Current Funds

Turtle Ship

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Turtle Ship No.1 Ship Investment Company

Name
Turtle Ship No. 1 Ship Investment Company
Classification
Paper company in possession of 7 Korea Coast Guard ships

* Paper company can own several vessels under the Ship Investment Company Act (Article 13 clause 2)

Establishment
11th August, 2006
Promoter
Korea Marine Finance Corporation
Public Offering
10th and 11th October, 2006
Underwriter
Tong Yang Investment Bank, Korea Investment & Securities
Duration
Approx 9 years

*The reimbursement from March to September 2009 on each quarter date returned 7.32%, 50.52%, 41.74% from unredeemed capital

*The remainder about 0.42% on Sept. 2015

Target Asset
  • 7 guard ships for Korea Coast Guard
  • (Three 500-ton and Four 300-ton gurad ships)
Acquisition Price
\144,050,000,000
Earning Rate
Annual 5.0% fixed dividends
Structure
  • 1. Debt: \11,810,000,000 (8.20% of acquisition price)
  • 2. Equity: \101,240,000,000 (Korea Development Bank: 70.28%)
  • 3. Guarantee Deposit: \31,000,000,000 (Korea Coast Guard: 21.52%)
Realization
Korea Exchange listed
Deferred Payment Sale
Turtle Ship No. 1 Ship Investment Company
(Sales on Korea Coast Guard on a deferred payment basis after building)
Ship builder
Hanjin Heavy Industries & Construction Co., Ltd.
Purchase
Korea Coast Guard.