Price Developments Evaluating Sector Attractiveness
|
|
- Augustus Stewart
- 5 years ago
- Views:
Transcription
1 Price Developments Evaluating Sector Attractiveness Dr Adam Kent - Maritime Strategies International (MSI) 7th Annual Marine Money London Ship Finance Forum 27 th Jan 2016
2 Agenda Price Developments Evaluating Sector Attractiveness 1. What determines secondhand prices 2. Newbuilding prices 3. Scrap prices 4. Earnings 5. Secondhand prices 6. Forecast Maritime evaluator (FMV) Maritime Strategies International 2
3 07/14 08/14 09/14 10/14 11/14 12/14 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 09/15 10/15 11/15 12/15 Prices - Conundrum 000 $/day 1 Year TC Rate 5 Year Old Price Static Prices Mn US$ Maritime Strategies International 3
4 Handy Aframax Suezmax VLCC Handy Panamax Capesize 1.7 k TEU 3.6 k TEU 4.4 k TEU 8 k TEU Break Even v Earnings $/day Breakeven TC Rate % Net Cash Flow (RH Axis) 120% 100% 80% 20 60% 40% 0 20% 0% % % -60% % Based on 60% financing Maritime Strategies International 4
5 The Complete Pricing Jigsaw Maritime Strategies International 5
6 What Determines Secondhand Vessel Prices? Current Replacement Cost - Sets Upper Reference (Yard Prices: Highly Unstable; Major Market Risk) Expected Earnings - Sets Depreciation Rate (TC Rate, Vessel Life Expectancy) Residual Scrap Values - Sets Floor to S&P Market ($/LDT:Limited Influence or Up-/Downside Risk) Maritime Strategies International Ltd. 6
7 Price Developments Newbuilding Prices Maritime Strategies International
8 Forward Cover = Pricing Power MSI s Shipbuilding Model Sector Specific Freight Rates Regional Yard Developments & Capacity Sector Specific Contracting Global Yard Capacity Global Orderbook Forward Berth Cover (years) Average Yard Price Index ($ CGT) Newbuilding Price (by vessel type by size) Global Cost Components (steel & machinery price, exchange rates) Regional Cost Components (wage, inflation, productivity) Weighted Average of Yard Costs Costs = Pricing Floor Maritime Strategies International Ltd. 8
9 Are the Yards Panicking Yet? Mn CGT Mn CGT Historical Max % of Max Historical Output (RH Axis) 30 Beyond 2016 yards are significantly underemployed 25 % Capacity 120% 100% 20 80% Empty Capacity Empty Capacity Empty Capacity 60% 40% 20% 0 0% South Korea Japan China Maritime Strategies International 9
10 Chinese Orderbook Whose Responsible? Bulker orderbook low Domestic orders are low Maritime Strategies International 10
11 Contracting Forecast Mn CGT % Share 100% Other Container Gas Bulker Tanker % Bulker (RH Axis) 90% Bulker orders are going to remain at low levels in 2016/17 80% 70% 60% 50% 40% 30% 20% 10% 0 0% Maritime Strategies International 11
12 # Quarter Since Last Order Chinese Yards # of Yards Redundant/Closed Capacity Quarters Since Last Contract Secured Maritime Strategies International 12
13 Diversified Portfolio Route to Survival Maritime Strategies International 13
14 Shipyard Turmoil Maritime Strategies International Ltd. 14
15 Effective Shipyard Capacity (Merchant) Mn CGT Other Europe China Korea Japan Maritime Strategies International 15
16 Shipyard Capacity Déjà Vu Mn CGT Other Europe China South Korea Japan Maritime Strategies International 16
17 Cost Index Index 2002= 100 Weighted Average Index Korea Index Japan Index China Index Exchange rate movements and zero inflation/wage growth now means Japanese costs are significantly below Korea 40 Maritime Strategies International 17
18 Exchange Rate Impact Panamax Bulker Value US$ (Mn) Japan Yen ('00 Mn) Korea Won ('000 Mn) China Yuan ('0 Mn) Converted to local currency newbuilding prices have gone up in Japan Maritime Strategies International 18
19 Price Developments Scrap Price Maritime Strategies International
20 20k SR LPG 5/8 SR LPG VLGC LPG 6kCEU PCTC 9k Chemical 20k Chemical MR Tanker VLCC Tanker 1.7kTEU FCC Suezmax Tanker LR2 Tanker 12.5k MPP Aframax Tanker 6.1kTEU FCC 20k MPP 4.3kTEU FCC Cape Bulker Supra Bulker Panamax Bulker 20 Year Old Price - % Above Scrap % 600% 500% 400% Scrap prices heavily impacting old tonnage at this end of the spectrum 300% 200% 100% 0% Maritime Strategies International 20
21 Scrap Price - Drivers 1.0 r 2 Demolition Volume Steel Price High correlation with volume Scrap price related to general steel price Scrap price unrelated to volumes Correlation Period 21
22 01/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /2015 ISC Steel Imports from China 1.2 Mn T 1.0 Net increase in steel imports 2015 v 2013 = 700 Handymax Bulkers Maritime Strategies International 22
23 Price Developments Earnings Maritime Strategies International
24 Crude and Product Tanker LPG Carrier OSVs PCTC Bulker MPP Container LNG Chemical Tanker RoRo Where on the Earnings Cycle Are We? Maritime Strategies International 24
25 Shipping Sector Snakes & Ladders Oil Tanker Chemical LPG MPP LNG PCTC FCC OSV Bulker Maritime Strategies International 25
26 RoRo Crude and Product Tanker LPG Carrier OSVs MPP Container Bulker PCTC LNG Chemical Tanker and where are we heading? Maritime Strategies International 26
27 Price Developments Secondhand Prices Maritime Strategies International
28 Net Replacement Value Panamax Bulker Modern Panamax values could fall further based on historical evidence - old tonnage is already at all time lows Historical Range ( ) Current Depreciation YoS = Year of Sale Maritime Strategies International 28
29 Net Replacement Value VLCC Tanker VLCCs are approaching their maximum historical depreciation Current Depreciation Historical Range ( ) YoS = Year of Sale Maritime Strategies International 29
30 MSI - FMV MSI Forecast Marine evaluator (FMV) is the first web-based tool to provide forecast and historical price data covering virtually all of the deepsea shipping fleet. Data includes forecasts of newbuilding, second-hand prices, 1 year timecharter rates and operating costs for specific vessels. MSI FMV draws on MSI s proven, proprietary models and a consistent cross-sectional view across all principal shipping sectors. It puts asset values in the context of the near term market to enable reliable benchmarking with outputs based on annual averages. Coverage: Crude Oil Tanker Chemical Tanker Multi Purpose Product Oil Tanker LPG Carrier Containership Dry Bulk Carrier LNG Carrier PCC/PCTC Maritime Strategies International 30
31 FMV Output Quarterly Fair Market Value & 1 Year Time Charter Rate (1Q history, current Q, 2Q forecast Annual average: Newbuilding contract price Fair Market Value 1 Year Time Charter Rate Operating Cost 5 years history and 15 years forecast Price Development Chart detailing forecast price development in relation to historical metrics Maritime Strategies International 31
32 Sector Attractiveness - IRR Maritime Strategies International 32
33 Summary Current secondhand prices only make sense if all drivers are viewed together Many shipyards will be underemployed in 2017, especially those yards bulkers focus There will be further yard capacity closures, this will help support newbuilding prices in the medium term Costs and exchange rates will help determine what yards survive Scrap prices will not recover whilst ISC imports cheap Chinese steel Shipping remains cyclical and what goes down must go up (eventually!) Bulker and Tanker depreciations are currently at historical extremes MSI s Forecast Marine evaluator (FMV) online product can show the attractiveness of a specific vessel, in terms of both value and cash flow projections Maritime Strategies International 33
34 Thank you Maritime Strategies International 34
35 MSI Background For over 30 years, MSI has developed integrated relationships with a diverse client base of financial institutions, ship owners, shipyards, brokers, investors, insurers and equipment and service providers. MSI s expertise covers a broad range of shipping sectors, providing clients with a combination of sector reports, forecasting models, vessel valuations and bespoke consultancy services. MSI is staffed by economists and scientists offering a structured quantitative perspective to shipping analysis combined with a wide range of industry experience. MSI balances analytical power with service flexibility, offering a comprehensive support structure and a sound foundation on which to build investment strategies and monitor/assess exposure to market risks. Maritime Strategies International 35
36 Disclaimer While this document has been prepared, and is presented, in good faith, Maritime Strategies International assumes no responsibility for errors of fact, opinion or market changes, and cannot be held responsible for any losses incurred or action arising as a result of information contained in this document. The copyright and other intellectual property rights in data, information or advice contained in this document are and will at all times remain the property of Maritime Strategies International. Maritime Strategies International 36
37 Maritime Strategies International Ltd 6 Baden Place Crosby Row London SE1 1YW United Kingdom Tel: +44 (0) Fax: +44 (0) info@msiltd.com
MSI FMV (Forecast Marine evaluator) Track Record
MSI FMV (Forecast Marine evaluator) Track Record 2016 Introduction Through MSI s online Forecast Marine evaluator (FMV) tool, timeseries data is generated (see output example to the right) for marine assets
More informationForesight. Time to Put the Champagne on Ice; Choose Wisely When to Open It
Foresight Time to Put the Champagne on Ice; Choose Wisely When to Open It Markets are on the up but the post-downturn landscape will be complex and nuanced, says Dr Adam Kent, Director of Maritime Strategies
More informationTodays Opportunities: DCF Values Vs Market Values Vs Breakevens
Todays Opportunities: DCF Values Vs Market Values Vs Breakevens MarineMoney NYC June 2015 Adrian Economakis Strategy Director adrianeconomakis@vesselsvalue.com +44 203 142 6505 Agenda 1. Using DCF to ACCURATELY
More informationISSUE NO.4/2013 BULK CARRIERS
ISSUE NO.4/2013 BULK CARRIERS (% YEAR- ON- YEAR CHANGE) NEWBUILDING TRENDS JANUARY-SEPTEMBER (2013-2012) No. of New orders: Up by 120% year-on-year Largest activity recorded in the ultramax segment Significant
More informationTanker Market Outlook
Tanker Market Outlook Market Update Autumn 2009 Dec 08., 2009 120 000 Suezmax Bonny - USAC Average Earnings Modern 100 000 80 000 USD/day 60 000 40 000 20 000-98Q1 99Q1 00Q1 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1
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 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 informationReversion to the Mean - What to Buy, Sell, Hold based on History
Reversion to the Mean - What to,, Hold based on History MarineMoney London 2015 Adrian Economakis Strategy Director adrianeconomakis@vesselsvalue.com +44 203 142 6505 Introduction to VesselsValue Introduction
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 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 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 informationShipping update. Oslo, November, 2011 Per Augdahl Senior Vice President Shipping, Offshore & Logistics
Shipping update Oslo, November, 2011 Per Augdahl Senior Vice President Shipping, Offshore & Logistics Which segments do we cover Who are our clients How do we serve our clients 2 Norway is a major shipping
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 informationBusiness Performance in
Business Performance in 3 rd Quarter January 31, 2018 HP 0 Contents 3 rd Quarter Results [Consolidated] 2 Outline of 3 rd Quarter Results [Consolidated] 4 Full-year Forecast [Consolidated] 6 Key Points
More informationHandelsbanken Transport Seminar. Martin Badsted Senior Vice President. Copenhagen, October 2009
Handelsbanken Transport Seminar Martin Badsted Senior Vice President Copenhagen, October 2009 THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING. UNIQUE PEOPLE. OPEN MINDED TEAM SPIRIT. NUMBER ONE. Dampskibsselskabet
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 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 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 informationLoss Prevention through Risk Management
Loss Prevention through Risk Management Tang Sau Weng 8 Sept 2011 Agenda > Introductions > Present market conditions > Loss Prevention > Damages survey > Conclusions CSL - Global Services RISK CONTROL
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 informationOctober 31, Plan to Equip Part of Our Fleet with EGCS
Capital Product Partners L.P. Announces Third Quarter 2018 Financial Results, Plan to Equip Part of the Partnership s Fleet With Exhaust Gas Cleaning Systems and the Sale of the M/T 'Amore Mio II' October
More informationThe Great Eastern Shipping Co. Ltd.
The Great Eastern Shipping Co. Ltd. Investor Conference,Goa February, 2007 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationLooking Ahead: Key Themes for the Drybulk Market
Marine Money Ship Finance Forum November 12 th, 2014 Looking Ahead: Key Themes for the Drybulk Market Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking
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 informationThe New DryShips DryShips Inc.
The New DryShips DryShips Inc. NASDAQ: DRYS Investor Presentation Capital Link Conference March 12, 2018 Disclaimer About this Presentation This presentation (this Presentation ) has been prepared by DryShips
More informationFOCUSED. DIVERSIFIED. COMPETENT. TRUSTWORTHY. DVB research video Henriette Brent-Petersen on product & chemical tankers
FOCUSED. DIVERSIFIED. COMPETENT. TRUSTWORTHY. DVB research video Henriette Brent-Petersen on product & chemical tankers Frankfurt/Main, November 217 Product tanker Earnings Product tanker freight rate
More informationMarket Update Time to redesign our models?
MARITIME Market Update Time to redesign our models? INCENTRA Council Meeting - Haugesund Jakub Walenkiewicz 1 SAFER, SMARTER, GREENER JM Keynes AGGREGATED DEMAND Boost the economy Increase spending CREATE
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 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 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 informationCapital Product Partners L.P.
Third Quarter 2011 Earnings Presentation October 31, 2011 Capital Product Partners L.P. www.capitalpplp.com Disclosures This presentation contains forward-looking statements (as defined in Section 21E
More informationInterim Results Announcement
Interim Results Announcement 6 months ended 30 June 2011 A di C & J ff W d Andi Case & Jeff Woyda Agenda Financial Overview Jeff Woyda, CFO The Market Andi Case, CEO Outlook Andi Case, CEO 2 Results summary
More informationTsakos Energy Navigation. May 31, 2016 Q Earnings Conference Call
TEN Ltd Tsakos Energy Navigation May 31, 2016 Q1 2016 Earnings Conference Call This presentation may contain forward-looking statements that are not based on historical fact, including without limitation,
More informationBusiness Performance in FY2015 and Outlook for FY2016. April 28, 2016
Business Performance in FY2015 and Outlook for FY2016 April 28, 2016 HP Contents FY2015 Full-year Results [Consolidated] 2 Outline of FY2015 Full-year Results [Consolidated] 4 FY2016 Full-year Forecast
More informationThe Great Eastern Shipping Co. Ltd. Investors Meet 17 th November, 2006
The Great Eastern Shipping Co. Ltd. Investors Meet 17 th November, 2006 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationInvestor Presentation
Investor Presentation February 2018 www.capitalpplp.com Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
More information5th Annual Shipping, Logistics & Offshore Services Conference
5th Annual Shipping, Logistics & Offshore Services Conference New York City, September 16, 2008 Disclosures Statements in this presentation which are not statements of historical fact are forward-looking
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 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 informationInternational Seaways, Inc. International Seaways, Inc. Second Quarter 2017 Earnings Presentation August 9, 2017
1 Second Quarter 2017 Earnings Presentation August 9, 2017 Disclaimer Forward-Looking Statements During the course of this presentation, the Company ( (INSW)) may make forward-looking statements or provide
More informationpresentation shall not be construed as recommendations for buying or selling shares of China COSCO. China COSCO shall not be responsible for any
1Q2015 Results 30 April 2015 China COSCO Holdings Company Limited Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations
More informationTEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE
TEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE TEEKAY TANKERS LTD. REPORTS FIRST QUARTER 2013 RESULTS Highlights Reported first quarter 2013
More informationTEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE
TEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE TEEKAY TANKERS LTD. REPORTS THIRD QUARTER RESULTS Highlights Declared a cash dividend of $0.03
More informationThe Great Eastern Shipping Co. Ltd.
The Great Eastern Shipping Co. Ltd. 1 Forward looking information This presentation contains certain forward looking information through statements, which are based on management s current expectations
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 information1. Supplementary Explanation of FY2015 Q1 Financial Results [Overall] [By segment] <Bulkships> Dry bulkers
Aug 2015 1. Supplementary Explanation of FY2015 Q1 Financial Results [Overall] Ordinary income for the first quarter (Q1) was 10.8 billion, marking 37% progress toward the target of 29.0 billion set in
More informationSaudi Fransi Capital ANNUAL SAUDI EQUITIES DAY. 28 th November 2013
Saudi Fransi Capital ANNUAL SAUDI EQUITIES DAY 28 th November 2013 Disclaimer This presentation, its enclosures and appendices have been prepared by The National Shipping Company of Saudi Arabia (Bahri)
More informationCapital Link International Shipping Forum. March 20, 2008
Capital Link International Shipping Forum March 20, 2008 Disclosures Statements in this presentation which are not statements of historical fact are forward-looking statements (as such term is defined
More informationCapital Product Partners L.P.
First Quarter 2018 Earnings Presentation April 30, 2018 Capital Product Partners L.P. www.capitalpplp.com Forward Looking Statements This presentation contains forward-looking statements (as defined in
More informationTEEKAY TANKERS LTD. FORM 6-K. (Report of Foreign Issuer) Filed 11/22/13 for the Period Ending 11/07/13
TEEKAY TANKERS LTD. FORM 6-K (Report of Foreign Issuer) Filed 11/22/13 for the Period Ending 11/07/13 Telephone (441)298-2530 CIK 0001419945 Symbol TNK SIC Code 4400 - Water transportation Industry Oil
More informationInvestor Presentation
Investor Presentation March 2017 www.capitalpplp.com Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
More informationBusiness Performance in FY2014 and Outlook for FY2015. April 2015
Business Performance in and Outlook for FY2015 April 2015 HP Contents Full-year Results [Consolidated] 2 Outline of Full-year Results [Consolidated] 4 FY2015 Full-year Forecast [Consolidated] 6 Key Points
More informationIngenieurbüro Weselmann GmbH & Co.KG
Ingenieurbüro Weselmann GmbH & Co.KG Consulting Engineers, Marine Surveyors, Ship Valuators & Shipping Market Analysts 1 Organisation and Location GmbH & Co. KG GMBH & CO. KG Hamburg, Germany SCANDINAVIA
More informationFINANCIAL HIGHLIGHTS. Brief report of the Three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary]
FINANCIAL HIGHLIGHTS Brief report of the Three months ended June 30, 2013 [Two Year Summary] Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2012 June 30, 2013 June 30, 2013
More informationTANKERS INVESTOR DAY September 30, 2014
TEEKAY TEEKAY TANKERS INVESTOR DAY September 30, 2014 KEVIN MACKAY President & CEO, Teekay Tankers Photo credit: Alexandr Lyakhov Australian Spirit 2 Forward Looking Statements This presentation contains
More informationTEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE
TEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE TEEKAY TANKERS LTD. REPORTS SECOND QUARTER RESULTS Highlights Declared a cash dividend of
More informationwas RESULTS Q May 30, 2018
was RESULTS Q1-2018 May 30, 2018 FORWARD-LOOKING STATEMENTS Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides
More informationFourth Quarter 2007 Earnings Presentation. February 11, 2008
Fourth Quarter 2007 Earnings Presentation February 11, 2008 Disclosures Statements in this presentation which are not statements of historical fact are forward-looking statements (as such term is defined
More informationGuideline relating to Notos Maritime Strategy Index USD
Guideline relating to Notos Maritime Strategy Index USD Version 1.2 dated June 16, 2017 1 Definitions Allocation Period Business Day Decision-Making-Bodies Index Index-linked Product Index Calculation
More informationMOL Group Midterm Management Plan FY2007-FY2009
MOL Group Midterm Management Plan FY2007-FY2009 March 22, 2007 Mitsui O.S.K. Lines, Ltd. Contents MOL Group Midterm Management Plan FY2007-FY2009 2 Overall Strategies 3 Measures to Reinforce Safe Operation
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 informationPresentation of Q results
Presentation of Q1 2010 results 1 Highlights Results Tanker Division Bulk Division Fleet value Greater Efficiency Power Financial position 2010 guidance Coverage of earning days Profit before tax of USD
More informationNEWS RELEASE TANKER INVESTMENTS LTD. ANNOUNCES MERGER AGREEMENT WITH TEEKAY TANKERS LTD.
Tanker Investments Ltd. Fourth Floor, Belvedere Building 69 Pitts Bay Road Hamilton, HM 08 Bermuda tel: +1 604 609 2963 NEWS RELEASE TANKER INVESTMENTS LTD. ANNOUNCES MERGER AGREEMENT WITH TEEKAY TANKERS
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 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 informationNORDEN RESULTS. Annual Report Copenhagen, Denmark 14 March Annual report 2017 CUSTODIANS OF SMARTER GLOBAL TRADE
NORDEN RESULTS Annual Report 217 Copenhagen, Denmark 14 March 218 1 Annual report 217 CUSTODIANS OF SMARTER GLOBAL TRADE AGENDA The NORDEN DNA Business update Market Review Latest developments Outlook
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 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 informationTeekay Shipping The Marine Midstream Company
Teekay Shipping The Marine Midstream Company Peter Evensen, CFO Bear Stearns Transportation Conference May 13, 2005 NYSE : TK www.teekay.com Forward Looking Statements This presentation contains forward-looking
More informationGoldenport Holdings Inc. 3 rd Annual Invest in International Shipping & Marine Services Forum
Goldenport Holdings Inc. 3 rd Annual Invest in International Shipping & Marine Services Forum 12 October 2010 Forward-Looking Statement Matters discussed in this presentation may constitute forward-looking
More informationEagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 19 March 2008
Eagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 19 March 2008 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements
More informationB B R B B R B D R B B R B B R R B R R R B B R R B B R B. Issue: October Research & Valuations Dept.
Issue: Research & Valuations Dept. research@intermodal.gr Analysts: Mr. George Lazaridis +30 210 629 3320 g.lazaridis@intermodal.gr Ms. Eva Tzima +30 210 629 3329 e.tzima@intermodal.gr Secondhand Market
More informationTEEKAY TANKERS Q EARNINGS PRESENTATION February 22, 2018
TEEKAY TANKERS Q4-2017 EARNINGS PRESENTATION February 22, 2018 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act
More informationThird Quarter 2014 Results November 21 st, 2014
Third Quarter 2014 Results November 21 st, 2014 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such
More informationGenco Shipping & Trading Limited. Q Earnings Call February 25, 2009
Genco Shipping & Trading Limited Q4 2009 Earnings Call February 25, 2009 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation
More informationCapital Product Partners L.P.
Third Quarter 2013 Earnings Presentation October 31, 2013 Capital Product Partners L.P. www.capitalpplp.com Disclosures This presentation contains forward-looking statements (as defined in Section 21E
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 informationCORPORATE PRESENTATION
CORPORATE PRESENTATION HSBC China Conference 16 May 2016 Agenda Corporate Profile Investment Highlights 2015 Annual Results Financial Review Business Review Outlook Appendix Corporate Profile 3 Position
More informationFOURTH QUARTER AND FINANCIAL YEAR 2002 RESULTS
FRONTLINE LTD. FOURTH QUARTER AND FINANCIAL YEAR RESULTS Frontline Ltd. reports earnings before interest, tax, depreciation, and amortisation including earnings from associated companies (EBITDA) of $105.3
More informationCapital Product Partners L.P.
Second Quarter 2018 Earnings Presentation July 27, 2018 Capital Product Partners L.P. www.capitalpplp.com Forward Looking Statements This presentation contains forward-looking statements (as defined in
More information(Unaudited translation of Kessan Tanshin, provided for reference only) January 31, 2019 Financial Highlights: The Third Quarter Ended December 31, 201
Financial Highlights: The Third Quarter Ended December 31, 2018 1. Consolidated Financial Highlights ( from April 1, 2018 to December 31, 2018 ) (All financial information has been prepared in accordance
More informationCapital Product Partners L.P.
Capital Product Partners L.P. May 5, 2011 www.capitalpplp.com Disclosures This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
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 informationNORDEN RESULTS. Annual Report Copenhagen, Denmark. 1 March 2017 NORDEN ANNUAL REPORT 2016 RESULTS 1. Custodians of smarter global trade
NORDEN RESULTS Annual Report 216 Copenhagen, Denmark 1 March 217 NORDEN ANNUAL REPORT 216 RESULTS 1 AGENDA Group highlights Financials Dry Cargo Tankers 217 expectations Q & A NORDEN ANNUAL REPORT 216
More informationMEDIA RELEASE FOR IMMEDIATE RELEASE. Yangzijiang reports 38% increase in 2Q2018 earnings to RMB995 million
Yangzijiang Shipbuilding (Holdings) Ltd 16 Raffles Quay #41-02 Hong Leong Building Singapore 048581 (Co. Reg. No. 200517636Z) MEDIA RELEASE FOR IMMEDIATE RELEASE Yangzijiang reports 38% increase in 2Q2018
More informationCapital Link, March www March
Capital Link, 1 www.dhtholdings.com Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company
More informationNo of Mines Proven Reserves Ownership Production per month Status. Petangis Mines Two 15 mn tonnes 100% 80,000 tonnes Operational
COMPANY UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 Summary table (Rs mn) FY11 FY12 FY13E Sales 28,259 36,684 43,851 Growth (%) 56.2 29.8 19.5 EBITDA 6,356 6,278 6,296 EBITDA margin (%)
More informationWachovia Transportation & Packaging Conference 8 September Eagle Bulk Shipping Inc. Eagle Bulk Shipping Inc. DELIVERING SUSTAINABLE GROWTH
Eagle Bulk Shipping Inc. Wachovia Transportation & Packaging Conference 8 September 2008 DELIVERING SUSTAINABLE GROWTH Forward Looking Statements This presentation contains certain statements that may
More informationFinancial Highlights: The Second Quarter Ended September 30, 2010
October 29, 2010 Financial Highlights: The Second Quarter Ended September 30, 2010 1. Consolidated Financial Highlights ( from April 1, 2010 to September 30, 2010 ) (All financial information has been
More informationEagle Bulk Shipping Inc. 2Q 2008 Results Presentation. 7 August 2008
Eagle Bulk Shipping Inc. 2Q 2008 Results Presentation 7 August 2008 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within the
More informationPresentation of Q results
Presentation of Q3 2010 results 1 Safe Harbour Statement Matters discussed in this presentation may constitute forward-looking statements. Such statements reflect TORM's current expectations and are subject
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 informationPacific Basin Shipping Limited
2010 Interim Results Presentation Slide 1 Cover Spoken by: David Turnbull Good afternoon ladies and gentlemen, and thank you very much for attending Pacific Basin s 2010 half year results presentation.
More informationBusiness & Financial Presentation FY
The Great Eastern Shipping Company Ltd. Business & Financial Presentation FY 2004-05 April 29, 2005 1 Forward Looking Statements Except for historical information, the statements made in this presentation
More informationTEN Ltd. Tsakos Energy Navigation. September 9, 2016 Q Earnings Conference Call
TEN Ltd Tsakos Energy Navigation September 9, 2016 Q2 2016 Earnings Conference Call This presentation may contain forward-looking statements that are not based on historical fact, including without limitation,
More informationUBS Best of Americas Conference. Eagle Bulk Shipping Inc. 11 September Eagle Bulk Shipping Inc. DELIVERING SUSTAINABLE GROWTH
Eagle Bulk Shipping Inc. UBS Best of Americas Conference 11 September 2008 DELIVERING SUSTAINABLE GROWTH Forward Looking Statements This presentation contains certain statements that may be deemed to be
More informationInterim report first half-year 2009
NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1067 Copenhagen K Announcement no. 26 19 August 2009 Interim report first half-year 2009 First half-year highlights The profit for the first half-year of 2009
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 informationFINANCIAL HIGHLIGHTS. Brief report of the three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Consolidated
FINANCIAL HIGHLIGHTS Brief report of the three months ended June 30, 2016 [Two Year Summary] Consolidated Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2016 June 30, 2015
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 information