The Bond Offering

• Issue Size: Up to USD 500 million

• Structure: Senior Secured Green-Rated Corporate Bond

• Maturity: 10 years

• Coupon: 10% fixed

• Security: Backed by a diversified portfolio of shipping tankers

• Listing: Dual listing on the Vienna Stock Exchange and Nasdaq Dubai

This structure ensures investor protection through asset-backed collateral, transparent governance, and predictable income streams, while also broadening market access and strengthening global investor confidence.

Our Approach

Queen Star Trading’s business model is built on discipline, resilience, and risk management. Even in volatile dry bulk markets, we have consistently delivered positive EBITDA, supported by:

• Strict control of market exposure

• Conservative credit risk policies

• Continuous productivity improvements and operational synergies

• Strong partnerships with customers and stakeholders

With a solid equity base and robust liquidity, we remain financially resilient while pursuing long-term strategic initiatives like the QueenStar SPV.

Importantly, there is complete separation between Queen Star Trading and QueenStar SPV. While we sponsor the bond and provide commercial expertise, the SPV operates independently, with its assets, revenues, and governance dedicated to bondholders.

Updates & Highlights

• Bond Issue 2025: Sponsorship of the first QueenStar SPV Green Bond.

• Growth Strategy: Transitioning from chartered vessels to long-term eco-ship ownership.

• Market Outlook: Continued focus on bulk and energy commodities, supported by sustainable shipping solutions.

• Performance: Strong cash position, positive earnings, and a track record of stability through market cycles.

More details about SPV below

Securitization Framework

Queenstar SPV, together with its ship owning companies, will implement a securitization framework that strengthens investor protection by covering both tangible maritime assets (vessels) and contracted revenue streams. This dual securitization structure ensures robust collateralization, transparency, and predictable income visibility for bondholders.

1. Vessel Securitization
   All vessels owned by Queenstar SPV and its subsidiaries are registered as distinct legal assets, ensuring clear title and enforceability. These ships will serve as collateral for the Green Secured Rated Bond Notes, with security interests held by an appointed trustee/security agent on behalf of investors. This provides bondholders with direct claims on the underlying maritime assets.

2. Revenue Stream Securitization
   In addition to vessel assets, Queenstar SPV will securitize its contracted revenue streams under long-term ship management agreements. These contracts, typically five to ten years in duration, provide predictable cash flows through charter hire and management fees. Rights to these revenues are formally assigned to the securitization structure, ensuring that bondholders have priority access to income.

3. Credit Enhancement Mechanisms

   • Over collateralization: Asset value comfortably exceeds bond issuance (conservative loan-to-value ratios).

   • Reserve Accounts: Dedicated cash reserves cover 3–6 months of coupon payments to ensure continuity.

   • Insurance Coverage: Hull & machinery, P&I cover, and assignment of insurance proceeds pledged to bondholders.

4. Cash Flow Waterfall
   Revenues generated by the vessels will follow a clearly defined payment priority:

   • Operating expenses (crew, maintenance, insurance)

   • Debt service (interest and principal to bondholders)

   • Reserve account top-ups (if required)

   • Distributions to shareholders

   This structure provides transparency and ensures bondholders are prioritized in cash allocation.

5. Ratings & Compliance
   The securitization structure is designed to support and maintain rated bond status. Credit agencies will assess the framework based on asset values, cash flow predictability, and credit enhancements. The bonds are listed on the Vienna and Dubai Stock Exchanges, ensuring compliance with international disclosure standards and supporting liquidity. Green bond certification further aligns the issuance with global sustainability benchmarks.

6. Investor Protections
   This dual securitization — of both vessels and contracted revenues — creates a layered security package. Investors benefit from asset-backed collateral, predictable income streams, and strong governance under a trustee structure. Together, these elements deliver capital preservation, repayment certainty, and confidence in long-term value creation.

Bond Features & Buyback Flexibility

The Queenstar SPV Green Secured Rated Bond Notes carry a fixed coupon of 10%, designed to provide investors with an attractive yield that reflects both the secured nature of the notes and the long-term stability of the shipholding portfolio.

• Listed & Freely Traded
  The bonds are listed and freely traded on the Vienna and Dubai Stock Exchanges. As such, they are not callable instruments; investors retain full liquidity and can trade the bonds in the open market at prevailing prices. This structure ensures transparency, accessibility, and continuous price discovery for all participants.

• SPV Buyback Flexibility
  Although the bonds are not callable, Queenstar SPV, like any other market participant, may repurchase its own bonds on the open market. This option allows the SPV to reduce long-term funding costs, optimize its capital structure, and demonstrate market confidence, all while preserving investor rights and secondary market liquidity. Such buybacks are discretionary and will be executed only if deemed financially advantageous to the Company and its stakeholders.

Investor Benefits

• Attractive Yield: Fixed 10% coupon provides competitive and predictable returns.

• Security: Backed by Queenstar SPV’s ship holding assets.

• Liquidity: Freely tradable on the Vienna and Dubai Stock Exchanges.

• Flexibility: SPV may repurchase bonds in the market, supporting potential price stability.

• Transparency: Listed structure ensures continuous trading and price discovery.

SPV Leadership Team

Non Executive Chairman – Mark Dunlap

Age: 75 (now 76)

Chairman of the Board, Queen Star Trading Ltd and Queen Star SPV Ltd

Provides strategic oversight, governance, and guidance to ensure the company’s long-term growth and adherence to the highest standards of integrity and compliance.

More than three decades of professional and executive experience.
Shipping Lawyer – Specialist in maritime contracts, chartering agreements, and international trade law.
Non-Executive Director – Served on boards of several shipping and commodity companies.
Commodity trading & shipping industry knowledge
International trade & maritime law
Values: safety, sustainability, reliability, global reach.

Director – John Smith

John Smith will be joining Queen Star SPV as a Chartered Accountant with deep expertise in shipping finance, structured transactions, and regulatory compliance. With a career spanning both maritime operations and corporate finance, John ensures that financial systems, reporting, and governance are aligned with international standards and the company’s Green Bond mandate. As a full-time member of Queen Star SPV, he brings a disciplined approach to financial management, combined with a practical understanding of the shipping industry’s unique challenges and opportunities.

Key Responsibilities
Financial Strategy & Reporting – Prepares and oversees statutory and management accounts, ensuring compliance with IFRS and shipping finance standards. Provides transparent board-level reporting linked to Green Bond requirements.
Maritime Finance Expertise – Structures financing for vessel acquisitions, leasing, and sustainability-linked debt. Tracks exposure under EU ETS, FuelEU Maritime, and carbon cost mechanisms, integrating these into the company’s financial planning.
Risk & Compliance – Maintains robust financial controls and audit procedures. Ensures compliance with global regulations on tax, sanctions, and anti-financial crime. Aligns financial governance with ESG and Green Bond frameworks.
Treasury & Capital Management – Manages liquidity, working capital, and hedging strategies for shipping-related exposures. Supports capital raising through sustainability-linked financing and bond issuance.
Operational Integration – Works closely with the ESG lead to connect environmental performance with financial reporting. Ensures costs related to emissions compliance, crew welfare, and sustainability investments are fully integrated into disclosures.

Career Highlights
Structured and executed shipping finance deals including vessel acquisitions and refinancing.
Built Green Bond reporting frameworks to ensure investor and regulatory alignment.
Led financial risk management systems that safeguard compliance with maritime finance rules.
Delivered board-ready financial and ESG-integrated performance reports.
Education & Certifications
Chartered Accountant (CA)
Bachelor of Commerce in Accounting & Finance
Advanced training in shipping finance, IFRS, and maritime taxation

Strategic Value
John strengthens Queen Star SPV’s ability to manage its fleet and financing with rigor and transparency. By combining chartered accountancy discipline with shipping industry know-how, he ensures the company meets its Green Bond commitments, maintains financial resilience, and supports sustainable growth across its maritime portfolio.

Director – Jane Smith 

Jane Smith  will be joining Queen Star SPV as the dedicated ESG lead responsible for overseeing the sustainability profile of our fleet of ships. Her mandate is to ensure full compliance with our Green Bond requirement framework, including transparent reporting to the board and investors. As a full-time member of the team, Jane will manage environmental performance, crew welfare, and governance standards across the fleet, ensuring that Queen Star SPV not only meets its regulatory and financing obligations but also sets a high benchmark for responsible and sustainable shipping operations.

Queen Star Trading, the sponsor of the bond and the founder of the SPV will appoint an additional director  to complete the team.

Executive Summary

The proposed Special Purpose Vehicle (SPV) is designed as a streamlined financing and asset management platform, targeting opportunities in the global maritime sector. Its mandate is to raise capital through bond issuance and/or export credit financing, acquire a fleet of income-generating vessels, and manage investor obligations with minimal operational complexity.

The initial capital target is USD 500 million, raised through a bond listing on the Vienna Stock Exchange, with a dual listing in Dubai to access diversified investor pools. As an alternative or supplement, the SPV will pursue export credit financing to secure lower borrowing costs, optimizing its capital structure and enhancing returns to stakeholders.

Once capital is raised, the SPV will deploy funds into vessel acquisitions. Independent ship consultants and brokers will guide the selection process, ensuring the purchase of vessels that balance age, price, and operational potential. Post-acquisition, the SPV will outsource all operational functions — including management, crewing, maintenance, and revenue collection — to one of the top 10 global shipping agents, ensuring professional oversight and reliable revenue streams.

By focusing exclusively on financing, governance, and revenue allocation while outsourcing operations, the SPV creates a simple, transparent, and efficient investment vehicle. Investors benefit from exposure to the maritime sector through tangible, income-generating assets, backed by disciplined financial management and supported by globally recognized shipping partners.

Business Description

Overview

The SPV is established as a low-operational-complexity platform to finance, acquire, and manage revenue from commercial shipping assets. Its core role is the disciplined management of capital and assets in compliance with securitization agreements and investor expectations.

Capital Raising

The SPV’s initial funding requirement is USD 500 million, to be raised through:

• Bond Issuance: Vienna Stock Exchange listing, dual-listed in Dubai.

• Export Credit Financing: Pursued in parallel where cheaper interest rates can reduce overall cost of capital.

This dual financing approach ensures flexibility, cost efficiency, and resilience against changing market conditions.

Vessel Acquisition

Capital will be deployed to acquire vessels suitable for global trade demand. Acquisition criteria include type, age, and price. Independent ship brokers and consultants will conduct due diligence to secure vessels with strong revenue-generating potential.

Operational Management

The SPV will not directly manage vessels. Instead, it will outsource to one of the world’s top 10 shipping management companies for turnkey services: operations, crew, maintenance, and commercial management. This minimizes operational risk and ensures compliance with global shipping standards.