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MOSVOLD SHIPPING LTD Results 4Q and year 2000
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CORPORATE STRUCTURE
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MAJOR EVENTS YEAR 2000 Distribution to shareholders of NOK 1.50 per share totalling NOK 75 million (March) Contracting of three VLCCs with Samsung at USD million (May/July/November) Issue of 15,000,000 shares in a 1:3.444 Rights Issue at NOK 2.00 each (June) and a Private Placement of 10,000,000 shares at NOK 4.00 (August) Refinancing of mortgage loan on Moscliff/Mosocean from USD 6.75 to USD 12 million Entered into a NOK 50 million three year non-negotiable convertible loan with strike price NOK 5.50 a share (Dec) Administration expenses reduced from USD 2.2 to USD 1.2 million on an annual basis
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PROFIT AND LOSS ACCOUNT (figures in 1 000 USD)
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BALANCE SHEET (figures in 1 000 USD)
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FLEET
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FLEET INFORMATION - the VLCCs Moscliff and Mosocean
Sister ships, about 256,000 dwt delivered 1974 High CAP-rating - good technical standard and low bunker consumption Built for and formerly operated by Exxon Acquired 11/93 and 11/96 respectively Converted in 1999 using the ”Protective Location Method” Next intermediate DD Moscliff 05/01 and Mosocean 02/02 To be phased out within Jan 2004 according to the proposed new IMO rules e-fl\1197fl04
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FLEET INFORMATION VLCC Newbuilding contracts
Three 308,000 dwt to be delivered Nov 2001, August 2002 and July 2003 8 sister vessels built for Chevron, SK , BP 11 sister vessels under construction
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EARNINGS ON T/C BASIS per vessel 2000 (USD)
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DAILY OPERATING AND DRY-DOCKING EXPENSES per vessel 1998-2000 (USD)
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OFF HIRE DURING 2000 (Days per ship)
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FIXTURE POSITION as per 13 February 2001
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MARKET DESCRIPTION LARGE TANKERS
Year The strongest tanker market since 1973 Utilization rate for the tanker fleet rose from 84% in 1999 to 90% in 2000 New IMO regulations will most likely phase out 88 million dwt before 2006, or 17.6 million dwt per year as an average 68 U/VLCCs will be 25 years in 2001 and 2002
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EARNING CAPACITY SAMSUNG NEWBUILDINGS vs MOSCLIFF/MOSOCEAN (AG-SINGAPORE)
EARNINGS ON T/C USD Bunker price USD 115 per ton M.CLIFF/OCEAN WS 80 M.CLIFF/OCEAN WS40
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TRADING ROUTES FOR LARGE TANKERS
THE TABLE SHOWS THE NUMBER OF REPORTED VL/ULCC FIXTURES SOURCE: JOHAN G.OLSEN SHIPBROKERS AS
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MOSEAGLE INVEST KS - Owner of VLCC newbuilding contract 1384
Contract price USD 72 million including USD 2 million Mosvold up-grading Delivery November 2001 Instalments to the yard: 3x10% and 70% on delivery (6/00, 11/00, 2/01, 11/01) Partnership capital USD 24.3 million to be paid in three instalments prior to delivery Mosvold participation 52.8% Sale of the ship to follow if and when: The market value appreciates to USD 83 million Partners representing 30% or more decides to sell the vessel
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MOSFALCON INVEST KS - Owner of VLCC newbuilding contract1402
Contract price USD 72.5 million including USD 2 million Mosvold up-grading Delivery August 2002 Instalments to the yard: 3x10% and 70% on delivery (8/00, 4/01, 11/01, 8/02) Partnership capital USD 7.25 million Mosvold participation 100%
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MOSHAWK INVEST KS - Owner of VLCC newbuilding contract 1412
Contract price USD 73.8 million including USD 2 mill Mosvold up-grading Delivery July 2003 Instalments to the yard: 3x10% and 70% on delivery (11/00, 11/02, 01/03, 07/03) Partnership capital USD 7.4 Mosvold participation 100%
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TAXATION §15 B Company as from 17 December 1999
Subject to ordinary 28% taxation on taxable profits in accordance with the Norwegian Taxation Act Tax positions as per 31 December 2000 (unaudited figures): Tax losses brought forward NOK 55 million Timing differences NOK 44 million
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MSL SHAREPRICE Actual/Adjusted for NOK 1.50 distribution
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SENSITIVITY based on 76.65 million shares
T/C RATE MOSCLIFF/MOSOCEAN +/- USD 5,000 PER DAY +/- USD 3,500,000 per year (350 days) in cash flow: +/- NOK 0.40 per share VALUE OF MOSCLIFF AND MOSOCEAN +/- USD 5.0 million per vessel +/- NOK per share VALUE OF SAMSUNG NEWBUILDING CONTRACTS USD 5 million each (about 7%) NOK 1.46 NOK/USD = 8.85
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SUMMARY If scrapping remains at the same level as second half 2000, the active tanker fleet will increase by 1.5% from 2000 to 2001 on an average basis Subject to a soft landing in the US it may be assumed that transportation of crude oil on a ton/mile basis will increase with more than the increase in tanker fleet Mosvold has a VLCC newbuilding program with deliveries 11/01, 8/02 and 7/03 Two 1974 built 256,000 dwt vessels that have passed 5th special survey and been successfully converted with Protective Location. Phase out within January 2004 according to IMO proposal
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