Cmb.tech Nv · EURONEXT:CMBT
Cmb.tech Nv — Euronav — Shareholder Meeting (April 2005)
20 slides from Cmb.tech Nv's shareholder meeting presentation, Apr 26, 2005
Slide 1: Extraordinary general meeting April 26, 2005
EURONAV Buitengewone algemene vergadering 26 april 2005 Assemblée générale extraordinaire 26 avril 2005 Extraordinary general meeting April 26, 2005 1
Slide 2: Euronav, a specialised tanker company
EURONAV a specialised Tanker company 2
Slide 3: Highlights
Highlights 9First Quarter Results 2005 9Acquisition of 4 VLCCs 9Acquisition of TANKLOG FLEET 9New 1.6 Billion Credit Facility 3
Slide 4: First Quarter Results
urgB , nav First Quarter Results The most important key figures are: Information per share: first quarter first quarter in thousands of USD 2005] no USD per share 2005 turnover 143.719] |number of shares 42? 016.807 EBITDA 98.681) JEBITDA 2,35 depreciation -13 468] |EBIT (operating result) 2,03 EBIT
Slide 5: 4 VLCCs Acquisition
4 VLCCs ACQUISITION 4 VLCCs (ex-Metrostar) TI Guardian 1993 TI Creation 1998 TI Topaz 2002 TI Hellas (NB) 2005 Transaction Value USD 477.5 Millions 5
Slide 6: Tanklog Acquisition
TANKLOG ACQUISITION Name Name Type Type Built Built CAP CAP ROMUALD ROMUALD Suezmax Suezmax 1998 1998 CAP CAP GEORGES GEORGES Suezmax Suezmax 1998 1998 CAP CAP LAURENT LAURENT Suezmax Suezmax 1998 1998 CAP CAP JEAN JEAN Suezmax Suezmax 1998 1998 CAP CAP DIAMANT DIAMANT Suezmax Suezmax 2001 2001 FILI
Slide 7: Fleet
FLEET EURONAV 2 ULCCs (after split with OSG – June 2005) 13 VLCCs in 100% ownership of which 1 N/B VLCC to be delivered May 2005 3 VLCC in JV of which 1 N/B VLCC to be delivered July 2005 14 Suezmaxes in 100% ownership of which 5 Suezmaxes (on order) 2006-2007 1 Suezmax in JV (on order) delivery 200
Slide 8: Tanker Market: 05/2002 - 05/2005
TANKER MARKET: 05/2002 -05/2005 8
Slide 9: Highly Leverage to Russian Production
HIGHLY LEVERAGE TO RUSSIAN PRODUCTION (1) 000 $/day Suezmax Tanker Earnings 160 140 120 Suezmax Spot Market 100 Earnings 80 60 40 20 0 1990 1992 1994 1996 1998 2000 2002 2004 9
Slide 10: Limited Growth VLCC's
LIMITED GROWTH VLCC’S Fleet at Scrap/ Year: year N/B: Growth: % FPSO: start: 2002 435 35 40 -5 -1.1% 2003 430 38 35 +3 0.7% 2004 433 29 17 +12 2.8% 2005 445 29 10 +19 4.3% 2006 464 19 0 +19 4.1% 2007 483 36 2 +34 7.0% 2008 517 10 1 +9 ? +2.0? % 10
Slide 11: Higher Inventories but Lower Days of Cover
HIGHER INVENTORIES BUT LOWER DAYS OF COVER OECDpetroleumstocks 82 4050 81 4000 Days ofdemand: 3950 80 3900 mbbls 79 3850 78 Stock level 3800 77 Days of demand 3750 Source:IEA 76 3700 1Q2003 2Q2003 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 4Q2004 11
Slide 12: Non OPEC Supply Leveling Out
NON OPEC SUPPLY LEVELING OUT Non-OPEC Crude Production 51 50 49 48 mbpd 47 46 45 44 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 12
Slide 13: Falling North Sea Production
mbpd 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 UK Crude Production Jan-04 Jul-04 Jan-05 2.0 mbpd 2.5 3.0 3.5 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 FALLING NORTH SEA PRODUCTION Jul-03 Jan-04 Norway Crude Production Jul-04 Jan-05 13
Slide 14: Falling US Production
FALLING US PRODUCTION US Crude Production 8.4 8.2 8.0 mbpd 7.8 7.6 7.4 7.2 7.0 Jul-01 Jul-02 Jul-03 Jul-04 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 14
Slide 15: Rising Russian Crude Production
RISING RUSSIAN CRUDE PRODUCTION Russian Crude Production 9.0 8.0 mbpd 7.0 6.0 Jul-01 Jul-02 Jul-03 Jul-04 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 15
Slide 16: Rising Seaborne Import Demand: China
RISING SEABORNE IMPORT DEMAND 2.8 C h in ese C ru d e im p o rts sin ce 2002 S o u rce: IE A 2.6 2.4 2.2 2.0 mbpd 1.8 1.6 1.4 1.2 1.0 Jul-02 Jul-03 Jul-04 Jan-02 Jan-03 Jan-04 Jan-05 16
Slide 17: Rising Seaborne Import Demand: India
RISING SEABORNE IMPORT DEMAND 2.8 Indian Crude imports since 2002 2.6 Source: IEA 2.4 2.2 2.0 mbpd 1.8 1.6 1.4 1.2 1.0 Jan-02 Jan-03 Jan-04 Jan-05 Jul-02 Jul-03 Jul-04 17
Slide 18: Rising Seaborne Import Demand: US
RISING SEABORNE IMPORT DEMAND 11.0 US Crude imports since 2002 Source: EIA 10.5 10.0 9.5 mbpd 9.0 8.5 8.0 7.5 7.0 Jul-02 Jul-03 Jul-04 Jan-02 Jan-03 Jan-04 Jan-05 18
Slide 19: Continuous Upward Revision of World Demand
CONTINUOUS UPLOAD REVISION OF WORLD DEMAND Revisions of 2004/5 w orld oil dem and 2004 83 86.0 2005 82 85.0 81 84.0 80 83.0 79 82.0 19
Slide 20: www.euronav.be
www.euronav.be Co-founder and member of: 20