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PRIVATE EQUITY AND SHIPPING: WHAT S BEEN DONE SO FAR

PORTFOLIO DISCUSSIONMaritime investing: An income opportunity

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EQUITY AND SHIPPING: WHAT S BEEN DONE SO FAR...

Description

PRIVATE EQUITY AND SHIPPING: WHAT’S BEEN DONE SO FAR Marine Money’s 15th Annual New York Ship Finance Forum November 12,

New York City

John F.

Imhof Jr.,

Partner Maritime and Transportation Finance Group Seward & Kissel LLP

Disclaimers All information set forth on the attached slides has been provided by Marine Money and neither the speaker nor Seward & Kissel LLP has provided or is responsible for this information.

It is difficult to know all of the transactions that have taken place involving shipping and private equity over the last seven years.

Private Equity Investments in Shipping

Number of Private Equity Deals and Participants 40 35 30 25 20 15 10 5 0 2008

Deals PE Participants *  YTD      Source: Marine Money

2014*

Number of Private Equity Deals and Participants 40 35 30 25 20 15 10 5 0 2008

Deals PE Participants *  YTD      Source: Marine Money

2014*

Private Equity Investment in Shipping 8.00 7.00 6.00 5.00

USD  Billion 4.00 3.00 2.00 1.00 0.00 2008

*  YTD      Source: Marine Money

2014*

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in the Crude Tanker Sector PE Participant/Partner

Amount  (USD Million)

Investment

Description

2008 

First Reserve Corporation

Diamond S Shipping LLC

Suezmax Tankers

2010 

Apollo Global Management LLC

Principal Maritime Management 

Suezmax Tankers

2011 

Oaktree Capital Management LP

General Maritime Corp.

Equity Recap

2012 

Oaktree Capital Management LP

General Maritime Corp.

Equity Recap

2013 

BHR Capital, Glendon Capital Management,  GoldenTree Asset Management, Solus  Alternative Asset Management, York Capital

Euronav

Perpetual preferred convertible equity  instrument to partially fund the acquisition of  15 VLCCs from Maersk

TOTAL

1,245

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Crude Tanker Sector PE Participant/Partner

Amount  (USD Million)

Investment

Description

2008 

First Reserve Corporation

Diamond S Shipping LLC

Suezmax Tankers

2010 

Apollo Global Management LLC

Principal Maritime Management 

Suezmax Tankers

2011 

Oaktree Capital Management LP

General Maritime Corp.

Equity Recap

2012 

Oaktree Capital Management LP

General Maritime Corp.

Equity Recap

2013 

BHR Capital, Glendon Capital Management,  GoldenTree Asset Management, Solus  Alternative Asset Management, York Capital

Euronav

Perpetual preferred convertible equity  instrument to partially fund the acquisition of  15 VLCCs from Maersk

TOTAL

1,245

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in the Product Tanker Sector 2008-2012 PE Participant/Partner 2008 

Greenbriar Equity Group LLC Blackstone Group LP, Cerberus Capital  Management Delos Shipping Fund, JV between Omega  Investments Ltd. & Topley Corporation Octavian Maritime Holdings Inc.

WL Ross & Co. LLC Tufton Oceanic Ltd.

Alterna Capital Partners LLC 

Wayzata Investment Partners Wayzata Investment Partners Perella Weinberg Partners LP Blackstone Group LP, Tufton Oceanic Ltd.

Tufton Oceanic Ltd. and clients Alterna Capital Partners LLC TOTAL 2008‐12

Amount (USD Million)

Investment

Description

100 500

Ardmore Shipping Limited American Petroleum Tankers

Product Tankers Jones Act Product Tankers  

Megacore Shipping Ltd.

Product Tankers

SPC Diamond S Shipping LLC Tufton Sharewell Tankers Joint Venture with Mid  Ocean  Marine SPC SPC Prime Marine Inc.

BTS Tanker Partners SPC SPC

Product Tankers Tankers 70% Share of 2 Product Tankers Jones Act Product Tanker

27 30

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Product Tanker Sector 2008-2012 PE Participant/Partner 2008 

Greenbriar Equity Group LLC Blackstone Group LP, Cerberus Capital  Management Delos Shipping Fund, JV between Omega  Investments Ltd. & Topley Corporation Octavian Maritime Holdings Inc.

WL Ross & Co. LLC Tufton Oceanic Ltd.

Alterna Capital Partners LLC 

Wayzata Investment Partners Wayzata Investment Partners Perella Weinberg Partners LP Blackstone Group LP, Tufton Oceanic Ltd.

Tufton Oceanic Ltd. and clients Alterna Capital Partners LLC TOTAL 2008‐12

Amount (USD Million)

Investment

Description

100 500

Ardmore Shipping Limited American Petroleum Tankers

Product Tankers Jones Act Product Tankers  

Megacore Shipping Ltd.

Product Tankers

SPC Diamond S Shipping LLC Tufton Sharewell Tankers Joint Venture with Mid  Ocean  Marine SPC SPC Prime Marine Inc.

BTS Tanker Partners SPC SPC

Product Tankers Tankers 70% Share of 2 Product Tankers Jones Act Product Tanker

27 30

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Product Tanker Sector 2013-2014 YTD PE Participant/Partner

Investment

Description

5 MR Tankers

Ridgebury Tankers Capital Product Partners Newco d'Amico International Shipping  Navig8 Chemical Tankers

Product Tankers (Primary focus on Suezmax)

Pacific Alliance Group

Nordic Shipholding

Pacific Alliance Group

BW Pacific

JV with BW group with initial fleet of 10 MRs  from  Vitol

 initial fleet will include BW's 10 MRs  and 17 LR1s

2014  YTD

Amount (USD Million)

5 MRs from Torm 2% share in DIS New Venture Ordered 6 Firm 37,000 DWT IMO‐2  Chemical Tankers with Options for 6 more 75% stake in Nordic Shipholding in exchange for  acquiring $58 million of the company's debt  through entity named Nordic Maritime

Avista Capital Partners Apollo  Global Management

150 118

SEACOR Philly Tankers venture with Aker  Philadelphia Shipyard and  American Shipping Company

Non‐controlling interest in Jones Act tanker Two Jones Act product tankers: Aker ($58.5  million, 54%) Apollo ($36 million, 26%), ASC ($25  million, 20%)

Alterna Capital Partners LLC

Newbuildings

6 Handysize Newbuild Product/Chemical Tankers

TOTAL 2013‐14 YTD 1,281 TOTAL 2008‐14 YTD 3,572 Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Product Tanker Sector 2013-2014 YTD PE Participant/Partner

Investment

Description

5 MR Tankers

Ridgebury Tankers Capital Product Partners Newco d'Amico International Shipping  Navig8 Chemical Tankers

Product Tankers (Primary focus on Suezmax)

Pacific Alliance Group

Nordic Shipholding

Pacific Alliance Group

BW Pacific

JV with BW group with initial fleet of 10 MRs  from  Vitol

 initial fleet will include BW's 10 MRs  and 17 LR1s

2014  YTD

Amount (USD Million)

5 MRs from Torm 2% share in DIS New Venture Ordered 6 Firm 37,000 DWT IMO‐2  Chemical Tankers with Options for 6 more 75% stake in Nordic Shipholding in exchange for  acquiring $58 million of the company's debt  through entity named Nordic Maritime

Avista Capital Partners Apollo  Global Management

150 118

SEACOR Philly Tankers venture with Aker  Philadelphia Shipyard and  American Shipping Company

Non‐controlling interest in Jones Act tanker Two Jones Act product tankers: Aker ($58.5  million, 54%) Apollo ($36 million, 26%), ASC ($25  million, 20%)

Alterna Capital Partners LLC

Newbuildings

6 Handysize Newbuild Product/Chemical Tankers

TOTAL 2013‐14 YTD 1,281 TOTAL 2008‐14 YTD 3,572 Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in the Dry Bulk Sector 2009-2012 PE Participant/Partner 2009  2010 

2011 

Fortress Investment Group LLC Kelso & Company LP Cartesian Capital Group LLC Alterna Capital Partners LLC Oaktree Capital Management LP,  Peter  Georgiopoulos, Lion Cao Private Equity Tufton Oceanic Ltd.

Corbin Robertson Jr., Natural Resource  Partners LP, Riverstone LLC Oaktree Capital Management LP DF Energy Acquisition LLC

TOTAL 2008‐12

Amount  (USD Million)

Investment

Description

Clipper Bulk USA Inc Delphin Shipping LLC Bulk Partners Limited Joint  Venture with Western Bulk Maritime Equity Partners

25 150

SPC Quintana Shipping Ltd.

Handysize Bulk Carriers Supramax Bulk Newbuildings Bulk Carriers Bulk Newco Acquisition of 12 Drybulk Ships of  Various Sizes Supramax Bulker Kamsarmax

Oceanbulk Shipping LLC Castleton Commodities  International LLC 

Opportunistic Bulk Carriers

1,915

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Dry Bulk Sector 2013-2014 YTD PE Participant/Partner 2013 

2014  YTD

Amount  (USD Million)

Investment

Description

147 40

JV with Louis Dreyfus Armateurs Star Bulk Carriers

4 x Handysize Drybulkers Combined 18.6% of Star Bulk in Rights Offering

Nautical Bulk Holdings

8 Ultramax Newbuildings

Carlyle Group Garrison Investment Group York Capital

Strategic Value Partners Oaktree Capital Management (Star Bulk),  Angelo Gordon

7 635

Interlink Pioneer Maritime Deiulemar Shipping through ABY  Holding Ltd.

Genco Shares Excel Maritime Carriers

Roullier, Group BPCE Oaktree Capital Management, Monarch  Alternative Capital WL Ross & Co. LLC, Conti Group, Fearnley  Advisors, Solus Alternative Asset  Management

TOTAL 2013‐14 YTD TOTAL 2008‐14 YTD

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Dry Bulk Sector 2013-2014 YTD PE Participant/Partner 2013 

2014  YTD

Amount  (USD Million)

Investment

Description

147 40

JV with Louis Dreyfus Armateurs Star Bulk Carriers

4 x Handysize Drybulkers Combined 18.6% of Star Bulk in Rights Offering

Nautical Bulk Holdings

8 Ultramax Newbuildings

Carlyle Group Garrison Investment Group York Capital

Strategic Value Partners Oaktree Capital Management (Star Bulk),  Angelo Gordon

7 635

Interlink Pioneer Maritime Deiulemar Shipping through ABY  Holding Ltd.

Genco Shares Excel Maritime Carriers

Roullier, Group BPCE Oaktree Capital Management, Monarch  Alternative Capital WL Ross & Co. LLC, Conti Group, Fearnley  Advisors, Solus Alternative Asset  Management

TOTAL 2013‐14 YTD TOTAL 2008‐14 YTD

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in the Container Sector 2009-2014 YTD PE Participant/Partner 2009  2010 

2013 

Amount (USD Million)

Investment

Description

Eton Park Capital , Rhone Capital  Kelso & Company LP Kelso & Company LP Littlejohn & Co., Northern Shipping Funds Yildirim Group Carlyle Investment Management, Tiger  Group  Oaktree Capital Management LP Fonds Stratégique d'Investissement SA Yildirim Group Seaborne Intermodal (Lindsay Goldberg ) Kelso & Company LP Ontario Teachers Pension Plan Oaktree Capital Management LP York Capital Management

Euromar LLC Cronos Ltd.

Poseidon Container Holdings LLC Soundview Maritime LLC CMA‐CGM SA Newco

Container Vessels Containers Containers Containers Container Line Newbuilding Container Ships

Rickmers Holding GmbH & Cie.

CMA‐CGM SA CMA‐CGM SA Container Acquisition from Buss  Technomar Shipping SeaCube Container Leasing Ltd.

Oceanbulk Shipping LLC Joint Venture with Costamare

IPSA Capital (Klaus Nyborg) Apollo  Global Management

Joint Venture with Rickmers

8 x 5,370 TEU Newbuild Containerships  Container Line Container Line 275,000 Containers 2 x 6,900 TEU Container Ships 507,000 Containers (795,000 TEU) 6 x 9,000 TEU Newbuild Containerships Costamare will own up to 49%, two year  investment period, 6 year term 5 x  2004‐built 1850 TEU containerships JV to Initially Invest in Secondhand Containerships

Embarcadero Maritime Stake in Unifeeder

9 Feeder Container Vessels from Commerzbank Acquired from Nordic Capital

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in the Container Sector 2009-2014 YTD PE Participant/Partner 2009  2010 

2013 

Amount (USD Million)

Investment

Description

Eton Park Capital , Rhone Capital  Kelso & Company LP Kelso & Company LP Littlejohn & Co., Northern Shipping Funds Yildirim Group Carlyle Investment Management, Tiger  Group  Oaktree Capital Management LP Fonds Stratégique d'Investissement SA Yildirim Group Seaborne Intermodal (Lindsay Goldberg ) Kelso & Company LP Ontario Teachers Pension Plan Oaktree Capital Management LP York Capital Management

Euromar LLC Cronos Ltd.

Poseidon Container Holdings LLC Soundview Maritime LLC CMA‐CGM SA Newco

Container Vessels Containers Containers Containers Container Line Newbuilding Container Ships

Rickmers Holding GmbH & Cie.

CMA‐CGM SA CMA‐CGM SA Container Acquisition from Buss  Technomar Shipping SeaCube Container Leasing Ltd.

Oceanbulk Shipping LLC Joint Venture with Costamare

IPSA Capital (Klaus Nyborg) Apollo  Global Management

Joint Venture with Rickmers

8 x 5,370 TEU Newbuild Containerships  Container Line Container Line 275,000 Containers 2 x 6,900 TEU Container Ships 507,000 Containers (795,000 TEU) 6 x 9,000 TEU Newbuild Containerships Costamare will own up to 49%, two year  investment period, 6 year term 5 x  2004‐built 1850 TEU containerships JV to Initially Invest in Secondhand Containerships

Embarcadero Maritime Stake in Unifeeder

9 Feeder Container Vessels from Commerzbank Acquired from Nordic Capital

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in Shipping Debt 2012-2014 YTD PE Participant/Partner 2012 2013 

2014  YTD

TOTAL

Amount (USD Million)

Investment

Description Loan Portfolio Circa $150m in Bank Debt (for 60‐70 cent range)  (Bulk) Deutsche Bank forgave remaining FreeSeas debt Establishment of an Asset‐Backed Merchant  Banking Venture with $580 Million Committed  Start‐Up Capital Syndicated debt led by RBS along with WestLB,  Bank of China, Lloyds TSB Bank, Santander, SMBC,  CIC (Bulk)

Oaktree Capital Management Oaktree Capital Management, Goldman  Sachs Magna Group KKR

750 150

Lloyds Banking Group plc Loans Excel Maritime Bank Debt

11 580

FreeSeas Debt  Maritime Finance Company

Bank of America, Brigade Capital  Management, Canyon Capital Advisors,  Midtown Acquisitions, Oaktree Capital  Management, Onex Capital Partners,  Planning Capital Unknown buyers

Eagle Bulk Debt

Genco Bank Debt

Purchase from DNB (Bulk)

Davidson Kempner Oaktree Capital Management KKR

Lloyds Banking Group Loans Commerzbank Loans Berlian  Laju Tankers Debt

Davidson Kempner KKR, York Capital, SC Lowey, Onex

400 513

Lloyds Banking Group Loans Berlian Laju Tankers Debt

Loan Portfolio 13 Chemical Tankers (Chemical) Senior secured syndicated loan from BNP Paribas  and Nordea at high 60s (Chemical/Gas Tankers) $500 million of loans, reportedly at 80% MLA consortium of DNB, ING, Standard Chartered,  NIBC, BNP Paribas, Nordea, SEB have sold all of  their debt (originally $685 million) at between 70  and 80 cents (Chemical/Gas Tankers)

4,944

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in Shipping Debt 2012-2014 YTD PE Participant/Partner 2012 2013 

2014  YTD

TOTAL

Amount (USD Million)

Investment

Description Loan Portfolio Circa $150m in Bank Debt (for 60‐70 cent range)  (Bulk) Deutsche Bank forgave remaining FreeSeas debt Establishment of an Asset‐Backed Merchant  Banking Venture with $580 Million Committed  Start‐Up Capital Syndicated debt led by RBS along with WestLB,  Bank of China, Lloyds TSB Bank, Santander, SMBC,  CIC (Bulk)

Oaktree Capital Management Oaktree Capital Management, Goldman  Sachs Magna Group KKR

750 150

Lloyds Banking Group plc Loans Excel Maritime Bank Debt

11 580

FreeSeas Debt  Maritime Finance Company

Bank of America, Brigade Capital  Management, Canyon Capital Advisors,  Midtown Acquisitions, Oaktree Capital  Management, Onex Capital Partners,  Planning Capital Unknown buyers

Eagle Bulk Debt

Genco Bank Debt

Purchase from DNB (Bulk)

Davidson Kempner Oaktree Capital Management KKR

Lloyds Banking Group Loans Commerzbank Loans Berlian  Laju Tankers Debt

Davidson Kempner KKR, York Capital, SC Lowey, Onex

400 513

Lloyds Banking Group Loans Berlian Laju Tankers Debt

Loan Portfolio 13 Chemical Tankers (Chemical) Senior secured syndicated loan from BNP Paribas  and Nordea at high 60s (Chemical/Gas Tankers) $500 million of loans, reportedly at 80% MLA consortium of DNB, ING, Standard Chartered,  NIBC, BNP Paribas, Nordea, SEB have sold all of  their debt (originally $685 million) at between 70  and 80 cents (Chemical/Gas Tankers)

4,944

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment by Sector 3.50 3.00 2.50 2.00 USD  Billion 1.50 1.00 0.50 0.00 2008

Crude Product Bulk Container *  YTD      Source: Marine Money

2011 Other

2014*

Private Equity Investment in Other Sectors 2008-2014 YTD

PE Participant/Partner

Amount  (USD Million)

Investment

Description

150 250

Intermarine LLC ACS Shipping (Allocean Singapore)

Project Cargo / US Flag Offshore / Aframax / Supramax / Containerships

Gulmar Offshore Limited Iremis (fka Gulmar Offshore Ltd.) Odfjell Terminals BV Beluga Shipping GmbH Wellard Group Holdings Pty Ltd.

Ceres Hellenic Shipping Enterprises  SUMO Shipping V.Ships Navigator Gas Transport PLC

Offshore Offshore Terminals Heavy Lift Livestock LNG Tankers Project Cargo Ship Management 19.4% Stake (LPG)

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in Other Sectors 2008-2014 YTD

PE Participant/Partner 2012  Oaktree Capital Management LP WL Ross & Co. LLC CHAMP Private Equity Pte Ltd.

Southern Cross Latin America PE Funds Lindsay Goldberg LLC 2013 Nordic Capital Delos Shipping Fund, Tennenbaum Capital Eton Park Capital Management LP Blackstone Tactical Opportunities Apollo Global Management 2014  Tennenbaum Capital YTD Oaktree Capital Management, Breakwater Capital

Pavilion Energy (subsidiary of Temasek Holdings) TOTAL 2012‐14 YTD TOTAL 2008‐14 YTD

Amount  (USD Million)

Investment

Description

Floatel International Navigator Gas Transport PLC Miclyn Express Offshore Ltd.

Ultrapetrol Odfjell Terminals BV Unifeeder A/S 80% of Koenig KG Goldenport Holdings Inc.

Joint Venture with Eletson Gas  Aker Philadelphia Euroseas Ltd.

Odfjell Joint Venture

BW Pavilion LNG

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Private Equity Investment in Other Sectors 2008-2014 YTD

PE Participant/Partner 2012  Oaktree Capital Management LP WL Ross & Co. LLC CHAMP Private Equity Pte Ltd.

Southern Cross Latin America PE Funds Lindsay Goldberg LLC 2013 Nordic Capital Delos Shipping Fund, Tennenbaum Capital Eton Park Capital Management LP Blackstone Tactical Opportunities Apollo Global Management 2014  Tennenbaum Capital YTD Oaktree Capital Management, Breakwater Capital

Pavilion Energy (subsidiary of Temasek Holdings) TOTAL 2012‐14 YTD TOTAL 2008‐14 YTD

Amount  (USD Million)

Investment

Description

Floatel International Navigator Gas Transport PLC Miclyn Express Offshore Ltd.

Ultrapetrol Odfjell Terminals BV Unifeeder A/S 80% of Koenig KG Goldenport Holdings Inc.

Joint Venture with Eletson Gas  Aker Philadelphia Euroseas Ltd.

Odfjell Joint Venture

BW Pavilion LNG

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

What Kinds of Investments Is Private Equity Making

Direct investment through common and preferred equity

Acquisitions

Joint ventures

Mezzanine and subordinated debt financing

Bridge financing

Sale-leaseback transactions

Acquisition of distressed shipping debt,

often followed by enforcement or restructuring

Private Equity Exits from Shipping

Selected Private Equity Exits from Shipping $1,000 $962

$157 2014

Source: Marine Money.

Although the speaker and Seward & Kissel LLP have advised participants in many of the transactions described on these slides,

neither the speaker nor Seward & Kissel LLP has provided any of the information contained therein.

Greenbriar

- APT

What’s Next f