $36,500,000 5.6 - - 4.4
Dirty Product Modern 45-47,000 dwt $52,000,000 5.4 6.9 7.6 4.9
BULK CARRIERS
Capesize Modern 170,000 dwt $145,000,000 5.1 3.5 4.7 8.5
Mid-aged 150,000 dwt $104,000,000 4.4 2.5 3.4 7.7
Vintage 150,000 dwt $88,000,000 3.8 6.3 - 6.7
Panamax Modern 73,000 dwt $87,000,000 5.4 4.1 5.8 11.8
Mid-aged 72,000 dwt $70,500,000 4.4 3.3 4.8 9.9
Vintage 60,000 dwt $42,000,000 3.0 2.8 4.7 6.8
Handymax Modern 45,000 dwt $66,000,000 4.5 4.4 5.4 10.2
Mid-aged 42-45,000 $56,000,000 3.9 3.7 4.6 8.9
Handysize Modern 25-30,000 dwt $43,500,000 - 3.6 5.8 -
Mid-aged 25-30,000 dwt $39,000,000 - 3.3 5.3 -
CONTAINER**
Mid-aged 3,500 teu $49,500,000 4.8 - - 6.2
*The ship Sub-type is associated with the charterfree market value of the vessel; all corresponding rate data is chosen using a "best fit" method.
** Average spot is 2001-2006
Data for ship values and market rates is sourced from Clarkson Research Studies.

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Mergers & Acquisitions continued
Of course, none of this contemplates the outcome of Oceanaut’s
shareholder vote on the acquisition of another fleet of dry bulk ves-
sels of nine vessels of 809,000 DWT which includes two capesize,
four panamax and three supramax vessels. Should the transaction be
completed Excel and insiders will own 16.7% of the shares with
Maryville providing technical services.
Closing is expected to occur in the 2nd quarter. Congratulations to
all.
globally from Oslo and about 30 locations worldwide under the
HAL brand. When combined with existing newbuilding orders in
place, HAL will grow it carrying capacity by 45% to 85 ships by
2012. HAL started its Ro/Ro car carrier operations in 1969. Its
main customers include major manufacturers of new cars, heavy
machinery and rolling goods. Last year it carried about 1.9 million
car equivalent units.
With APM as a shareholder, HAL will strengthen its financial and

First Romance, Then Marriage

In February 2007, the A.P. Moller – Maersk Group (“APM”)
entered into a co-operation agreement with Hoegh Autoliners
(“HAL”) whereby APM entered its fleet of twelve car carriers into a
commercial operation controlled by HAL. Yesterday, the companies
took the next step and jointly announced that APM has sold its 18
car carriers, including six newbuildings, to HAL in exchange for a
37.5% shareholding in HAL. The transaction moves APM from
being a tonnage provider in the car carrier market to a shareholder
in a leading car carrier operator. Leif Hoegh & Co. Limited will
retain their position as majority shareholder in the company.
HAL will commercially manage the combined fleet of 67 vessels
strategic position for further growth. In particular, HAL will bene-
fit from APM’s expertise in liner shipping, logistics, port operations
and port-to-port efficiency.
The new company is well positioned. This is a ripe market with
world production of factory new cars having grown steadily to 65
million units in 2007. World car production is expected to contin-
ue growing to about 90 million units in 2015 representing an annu-
al growth rate of 3-4%. Historically, approximately 15% of the pro-
duction volume is exported overseas. Globalization of the industry
has brought about changes in production patterns that are affecting
seaborne transportation positively resulting in additional demand
for transportation services. In particular, they note that car manufac-
turing increasingly takes place in Asia as well as the emergence of

Marine Money “Fair Value” Table for Shipping Equities

Company Price* NAV P/NAV Marine Money's Difference from
"Fair Value"** Actual Price
B+H Ocean Carriers $13.23 25.87 51% $21.95 $8.72
Aries Maritime Transport $6.92 11.78 59% $9.99 $3.07
Overseas Shipholding Group $65.23 109.23 60% $92.67 $27.44
Tsakos Energy Navigation $34.31 56.53 61% $47.96 $13.65
Teekay Shipping $47.24 69.80 68% $59.22 $11.98
TORM $32.37 46.52 70% $39.47 $7.10
Quintana Maritime $24.45 32.64 75% $27.69 $3.24
Eagle Bulk Shipping $24.72 31.95 77% $27.11 $2.39
StealthGas $14.05 18.14 77% $15.39 $1.34
Ship Finance International Ltd. $26.06 32.12 81% $27.25 $1.19
Arlington Tankers $21.23 25.82 82% $21.90 $0.67
Excel Maritime $37.98 42.52 89% $36.07 -$1.91
Nordic American Tanker Shipping Ltd. $31.22 34.78 90% $29.51 -$1.71
Danaos Corporation $27.10 27.53 98% $23.36 -$3.74
Genco Shipping & Trading $49.59 46.93 106% $39.81 -$9.78
Knightsbridge Tankers Ltd. $26.25 24.42 107% $20.72 -$5.53
Omega Navigation $16.87 15.65 108% $13.28 -$3.59
General Maritime $34.74 31.67 110% $26.87 -$7.87
DryShips $74.43 65.92 113% $55.92 -$18.51
Diana Shipping $29.39 25.56 115% $21.68 -$7.71
Average: 85%
*Price data current as of closing on January 31, 2008
**Based on current average P/NAV
Compiled based on Jefferies & Company, Inc. Energy Group Estimates, Marine Money Research, Company information

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Mergers & Acquisitions continued
new markets in India and China. Along with the good news on the
demand side, the current market is characterized by a capacity
squeeze. A growing market combined with consolidation is general-
ly good news for market participants.
Nordea were advisers to HAL while Citi advised APM.
Congratulations to all on a deal well done.
PSA in Acquisition in Argentina –
Deutsche Advises Roman Group
PSA International, a leading global port operator, and
International Port Holdings ("IPH") a wholly-owned subsidiary
Market Commentary
of Global Infrastructure Partners ("GIP"), and Roman Group
The confluence of a credit squeeze, fallen charter rates and ailing
equity markets appears to have set off a wave of consolidation.
While many have been enjoying the good times, there has been no
shortage of market players looking forward to the day when vessel
values would reach their peak and begin to descend. This makes ves-
sel acquisitions more attractive, while stock prices that have fallen
below NAV almost across the board are making public companies
look like increasingly attractive targets.
Even brokers have been getting in on the game, as ICAP Hyde
acquires Capital Shipbrokers, together with its 37 staff in London
and representative and associated offices in Dubai and Beijing.
Rumors also continue to swirl regarding the future of Stamford-
based MJLF.
At the same time the rumors that owners might run into trouble
financing newbuildings are being confirmed. Jinhui Shipping &
Transportation announced this week that it is canceling contracts
for two VLOC (Very Large Ore Carrier) newbuildings ordered in
November 2007 from China Shipbuilding & Offshore
International and Dalian Shipbuilding Industry Co. The total
value of the orders was over $245 million and a total of $4 million
in cancellation fees shall be paid to the yards. Hong Kong-based,
Oslo-listed Jinhui eloquently described the financial considerations
behind its decision:
“Since the subprime mortgage financial crisis unfolds during the past
few months, financial institutions have reduced their willingness to loan
funds to other financial institutions and to corporations in general,
resulting in a global credit crunch. Despite receiving a number of
financing proposals from a number of banks with regards to the financ-
ing of the two VLOCs, proposed terms and conditions from the banks
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have formed a joint venture for a strategic alliance to further devel-
op International Trade Logistics ("ITL"), a privately-owned busi-
ness comprising Argentina's second-largest container terminal and
complementary logistics and warehousing businesses.
Deutsche Bank advised the Roman Group.
The privately-owned Argentinean company operates the Exolgan
Container Terminal, which is located at Dock Sud in Buenos Aires
province.
This is the second deal in the last year between PSA and IPH, which
is a subsidiary of private equity fund Global Infrastructure Partners.
were found to be much less flexible than those previously enjoyed by the
company and its subsidiaries, coupled with a significant increase in cost
of borrowing even when a fifteen-year time charter contract with a first
class Chinese steel mill was in place. The risk-return profile of complet-
ing the First Contract and the Second Contract has thus changed dras-
tically due to persistent negative sentiment clouding the global financial
markets.”
Even so, Capital Product Partners this week announced success in
securing a firm commitment for a new ten-year revolving credit
facility of up to $350 million that is non-amortizing until March
2013. HSH Nordbank and DnB Nor Markets will act as lead
arranger and co-arranger, and the facility carries a rate of LIBOR +
110 basis points and a 32.5 basis point commitment fee. The com-
pany intends to swap the LIBOR portion of any amounts drawn
down into a fixed rate until the end of the non-amortizing period.
The facility is intended to finance up to 50% of the purchase price
of any potential future drop downs of modern tanker vessels from
Capital Maritime & Trading.
That provides hard evidence that German banks are back in the
lending game and that newbuilding finance is available. However
before the summer it seems unlikely CPLP would have needed
announce the facility in advance of vessel acquisitions, while Jinhui’s
move is indicative that cheap credit has a fairly direct inflationary
impact on asset values by increasing owners’ willingness to pay.
Expensive credit should theoretically have the reverse effect.
Also relating to the yard question, Ocean Heavy Lift announced
that two heavylift vessels will not be finished before Chinese New
Year as earlier anticipated due to “heavy workload and adverse
weather conditions”.
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Market Commentary continued
Meanwhile Seacastle yesterday announced that it was postponing
its proposed IPO due to unfavorable market conditions and market
volatility. One might surmise that with investors likely seeking a
lower price, the deal became too expensive from the standpoint of
yield. Certainly, they will be back when things normalize.
All this leads to the five hundred billion dollar question: could con-
solidation, a credit squeeze, tight equity markets, lower freight rates
and unforeseen delays in China help save the shipping market from
the looming specter of oversupply that robust liquid markets have
created?
Debutante
Last week D/S Norden (“Norden”) held its first Capital Markets
Day in New York at the prestigious Four Seasons Hotel. The event
was hosted by Mr. Ivar Hansson Myklebust, EVP and CFO, and
Mr. Martin Badsted, VP & Head of Corporate Secretariat. As this
was the premier event in N.Y., the crowd was relatively small but
high powered and included, among others, key New York shipping
analysts Natasha Boyden of Cantor, Doug Mavrinac of Jefferies,
Glenn Muller from JP Morgan and Michael Webber from
Wachovia. Others in the audience included investors as well as
Peter Shaerf of AMA.
The company allocated three hours for the presentation and Q&A
session and we are struggling how to distill the in-depth presenta-
Figure 1
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tion and do it justice. Objectivity is also an issue as we are ardent
admirers of the company’s rather unique market approach and strat-
egy. With that said, here are our key takeaways and our favorite
slides from their presentation.
Norden is an integrated global operator and owner within the dry
cargo and tanker sectors. As of the 3rd quarter 2007, the company’s
gross fleet consisted of 311 units of which 213 were on the water
and another 98 on order. Since 2000, Norden has demonstrated
strong growth in earnings and capacity. Approximately 80% of the
earnings on an EBITDA basis are derived from the bulk sector. They
attribute the growth to the “software,” exposure to China/India, a
deep and flexible “book,” a very modern core fleet, an asset light
business model and leading positions in supramax, panamax and
product tanker segments. From figure 1, you can get a clearer posi-
tion of where this relative unknown in the U.S. stands compared
with its peers.
Talk about positioning your business for the future. From the time-
line, we saw Norden’s first sailings to Shanghai and Nagasaki
occurred in 1875 and 1876 respectively. There is something to be
said about long-term relationships. We don’t know if the Shikoku
owners were operating then but clearly we can make the connection
as to why Norden has a favored position with them today.
To understand Norden one needs to understand their business
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Market Commentary continued
model (see figure 2). Like a balance sheet that matches assets with
liabilities, Norden constructs a book which matches owned, con-
trolled and chartered assets (capacity) against employment opportu-
nities (coverage). On the capacity side, flexibility is the key.
Depending on their market views as well as short and medium term
opportunities, they can scale the business upward when opportuni-
ties arise or downsize it if necessary. This is accomplished by lever-
aging the fleet. The current active fleet, as of September 30th, con-
sisted of 213 vessels broken down into a core fleet of 70 vessels and
other short-term chartered-in vessels aggregating 163. Remarkably,
the core fleet consists of only 12 owned vessels. A further 36 vessels
are chartered-in with purchase options for terms that range from five
to seven years, with an additional 22 vessels chartered-in for terms
of three years or longer.
What is particularly fascinating for us is how management con-
structs a portion of this capacity so that it minimizes risk while
offering upside through optionality. Key to this capability is the pre-
viously mentioned Shikoku owners. These owners leverage off the
reputation and the financial strength of owners such as Norden to
construct vessels at local yards with local financing in Yen. With the
lower interest rates, the charter rates are very competitive as are the
purchase options. At the conclusion of the charter, Norden has the
option of exercising the purchase option, extending the charter for
a fixed period or re-delivering the vessel.
The coverage side also offers many options. The vessels can be
employed under COAs, time charters out and the spot market.
Management looks at cargo exposure to see if it makes financial
Figure 2
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sense. Norden has shown a preference for the COAs as they allow
the most logistical efficiencies by specifying a certain tonnage to be
moved over a period of time at a fixed price per ton. Being some-
what open-ended or flexible, Norden can nominate the vessel for
that voyage thereby better optimizing vessel usage by minimizing
ballast. It also provides direct contact with cargo sources providing
superior market intelligence. Alternatives include time charters out,
generally for periods of two to five years, FFAs and the spot market.
None of these, however, provide the flexibility and opportunity of
the COAs. Another important aspect of this model is how it fosters
the sale and purchase of vessels. During last year, Norden was able
to sell 16 vessels, taking money off the table without affecting the
operating model.
Each of its Interim Reports includes a chart, Capacity and Coverage,
which portrays the current book both for quarter ended and date
published. Looking forward to the next quarter, the next two years
and then onward, capacity and coverage are shown in ship days with
the latter deducted from the former to calculate net capacity. Also
shown is coverage in percentage terms. The right side of the chart is
calculated in average T/C equivalents and shows costs for gross
capacity (a key managed cost) and revenue from coverage. From
these, one can view a close proxy for EBITDA, EBITDA margin
and perhaps more importantly, the breakeven cost of the fleet going
forward. The latter is somewhat distorted in the near term as it
includes all the short-term vessels, but looking beyond those years
one sees the effective and remarkably low competitive cost of the
owned and chartered-in tonnage.
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Market Commentary continued
Profitability is achieved through the careful management of capaci-
ty against an equally careful selection of coverage. The success of the
business, as they point out, rests on the people, the brand and sys-
tems. An interesting discrepancy to note is the disproportionate
share of profits (75%) that comes from the core fleet which propor-
tionally only represents 27% of the entire fleet. Nevertheless the
short-term charter business is profitable albeit at smaller margins, as
one would expect.
A closer look at the dry cargo business provides some insights into
management’s thinking. Historically, the company has focused on
the handymax (since1985) and panamax (from 2000) size vessels.
On the capesize vessels, the company follows the market and remains
opportunistic. The company’s primary focus has historically been on
the handymax where there are many coverage opportunities and they
can add value. Interestingly, the company saw opportunities in 2007
in the panamax segment and increased their penetration into this
space from a core fleet of 16 by adding 89 vessels on short to medi-
um term charters. It has also expanded its participation in the handy-
size segment at the behest of their customers who required more flex-
ible vessels for their trades. In particular, coal imports into India are
limited by a lack of infrastructure and port restrictions. The handy-
size vessel with its gear provides an easy solution.
Key to understanding Norden’s success is to understand its some-
what unique position as an owner/operator. Both avenues offer the
opportunity to create value as figure 3 demonstrates:
Figure 3
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It is fairly straightforward on the ownership side. Value creation can
be accomplished through sale and purchase activities, Shikoku
transactions and technical management. It becomes far more inter-
esting as an operator. There is, of course, the open book to play with
as well as the potential for new activities. Just this past year, Norden,
for example, took a larger position in the panamax sector and
entered the handysize market as we mentioned earlier.
It is in the closed book where Norden’s strengths and skills become
apparent. There are four opportunities to create value in the closed
book. The simplest is through optionality or the ability to increase
exposure by time chartering in vessels. The second opportunity may
come from the volatility over time on the freight spread between dif-
ferent trading routes. Here the example provided relates to a very
strong Pacific market, which led to a shortage of available tonnage
willing to reposition to the Atlantic and a resulting spike in the
backhaul rate. This enabled Norden to sell the downside risk in
newly negotiated COAs. In the third strategy, Norden benefits from
synergies in trading patterns on multiple COAs by minimizing the
ballast ratio and therefore optimizing income streams. Finally, by
being active in different segments, Norden can take advantage of
spread differentials between vessel types and switch cargos based
upon market conditions. For example, if panamax rates are lower
than handymax, Norden can offer the larger ship, which can carry
more cargo cheaply and split the difference.
Despite fears of recession, Norden’s market view remains upbeat.
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Market Commentary continued
Based upon growing infrastructure in China and India and the com-
mensurate increasing demand for raw materials, they believe their
trades are less sensitive to a possible U.S. recession than in the past.
Demand is further enhanced by the lower quality of China’s ore as
well as the limits to stockpiling. All of which when considered
together signal more cargo flows and increasing demand. Figure 4
shows an interesting perspective on tonnage demand and where it
comes from.
Yes, there is a tanker business too and we shouldn’t neglect it.
Focused mainly on the products trade, the company’s emphasis is
mainly on the handysize and MR tankers with a fleet on the water
of 22 vessels with another 24 on order. It operates its tonnage
through the Norient Product Pool a 50/50 joint venture of Norden
and Interorient Navigation. The pool is the 3rd largest product
pool, behind Handy-Tankers and Torm, and markets in total 43
active vessels with another 39 on order. By marketing through a
pool, Norden enhances its market position through compatible fleet
and scale and is therefore in a position to provide customers with a
better service. Due to differences in market dynamics, the make-up
of the operating fleet is different from the dry. Here the core fleet
comprises 93% of the operating fleet with only 7% short-term char-
ter. In fact, the owned and chartered-in vessels with purchase
options represent together 54%.
Figure 4
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The pool mainly seeks to take advantage of the arbitrage trade in the
Atlantic basin where approximately 80% of their cargo is sourced
and unlike the competition they trade 50/50 in the dirty and clean
markets. By trading both cargos they maximize the laden ratio,
which has averaged 81% over the last three years.
Another revenue enhancer is from their focus on the ice trades in the
Baltic, which provide three to five months of premium rates.
Norient serves this trade, which centers mainly in the FSU and
Europe, with 30 active ice-classed vessels with an additional 12 on
order. In cold winters, with lots of ice, rates during the high period,
December to April, have sometimes spiked to more than double the
normal market rate. However, even in warm winters there is a ben-
efit in that some charterers prefer to hedge their exposure and make
sure ahead of the season that the tonnage will be available.
In terms of the product market, the company noted that despite
substantial fleet growth, rates have remained good and asset prices
remain robust. The IMO product carrier phase-out will offset some
of the fleet growth, although for 2007 only about half the expected
vessel phase out actually took place. The demand side is also a pos-
itive story with increased U.S. oil demand being met by higher
imports of refined products. This demand is subject to the multipli-
er effect due to the greater distance traveled resulting from the
O Thursday, January 31, 2008 O Page 8
Market Commentary continued
capacity constraints on U.S. refineries and the more distant sourc-
ing. Interestingly, the shift from oil to products occurred in the peri-
od between 2002 and 2003 when oil prices started to increase. In a
2012 forecast, the company shows that it is only in North America
that oil demand exceeds refinery capacity. In addition, refined prod-
uct quality specifications have created a geographical dislocation
leading to increased ton-miles. Only 40 to 50% of the refineries can
produce product to the North American standard. A trade has
resulted where the low specification product refined in the U.S. is
sent to South America, for example, with high quality coming back.
By most measures Norden’s numbers are good (see figure 5). Vessel
days have grown substantially to over 60,000 in 2007 with EBIT-
DA and net profits following. Invested capital too has risen but the
company shows remarkable capital efficiency with high ROIC and
ROE which is partially attributable to the asset light model.
Norden takes the view that the industry is too cyclical to have a fixed
dividend policy, although they have historically paid dividends.
With no specific policy, management looks at the company’s future
requirements and retains sufficient cash while paying out the bal-
ance. In this manner, the company has been self-financing from cash
flow.
Figure 4
http://www.marinemoney.com O Marine Money Freshly Minted
Today, the term risk management is on everyone’s mind and Norden
has it. Their main measure is to calculate the Group’s net commit-
ment and compare it to book equity. Net commitment is calculated
by adding t/c payments, known newbuilding payments, known ves-
sel purchases (secondhand or exercise of purchase options) and bank
debt, from which they net known COA income (net of daily run-
ning costs), t/c out coverage, known sales proceeds and cash. The
current limit is that net commitment can be up to 2x book equity.
Despite substantial growth Norden has not exceeded a gearing of
60% since the beginning of 2004.
The balance of the presentation was geared to MIT graduates as Mr.
Myklebust discussed the important issue of options pricing. The
purchase options are as everyone knows extremely valuable but how
valuable and how to portray them are the difficult questions to
answer. For those of a scientific bent, there are calculations and
appendices galore in their presentation.
Should NASDAQ take over OMX, the Nordic exchange, where
Norden’s shares are listed, Norden’s shares could benefit from the
greater exposure. We suggest you take a look at the complete pres-
entation on their website for far more details as well as insights into
this most interesting company.
O Thursday, January 31, 2008 O Page 9
Back to the Futures
By Mike Reardon, Imarex Inc., Email: mr@imarex.com

COB Wednesday 30 Jan: A positive week for the tanker complex. Although there were concerns a few days back about the tanker market
falling off towards last year’s low levels, rates have managed to push up on the VLCCs. The spot rate for double hulled tonnage for the bench-
mark AG/Far East route is about WS 125 (TCE $93,000/day). It appears that Charterers could only hold out so long before stirring up the
hornets nest. The paper market sensed the supply/demand imbalance a few days in advance and began a run up that has left the February
contract at an impressive WS 148 (TCE $119,000/day). FFA volume has been very strong. The equities have been lifted by the rising tide
of the paper and physical markets.

COB Wednesday 30 Jan: Finally some good news on the dry bulk front. After weeks of steep declines, today the Baltic Cape Index rose
1108 points – bringing some much needed optimism to the sector. The paper had already been up on the day, so some level of increase on
the indices had been expected. Although physical reports still point to some weak spots, they are beginning to portray more hope. The
ongoing ore negotiations and flooded coal mines in Australia have teamed up to keep a lid on near term demand - but, these are considered
short-term phenomena. Hope, therefore, remains for the balance of the year. The equities may have finally turned the corner and started a
move back towards more reasonable levels. We are still seeing large variations between individual equities on a daily basis, but the share prices
are clearly trending upward as the volatility continues.

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, January 31, 2008 O Page 10
 Deal Tables & Bond Prices
M&A and Joint Venture Deal Table # = New  = Updated  = For full analysis see Marine Money’s Asia Edition

Acquirer, New Partners, or Parent Seller Advisors Amount (US$ M) Target / New Company Comments

# Excel Maritime Citi and Dahlman Rose $2,450 Quintana Maritime Acquisition for $13 cash + 0.4084
EXM shares per QMAR share,

#
57% premium

Kayne Anderson Capital Advisors Circa $23 6.7% stake in Acquisition of over 2 million shares

#
Double Hull Tankers

Clipper Group Circa $50 DFDS A/S Raised stake in Danish ferry company

#
from 5.66% to 10.04%

Hoegh Autoliners Nordea, Citi 18 car carriers from APM In exchange Maersk to take
37.5% stake in Hoegh

Torm Lazard $125 50% of FR8 Holdings From prominent oil trader Projector

GS Phereclus Holdings Goldman Sachs $50 20% of shipyard Paid in cash by Goldman Sachs
Yangfan Group subsidiary; Plans for IPO in late 2008

Aries Maritime Circa $125 For Sale Entire fleet of 5 containerships for
sale en bloc

 Great Offshore Motilal Oswal $1,400 SeaDragon Offshore Acquiring UK based

semi-submersible rig owner

Erria Tankers Additional 6.6% in Saigon Raised stake in Vietnamese

Shipping Company state-owned company up to
34.1% from 27.5%

Navios Maritime Holdings $112 + 63.8% of Navios South Formation of JV with Horamar
American Logistics Group after long-standing relationship

Bond Deal Table # = New  = Updated  = For full analysis see Marine Money’s Asia Edition
Borrower Arrangers / Advisors Amount Interest Maturity Purpose / Remarks Status
(US$ M) Rate

 Aker Floating Production DnB NOR Markets $150 LIBOR + 2008 9 month bridge financing for tanker conversions Done
400bps

BC Ferries $198 5.58% 2038 Senior secured bonds In Progress

HSH Nordbank HSH Nordbank, Deutsche $1,479 4.25% 2010 First jumbo ship Pfandbrief Placed
Bank and HSBC

Arpeni Pratama Ocean Line PT DBS Vickers Securities $79 2013 and Planning to sell bonds in 1Q08 finance ship acquisitions In Progress
Indonesia and CIMB-GK 2015

Eimskip RBC Capital Markets $545 Debt issue Planned

Golden Ocean ABG Sundal Collier, $200 3.125% - 2012 Convertible bonds payable semi-annually; Done
Nordea 3.625% To fund fleet renewal

 Pacific Basin Goldman Sachs 400 3.30% 2011 To fund existing capital commitments and
potential vessel acquisitions
Done

Precious Shipping Undetermined $1,000 Undet. Undet. Shareholder approved bond offering for Postponed
takeover and/or new tonnage

Eitzen Maritime Services Fearnley Fonds, Nordea NOK 250 NIBOR 2010 To refinance current debt and for In Progress
+3.05% general corporate purposes

Excel Maritime Deutsche Bank Securities $150 1.88% 2027 Convertible at a premium of 55%; overallotment exercised Done

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, January 31, 2008 O Page 11
 Deal Tables & Bond Prices continued
Equity Deal Table # = New  = Updated  = For full analysis see Marine Money’s Asia Edition
Issuer Underwriters / Advisors Amount Structure / Pricing / Comments Status


(US$ M)
Pipavav Shipyard Citigroup, JM Financial and Infrastructire $316 Planned listing of 86,850,000 shares in India Filed
Leasing and Financial Services to fund shipyard construction

Atlas Maritime Undetermined Planning US listing in 2008 Early Stages


First Class Navigation Dahlman Rose, Ladenburg Thalmann $150 15 million share SPAC Filed

Phil Harbor $12 Phillipines shipping group seeks listing in 1Q08 In Progress

 Harbor Centre Port Terminal Inc $74 Phillipines largest non-container port operator In Progress


eyes IPO in 1H08

CSBS Taiwan's largerst shipbuilder seeks domestic listing In Progress


Cosco Corporation Considering a potential listing in China In Progress

Seacastle Citigroup, Bear Stearns, $300 - $345 20 million share IPO of Fortress Investment Postponed
Deutsche Bank, Merrill Lynch Group's vessel and container owning subsidiary

Zim Shipping Undetermined Seeking listing in Hong Kong Rumor

Allco Finance Group $176 New transport and infrastructure fund


Qatar Navigation $50 Acquired a 10.5% stake in United Arab Company Done
for Chemical Carriers


Jasper Investments UOB Asia Up to $263 Proposed a two-for-one rights issue to partly repay In Progress
a $115m bridge loan for the $199m acquisition of
an offshore drilling business
Tata Power $1,000 India's largest private power company seeking Planned
shareholder approval to issue securities for fleet
purchase ship own coal to domestic power plants

 China Shipping Container Lines $2,100 Secondary share offering in Shanghai

priced at top of range
Priced

Top Tankers Deutsche Bank Securities, DVB, $72 Offering of 21 million shares to repay debt and Done
Oppenheimer, Cantor Fitzgerald fund acquisition of six drybulk vessels; 3,150,000
share over-allotment option excercised in full

Efilog Efibanca $117 Launch of new Milan based private equity fund Approved
to focus on shipping and logistics sectors

Prosafe Planned split of Oslo-listed company into separate listed Early Stages
companies; Focused respectively on Accomodation and
Service Rig business and Floating Production business

Finaval SPA Banca Caboto and Unipol Merchant Up to $60 IPO of 10.4 million shares in Milan and to Postponed
institutional investors abroad

Teekay Tankers Citi, Morgan Stanley, ML, Wachovia, DB, $224 Spin-off by Teekay of 9 aframax tankers in Done
JPM, Dahlman Rose, Scotia, Johnson Rice 10 million share NYSE IPO; 1,500,000 share
overallotment option excercised in full


JES International ABN AMRO, OCBC Bank $173 IPO in Singapore was priced at S$0.67 a piece and Done
oversubscribed 2.2x


Mercator Lines Singapore Merrill Lynch, Deutsche Bank $163 To list in Singapore at lower S$0.76 target price in Done
original range; To fund fleet expansion.
Oversubscribed 2.7x

Aker Philadeplphia Shipyard $25 Planned share issue through private placement Done
to finance growth following Aker split

 Cosco Pacific Acquired 20% stake in Suez Canal Container

Terminal S.A.E. (SCCT), the operator of a
Done


terminal in Egypt's Port Said
NOR Offshore UBS $150 Seeking listing in Singapore In Progress

 SPP Shipbuilding Mirae Asset Securitiesand Daewoo Securities $300 Seeking listing in Korea in 2008 In Progress

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, January 31, 2008 O Page 12
 Deal Tables & Bond Prices continued
Bank Debt Deal Table # = New  = Updated  = For full analysis see Marine Money’s Asia Edition
Borrower Arrangers / Buyers Amount Pricing / Purpose / Remarks
(US$ M)

# International Shipholding Undisclosed $59 Fixed rate loan facility at 2.1% plus a .9% margin
Corporation

# Capital Product Partners HSH Nordbank, DnB Nor Markets $350 Ten year non-amortizing revolving credit facility at
LIBOR + 110 bps and a commitment fee of 32.5 bps

TBS International DVB Bank $75 To help fund the purchase of seven tweendeckers;
5 year term priced at LIBOR + 250 bps

 Cido Shipping Group National Federation of Fisheries, $90 15 year Japanese yen refinancing
National Agricultural Cooperative Federation

 Nanjing Tanker Bank of China as mla $193 12 year financing

Corporation

 Jong Shyn Shipbuilding Bank of Taiwan $28 7 year term loan

Seaspan Primarily Chinese/Asian banks $900 Concurrent with newbuild order of 5 containerships;
Long term inetrest rate of 6% with an interest margin


of LIBOR +55 bps
United Arab Shipping $700 To fund the purchase of new ships
Arkas Holding International Financial Corp $45 Loan by World Bank arm to support growth of container
transportation and of Anatolia region economic
development

Navios Maritime Holdings Emporiki Bank $154 Two tranche loan to finance construction of two
drybulk vessels; Priced at L + 80 bps

Lease Deal Table # = New  = Updated  = For full analysis see Marine Money’s Asia Edition
Lessee Lessor(s)/Advisor(s) Amount Structure / Pricing / Comments
(US$ M)
Sanko Allocean $121.40 Purchase from Golden Ocean and 5 year time charter to
Sanko at $48,000/day

Hyundai Merchant Marine Danaos Corporation $90 Purchase and subsequent charter of 3x 1998-built
2,200 TEU containerships for 10 years

 NFC KOMARF Bareboat charter hire purchase of 31,000 dwt product tanker

Zacchelo Atlas Maritime $70.8 Sale and 3 year bareboat back of 115,482 dwt tanker at
undisclosed daily rate

Samho Shipping ABG Sundal Collier KS $40.0 Sale and 8 year bareboat back of 19,924 dwt tanker at $12,000/day

Oldendorff Carriers TBS International $20.0 Excercise of pre-existing purchase options of 7 multipurpose
tweendeck vessels presently leased by TBS

Undisclosed unaffiliated party Stealthgas $115 Purchase and subsequent 7 year bareboat charter to an
international oil trader of 2 new 47,000 dwt product tankers

Undisclosed large international Danaos Corporation $450 Order of 3x 10,100 TEU post panamax containerships to be
liner company placed on 12 year charter upon delivery in 2011

Chervil, Camaiore, Evergreen $60 Sale and leaseback of 4x 2,700 TEU containerships
Sunsplash, Fontanelle

Havila Aerial Havila Shipping $173.40 Sale and leaseback of two vessels for 8 years with purchase
options after the 5th and 8th year

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Deal Tables & Bond Prices continued

Jefferies – High-Yield Shipping Bonds

Offer Price YTW STW Maturity Ratings Call Date Call Price

SHIPPING
Altus Group Ltd

11% Secured Notes due '13 101.000 10.01% 738 04/01/13 –/– 04/01/10 105.500

Britannia Bulk PLC (BBPLC)

11% Senior Secured Notes due '11 100.250 8.87% 569 12/01/11 B3 / B- 12/01/09 103.170

Great Lakes Dredge&Dock (GREATL)

7.75% Sr Sub Notes due '13 95.000 8.86% 590 12/15/13 Caa1 / CCC+ 12/15/08 103.875

Navios Maritime (BULK)

9.5% Senior Notes due 2014 96.500 10.22% 709 12/15/14 B3 / B+ 12/15/10 104.750

Sea Containers (SCR)

10.75% Senior Notes due '06 63.500 10/15/06 WR / NR

7.875% Senior Notes due '08 62.000 02/15/08 WR / NR

12.5% Senior Notes due '09 65.500 12/01/09 –/–

10.5% Senior Notes due '12 63.500 05/15/12 WR / –

Stena AB (STENA)

7.5% Senior Notes due '13 99.000 7.72% 478 11/01/13 Ba3 / BB- 11/01/08 103.750

7% Senior Notes due '16 98.000 7.31% 384 12/01/16 Ba3 / BB- 12/01/09 103.500

Trailer Bridge (TRBR)

9.25% Secured due '11 100.000 9.24% 691 11/15/11 B3 / B- 11/15/08 104.625

SUPPLY VESSELS
Gulfmark Offshore (GMRK)

7.75% Senior Notes due '14 101.500 7.35% 465 07/15/14 B1 / B+ 07/15/09 103.875

Hornbeck Offshore Services (HOS)

6.125% Senior Notes due '14 94.000 7.25% 413 12/01/14 Ba3 / BB- 12/01/09 103.063

Seabulk International (SBLK)

9.5% Senior Notes due '13 107.000 4.89% 281 08/15/13 Ba1 / BBB- 08/15/08 104.750

7.2% Seacor Senior Notes due '09 102.000 5.87% 374 09/15/09 Ba1 / BBB- any time

5 7/8% Seacor Senior Notes due '12 98.000 6.38% 364 10/01/12 Ba1 / BBB- any time

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Deal Tables & Bond Prices continued

Jefferies – High-Yield Shipping Bonds continued

Offer Price YTW STW Maturity Ratings Call Date Call Price

TANKERS
Berlian Laju Tanker

7.5% Senior Notes due '14 75.000 13.53% 1,049 05/15/14 – / B+ 05/15/12 103.750

Golden State Petro (GOLDEN)

8.04% 1St Mortgage due '19 104.978 7.37% 369 02/01/19 Baa2 / BBB- any time MW + 37.5

Overseas Shipholding Group (OSG)

8.25% Senior Notes due '13 102.500 7.33% 493 03/15/13 Ba1 / BB 03/15/08 104.125

8.75% Debentures due '13 106.000 7.46% 450 12/01/13 Ba1 / BB any time MW

7.5% Senior Notes due '24 95.000 8.06% 420 02/15/24 Ba1 / BB NC NC

Ship Finance International Ltd. (SHIPFI)

8.5% Senior Notes due '13 101.000 8.19% 563 12/15/13 B1 / B+ 12/15/08 104.250

Titan Petrochemicals (TITAN)

8.5% Senior Secured Notes due '12 80.000 15.20% 1,258 03/18/12 B3 / B any time MW + 100

Teekay Shipping (TK)

8.875% Senior Notes due '11 106.000 6.89% 441 07/15/11 Ba3 / BB- any time MW + 50

Ultrapetrol Limited (ULTRAP)

9% 1St Mortgage due '14 94.000 10.24% 712 11/24/14 B2 / B 11/24/09 104.500

US Shipping Partners (USS)

13% Secured due '14 98.000 13.47% 1,040 08/15/14 Caa3 / CCC 02/15/11 106.500

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, January 31, 2008 O Page 15
 Marine Money is the premier provider of maritime finance transactional information and maritime deal analysis. Relied upon by shipown-
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