Our holdings

Hansa Africa

Ramlösa Shipping AB has invested 6,3% into ParCon IX AS, which owns the containership 'Hansa Africa' (a 3,534 TEU Panamax scrubber-fitted containership). Ramlösa Shipping AB is a co-investor with Leonhardt & Blumberg, Germany, which will be the new technical and commercial manager. L&B is a long-standing shipowner and operator in the container space. From delivery, the vessel will have a 24-26-month time charter with Maersk. The exposure will be rapidly reduced through solid dividends and debt service capacity. It is estimated to have about 46% dividend and about 45% debt service capacity during the 2-year fixed TC.

Hansa Africa will have a fixed cash flow of 24-26 months' time-charter to a strong counterpart, Maersk. The vessel has already been on a 3-year TC to Maersk before being extended for another 2 years. The vessel has a good design with high reefer capacity and scrubber. Only 5% of the order book and 23% of the fleet are older than 20 years. There is a strong demand outlook for regional trades supporting this vessel type, with favourable return projections and an estimated base case IRR range of 17-31% (4-year scenario). There is good downside protection with a residual risk of USD 8,8m above the recycling value of USD 6,7 m at the end of the time-charter with Maersk.

The vessel's Purchase price is USD 24,08m with an equity investment of USD 14,80m and debt financing of USD 14,45m. The EBITDA under fixed TC is estimated at USD 14,6m, and the estimated payback to recycling value is about 3,3 years.

Leonardo B

Leonardo B, built in 2003, is a 125-meter-long LPG tanker specialized in transporting liquefied petroleum gas (LPG). The vessel is currently chartered under a bareboat contract extending until April 2028, providing a low-risk investment due to the long-term nature of the agreement. The ship operates routes between Brazil and the Caribbean.

In April 2024, Ramlösa Shipping signed the contract for the acquisition of 98.25 percent of the shares in Gasmar IS, which owns 100 percent of the gas tanker Leonardo B, thus gaining access to the vessel. Revenue generation began the same month. At the end of September 2024, the deal was completed, and the transfer of the Leonardo B vessel was finalized. Leonardo B was subsequently sold at book value to Montemare Shipping Company Ltd. In connection with the transaction, Ramlösa Shipping's ownership stake was reduced to 41.2 percent, equivalent to an investment of approximately USD 2.4 million. Ramlösa owns 41.2% of Montemare Shipping Company Ltd. The investment has a cash flow break-even of USD 4,980 per day, and the vessel's cash flow is expected to generate an annual IRR of around 20 percent.

At the contract's expiration in April 2028, the vessel-owning company is expected to be debt-free. At that time, there will be an option either to re-charter the vessel for an additional 2-3 years, if market conditions are favorable, or to allow the charterer to exercise a purchase option for 5.5 million USD, which would represent a return of approximately 18 percent.

Chemtrans Mobile

Chemtrans Mobile, built in 2016, is a 184-meter-long tanker specialized in the transport of chemicals and oil products. The vessel is equipped with advanced tanks and systems for the safe handling of a wide range of liquid cargoes. It operates within the Hafnia Chemicals Handy/MR pool, which demonstrated strong earnings during the first half of 2024. The revenues from this pool are distributed among the shipowners according to a formula that takes into account the vessels' size, age, and performance. The ship services ports in Asia.

In June 2024, Ramlösa Shipping signed a contract to acquire a 7.5 percent ownership stake in Chemtrans Mobile A/S, representing an investment of approximately 1.5 million USD. The vessel's entry date is in October 2024, at which point revenue generation will begin. The average daily earnings for the pool in 2024 have been around 32,590 USD, plus a scrubber benefit of approximately 1,500 USD per day. Market analysts expect this earning level to remain stable in the coming years. The revenues are distributed to the shipowners based on their ownership share.

The investment in Chemtrans Mobile has a cash flow break-even of 21,000 USD per day, and the vessel's cash flow is estimated to generate an annual IRR of approximately 20 percent.

Since Chemtrans Mobile operates in the spot market, there is flexibility for an exit strategy. If market prices rise, the company has the opportunity to sell the vessel, thereby improving the IRR.

Perseus

Perseus, built in 2008, is a 140-meter-long feeder vessel specialized in container transport. The ship is currently chartered under a time charter contract with the Turkish company Akkon Lines for a period of approximately 12 months, generating net income of 13,125 USD per day for the vessel-owning company. The ship serves ports in the Mediterranean.

In July 2024, Ramlösa Shipping signed a contract to acquire a 68 percent majority stake in the vessel Perseus through the owning company Atlantic Feeder III AS, representing an investment of approximately 3 million USD. Ramlösa gained access to the vessel, and revenue generation began in August. The investment has a cash flow break-even of 7,884 USD per day, and the vessel’s cash flow is expected to yield an IRR of around 38 percent over the next 12 months, with an estimated IRR of approximately 28 percent five years after the investment. The projected strong cash flows from the vessel Perseus will allow the loan of the vessel-owning company to be reduced to residual value within two years, minimizing financial risks and ensuring economic stability.

West Dorado

Ramlösa Shipping AB invests USD 388,480 in three drilling vessels.

Eldorado is a private company that owns three high-spec Samsung 96K 12,000 ft design 7th generation ultra-deepwater drillships.
Eldorado raised $120 million in an equity offering at 7 cents per share. Ramlösa Shipping AB was awarded (share) 3,549,714 (USD) 248,479.98

Due to low allocation and a heavily oversubscribed Ramlösa booked a secondary purchase of +2,000,000 shares.

The secondary purchase was made for 7 cents in Eldorado Drilling, which is equal to the issue price.

About the company

• Eldorado has three new-build 7th generation ultra-deepwater (“7G”) drillships built by Samsung Heavy Industries in Korea, namely Zonda, Dorado and Draco
• Zonda and Dorado were delivered in Q1 and Q2 2024, while Draco is expected to be delivered from the yard in December 2024
• Zonda is currently on its way to Brazil for its three-year contract with Petrobras, expected will begin in the first quarter of 2025
• The company actively offers Dorado and Draco for new contracts.

Three state-of-the-art 7G Samsung drillships

• Zonda was delivered on February 24 and is about to start a 3-year contract with Petrobras with $480 million in revenue and $260 million EBITDA backlog
• Dorado delivered April 24th and Draco delivered December 24th – both marketed for present for contracts with multiple tenders in progress
• The newbuilds will remain at the top of the global drillship ranking during foreseeable future, with no further new buildings on the horizon

Attractive entrance

• At a price of $0.07 in the private placement against the last share issue of 18.5 cents corresponds to a market capitalization of USD 116 million against a cost of USD 274 million.
• EV/EBITDA of 3.2x – 4.9x and unleveraged free cash flow yields upwards of 19%

Ramlösa will communicate more details when the contract is awarded in Q1 2025