Break-even points
Cash break-even covers OPEX, fund G&A, interest, scheduled amortisation and the management fee in year 1, drydock excluded. Target TCEs solve the full multi-year model by bisection.
Traction diagnosis (reported figures)
Annual distribution yield vs 8–12% target band
Annual projection
Charter income against OPEX is the core engine of this fund. Move the sliders on the Model tab and every chart here updates.
Net IRR across charter rates, three OPEX levels
Dashed line marks the 15% target. The gap between the OPEX curves shows how much charter rate each 10% OPEX overrun consumes.
Tornado: net IRR swing from each driver
TCE and OPEX ±10%, exit value path ±2pp a year, interest ±150bp, on-hire ±10 days, entry price ±10%.
Heatmap: net IRR by TCE (rows) and OPEX (columns)
Green meets the 15% target. Amber sits within 5pp of it. Red is more than 5pp short. The outlined cell is the current base case.
Heatmap: average distribution yield by TCE and OPEX
Green lands in or above the 8–12% band. Amber is 5–8%. Red is under 5%.
Each scenario applies shocks on top of the current inputs. Load one into the model to inspect its year-by-year projection.
Scenario comparison
Market-value LTV path against the 50% leverage limit
Measured before any forced prepayment. Crossing the line triggers a cash sweep in this model, which cuts distributions.
Distributions per scenario (US$m)
Shock definitions
Risk management playbook by scenario level
Each level carries measurable triggers, the fund-level consequence, and the actions an asset manager owns. Thresholds are proposals for the investment committee to ratify.
Standing risk register
Stakeholder QBR checklist
The core list runs every quarter. Scenario add-ons switch on when the live model or market indicators cross the triggers in the risk playbook. Ticks are saved on this device.
Presenting performance to investors and the board
Recommended deck sequence
- Headline scorecard. Net IRR since inception, annualised distribution yield, DPI and TVPI, each shown beside its target with a traffic-light status.
- Return bridge. Split the +26.11% into cash distributed and NAV movement. Investors weight cash returned far more heavily than marks.
- Fleet operating scorecard. TCE earned per vessel against budget and market index, on-hire days, OPEX per day against budget, drydock status, CII rating.
- Break-evens. Cash break-even TCE, TCE required for 8% yield and for 15% IRR, set against current spot and 1-year TC assessments.
- Sensitivity. The heatmap and tornado from this console, with the current market position marked.
- Scenario outlook. Base, low, mid and high outcomes, the probability the manager assigns to each, and the pre-agreed actions per level.
- Leverage and liquidity. Market-value LTV per vessel, headroom to the 50% limit, DSCR, cash reserve, next 12 months of debt service.
- Fees. Management fee paid in US$, fund expenses as % of NAV, accrued performance fee, and the date of the next five-year crystallisation.
- Regulatory horizon. EU ETS and FuelEU exposure, charter-party pass-through status, IMO Net-Zero Framework decision timetable.
- Decisions requested. Each IC or board resolution needed this quarter, with its rationale.