Pooling: Bringing vital consolidation to shipping
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1 Pooling: Bringing vital consolidation to shipping Marine Money, Singapore 22 September
2 SUPPLY: GROWING FRAGMENTATION 15% INCREASE IN NUMBER OF OWNERS DURING LAST 10 YEARS GLOBAL FLEET TOP 10 OWNERS SHARE VS. REST APPROX. 75% OF FLEETS HAVE FEWER THAN 10 VESSELS SHIP-OWNER APPROX. 2% AVERAGE SHARE OF GLOBAL FLEET BY EACH TOP 10 OWNER 79% Fleet comprising vessels 10,000 DWT+ Source: Clarkson s / Poten 2
3 DEMAND: SIGNIFICANT CONSOLIDATION CONCENTRATION OF CARGO OWNERSHIP; DEVOLUTION OF CONTROL TO REGIONAL OFFICES TRAFIGURA 56 OFFICES 36 COUNTRIES $128BN 2014 REVENUES VITOL 40 OFFICES 30 COUNTRIES $270BN 2014 REVENUES KOCH 80 OFFICES 60 COUNTRIES $115BN* 2013 REVENUES NOBLE 89 OFFICES 31 COUNTRIES $86BN 2014 REVENUES GLENCORE 90 OFFICES 50 COUNTRIES $221BN 2014 REVENUES CARGILL 76 OFFICES 68 COUNTRIES $135BN 2014 REVENUES OVER 700% INCREASE IN REVENUES DURING LAST 10 YEARS *KOCH: 2013 Revenue figure 2014 figure not disclosed 3
4 DEMAND: CONSOLIDATED DIVERSIFICATION TRADERS HAVE INVESTED BROADLY ACROSS THE COMMODITIES SUPPLY CHAIN Crude Oil LPG LNG Naphtha Biofuels Natural Gas Coal Steel Gasoline Electricity Carbon Fibres Methanol Base Metals Sugar Ethanol Easy Chemicals Minerals Feed Grains Vegoils 4
5 RESULT: INEQUALITY OF BARGAINING POWER ISSUES FOR OWNERS: PROPENSITY TO BECOME PRICE-TAKERS, RATHER THAN PRICE-MAKERS LIMITED CAPACITY TO OFFER VALUE-ADD THAT ATTRACTS A REVENUE PREMIUM LOWER LONG-TERM AVERAGE RETURN ON INVESTMENT CONSTRAINT ON FLEET GROWTH PERPETUATES IMBALANCE SO HOW DOES THE PLAYING FIELD GET LEVELLED? CONSOLIDATION BUT HOW? M&A POTENTIAL LOSS OF STRATEGIC CONTROL S&P POTENTIAL LOSS OF ASSET CONTROL POOLING NO LOSS OF EITHER FORM OF CONTROL.. 5
6 POOLING: BENEFITS TO OWNERS 01 MARKET INTELLIGENCE ADVANTAGE 6
7 MARKET INTELLIGENCE BEING PART OF A LARGER FLEET PROVIDES ACCESS TO ENHANCED INFORMATION FLOW NAVIG8 OVERVIEW: 16 POOLS 7 TANKER; 5 CHEMICAL; 4 DRY BULK 51 POOL MEMBERS FROM 18 COUNTRIES 230-VESSEL OPERATIONAL FLEET, PLUS COMMITMENTS INCLUDING: GENER8 MARITIME 27 VESSELS (46 IN TOTAL) NAVIG8 PRODUCT TANKERS 27 VESSELS NAVIG8 CHEMICAL TANKERS 16 VESSELS (32 IN TOTAL) EACH VESSEL IS A SUBSTANTIAL SOURCE OF INFORMATION FLEET SIZE SUPPORTS GEOGRAPHIC EXPANSION, DIVERSIFICATION & ECONOMIES OF SCALE ANALYSIS OFTEN YIELDS VALUABLE INFORMATION HIDDEN IN DIFFERENT SEGMENTS Fleet size aggregates i) operational vessels and ii) ships committed to join Navig8 pools (from date of contract) Weighted according to proportion of relevant quarter in which vessel enters, or is committed to, a pool. 7
8 POOLING: BENEFITS TO OWNERS 01 MARKET INTELLIGENCE 02 RISK DIVERSIFICATION ADVANTAGE 8
9 RISK DIVERSIFICATION NAVIG8 POOLS SEGMENT & TOP 15 CHARTERER REVENUE ANALYSIS Dry Bulk 12% Products 15% Crude 48% Chems 25% COUNTERPARTY OVER 1,000 CUSTOMERS, BUT HIGH-QUALITY CASHFLOW CONCENTRATION TO LEADING ENERGY MAJORS AND GLOBAL TRADERS EMPLOYMENT THOUGH PRIMARILY SPOT, POOL TCE PAID MAY ALSO COMBINE COA AND TC REVENUES 9
10 POOLING: BENEFITS TO OWNERS 02 RISK DIVERSIFICATION 01 MARKET INTELLIGENCE 03 FLEXIBILITY ADVANTAGE 10
11 FLEXIBILITY OF SERVICE Crude Gasoil Mogas Jet Naphtha Molasses Limestone Palm Caustic Grains Lubes Coal MTBE Fuel Oil Vegoil Biofuels Bauxite GLOBAL PRESENCE SIZE DIVERSITY 11
12 POOLING: BENEFITS TO OWNERS 02 RISK DIVERSIFICATION 01 MARKET INTELLIGENCE 03 FLEXIBILITY ADVANTAGE 04 MARKET OUTPERFORMANCE 12
13 ADDING VALUE: CASE STUDY 1 USING EXPERTISE, GLOBAL NETWORK AND RELATIONSHIPS TO OPTIMISE UNFAVOURABLE VESSEL DELIVERY ARA VOY. 2: BIDE TIME CROSS-AG 8 DAYS AG KOREA VOY. 1: REPOSITION DEL. ROTTERDAM RED SEA - AG 42 DAYS RED SEA VOY. 3: MAXIMISE VALUE AG - MED 31 DAYS Ballast Load Port Discharge Port VOY. 4: MAXIMISE VALUE BALLAST RED SEA - KOREA 44 DAYS TOTAL: $ 48,900 P/D OVER 125 DAYS TC-1 AG/JPN SAME PERIOD: $ 38,200 P/D REPOSITIONING OPTIMIZED WITH CARGO EN-ROUTE TO ACTIVE LOAD ZONE INTERMEDIATE EMPLOYMENT IN LOAD ZONE PRESERVES OPTIONALITY IN RISING MARKET PATIENT TRADING STRATEGY FOCUSED ON MAXIMISING RETURNS OVER TIME
14 ADDING VALUE: CASE STUDY 2 STRATEGIC RELATIONSHIPS AND GLOBAL NETWORK ENABLES INTER-SEGMENT TRADE FLEXIBILITY Earnings p/d 35,000 30,000 TC5 1. VESSEL TRADING IN FALLING DIRTY MARKET: 3 DIRTY VOYAGES USG/CARIBS/USEC 57 DAYS (FEB-MAR) BALTIC 25,000 20,000 15,000 10,000 TD12 Ballast Load Port Discharge Port USAC AG KOREA 2. PROSPECTIVE CLEAN MARKET UPSWING IDENTIFIED: 3 CLEAN-UP VOYAGES BALTIC/KOREA/SE ASIA 126 DAYS (MAR-AUG) WCI SE ASIA TOTAL: $ 25,100 P/D OVER 242 DAYS* TD-12 ARA/USG SAME PERIOD: $ 23,200 P/D *Includes 3 clean fixtures after cleaning up 3. VESSEL TRANSITIONED INTO STRONGER CLEAN TRADE: AVERAGE AUGUST TC5 TCE P/D - $ 32,400 P/D AVERAGE AUGUST TD12 TCE P/D - $ 22,100 P/D GLOBAL PRESENCE IN BOTH TRADES ABILITY TO IDENTIFY MARKET FLUCTUATIONS KEY RELATIONSHIPS FACILITATE EFFICIENT CLEAN-UP PROGRAMMES SWITCH INTO CLEAN TRADING RESULTS IN EARNINGS ENHANCEMENT OVER PERIOD
15 POOLING: BENEFITS TO OWNERS 02 RISK DIVERSIFICATION 01 MARKET INTELLIGENCE 03 FLEXIBILITY ADVANTAGE 04 MARKET OUTPERFORMANCE 05 TRANSPARENCY 15
16 TRANSPARENCY: POOL ENTRY & REPORTING RECOGNISING THAT THE FOUNDATIONS OF SUCCESSFUL POOLING ARE TRUST, TRANSPARENCY AND ACCOUNTABILITY POOL ENTRY: VESSEL EVALUATION SYSTEM APPLIED CONSISTENTLY TO ALL VESSELS ENTERING POOL VES ENSURES VESSELS REWARDED FAIRLY FOR CONSUMPTION & TRADING FEATURES VES REVIEWED ANNUALLY AND APPROVED BY POOL MEMBERS VESSEL PERFORMANCE REVIEWED REGULARLY CONSISTENTLY FAIR TCE DISTRIBUTIONS POOL REPORTING: FREQUENT AND HIGHLY DETAILED REVENUE AND COST REPORTING RANGE OF REPORTS & COMMENTARIES PROVIDES ACCESS TO MARKET INFORMATION FLOW POOL REPORTS DISTRIBUTION REPORTS VOYAGE PERFORMANCE REPORTS MARKET COMMENTARIES 16
17 POOLING: BENEFITS TO OWNERS 02 RISK DIVERSIFICATION 01 MARKET INTELLIGENCE 03 FLEXIBILITY ADVANTAGE 06 CREDIT FACILITIES 04 MARKET OUTPERFORMANCE 05 TRANSPARENCY 17
18 CREDIT FACILITIES CONVERTING MARKET OUTPERFORMANCE INTO PROMPT CASH DISTRIBUTIONS TO OWNERS 100% 90% L12M 80% 70% 60% 50% 40% 30% 20% 10% 0% Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 PRE-CREDIT FACILITY Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 POST-CREDIT FACILITY Apr-14 Oct-14 MONTHLY DISTRIBUTIONS DEPENDENT ON CASH RECEIPT FROM POOL FLEET ACTIVITY CREDIT FACILITIES MONTHLY TCE DISTRIBUTIONS UP BY 25% TO 96%* (L12M) NAVIG8 OPERATES OVER $200M IN RECEIVABLES LINES TO SUPPORT DISTRIBUTIONS *Chart & figures taken from Navig8 s MR Pool 18
19 POOL MEMBERS ROSS CHEM NAVIOS MARITIME FinnFleet EGYPTIAN TANKER COMPANY 19
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