Current Funds

Turtle Ship

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Turtle Ship No.5 Ship Investment Company

Name
Turtle Ship No. 5 Ship Investment Company
Classification
Paper company in possession of 4 Korea Coast Guard Ships

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

Establishment
22nd June, 2009
Promoter
Korea Marine Finance Corp.
Public Offering
24th and 25th August, 2009
Underwriter
Daewoo Securities Co., Ltd. & Shinhan Investment Corp.
Duration
6 years after the delivery of the patrol ships

* Repayment of capital: Principal amount scheduled to be repaid in Feb 2012 through reduction of capital.

* Repayment schedule of capital decrease may be subject to change through directors' meeting.

Target Asset
  • 4 patrol ships for Korea Coast Guard
  • (One 1000-ton, One 500-ton and Two 300-ton patrol ships)
Acquisition Price
\93,270,000,000
Profit Sharing
6.0% fixed dividends annually
Structure
  • 1. Equity: \8,050,000,000
  • 2. Debt: \48,092,087,900: Kyobo Life Insurance Co., Ltd., Daehan Life Insurance Co., Ltd.
  • 3. Guarantee Deposit(Korea Coast Guard): \49,567,000,000
Liquidity
Listed on Korea Exchange
Deferred Payment Sale
Turtle Ship No. 5 Ship Investment Company
(The Turtle ships sold to Korea Coast Guard on a deferred payment basis on delivery)
Buyer
Korea Coast Guard
Ship Builder
Hyundai Heavy Industries Co., Ltd.