press release Ship investment fund to be introduced on the stock exchange
09 november 2011Barendrecht – The NBZ, the first Dutch seagoing ship investment fund is going public. The fund will be listed on the Euronext Amsterdam for the first time on Tuesday 15 November. The opening price will be around USD 39, according to the prospectus published today.
The Nederlandse Beleggingsmaatschappij voor Zeeschepen (Netherlands Ship Investment Fund) was set up at the end of 2006 as “the logical follow-up to the scheepvaart-CV (limited partnership owning one or more ships)”. It does not invest in a single ship for its shareholders but in various vessels that are active in different markets. As a result, the risks are spread and are more manageable than if funds are invested in a single ship, as is the case in a scheepvaart-CV.
In the first five years of its existence, the NBZ received almost USD 20 million from investors. NBZ has since redeemed a total of approximately USD 6 million shares from its shareholders. Its own capital (USD 14 million) is currently invested in a fleet of seven ships.
The NBZ is active in the dry cargo, chemicals and gas markets. The fund finances ships through sale-and-leaseback constructions and/or by granting loans. The dividend policy is characterised by the quarterly distribution of interim dividend, if results allow, as an advance on the final dividend for any particular year.
Director Diederik Tjeenk Willink
"We will be able to reach a wider range of investors by means of this initial public offering. We will be more attractive for asset management companies too. Many of them do not know anything about shipping, which is a pity because this branch of sport can be very lucrative. This is certainly going to be the case in the coming years. There is a high demand for capital among shipowners and good deals can be concluded, especially at the present moment. The NBZ does, however, need money for this. We hope that this flotation will enable us to double our own funds to more than USD 25 million."