2017.09.Company presentation Shipsinvest ASPP€¦ · Holds a Bachelor of Commerce (BComm) degree with specialization in banking and finance from University College Dublin, ... December

SHIPSINVEST AS

- High dividend, low operational risk -

COMPANY PRESENTATION

September 2017

i. Introduction to Shipsinvest AS

ii. Investment strategy

iii. Key financials

iv. Appendix 1: Detailed project info

v. Appendix 2: Market information

2

� SHIPSINVEST invests in single purpose ship owning companies

� SHIPSINVEST main focus is service vessels for the offshore oil industry and fish farming industry

� SHIPSINVEST aims to pay quarterly dividends to the shareholders

� SHIPSINVEST has a historical average dividend level of approx. 9,5 % p.a.

� SHIPSINVEST expects to deliver an IRR for each project in the range of 15 – 20 % (incl. sales proceeds)

� SHIPSINVEST invests in vessels with long term BB/TC contracts with solid counterparts

� SHIPSINVEST has an attractive and diversified portfolio of offshore service vessels and live fish carriers

Shipsinvest - Introduction

3

� Shipsinvest AS was established in 2010 as a financial ship owning company

� Shipsinvest has invested approx. NOK 300 mill. in 7 vessels

� Sydvestor AS is administration manager for Shipsinvest AS and for the ship owning companies based on management agreements on ordinary commercial terms

� Representatives of the administration manager represents Shipsinvest AS in the BOD in the ship owning companies

Shipsinvest - Who we are

4

40,91 %

Sydvestor Troll DIS

MV Havila Troll(2003)

Stand-by/ Rescue vessel

Since June 2010

Seacor Grant DIS

MV Seacor Grant (2008)

Anchor Handling Tug Supply Vessel

(AHTS)

Since July 2010

� Shipsinvest invests in single purpose companies (SPC`s) owning Vessels with long term BB/TC contracts with solid counterparts

� 60 shareholders as per date

� Non or limited operational risks secured with “step-in arrangements” on the TC-contracts and incentive based purchase options and/or “sales triggers”

The Shipsinvest structure

5

Volstad Construction AS

MV Grand Canyon(2012)

Construction vessel

Since October 2012

Grand Canyon II AS

MV Grand Canyon II(2015)

Construction vessel

Since April 2015

Inter Caledonia AS

MV Inter Caledonia(2016)

Live fish Carrier

Since March 2016

Shipsinvest LFC AS

21,68 %70% 34%25%

Shareholders

MV Roy Kristian(2001)

Live Fish Carrier

Since May 2015

MV Christine(2001)

Live Fish Carrier

Since May 2015

100%

Magnus Vaaler

� Vice President in Offshore Merhant Partners AS� Broad experience from equity and debt financing

projects, sale/leasebacks, asset sales/purchases and start-ups and restructurings of companies in the shipping industry

� Holds a Bachelor of Commerce (BComm) degree with specialization in banking and finance from University College Dublin, Ireland

Management and Board of Directors with extensive shipping and capital market experience

Ole-Reinhart Notø – Chairman of the Board

� Lawyer and investor with extensive experience from shipping industry, maritime industry, M & A etc

� Partner in the Norwegian law company Adviso

� Former partner in Schjødt

Frede Uldbæk

� Managing Partner in Sydvestor AS� Experienced director and executive as CFO

from Danish and Norwegian maritime industry, ship owning companies and ship operation of deep sea fishing and offshore service vessels

� Partner in several investment companies

Bjarni Armannsson

� Computer engineer from University of Iceland and MBA from IMD in Lausanne

� CEO of Islandsbanki in Iceland from 1997-2007� Operating director for the private equity firm

Paine&Partners� Today private investor and has industrial

holdings in Iceland as well as operating within shipping and the offshore industry

Jostein Sætrenes, CEO

� Experienced executive as CFO and Director from companies within offshore shipping and finance. CEO from ship owning/ship operation and Bank

� Extensive international experience as Director of Boards in shipping companies, shipyards and financing institutions

Board of DirectorsManagement

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Directors and management are shareholders in Shipsinvest AS

Dag Ulstein Kristensen

� Chairman and owner of DUK Invest AS� Experienced investor in the maritime

industry and ship owing companies

Palmar Gjerde

� Chairman and owner of Gjerde Invest AS� Experienced investor in the maritime

industry and ship owing companies

Shareholders as per September 2017

� 59 shareholders as per August 2017

7

No

A-shares

No

B-shares

No

C-shares

Total

shares% Represented by

Offshore Merchant Partners GP AS 20 924 1 20 925 36,37 % Magnus Vaaler, board member

Sun Equity AS 3 054 3 054 5,31 % Jostein Sætrenes, CEO

Sydvestor AS 2 907 2 907 5,05 % Frede Uldbæk, board member

Imagine Capital AS 2 500 2 500 4,34 % Bjarni Armannsson, board member

DUK Invest AS 1 857 1 857 3,23 % Dag Kristensen, board member

Hareid Elektriske AS 1 755 1 755 3,05 %

Gjerde Invest AS 1 654 1 654 2,87 % Palmar Gjerde, board member

Pyrofabrikken AS 1 600 1 600 2,78 %

Inger M. Kristensen AS 1 485 1 485 2,58 %

Jeasimo AS 1 361 1 361 2,37 %

Stig Ulstein AS 1 360 1 360 2,36 %

EMAR Invest AS 1 316 1 316 2,29 %

Soltun Invest AS 1 028 1 028 1,79 %

Ulstein Kulen AS 868 868 1,51 %

Laponie AS 720 720 1,25 %

Vikingo AS 664 664 1,15 % Frede Uldbæk, board member

Huk Invest AS 658 658 1,14 %

Palmar Gjerde 636 636 1,11 % Palmar Gjerde, board member

Stig Rune Løvold 620 620 1,08 %

Harald Invest AS 600 600 1,04 %

Evo Holding AS 600 600 1,04 %

Others 9 134 9 372 16,28 % Ole Reinhart Notø, chairman (0,8%)

Total shares 36 615 20 924 1 57 540 100,0 %



iii. Key financials



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Investment and Financial strategy

� Mission

� To build a company with Vessels with long-term

employment, risk diversification and stable

dividend capacity

� Target segments

� Supply vessels (AHTS and PSV)

� Offshore installations/subsea vessels

� Live Fish Carriers (LFC)

� Support vessels for the fish farming industry

� Passenger and Car Ferries

� Minimum return on investment

� The aim is to pay minimum 7,5% annual repayment

of invested capital (target 10%)

� Minimum IRR of 15% over the investments lifetime

(target 20%)

� Ordinary and preference capital structure to increase

IRR

� Exit

� Put/call options, sales triggers or other exit

mechanism

Investment Strategy Financial Strategy

� Sound financial profile

� Equity ratio of 25-35% at startup of project

� Long-term fixed contracts provide stable

earnings through market cycles

� Stable dividend profile

� Secure financing ahead of committing to new

transactions

� Diversify debt sources

� Bank debt

� Export Credit Agencies

� Bonds

� Strong existing bank relationship

� Established lending relationships with several

banks

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Attractive portfolio of vessels

M/V Havila Troll (2003)

Stand-by Rescue Vessel

Since June 2010

Owner share: 70 %

M/V Seacor Grant (2008)

Anchor Handling Tug Supply Vessel (AHTS)

Since July 2010

Owner share: 21,68 %

M/V Grand Canyon (2012)

Subsea/Construction vessel

Since October 2012

Owner share: 25 %

M/V Grand Canyon II (2015)

Subsea/Construction vessel

Since April 2015

Owner share: 34 %

M/V Roy Kristian (2001)

Live Fish Carrier

Since May 2015

Owner share: 100 %

M/V Christine (2001)

Live Fish Carrier

Since May 2015

Owner share: 100 %

M/V Inter Caledonia (2016)

Live Fish Carrier

Since march 2016

Owner share: 40,91 %

10

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Vessel name Counterparty Contract ExitEnd of firm

periodT/C security 2027 2028 2029

M/V Havila Troll Havila Shipping ASA Bareboat Purchase option Nov 2024 Statoil

M/V Seacor Grant GSPC Time Charter Sales triggerDecember

2017GSPC

M/V Grand Canyon Canyon Offshore Ltd Time CharterPurchase option

and sales triggerOct 2019 Canyon Offshore

M/V Grand Canyon II Canyon Offshore Ltd Time CharterPurchase option

and sales triggerApr 2021 Canyon Offshore

M/V Christine Intership Norge AS Bareboat Dec 2018 Grieg Seafood

M/V Roy Kristian Intership BC Corp Bareboat Aug 2019 Marine Harvest

M/V Inter Caledonia Intership AS BareboatPurchase option

and sales triggerMarch 2023 Marine Harvest

20262011 2012 2013 2014 2015 2016 2023 2024 20252017 2018 2019 2020 2021 2022

= Contract period = Option period = Construction period



iii. Key financials



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Net repayments from investments

* Actual annual average dividend from date of investment incl 2016

** Estimated annual average dividend throughout the firm contract period

*** Higher expected relative IRR (25,1%) for ordinary capital due to a 14% IRR «cap» for preference capital (based on sale of all vessels after 8 years).

***

13

***

Actual Budget

9,6 % 11,1 % 11,4 % 10,0 % 10,7 % 2,5 % 9,2 % 7,5 %

Actual Budget

M/V Havila Troll 70 % 12,6 % 9,8 % 12,9 % 15,7 % 18,0 % 0,0 % 11,5 % 13,6 % 14,5 % 20,0 %

M/V Seacor Grant 21,68 % 18,1 % 20,0 % 14,9 % 7,4 % 7,0 % 0,0 % 11,2 % NA NA 20,0 %

M/V Grand Canyon 25 % 8,6 % 12,9 % 10,5 % 0,0 % 8,0 % 9,1 % 12,4 % 17,5 %

M/V Inter Caledonia (from Q2 2016) 40,91 % 0,0 % 4,7 % 4,7 % NA 13,4 % 20,0 %

M/V Grand Canyon II (from Q2 2015) 34 % 0,0 % 0,0 % 0,0 % NA 14,7 % 18,5 %

M/V Christine (from Q2 2015) 100 % 13,5 % 17,8 % 15,7 % NA 13,6 % 22,0 %

M/V Roy Kristian (from Q2 2015) 100 % 20,3 % 15,9 % 18,1 % NA 18,7 % 22,0 %

2016

2016

(actual)

2011 2012 2013 2014 2015

Actual paid dividend to investors in Shipsinvest AS

Average dividend p.a.

Budget

Net dividend to shareholders in Shipsinvest AS

Average dividend from

date of investment incl

2016

Actual paid dividend from investments

2011

(actual)

2012

(actual)

2013

(actual)

2014

(actual)

2015

(actual)

Avg annual

dividend

for chart

period

Vessel name Ownership IRR

Key financials

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All figures in NOK 2013 2014 2015 2016 Q2 2017

Profit after tax 10 981 601 -415 817 28 464 899 16 804 478 21 750 482

Fixed assets 147 840 945 160 082 479 619 590 508 581 834 537 581 075 607

Current assets 2 709 704 1 676 065 26 233 776 35 611 491 14 466 005

Total assets 150 550 649 161 758 544 645 824 284 617 446 028 595 541 612

Equity 128 256 378 142 240 561 313 193 948 332 556 009 351 588 874

Debt 22 294 271 19 517 983 332 630 336 284 890 019 243 952 738

Total equity and debt 150 550 649 161 758 544 645 824 284 617 446 028 595 541 612

Total cash payments recieved from investments 14 965 098 17 291 580 29 969 225 7 754 580 7 534 018

Total cash payments to shareholders 14 400 000 15 600 000 25 851 233 9 667 507 2 629 918

Dividend to shareholders in % of paid in equity 11,45 % 10,00% 10,74 % 2,50 %/ 5 % 0,00 %/2,50 %

In 2016 the A-Shareholders received repayment of 2,5% and the Pref. shares receieved 5 % repayment.

As per June 2017 the A-Shareholders have not revceived any payment. The Pref.sharees had received 2,5 % repayment.

Debt overview – attractive long term financing in place

15

Single Purpose Company Vessel nameOriginal facility

amount

Outstanding amount

Per 30/6-17Profile Interest rate

Shipsinvest AS

uncalled capital

Sydvestor Troll AS/DIS M/V Havila Troll USD 44 mill. USD 16,3 mill. 8 year LIBOR + 2,65% NA

Seacor Grant DIS M/V Seacor Grant USD 24,5 mill. USD 4,1 mill. 7 year LIBOR + 3,35% NA

Volstad Construction AS M/V Grand Canyon NOK 575 mill. NOK 394 mill. 15 year Approx. 6,0% fixed NOKm 14,1

Inter Caledonia AS M/V Inter Caledonia NOK 150 mill. NOK 134,3 mill. 12 year NIBOR + 3,50% NA

Volstad Construction II AS/KS M/V Grand Canyon II NOK 585 mill. NOK 507 mill. 15 year Approx. 5,25% fixed NOKm 19,9

Christine AS M/V Christine NOK 42 mill. NOK 35 mill. 12 year NIBOR + 3,60% NA

Roy Kristian AS M/V Roy Kristian NOK 48,7 mill. NOK 40,5 mill. 12 year NIBOR + 3,60% NA

� Attractive quarterly dividend and attractive IRR for ordinary capital due to a 14% IRR «cap» for preference capital

� Substantial contract backlog provides stability and visibility in future earnings and dividend capacity

� Management and BoD with extensive experience in sourcing and executing transactions

Shipsinvest - Summary

16

Ordinary capital (A shares) and preference capital (B and C shares)

• Share classes:

o 63,63% of the company shares are ordinary shares («A» shares)

o 36,37% of the company shares are preference shares (B and C shares)

• B and C shares are not entitled to sales proceeds on MV Havila Troll

• The preference capital:

1. Preferred dividend 10% annual

2. IRR cap 14%

3. Preference capital will be redeemed:

o Listing (IPO)

o After 4 years

o Sales proceeds from vessel sales

o Exit mechanism (2019-2023 – put/call)

• Preference capital gives a substantial upside for ordinary capital

• The existing investments have an IRR in the range of 17 – 22%

• B and C shares have a 14% IRR cap

• Based on this the A shares will get a average of approx 25% IRR on the existing portfolio based on 8 years project lifetime

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iii. Key financials



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Sydvestor Troll AS

Vessel and charter

Vessel: M/V Havila Troll

Type: Multi Field Standby Vessel (UT 527)

Built: 11.2003

Yard: Havyard Leirvik, Norway

Charterer: Havila Shipping ASA/Statoil Petroleum

Charter: Bareboat charter/TC

Charter ends: November 2024 plus 5 x 1 year options

Key figures

Paid dividend: 2011: 12,6%, 2012: 9,8%, 2013: 12,9%, 2014: 15,7%, 2015: 18%,

2016: 0%, 2017: 5,2 %

Expected IRR: 20%

Ownership: 70%

Financing

Lenders: DvB Bank

Loan amount: USD 16,3 mill

Maturity: 2024

Repayment: 8 year profile

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Seacor Grant AS/DIS

Vessel and charter

Vessel: M/V Seacor Grant

Type: AHTS

Built: 09.2008

Yard: Bender Shipbuilding & Repair Co., USA

Charterer: GSPC, India

Charter: T/C

Charter ends: December 2017 + 6 months option

Financing

Lenders: DvB Bank

Loan amount: USD 4,2 mill

Maturity: 2023


Key figures

Paid dividend: 2011: 18,1%, 2012: 20,0%, 2013: 14,9%, 2014: 7,4%, 2015: 7,0%, 2016: 0%,

2017: 0 %

Expected IRR: 20%

Ownership: 21,68 %

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Volstad Construction AS

Vessel and charter

Vessel: M/V Grand Canyon

Type: Offshore Construction Vessel (ST 259 CD)

Built: 10.2012

Yard: Bergen Group Fosen, Norway

Charterer: Canyon Offshore

Charter: Time charter

Charter ends: Oct 2019 + 5 years option

Financing

Lenders: Sparebank1 SMN and GIEK/Eksportkreditt

Loan Amount: NOK 392 mill

Maturity: 2024


Key figures

Paid dividend: 2013: 8,6%, 2014: 12,9%, 2015: 10,5%, 2016: 0%, 2017: Per q2: 0 %

Expected IRR: 17,5%

Ownership: 25,0%

21

Grand Canyon 2 KS

Vessel and charter

Vessel: M/V Grand Canyon II

Type: Offshore Construction Vessel (ST 259 CD)

Built: 04.2015

Yard: Myklebust Verft AS, Norway

Charterer: Canyon Offshore

Charter: Time charter

Charter ends: April 2021 + 5 years option

Financing

Lenders: Sparebank1 SMN and GIEK/Eksportkreditt

Loan Amount: NOK 507 mill

Maturity: 2030


Key figures

Paid dividend: 2015: 0%, 2016 : 0%, 2017: Per q2: 0 %

Expected IRR: 18,5%

Ownership: 34,0%

22

Roy Kristian AS

Vessel and charter

Vessel: M/V Roy Kristian

Type: Live Fish Carrier (LFC)

Built: 11.2001

Yard: Sletta Båtbyggeri AS, Norway

Charterer: Intership BC Corp/Marine Harvest Canada

Charter: Bareboat charter /Time Charter

Charter ends: Aug 2019 + 2x1 year option

Financing

Lenders: Sparebank1 Søre Sunnmøre

Loan Amount: NOK 40,5 mill.

Maturity: 2020


Key figures

Dividend: 2015: 20,2%, 2016 : 15,9%, 2017: Per q2: 6,9 %

Expected IRR: 22%

Ownership: 100%

23

Christine AS

Vessel and charter

Vessel: M/V Christine


Built: 11.2001

Yard: Sletta Båtbyggeri AS, Norway

Charterer: Intership Norge AS/Grieg Seafood Finmark

Charter: Bareboat charter

Charter ends: Dec 2018

Financing

Lenders: Sparebank1 Søre Sunnmøre

Loan Amount: NOK 35 mill.

Maturity: 2020


Key figures

Dividend: 2015: 13,5%, 2016 : 17,8%, 2017: Per q2: 9,2 %

Expected IRR: 22%

Ownership: 100%

24

Inter Caledonia AS

Vessel and charter

Vessel: M/V Inter Caledonia (Hull 44)


Built: 03.2016

Yard: Besiktas Shipyard, Turkey

Charterer: Intership AS/Marine Harvest Scotland

Charter: Bareboat charter

Charter ends: March 2023

Options: Year 3 (MNOK 228), Year 4 (MNOK 226),

Year 5 (MNOK 224), Year 6 (MNOK 222),

Year 7 (MNOK 222)

Financing

Lenders: Sparebank1 SMN

Loan amount: NOK 134,3 mill.

Maturity: 2021


Key figures

Dividend: 2016 : 4,7%, 2017: Per q3: 9,7 %

Expected IRR: 20%

Ownership: 40,91%

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iii. Key financials



26

The Offshore Service Vessel Market – Vessel servicesPlatform Supply Vessels (PSV)

� Transport of cargo to and from offshore oil installations

� Supply of dry bulk, mud and other drilling fluids, food, containers, chemicals, etc.

� Cargo on deck in containers and under deck in tanks

� Some PSV`s are also designed for transport of pipes to Pipe Lay Vessels and Barges

� Vessels size is typically measured in square meter deck area and DWT

� PSV`s are needed during the entire lifetime of a offshore oil field exploration-, installation-,

production- and decommissioning phase)

� The new MODU`s (mobile offshore drilling units) normal requirements of PSV`s service:

Shallow water operation

1 x PSV

(Small/mid sized)

Deep water operation

2 x PSV

(Medium to large)

Deep water operation

2 x PSV

(Medium to large)

27

The Offshore Service Vessel Market – Vessel servicesAnchor Handler Tug Supply Vessels (AHTS)

� Rig moves - Tow rigs , platforms and barges that is not self propelled

� Anchor handling – anchoring platforms at new spots when moved

� Supply of dry bulk, mud and other drilling fluids, food, containers, water, chemicals, etc.

� Cargo on deck in containers and under deck in tanks

� Vessels capacity is typically measured in bollard pull, Break Horse Power (BHP) and

winch capabilities

� AHTS`s are needed during the entire lifetime of a offshore oil field (exploration-,

installation-, production- and decommissioning phase)

Rig move Moving an iceberg Anchor handling

28

The Offshore Service Vessel Market – Vessel servicesSubsea Construction Vessels (SSCV)

� The services is performed by advanced, dynamically-positioned vessels designed and equipped

for deepwater construction. The services are monitored by ROV and includes:

o Pipeline construction and maintenance incl. lay of rigid and flexible pipes

o Flexible riser installation

o Bottom trenching

o “Package” lifts and deployment

o Reeled flowline installations

o Salvage and decommissioning

o Umbilical, jumper, flying lead and manifold installation

Large vessels – DP3 – Large Deck Area – Moon pool - ROV Hangar – Big Crane – Lifting Tower – Pipelay equipment

29

Other Specialized Ship Markets – Vessel servicesLive Fish Carriers (LFC)

� Live fish transport in closed valves combined with both refrigerated seawater system and

UV technology

� Fully equipped/close valve vessels represent a unique transportation concept where the

fish is transported directly from the net cages to the processing facilities in a closed

environment

� Sea lice treatment technology

� Unique fish handling system

� Environmentally friendly ship concept; low fuel consumption, reduced use of chemicals

� The market for LFC’s is growing along with the global fish farming industry. The salmon

farming industry has increased focus on biosecurity, fish welfare and fish quality. This,

combined with new and stricter regulations will require renewal and modernization of the

global LFC fleet

� There is a total of 68 LFC’s in the North Sea with a combined capacity of ~65 thousand m3

30

Risk relating to the business� The Company depends on the performance of the charterers of its vessels for its operating cash flows� The Company is exposed to operating, technical and certain other risks relating to the operation� The Company may not be able to charter out its vessels at favorable terms following expiry or termination of the existing charter contracts� Certain of the Company's vessels are subject to purchase options held by the charterer of the vessel, which, if exercised, could reduce the size of the Company's

fleet and its future revenues� The market value of the Company's vessels may decrease, which could limit the amount of funds which the Company can borrow, trigger financial covenants

under the Company's borrowing arrangements, and lead to losses in the event of a vessel sale following a decline in market value� The Company will need to refinance same or all of its financial indebtedness in the future, which it may not be able to do on favorable terms or at all� A significant portion of the Company's borrowing arrangements have floating interest rates, and as a result interest rate fluctuations could negatively affect the

financial performance of the Company� Fluctuation in exchange rates could result in financial loss for the Company� Certain of the lssuer's subsidiaries operate within the favorable Norwegian tonnage tax regime, which may be changed in the future� The Company will from time to time be subject to commercial disagreements, contractual disputes and litigation with its counterparties and others which may

not be resolved in its favor� Certain of the Company's charter contracts, borrowing agreements and other instruments are subject to change of control provisions

Risk relating to the industry� As a substantial portion of the Company's fleet consists of oil-service vessels, the Company is exposed to the offshore oil industry, which is significantly affected

by, among other things, volatile oil prices� Uncertainty relating to the development of the world economy may reduce the demand for the Company' vessels, result in non-performance of contracts by its

counterparties, limit the Company's ability to obtain additional capita! to finance new investments, or have other unforeseen negative effects� Governmental laws and regulations, including environmental laws and safety regulations, may limit the activities of the Company's charterers and affect their

ability to make charter-hire payments to the Company, reduce the vessel values and require capital expenditures for upgrades or modifications to the vessels, and expose the Company to liability

� Development and construction of new sophisticated, high-specification vessels could cause the Company's vessels to become less desirable to charterers� The Company's vessels may be damaged or lost due to events such as marine disasters, environmental accidents, war, terrorism , piracy and other events� Operating internationally subjects the Company to risks inherent in operating in foreign countries� Maritime claimants could arrest one or more of the Company's vessels

Risk relating to the shares� The price of the Shares may fluctuate significantly� There is no existing market for the Shares, and a trading market that provides adequate liquidity may not develop� Future issuances of shares or other securities in the Company may dilute the holdings of shareholders and could materially affect the price of the Shares� Investors in the United States may have difficulty enforcing any judgment obtained in the United States against the Company or its directors or executive

officers in Norway� The transfer of the Shares is subject to restrictions under the securities laws of the United States and other jurisdictions� Shareholders outside of Norway are subject to exchange rate risk

Summary of risk factors

31

This document is intended for general information purposes only and does not constitute solicitation of or an offer to participate in any investment. This document does not, nor does it purport to, constitute any form of investment advice, recommendation or independent analysis. Consequently it has not been prepared in accordance with the rules and regulations governing such publications. The information in this document is not, and does not purport to be, complete. No assurance can be given that the stated investment objectives will be achieved and the value of investments may fall as well as rise. Past performance is no guarantee for future returns. Shipsinvest AS, its directors, employees and consultants, do not accept any form of liability (whether arising in contract, tort or negligence or otherwise) for any error, omission or similar misrepresentation in this general information or for any loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this information or any other person.

The information is strictly confidential and should not be copied or circulated to anyone but the addressed recipients.

Disclaimer

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Documents

2017.09.Company presentation Shipsinvest ASPP€¦ · Holds a Bachelor of Commerce (BComm) degree with specialization in banking and finance from University College Dublin, ... December