Current Funds

Dongbuka

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Dongbuka No.6 Ship Investment Company

Name
Dongbuka No.6 Ship Investment Company Co., Ltd.
Classification
Paper Company in possession of one vessel
Establishment
8th September, 2004
Promoter
Korea Marine Finance Corporation
Public Offering
27th and 28th October, 2004
Underwriter
Daewoo Securities, Hyundai Securities, SK Securities
Duration
Approx. 6 years (6 years from the delivery of the ship to the overseas subsidiary company)
Target Asset
One 269,605-ton VLCC (built at Japan’s Kawasaki H.I. shipyard in 1994)
Acquisition Price
Approx. \61.37 billion ($53,500,000)
Structure
  • 1. Debt: Approx. \43 billion (70% of acquisition price) from Korea Development Bank
  • 2. Equity: Approx. \13.7 billion (22% of acquisition price) underwritten by Daewoo Securities, Hyundai Securities, SK Securities
  • 3. Guarantee Deposit: Approx. \6.1 billion (10% of acquisition price) from Hyundai Merchant Marine

* 2% of equity includes expenses for the company’s establishment ($1,323,000).

Expected Earning Rate
Annual 6.2% fixed dividends (Interest type, Dividends paid off every quarter)
Realization
30th November, 2004
Ship management
Hyundai Merchant Marine (Lease agreement contracted for 6 years from the delivery)
Consignment Agreement
  • 1. Ship Investment Management Company : KOMARF
  • 2. Custody Company : Korea Development Bank