Advanced Shipping Finance-

Assessment instructions:

 

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You are requested to answer all questions below.

· Special instructions and guidance will be provided at office hours which are going to

be known to you in due course.

· The word limit is 2500 words   . Try to utilize your word limit according to the weight

of each question. Any appendices, market data or calculations used to support your

analysis will not count towards the word limit.

· Please take into account   that  the assignment should be  submitted no longer than

Friday, 27/4/2018 (14:00)

You are requested to answer all questions below.

· Special instructions and guidance will be provided at office hours which are going to

be known to you in due course.

· The word limit is 2500 words   . Try to utilize your word limit according to the weight

of each question. Any appendices, market data or calculations used to support your

analysis will not count towards the word limit.

· Please take into account   that  the assignment should be  submitted no longer than

Friday, 27/4/2018 (14:00)

·         You are requested to answer all questions below.

Feedback will be provided to all students in a constructive, timely and meaningful way. The modes of feedback include:

·         Class discussion of the assignment in progress.

·         Individual consultations via comments on a first draft of the assignment and finally,

·         Comments on the submitted assignment.

These forms of feedback ensure that students have an understanding of the assessment criteria.  Furthermore, you will be able to realise how your learning can benefit from reflecting and acting upon class and individual feedback given.

 

Academic Offences

Issues of plagiarism and any form of academic dishonesty are treated very seriously. They could result in you failing the module or even having to leave your programme. Support on referencing will be provided to you throughout your programme of study. Plymouth University expects all HE students to conform to the Harvard Referencing style. Please see Moodle for additional support on referencing and plagiarism, as well as information regarding HE Study Support sessions on these topics.These forms of feedback ensure that you as a student have an understanding of the assessment criteria.  Furthermore, you will be able to realise how your learning can benefit from reflecting and acting upon class and individual feedback given.

 

 

WARNING

The work submitted must be your own work. The use of any other person’s work without appropriate referencing constitutes plagiarism and is an assessment offence. Plymouth University regards plagiarism as a serious academic offence and deals with it accordingly.

 

Alignment to the relevant Learning Outcomes:

1.    Develop and evaluate the different types of shipping financing methods in accordance with the type of the investor and the type of the financial institution, which will grant the financing;

2.    Design, suggest and demonstrate alternative ways of  financing policy that a shipping company should follow in order to better support its investment policy;

3.    Evaluate all current highly sophisticated financial products and the requirements by the financial institution in order an investor to achieve gaining such a financing;

4.    Observe and critically assess possible disadvantages of alternative types of financing and their implication at the investment policy of a company and implement techniques to reduce the various types of risk exposure.

 

ADVANCED SHIPPING FINANCE

INDIVIDUAL COURSEWORK (WEIGHTING 100%)

Take the 2018 and 2019 annual reports of Gaslog Ltd (https://www.gaslogltd.com/), NYSETicker: “GLOG”). After reading thoroughly the listed company’s annual reports and all available info in the company’s website (financial reports and/or presentation, press releases, related articles, etc) answer the following:

 

Exercise 1

Provide a business overview, fleet profile (capacity, type of vessels, age, etc), chartering strategy, new building projects (if any)as of 31/12/2019.– 15%

 

Exercise 2

(a)    Identify the sources of financing for Gaslog as of 31/12/2019. – 10%

(b)   What are the main securities that secure the bank loans to Gaslog. – 10%

 

Exercise 3

Using the company’s closing common stock price and preferred stock price as of the 2nd of January 2020 which are $9,78and $25,85 respectively, as well as the company’s financials as of 31/12/2019:

(a)   Calculate the following ratios: trailing P/E, P/B, P/S and trailing dividend yield. If the industry average ratios are 15, 1.80, 1.30 and 8% respectively, evaluate based on each of the aforementioned criteria whether the stock is undervalued, overvalued or fairly valued relative to its peers.-15%

(b)   Calculate thecompany’s market capitalization and the EV (Enterprise Value).Consider the market value of debt as its book value. – 15%

 

Exercise 4

If the market value of the company’s fleet as of 31/12/2019 was $4billions, based on the company’s financials as of 31/12/2019, calculate the Net Asset Value (NAV) per common share. Relying on the asset-based valuation method and taking into account the company’s stock price of $9,78 determine whether the common stock price is undervalued, overvalued or fairly valued.Consider the preferred stock price as $25,85/pref. share. –20%

 

Exercise 5

Suppose that the company is willing to expand in the tanker sector and finance the purchase of two 5-year old VLCCs which are planned to be delivered to the company within January of 2020. Each vessel will be acquired for an amount of $50mln and the sources of financing will be 20% from the company’s liquidity, 40% from the issuance of new common shares and 40% from the issuance of bank debt.

Assuming that the cost of debt is fixed at 5%, the repayment profile is 10 years, the loan tenor is 6 years and the principal installments are paid quarterly:

 

(a)           Determine the loan amount and calculate the balloon payment at the end of the tenor. – 5%

(b)           Construct the debt amortization table. – 10%

 

 

Marking Scheme:
 

Marking scheme

 

A:70-100an answer with reference to all of the topics fully analyzed, strong critical thinking, excellent references, correct calculations and well presented

B:60-69an answer with reference to all of the topics with sufficient, comprehensive, minor calculation mistakes, well  structured and logically written

C:50-59an answer with reference to some of the topics, limited analysis but efforts are made to analyze topics critically, calculations and structure may lack clarity

D:40-49inadequate answer of the topics,unsatisfactory analysis, inadequate knowledge of the important issues, critical analysis is very limited, presentation is confused

E:30-39irrelevant information or significant misunderstanding, no critical thinking is displayed, unstructured presentation

F:0-29inadequate answer to the vast majority of the topics, no critical thinking is displayed, very poor presentation

 

 

 

 

 

 

 

EVALUATION FORM AND ASSESSMENT CRITERIA

ADVANCED SHIPPING FINANCE

INDIVIDUAL PROJECT

Student name: Instructor: Dr. Nikos Kagkarakis, CFA
Due date: Grade: %
Markers general view of the work:

 

 

 

RATING SCALE COMMENTS MARK
Exercise 1

(weighting 15%)

   
Exercise 2a

(weighting10%)

   
Exercise 2b

(weighting10%)

   
Exercise 3a

(weighting15%)

   
Exercise 3b

(weighting15%)

   
Exercise 4

(weighting 20%)

   
Exercise 5a

(weighting 5%)

   
Exercise 5b

(weighting 10%)

   

 

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