Ship finance and the Ship building industry
|
|
- Samantha Davidson
- 5 years ago
- Views:
Transcription
1 Newsfront/Naftiliaki Conference 6 th April 2011 Ship finance and the Ship building industry presented by Ted Petropoulos HEAD
2 A. Shipbuilding and ship finance considerations -The symbiosis of shipbuilding and ship finance
3 A. Shipbuilding and ship finance considerations Ship finance considerations for private and public companies
4 A. Shipbuilding and ship finance considerations Taking a risk with post delivery finance
5 B. The demand for newbuilding finance - The total fleet order book
6 B. The demand for newbuilding finance Order book Delivery year World Merchant Fleet Number of vessels 2011 Total fleet 3016 Bulkers 1340 Tankers 207 Others Total fleet 1654 Bulk Carriers 895 Tankers 121 Others 638 Total fleet 458 Bulk Carriers 229 Tankers 53 Others 176 Overall total n/b orders Source: Clarksons - October 2010
7 B. The demand for newbuilding finance Conversions / cancellations; some estimates
8 B. The demand for newbuilding finance Additional newbuilding orders
9 B. The demand for newbuilding finance Can the demand for newbuilding finance be accommodated?
10 B. The demand for newbuilding finance orders cancellations 15% % % 46 conversions 20% % % 46 additional orders 1000 Total newbuildings to be financed amounting to 4786 vessels Assuming average unit price of $30m $35m Total required (3 years) $143.58bn $167.51bn Assuming 60% finance $86.148bn $100.51bn Assuming 10% loan runoff on $420bn drawn global portfolios x3 years= $126bn
11 B. The demand for newbuilding finance Second hand finance and other requirements
12 B. The demand for newbuilding finance 2nd hand sales From 10/1/2010-9/1/2011 $20.240bn Number of vessels 830 Average price of vessel $24.38million Source:
13 B. The demand for newbuilding finance We project for a further $50bn for PETROFIN S.A. a ) second-hand finance b)mergers and acquisitions c) additional net finance due to refinancings d) additional shipping finance raised for shipping purposes based on additional non-shipping assets In summary, we anticipate organic additional finance requirements of approx. $50bn over the 3-year period Consequently, the total ship finance requirements for both newbuildings and organic shipping finance is expected to exceed the loan runoffs by $10 to $24.5bn over the 3-year period
14 C. The supply of ship finance In the following Graph we show the loan portfolio of the top 40 banks
15 Bank Lending to Shipping Ship finance based on data up to November 2010 in $bn Total loans of leading 40 ship finance banks approximately $449.76bn Top 6 Banks Finance approx % of Shipping Loans HSH Nordbak DNB Nor Commerzbank/Deutsche Schiffsbank RBS KfW Nordea BNP PARIBAS / Fortis Belgium BTMU* Lloyds Banking Group Credit Suisse* Credit Agricole CIB Bank of China* DVB HSBC* China Exim* Unicredit SMBC* Bremer Landesbank Deutsche Bank Danish Ship Finance Korea Exim* Citibank Danske Bank/Focus Bank Nord LB SEB ABN Amro ING Natixis ICBC Santander* National Bank of Greece NIBC Swedbank Helaba Alpha bank Emporiki Bank Marfin Egnatia Piraeus Bank* JP Morgan Bank of Ireland Source: Petrofin Bank Research / Marine Money November 2010 * Market estimates
16 C. The supply of ship finance Global ship finance exposure asymmetrical distribution
17 Top 40 banks portfolios according to geographical location in US$bn Total top banks portfolio: US$449.76bn $66.40 Graph 2 $9.50 USA Far East Europe April 2011 $ Europe USA Far East
18 $82.58 Scandinavia European ship finance portfolios - 32 banks $20.50 Other $53.86 UK and Ireland France and Belgium Graph 3 $36.70 Greece Holland $12.78 Germany $13.00 January 2011 $ UK and Ireland France and Belgium Holland Germany Greece Scandinavia Other European
19 January 2011 Graph 5 German vs Far Eastern ship finance 45.00% 40.00% 44.25% 42.44% 42.59% 35.00% 30.00% 32.55% 25.00% 20.00% 15.00% 14.76% 10.00% 5.00% 3.89% 5.31% 6.42% 0.00% Far Eastern ship finance German ship finance
20 $8.50 Far Eastern ship finance portfolios-6 banks Total Far Eastern portfolio: $48.9bn Korea Graph 4 $30.90 Japan China $27.00 January 2011 China Japan Korea
21 C. The supply of ship finance Trends and expectations over the next 3 years
22 C. The supply of ship finance Attitude to newbuilding finance versus used vessel finance
23 C. The supply of ship finance Capacity considerations: New banks in the horizon?
24 C. The supply of ship finance Other providers of debt and equity; alternative finance, private capital, the role of public companies.
25 C. The supply of ship finance Listed Companies - as of January 2011 from Newsfront GSI - 1st April Aegean Marine US 15 Goldenport UK 2 Baltic Trading (BALT) US 16 Hellenic Carriers UK 3 Capital Product US 17 Navios Holdings US 4 Costamare Inc US 18 Navios Marit Acquis US 5 Crude Carriers US 19 Navios Marit Partners US 6 Diana Shipping US 20 Newlead Holdings US 7 Dry Ships (DRYS) US 21 Oceanfreight US 8 Eagle Bulk Shipping US 22 Omega Navigation US 9 Euroseas Ltd US 23 OSG Ship Mngt (GR) US 10 Excel Maritime US 24 Paragon Shipping US 11 Freeseas US 25 Safe Bulkers US 12 Genco Ship & Trading US 26 Seanergy Maritime US 13 Genmar US 27 Star Bulk Carriers US 14 Globus Maritime US 28 Stealthgas US 29 TEN US 30 Top Ships US 31 Torm US
26 Asset Focused Funds Equity Focused Funds Selected Shipping Funds Summary Asset Types / Investment Strategy Capital Argonaut Strategy is to have exposure in the bulker, tanker, offshore/supply, LNG, LPG and cruise sectors. Financial institutions have provided the fund with three times leverage Aim is to trade in spreads between shipping equities in a way that will avoid large swings on returns 50% in U.S.-listed entities, 30% in European shipping companies and another 20% in Asia-listed owners Start-up capital is expected to reach $50 million and the fund plans to exceed $100 million Oceanic Hedge Fund Invests in shipping, oil services and energy equities as well as the associated freight forward agreements and commodities Recently acquired 9 AHTS, 2 aframax tankers, 2 1,700-teu boxships and 1 supramax bulker from Allocean in co-operation with SIF Limited OHF takes long and short positions in equity instruments and derivatives Long/Short Equity Tanker, container, cruise, dry cargo shipping, industrial shipping, shipbuilding, energy and oil services sectors Assets under management of c. $1 billion Raised $77 million (sought to raise $200 million), with $20 million contributed by Clarksons Assets under management as at 31 December 2008 were US$161 million (31 December 2007: US$168 million) Redemptions have decreased assets under management to US$54 million as at 1 March 2009 Invests in shares of shipping companies and freight derivatives in the dry bulk and tanker markets Assets under management of $54 million Okeanos Shipping Fund Shipping hedge fund backed by German based Aquila Capital The German-based freight consultant, HF Navigator, acts as an investment advisor to the fund Fund s primary strategy is to employ directional trading of forward freight agreements, with an emphasis on short-term trading N/A Castalia Springs Sea Advisors Fund Shipping hedge fund backed by Castalia Partners Fund managed by Philippe van den Abeele (formerly from Clarksons freight derivatives brokerage arm) Shipping focused hedge fund set up in 2009 The fund s equities desk is headed by John Kartsonas, formerly the senior shipping analyst at Citigroup Investment Research The freight derivatives desk is headed by Pavlos Hitiroglou, formerly the senior FFA trader at Navios Holdings Focus purely on FFA trading N/A Trade in freight derivatives and shipping equities N/A M2M Global Maritime Assets Fund targeting distressed asset acquisition opportunities M2M s third fund, in the process of raising capital The two other funds are Global Maritime Investments and Global Maritime Futures Focus on dry bulk vessels, particularly handysize segment Target $250 million SFS Group & Kuwait Finance House Shariah-compliant shipping fund with the aim of raising $150 million to invest in modern tonnage The fund will be established through a limited partnership in the Cayman Islands before the end of 2009 Invest directly in high quality and modern vessels to be chartered out on long-term contracts Preference for offshore tonnage such as offshore supply vessels and platform supply vessels Target $150 million Private open ended fund incorporated in Luxembourg on April 18th of 2007 to invest in the shipping industry 7 years plus 2 year structure Key parameters: target return 15% p.a. with a minimum investment $0.25 million All vessel classes and sizes contemplated (initial fleet 2 supramax bulkers, 2 capesize newbuildings) Target $ million Tsakos Distressed shipping assets fund Oceanbulk Shipping of Greece is rumoured to have committed $10 million Fund for acquisition of shipping assets Credit Suisse involved Focus on acquiring dry bulkers and containerships Target $400 million Not disclosed N/A / Alterna Rumoured to have teamed up with an undisclosed Greek shipbroking firm Target distressed ship sales N/A Private equity fund intended for ship acquisitions Targeting Asian and Indian investors Not disclosed $750 million Vilmaris Shipping fund backed by Hamburg based Komrowski Shipping Listed on Hamburg Stock Exchange 26 June 2009 Aim to operate as a conventional shipping company by both buying and chartering-in vessels Focus on containerships and dry bulkers Aim to own eight vessels by the end of 2009 Raised $42 million in an IPO on the Hamuburg Stock Exchange Manages 3 closed funds; Horizon Global Shipping Funds I and II (HGSF I&II) and Courtney Fynn HGSF I&II currently has 9 bunkering tankers (four built, of which two have been sold, plus five newbuilds delivering ) and 4 chemical tankers under construction, delivering Courtney Fynn currently has 5 bitumen tankers under construction for delivery in 2009/10 Focus on niche vessel classes HGSF I&II: over $50 million invested per fund Courtney Fynn: $500 million invested UK based shipping fund Actively manages the ships in their portfolio Focuses on acquiring modern, 'generic' ships, i.e. standard bulkcarriers, tankers, and containerships N/A
27 C. The supply of ship finance Influencing factors: capital adequacy, Basel III, liquidity, risk
28 Table % Ship finance banks capacity 2009 Global portfolio, top 42 banks: $463.75bn 2010 Global portfolio, top 42 banks: $436.93bn Banks with lending capacity 47.57% 46.64% 45.00% 40.00% Banks with neutral/unclear policy/capacity Banks with reduced capacity 36.13% 35.00% 31.19% 30.00% 22 banks 25.00% 21.24% 12 banks 18 banks 20.00% 15.00% 16 banks 17.34% 10.00% 12 banks 4 banks 5.00% 0.00% DATA based on 2009 DATA based on 2010 DATA based on 2009 DATA based on 2010 DATA based on 2009 DATA based on 2010
29 D. Greek ship finance capacity Greek ship finance presenting the latest Petrofin Bank Research as of end 2010, released April 2011
30 All banks financing Greek shipping in USm Royal Bank of Scotland Deutsche Schiffsbank Credit Suisse* HSH Nordbank* National Bank of Greece DNB Nor Emporiki Bank DB - Deutsche shipping Marfin Egnatia Alpha Bank HSBC BNP Paribas DVB Calyon* Piraeus Bank* Unicredit EFG Eurobank LBG Shipping Finance Nordea Citibank Bremer Landesbank First Business Bank Nord LB CHINA EXIM* KFW* Natixis ING KEXIM* Bank of Cyprus ABN AMRO (Fortis Bank Netherlands) Aegean Baltic Proton Bank Beremberg* Bank of Ireland Deka* Tbank - ex Aspis Bank Agricultural Bank of Greece Santander (ex Alliance and Leicester) Corner* $3,500 $2,881 $2,545 $2,297 $2,126 $2,439 $2,181 $2,120 $1,900 $1,980 $2,080 $1,500 $1,870 $1,701 $1,211 $1,272 $1,050 $780 $449 $663 $525 $500 $333 $442 $402 $200 $360 $304 $291 $202 $200 $161 $100 $81 $66 $50 $25 $160 $454 $25 $162 $150 $225 $16 $0 $200 $16 $42 $36 $18 $30 $50 $199 $89 $300 $5,007 $241 $459 $580 $604 $174 $302 $350 $400 $264 $94 $500 $130 $183 $1,000 $11,288 $549 $1,151 Petrofin Bank Research April 2011 Total Banks: 39 Total exposure to Greek shipping: $66.235bn $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Market estimate Drawn Loans Committed but undrawn loans
31 Analysis of the ship finance market December 2001 December 2002 December 2003 December 2004 December 2005 December 2006 December 2007 December 2008 December 2009 December 2010 Growth percentage 28.66% 20.19% 26.61% 11.62% 28.45% 44.31% 9.39% % -1.17% Total Greek Shipping Portfolio $16,525m $21,261m $25,554m 32,353m $36,112m $46,387m $66,941m $73,228m $67,020m $66,235m Petrofin Bank Research - April 2011
32 Analysis of the ship finance market Petrofin Bank Research April 2011 Overall Greek ship lending portfolio as of end 2010 Overall Greek ship lending portfolio as of end 2009 Overall Greek ship lending portfolio as of end 2008 Percentage of growth between December 2009 and December 2010 Percentage of growth between December 2008 and December 2009 Percentage of growth between December 2001 and December 2010 Average yearly growth since 2001 International Banks WITH a Greek presence International Banks WITHOUT a Greek presence $35, $36, $38, % -5.66% $14, $14, $ % % Greek banks $15, $16, $16, % -4.74% Total $66, $67, $73, % -8.48% Petrofin Bank Research - April % (Between 2001 and 2009: %) % (Between 2001 and 2009: %) % (Between 2001 and 2009: %) % (Between 2001 and 2009: %) 19.82% (Between 2001 and 2009: 22.93%) 9.94% (Between 2001 and 2009: 10.9%) 19.04% (Between 2001 and 2009: 21.9%) 16.68% (Between 2001 and 2009: 19.13%)
33 Totals 2009: $73.2bn Totals 2010: $67.02bn Totals end 2010: $66.23bn Bank capacity in financing Greek shipping November 2009: 35 banks February 2010: 40 banks Autumn 2010: 39 banks end 2010: 39 banks 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Banks with lending capacity 14 banks Nov % 20 banks Feb banks Autumn % 28.45% 15 banks end % Banks with reduced lending capacity 14 banks Nov % 13 banks Feb % 19 banks Autumn % 19 banks end % 7 banks Nov 2009 Banks with neutral/unclear policy/capacity 7 banks Feb % 13.55% 7 banks Autumn % 5 banks end % April 2011
34 PETROFIN RESEARCH Conclusions
35 PETROFIN RESEARCH What is required for a) The newbuilding industry b) Owners c) The overall shipping industry
Prospects for New Bank Finance in 2012
24 th Annual Ship Finance & Investment forum 2011 London 15 th 16 th November 2011 Prospects for New Bank Finance in 2012 presented by Ted Petropoulos HEAD Presentation outline 1. The global ship finance
More informationEXPORT CREDIT AGENCIES (ECAs) in Shipping
CASS Business School - 4th Athens Triennial Meeting Is this world changing? EXPORT CREDIT AGENCIES (ECAs) in Shipping Ioannis Alexopoulos.: London.: Athens.: Singapore Eurofin Eurofin S.A. Seafin Eurofin
More informationTed Petropoulos PETROFIN RESEARCH
20th February 2012 Financial Times World Shipping Congress Are Western ship finance banks out for the count? presented by Ted Petropoulos HEAD A. Why are Western banks in trouble? B. What steps are being
More informationLLOYD S SHIPPING ECONOMIST 6th Greek Ship Finance Conference ATHENS 19 th 20 th May 2008
LLOYD S SHIPPING ECONOMIST 6th Greek Ship Finance Conference ATHENS 19 th 20 th May 2008 International and Greek ship finance: latest trends and future outlook presented by Ted Petropoulos MD Presentation
More informationAn overview of the Global Ship Finance industry
28 th Annual Ship Finance & Investment forum 2014 London 1 st December 2015 An overview of the Global Ship Finance industry presented by Ted Petropoulos HEAD Presentation outline 1. The global ship finance
More informationGreek Ship-Finance a year of record growth and solid prospects
Greek Ship-Finance a year of record growth and solid prospects By Ted Petropoulos, Petrofin S.A. In global ship-finance terms, financing Greek owners is one of the important and fastest growing sectors.
More informationLLOYD S SHIPPING ECONOMIST Greek Ship Finance Conference ATHENS 24 th 25 th May 2005 Current Trends in Greek Ship Finance
LLOYD S SHIPPING ECONOMIST Greek Ship Finance Conference ATHENS 24 th 25 th May 2005 presented by Ted Petropoulos MD PETROFIN S.A. 1 Section 1 PETROFIN S.A. The Greek shipfinance market as an integral
More informationTed Petropoulos PETROFIN S.A.
22 nd Annual Ship Finance & Investment forum 2009 London 10 th 11 th November 2009 Latest trends and developments in International ship finance Addressing the on-going impact of the credit crunch presented
More informationKey Developments and Growth in Greek Ship-Finance
Key Developments and Growth in Greek Ship-Finance By Ted Petropoulos, Head, Petrofin Research. Petrofin Bank Research presents, for the 15 th year running, an overview and an in-depth analysis of the bank
More informationThe New Maritime Silk Road. Marine Money Istanbul Ship Finance Forum 25 th May 2016
The New Maritime Silk Road Marine Money Istanbul Ship Finance Forum 25 th May 2016 = = = Crude Oil Petroleum Products Chemicals Coal Iron Ore Grains Consumer Goods Average Price $70 Million $50 Million
More informationNOTOS NEWS SHIP FINANCE
22 NOVEMBER 2018 NOTOS NEWS SHIP FINANCE The latest Petrofin report reconfirms our prognosis. The global ship finance portfolio continues to decline, but the rate of decline is slowing down which is an
More informationThird Quarter 2008 Financial Results Conference Call. October 30, 2008
Third Quarter 2008 Financial Results Conference Call October 30, 2008 Notice on Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements
More informationJoint Opportunities with KEXIM
Copyright THE EXPORT IMPORT BANK OF KOREA, ALL RIGHTS RESERVED Joint Opportunities with KEXIM - A Brief Guide to KEXIM Maritime Financing Programs - June 8 th 2016 Table of Contents KEXIM at a Glance Maritime
More information2017 Deal of the Year Awards
TransacTion Winner role DEALMAKER OF THE YEAR MPC Container Ships AS - $350 Million of Capital Raised $100 million Equity Private Placement (April 2017) Fearnley Securities Manager, $75 million Follow-on
More informationShip Finance: Navigating the Choppy Seas
Corporate & Institutional Banking Ship Finance: Navigating the Choppy Seas Rajbir Talwar, Director Shipping Americas September 2018 Annual Cargo Conference, ASBA Ship Finance History Is this the most interesting
More informationShipbuilding Forecast Club Selected Highlights. Spring 2017
Shipbuilding Forecast Club Selected Highlights Spring 2017 About the Shipbuilding Forecast Club What are the aims? To provide market intelligence, forecasts, analysis, education and networking opportunities
More informationEncouraging Mutual Growth of Korean Shipping and Shipbuilding Industries
Encouraging Mutual Growth of Korean Shipping and Shipbuilding Industries 2nd November 2016, Busan Copyright THE EXPORT IMPORT BANK OF KOREA, ALL RIGHTS RESERVED Table of Contents 1. Introduction to KEXIM
More informationSeeking Alpha Maritime Investor Forum Presentation. 19 June 2017
Seeking Alpha Maritime Investor Forum Presentation 19 June 2017 Disclaimer This presentation contains certain statements that may be deemed to be forward-looking statements within the meaning of Section
More informationForward Looking Statements
1 Forward Looking Statements 2 This presentation contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities
More information7 th Annual Invest in International Shipping Forum
7 th Annual Invest in International Shipping Forum March 21, 13 Ole B. Hjertaker, CEO 1 FORWARD LOOKING STATEMENTS This presentation contains forward looking statements. These statements are based upon
More informationMare Forum Shipfinance Managing Partner König & Cie. I am Not. October 30 th 2008
Mare Forum Shipfinance 2008 Tobias König Managing Partner König & Cie. I am Not Afraid of the Future October 30 th 2008 1 Agenda 1. Company Portrait König & Cie. 2. Market Environment 3. Status Quo Ship
More informationProduct tanker supply/demand in dwt rates are (so basically the inverse of last week s discussion). Currently, the one-year time charter
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview So, the elections happened just like everyone had predicted, and the markets responded just
More informationFinancial Results for the Six Months Ended 30 June October 2013
Financial Results for the Six Months Ended 30 June 2013 7 October 2013 Disclaimer Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements reflect the
More informationDryShips Inc. Informational Roadshow NASDAQ: DRYS
DryShips Inc. Informational Roadshow NASDAQ: DRYS June 2006 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities
More informationPromoting Shipping Finance through Capital Markets
2014 Busan Financial Hub Convention - International Marine Finance- November 28, 2014 Promoting Shipping Finance through Capital Markets Seong-Jei Cho (sjcho@bsfng.com) Current status of shipping markets
More informationSecond Annual Update on Private Equity Investments in Shipping
Second Annual Update on Private Equity Investments in Shipping John F. Imhof Jr., Partner Marine Money s 14th Annual Shipping & Offshore Finance Forum November 14, 2013, The Harvard Club, New York City
More informationShip financing: Past, Current & Future How capital raising has been changing
Ship financing: Past, Current & Future How capital raising has been changing Pål Hauge Senior Vice President Tanker Group 7 TH Chemical & Product Tanker Conference - London 17 March 2015 Slide 1 Agenda
More informationMANAGING COUNTERPARTY RISK. BUNKER ASIA 2011 Adam Dupré, Chairman, Petromedia Group
MANAGING COUNTERPARTY RISK BUNKER ASIA 2011 Adam Dupré, Chairman, Petromedia Group Boring but Necessary A trader wants to make deals. The credit manager is often seen as a hindrance to doing business.
More information6th Annual Capital Link Invest in International Shipping Forum. Company Presentation
6th Annual Capital Link Invest in International Shipping Forum Company Presentation March 19, 2012 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section
More informationFirst Quarter 2011 Financial Results Conference Call
First Quarter 2011 Financial Results Conference Call May 24, 2011 Forward Looking Statement This earnings release presentation contains forward-looking statements. In some cases, you can identify these
More informationBNP Paribas. Fortis Belgium and Luxembourg: a Unique Opportunity to Expand BNP Paribas Pan-European Footprint. 6 October 2008
BNP Paribas Fortis Belgium and Luxembourg: a Unique Opportunity to Expand BNP Paribas Pan-European Footprint 6 October 2008 1 Disclaimer This presentation contains forward-looking statements about BNP
More informationFearnley Securities an Inflection Point for Alternative Financing? Marine Money, Tokyo. December, 2017
Fearnley Securities 2018 an Inflection Point for Alternative Financing? Marine Money, Tokyo December, Fearnley Securities Strong Presence Across Shipping Fearnley Securities has raised over USD 4 billion
More informationDryShips Inc. Analyst and Investor Day NASDAQ: DRYS
Analyst and Investor Day NASDAQ: DRYS New York - December 10, 2014 Forward Looking Statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements
More informationGenco Shipping & Trading Limited
Genco Shipping & Trading Limited Q3 2007 Earnings Call November 1, 2007 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains
More informationGreen Shipping: Fleet Retrofit - Financing for the Maritime Industries
Green Shipping: Fleet Retrofit - Financing for the Maritime Industries 3 rd Annual Japan Ship Finance Forum Klaus Schmidberger Vice President Maritime Industries Tokyo, November 7 th, 2018 2 Fleet Retrofit
More informationChinese Financial Leasing as an Option for Fleet Renewal
Chinese Financial Leasing as an Option for Fleet Renewal 2 1. Chinese Leasing Development 2. CMB Financial Leasing Overview Contents 3. CMBFL Shipping Business Highlights 4. Chinese Financial Leasing into
More information4 th Quarter and Full Year 2010 Results Presentation. 25 February 2011
4 th Quarter and Full Year 2010 Results Presentation 25 February 2011 Disclaimer Forward Looking Statement This presentation includes statements that are, or may be deemed to be, forward-looking statements
More informationJefferies Maritime Group
Jefferies Maritime Group Maritime Market Update April 10, 2017 IN THIS ISSUE Maritime Update Tanker Market Update Tanker Universe Equity Comparables Tanker FFA Curve Dry Cargo Market Update Drybulk Universe
More informationNewLead Holdings Ltd. Presentation: NIBA Conference Presenter: Antonis Bertsos, CFO
NewLead Holdings Ltd. Presentation: NIBA Conference Presenter: Antonis Bertsos, CFO Confidentiality & Forward Looking Statement Confidentiality Statement By going through the subject presentation you will
More informationProduct tanker supply/demand in dwt candidates is much lower than 4% of the fleet, and in fact only 2.3% of the drybulk fleet and
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview This week, the British currency continued to move in the opposite direction as its stock
More informationDnB NOR Bank ASA Lam Wai Kay 18 September 2007
Debt Financing DnB NOR Bank ASA Lam Wai Kay 18 September 2007 Agenda Perspective of Shipping Who is DnB NOR? Financing Alternatives How do we do it? 2 September 14, 2007 The Shipping Industry Unpredictable
More informationJustin B. Yagerman J.P. Morgan Asset Management Global Maritime and Transport
CHARTING THE COURSE: Maritime s role in institutional portfolios Justin B. Yagerman J.P. Morgan Asset Management Global Maritime and Transport FROM THE LOOKOUT: GLOBAL MARITIME Workhorse of the Global
More informationForward-Looking Statements
4 th StealthGas Inc. th Quarter 2010 Results February 23 rd, 2010 CONSISTENCY & GREAT VALUE Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More information12th ANNUAL MARINE MONEY ISTANBUL SHIP FINANCE CONFERENCE European Banks and Shipping Finance: Fresh Opportunities
12th ANNUAL MARINE MONEY ISTANBUL SHIP FINANCE CONFERENCE European Banks and Shipping Finance: Fresh Opportunities Dr. Jerzy Majewski SHIPPING ORIGINATION EUROPE ISTANBUL 21 MAY 2015 Agenda 1. 2014 - Global
More informationGenco Shipping & Trading Limited. Morgan Stanley Small Cap Executive Conference June 13, 2007
Genco Shipping & Trading Limited Morgan Stanley Small Cap Executive Conference June 13, 2007 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
More informationIMPORTANT DEALS Allegiant. ELL European Locomotive Leasing. Apollo Aviation Group. Goldenport. Ardmore Shipping Corporation
Allegiant Full Recourse Financing 5 x A320-200 Apollo Aviation Group 2 x Aircraft ABS Offerings US$1.15 billion Joint Bookrunner & Joint ELL European Locomotive Leasing Senior Secured Term Loan & Capex
More informationIntroduction to Swedbank and Kepler Cheuvreux s partnership July In cooperation with:
Introduction to Swedbank and Kepler Cheuvreux s partnership July 2017 In cooperation with: New partnership strengthens Swedbank s offering Excellent international distribution power through local presence
More information2010 Annual Report. Aegean Marine Petroleum Network 2010 Annual Report
Aegean Marine Petroleum Network 2010 Annual Report Aegean Marine Petroleum Network 2010 Annual Report Corporate Profile Aegean Marine Petroleum Network Inc. is a leading international marine fuel logistics
More informationDanske Bank. Conservatism or weak asset quality? Henrik Hoffmann Executive Vice President, Group Credits March 27, 2009
Danske Bank Conservatism or weak asset quality? Henrik Hoffmann Executive Vice President, Group Credits March 27, 2009 Agenda 1. Market situation: Very pessimistic outlook 2. The credit organization in
More informationStealthGas Inc Page 1
Page 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations
More information4 th Quarter and FY 2013 Financial Results
NASDAQ: SBLK 4 th Quarter and FY 2013 Financial Results March 2014 Safe Harbor Statement Except for the historical information contained herein, this presentation contains among other things, certain forward-looking
More informationscc Doc 261 Filed 07/27/17 Entered 07/27/17 16:09:38 Main Document Pg 1 of 10
Pg 1 of 10 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re: : Chapter 11 : TOISA LIMITED, et al., : Case No. 17-10184
More informationProduct tanker supply/demand in dwt many expected. This does not mean that drybulk companies are all of a sudden making money,
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview Over the past weekend, the U.S. was struck by merger mania, with AT&T leading the charge
More informationCurrent Shipping Finance in Korea
28 th October 215 Current Shipping Finance in Korea - Challenges and Opportunities Maritime Finance Department Contents Part 1 Shipping Finance Market in Korea Part 2 KDB Activities in the Market Part
More informationWho will step into the funding gap created by European shipping banks?
Who will step into the funding gap created by European shipping banks? Janos F. Koenig, Managing Director Eurofin Group of Companies 1 Who we are EUROFIN: Independent, privately held advisory group 28
More informationWhy are almost all ABCP vehicles sponsored by non-u.s. banks?
Why are almost all ABCP vehicles sponsored by non-u.s. banks? Carlos Arteta Mark Carey Ricardo Correa Federal Reserve Board These slides discuss very preliminary results of ongoing work. They represent
More informationEU Financial System Perspectives
EU Financial System Perspectives BNP Paribas Securities (Japan) Limited Head of Investment Research Department Chief Credit Analyst Mana Nakazora 03-6377-1707 mana.nakazora@japan.bnpparibas.com How strong
More informationGenco Shipping & Trading Limited
Genco Shipping & Trading Limited JPMorgan Aviation & Transportation Conference March 19, 2008 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
More informationForward-Looking Statements
3 rd StealthGas Inc. rd Quarter & Nine Months 2010 Results November 16 th, 2010 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable
More informationGenco Shipping & Trading Limited
Genco Shipping & Trading Limited Q3 2005 Earnings Call November 3 rd, 2005 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation
More informationHOT OR NOT. Adrian Economakis - COO.
HOT? OR NOT Adrian Economakis - COO adrianeconomakis@vesselsvalue.com 15 MINUTE MARKET RECAP: All the major markets, all the key data, what s hot and what s not a view on the next few years. WHO WE ARE
More informationGoldman Sachs Roadshow 6-7 December Gunn Wærsted Executive Vice President, Head of Wealth Management
Goldman Sachs Roadshow 6-7 December 2012 Gunn Wærsted Executive Vice President, Head of Wealth Management Disclaimer This presentation contains forward-looking statements that reflect management s current
More informationPrice Developments Evaluating Sector Attractiveness
Price Developments Evaluating Sector Attractiveness Dr Adam Kent - Maritime Strategies International (MSI) 7th Annual Marine Money London Ship Finance Forum 27 th Jan 2016 Agenda Price Developments Evaluating
More informationTHE NEW ERA OF GLOBAL BANK RELATIONSHIP MANAGEMENT
THE NEW ERA OF GLOBAL BANK RELATIONSHIP MANAGEMENT James Gilligan, CTP, FP&A Great Plains Energy, Inc. (Kansas City) Stephan Ireland -- Redbridge Debt & Treasury Advisory (Houston) Every component of the
More informationJefferies Maritime Group
Jefferies Maritime Group Maritime Market Update April 28, 2014 IN THIS ISSUE Maritime Update Tanker Market Update Tanker Universe Equity Comparables Tanker FFA Curve Dry Cargo Market Update Drybulk Universe
More informationJefferies Maritime Group
Jefferies Maritime Group Maritime Market Update April 28, 2014 IN THIS ISSUE Maritime Update Tanker Market Update Tanker Universe Equity Comparables Tanker FFA Curve Dry Cargo Market Update Drybulk Universe
More informationNASDAQ: SBLK. Corporate Presentation
NASDAQ: SBLK Corporate Presentation October 2014 2 ForwardLooking Statements Except for the historical information contained herein, this presentation contains among other things, certain forwardlooking
More informationThe Great Eastern Shipping Company Ltd. A Review of Financial Year
The Great Eastern Shipping Company Ltd. A Review of Financial Year 04 April 30, 2004 Forward Looking Statement This presentation contains certain forward looking information through statements, which are
More informationGenco Shipping & Trading Limited. Genco Shipping & Trading Limited
Genco Shipping & Trading Limited Genco Shipping & Trading Limited Investor Day December 11, 2006 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
More informationGenco Shipping & Trading Limited
Genco Shipping & Trading Limited Q1 2006 Earnings Call May 4, 2006 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains
More information466 deals $2.1bn $16.3bn
UK Investment Banking Review First Quarter 216 UK investment banking revenue in 1Q 216 totaled $1.bn, down 21% year-on-year. Deal volume from UK targeted M&A dropped 34% year-on-year to $49.3bn. The same
More informationANNOUNCEMENT NO TO THE COPENHAGEN STOCK EXCHANGE
ANNOUNCEMENT NO. 13 2003 TO THE COPENHAGEN STOCK EXCHANGE 21 November 2003 TORM - Interim report for the first nine months of 2003 maintains expectations for 2003 Net profit for the first nine months of
More informationHyundai Merchant Marine Co., Ltd. August 2010
Hyundai Merchant Marine Co., Ltd. August 2010 Important Notice This presentation contains forward looking statements, that are based on Hyundai Merchant Marine s current expectations, prospects, assumptions,
More informationFinancial Strategy. Peter Evensen, CFO. May 13 th
Financial Strategy Peter Evensen, CFO May 13 th 2004 www.teekay.com Forward Looking Statements This document contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act
More informationCAPITAL PRODUCT PARTNERS L.P
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES SECOND QUARTER 2017 FINANCIAL RESULTS, ENTERING INTO A FIRM OFFER LETTER FOR A NEW $460 MILLION CREDIT FACILITY FOR THE REFINANCING OF SUBSTANTIALLY ALL OF THE PARTNERSHIP
More informationDaily Briefing. Greek container consolidation. continues as Poseidon seeks seven vessels from Diana. Leading maritime commerce since 1734
Friday October 6, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Greek container consolidation continues as Poseidon seeks seven vessels from Diana NEWS: Shipping faces fresh EU pressure
More informationThe Shipping Industry in Cyprus
The Shipping Industry in Cyprus The Shipping Industry in Cyprus: A successful journey continues... 10th largest fleet worldwide 1st third party shipmanagement centre in the whole EU ~25% of the whole EU
More informationTEEKAY SHIPPING CORPORATION Bayside House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212, Nassau, Bahamas EARNINGS RELEASE
TEEKAY SHIPPING CORPORATION Bayside House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212, Nassau, Bahamas EARNINGS RELEASE TEEKAY REPORTS FIRST QUARTER RESULTS Highlights Reported
More informationNASDAQ: SBLK. 4 th Quarter and FY 2015 Financial Results
NASDAQ: SBLK 4 th Quarter and FY 2015 Financial Results March 2016 Forward-Looking Statements Except for the historical information contained herein, this presentation contains among other things, certain
More informationEconomic Outlook & the Impact on Shipping
Economic Outlook & the Impact on Shipping Gary Morgan Lloyd s Register IMSF 28 Gdansk, Poland European Dry Bulk Shipping Market Outlook A few points before we proceed Globalisation is further complicating
More informationThird Quarter 2008 Presentation
0 Third Quarter 2008 Presentation Safe Harbor Statement This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease s current expectations or forecasts
More informationAegean Marine Petroleum Network Inc. Announces Second Quarter 2017 Financial Results
Aegean Marine Petroleum Network Inc. Announces Second Quarter 2017 Financial Results New York, NY, August 10, 2017 Aegean Marine Petroleum Network Inc. (NYSE: ANW) ( Aegean or the Company ) today announced
More informationCAPITAL PRODUCT PARTNERS L.P.
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES THIRD QUARTER 2017 FINANCIAL RESULTS AND THE SUCCESSFUL REFINANCING OF SUBSTANTIALLY ALL OF THE PARTNERSHIP S INDEBTEDNESS. ATHENS, GREECE -- (Marketwired) -- 10/27/17
More informationShip Finance International Limited 4Q 2016 Results
Ship Finance International Limited 4Q 2016 Results February 28, 2017 1 FORWARD LOOKING STATEMENTS This presentation contains forward looking statements. These statements are based upon various assumptions,
More informationSeanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2018
Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2018 Highlights of First Quarter 2018: Net revenues: $21.3 million in Q1 2018, up 60% compared to $13.3
More informationGLOBUS MARITIME LIMITED
GLOBUS MARITIME LIMITED Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2015 Athens, Greece June 22, 2015, Globus Maritime Limited ("Globus," the Company," we, or our
More informationHyundai Merchant Marine. 3Q 2017 Earnings Release
Hyundai Merchant Marine 3Q 2017 Earnings Release Disclaimer The financial information of Hyundai Merchant Marine contained herein have been duly made subject to K-IFRS(Korean International Financial Reporting
More informationPioneer Marine Inc Announces Second Quarter 2014 Results
Pioneer Marine Inc Announces Second Quarter 2014 Results MAJURO -- (Marketwired August 29, 2014) Pioneer Marine Inc. (OSLO-OTC: PNRM) ("Pioneer Marine," or the "Company") a leading shipowner and global
More informationDryShips Inc. Informational Roadshow November/December 2005 NASDAQ: DRYS
DryShips Inc. Informational Roadshow November/December 2005 NASDAQ: DRYS Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal
More informationThird Quarter 2012 Earnings Presentation October 23, 2012
Third Quarter 2012 Earnings Presentation October 23, 2012 Statements in this presentation which are not statements of historical fact are forward-looking statements (as such term is defined in Section
More informationDaily Briefing. Power play, politics, and prickly personalities. Leading maritime commerce since Friday September 22, 2017
Friday September 22, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Power play, politics, and prickly personalities NEWS: Maersk Tankers is safe under the bank of mum and dad Power
More informationGenco Shipping & Trading Limited. Capesize Acquisition Conference Call July 19, 2007
Genco Shipping & Trading Limited Capesize Acquisition Conference Call July 19, 2007 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation
More informationHyundai Merchant Marine Co., Ltd. Company overview
Hyundai Merchant Marine Co., Ltd. Company overview November 2009 Hyundai Merchant Marine Co.,Ltd. 1 Important Notice This presentation contains forward-looking statements, that are based on Hyundai Merchant
More informationStock Code: HSBC Shipping Day 2009, Hong Kong
Stock Code: 2343 HSBC Shipping Day 2009, Hong Kong Roadshow - 18 March 2009 Pacific Basin Overview World s leading dry bulk owner/operator of modern handysize vessels and a top 10 handymax operator, principally
More information51489NQH8 30,000, /07/16 09/07/16 30,000, % Thueringen
Fund Name Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio Statement Date Unaudited Holdings as of August 26, 2016 WAM (Days) 6 Days WAL (Days) 7 Days Net Assets 3,680,777,861 INVESTMENT
More informationDryShips Inc. 3 rd Quarter and Nine Months Ended September 30, 2007 Earnings Presentation NASDAQ: DRYS
3 rd Quarter and Nine Months Ended September 30, 2007 Earnings Presentation NASDAQ: DRYS November 7, 2007 Forward Looking Statements Matters discussed in this presentation may constitute forward-looking
More informationTTS GROUP ASA. Oslo, 13 May 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO. Q1 Results Photo: Jan Rolf Jacobsen/Norlines
TTS GROUP ASA Q1 Results 2015 Oslo, 13 May 2015 Björn Andersson, CEO Henrik Solberg-Johansen, CFO Photo: Jan Rolf Jacobsen/Norlines NEWS: New PCTC contract of MNOK120 Cargo access equipment to two PCTCs
More informationJ. Lauritzen A/S Investor Update Interim Financial Report 2016 Q2
J. Lauritzen A/S Investor Update Interim Financial Report 216 Q2 August 216 Please read the disclaimer placed as the last slide in this presentation. Thank you. www.j-l.com Oceans of know-how 216 H1: As
More informationJefferies Maritime Group
Jefferies Maritime Group Maritime Market Update June 9, 2014 IN THIS ISSUE Maritime Update Tanker Market Update Tanker Universe Equity Comparables Tanker FFA Curve Dry Cargo Market Update Drybulk Universe
More informationInterim report - first half 2005
Copenhagen Stock Exchange Nikolaj Plads 6 1067 Copenhagen K Announcement No. 21 23 August 2005 Interim report - first half 2005 First half 2005 - highlights In the first half-year, the profit for the period
More information