d'Amico International Shipping S.A. · MIL:DIS
d'Amico International Shipping — Q1 2012 Earnings Presentation
27 slides from d'Amico International Shipping's earnings presentation, Apr 26, 2012
Slide 1: Q1 2012 Results Presentation
Q1 2012 Results Presentation d’Amico International Shipping April 26th, 2012
Slide 2: Agenda
Agenda Highlights Marco Fiori, CEO Financial Results Alberto Mussini, CFO Product Tanker Market & Outlook Marco Fiori, CEO Appendix d’Amico International Shipping 1
Slide 3: Highlights
Highlights Marco Fiori, CEO d’Amico International Shipping 2
Slide 4: Highlights
HIGHLIGHTS Events Fleet evolution – M/T High Seas, the first of the 2 remaining owned new-building vessels, delivered in Mar.’12. M/T Freja Hafnia, MR vessel built in 2006, delivered to d’Amico Tankers Ltd. in Jan.’12 , for a 1y TC period Acquisitions/Sales – M/T High Prosperity, an MR double-hull p
Slide 5: Highlights: Key figures
HIGHLIGHTS. Key figures Net loss – US$ 1.5m in Q1’12, mainly driven by improved TCE Earnings performance on the “spot” market, together with good trends on OPEX and G&As. This result was also positively influenced by a positive financial income, including an unrealized FX gain on the US$ conversion
Slide 6: Highlights: Fleet profile
HIGHLIGHTS. Fleet profile DIS Fleet2 March 31st, 2012 MR Handy Total % Owned 17.0 3.0 20.0 54% Time chartered-in 14.0 3.0 17.0 46% TOTAL 31.0 6.0 37.0 100% Flexible, young and double-hull fleet – 70% IMO classed, with an average age of 6.0 years (industry 9.3 years1). Fully in compliance with very s
Slide 7: Financial Results
Financial Results Alberto Mussini, CFO d’Amico International Shipping 6
Slide 8: Financial Results: Q1 2012 results
FINANCIAL RESULTS. FY 2011 results (US$ million) Q1 2012 Q1 2011 TCE Earnings 44.5 47.9 EBITDA 5.8 5.6 EBITDA Margin 13% 12% EBIT (3.2) (3.0) Net Profit (Loss) (1.5) (4.8) TCE Earnings of US$ 44.5m in Q1’12. The decrease compared to the same period of last year, mainly due to a lower fixed contract
Slide 9: Financial Results: Key Operating Measures
FINANCIAL RESULTS. Key Operating Measures Key Operating Measures Q1 2012 Q1 2011 FY 2011 FY 2010 N. Of vessel 36.7 38.6 37.3 39.7 Fleet contact coverage 38.3% 47.4% 48.1% 45.5% Daily TCE Earnings (US$/d) 13,904 14,328 14,265 15,291 Daily TCE Spot (US$/d) 12,623 11,871 12,022 12,854 Daily TCE Covered
Slide 10: Financial Results: Net Debt
FINANCIAL RESULTS. Net Debt (US$ million) Mar. 31st, 2012 Dec. 31st, 2011 Bank debts 325.8 305.0 Cash/Current fin.assets (53.9) (65.5) Net debt 271.9 239.6 Net debt of US$ 271.9m at the end of March 2012 vs. US$ 239.6m at the end of 2011. The increase is substantially due to the loan drawdowns and i
Slide 11: Product Tanker Market & Outlook
Product Tanker Market & Outlook Marco Fiori, CEO d’Amico International Shipping 10
Slide 12: Market Overview: Earnings & vessels price
MARKET OVERVIEW. Earnings & vessels price Average Rates for MR1 Product New-building/secondhand values Tankers (US$) 2001 - 2012 60 32,000 18,000 50 27,000 14,000 40 22,000 $/day mill $ dollars/day 10,000 30 17,000 6,000 20 12,000 10 7,000 2,000 0 2,000 -2,000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 13: Supply: Slippage & Net fleet growth
SUPPLY. Slippage & Net fleet growth The MR fleet growth is noticeably shrinking. 16 ships have been delivered in Q1 2012 compared to 29 in the same quarter last year Based on slippage, cancellations and conversions in 2009 / 2010 and 2011 we expect that not all ships on paper that are due to be deli
Slide 14: Demand: Growth
DEMAND. Growth Global oil Product demand is expected to grow by 800,000 b/d in 2012 to 89.9 mb/d on the face of a relatively subdued economic backdrop – and high oil prices both restrain any upside momentum for consumption Asian demand growth will be over 80% of the predicted global expansion, with
Slide 15: Demand / Supply Balance
DEMAND / SUPPLY “BALANCE” Tonne mile demand1 Crude Distillation Additions and Expansions1 14 12 1000 10 million barrels per day 800 8 600 6 400 4 200 2 0 0 2012 2013 2014 2015 2016 -2 -200 OECD North America OECD Europe OECD Pacific -4 FSU Non-OECD Europe China Tonne mile growth MR net fleet growth
Slide 16: Outlook: DIS's response
OUTLOOK. DIS’s response Guidance Slight changes in sea-borne Product trade have increased tonne-mile demand. With the anticipation of protracted product dislocation, an improvement in the product tanker utilisation rates is expected to continue The supply of ships will also be reduced as net forward
Slide 17: Disclaimer
D’AMICO INTERNATIONAL SHIPPING This document does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of d’Amico International Shipping S.A. (or the “Company”), nor shall
Slide 18: Appendix
Appendix d’Amico International Shipping 17
Slide 19: DIS' Shareholdings Structure
DIS’SHAREHOLDINGS STRUCTURE Key Information on DIS’ Shares 2 3 1 d'Amico International SA 65.60 % 2 d'Amico International Shipping S.A. 3.39 % 3 Others 28.78 % 1 4 Kairos Partners SGR SpA 2.23 % 4 Listing Market Borsa Italiana, STAR No. of shares 149,949,907 Market Cap1 € 71,7 million Shares Repurch
Slide 20: Financial Results: Income Statement
FINANCIAL RESULTS. Income Statement (US$ million) Q1 2012 Q1 2011 TCE EARNINGS 44.5 47.9 Time charter hire costs (22.4) (24.4) Other direct operating costs (13.0) (13.4) General and administrative costs (3.9) (5.5) Other operating Income 0.6 1.0 Result on disposal of vessel - - EBITDA 5.8 5.6 Deprec
Slide 21: Financial Results: Statement of financial position
FINANCIAL RESULTS. Statement of financial position (US$ thousand) As at 31 Mar. ‘12 As at 31 Dec. ’11 ASSETS Non current assets 571,454 547,634 Current assets 115,423 122,603 Total assets 686,877 670,237 LIABILITIES & SHAREHOLDERS’ EQUITY Shareholders’ equity 314,427 315,481 Non current liabilities
Slide 22: Fleet Employment and Partnerships
FLEET EMPLOYMENT AND PARTNERSHIPS March 31st, 2011 DIS Fleet Employment and Partnerships DIS Vessels Total Pool Vessels Direct 21.5 High Pool 9.0 13.0 GLENDA Int. Management (Pool) 6.5 10.0 TOTAL 37.0 d’Amico International Shipping 21
Slide 23: d'Amico's Group Structure
D’AMICO’S GROUP STRUCTURE 65.6% DIS benefits from the support of d’Amico Società di Navigazione S.p.A. d’Amico International Shipping 22
Slide 24: DIS' Current Fleet Overview
DIS’CURRENT FLEET OVERVIEW MR Fleet Owned Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified High Seas 51,678 2012 Hyundai MIPO, South Korea Liberia RINA and Lloyds 100% IMO II/IMO III 3 GLENDA Meryl 47,000 2011 Hyundai MIPO, South Korea Liberia Lloyds 50%
Slide 25: DIS' Current Fleet Overview (cont'd)
DIS’CURRENT FLEET OVERVIEW (CONT’D) Handy Fleet Owned Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified Cielo di Salerno 36,032 2002 STX, South Korea Liberia RINA and ABS 100% IMO II/IMO III Cielo di Parigi 36,032 2001 STX, South Korea Liberia RINA and AB
Slide 26: DIS' New Building Program
DIS’NEW BUILDING PROGRAM Estimated tonnage Name of vessel / Hull Number MR/Handysize Estimated delivery date Builder, Country Flag2 Classification Society Interest1 (dwt) Owned 2012 2308 - HIGH tbn 52,000 MR Apr-12 Hyundai MIPO, South Korea Liberia Intention RINA or ABS 100% 1. DIS’ economical inter
Slide 27: Thank you
Thank you A) 1 LLoovice
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