Cmb.tech Nv · EURONEXT:CMBT
Cmb.tech Nv — Euronav — Shareholder Meeting (April 2011)
26 slides from Cmb.tech Nv's shareholder meeting presentation, Apr 26, 2011
Slide 1: Shareholders Presentation
26 April 2011 SHAREHOLDERS PRESENTATION 1
Slide 2: A Focused Fleet
A Focused Fleet Vessel Type Cargo intake / Euronav owned TC-IN World Fleet vessel (Weighted) FSO 3 m bls 2 x 50% n/a V-PLUS 3.2 m bls 1 0 2 VLCC 2 m bls 11 (2 CSR) 10 incl. JV 502 (weighted 10+ (2 x 1/2 in J/V) 5,55) Newbuilding 2 m bls 1 VLCC SUEZMAX 1 m bls 20 (16 ice-class) 0 363 + (2 x in J/V) N
Slide 3: A Balanced Strategy
A Balanced Strategy Year 2010 onhire days 1,899 days 14% 4,431 days 33% 7,100 days 53% fixed fixed-ps spot Break-even OPEX VLCC $ 31,700 $ 10,200 Suezmax $ 24,000 $ 8,800 3
Slide 4: Balance sheet 2004 - 2010
Balance sheet 2004 - 2010 In thousands of 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 USD REVENUES 525,075 467,844 858,983 563,136 688,855 587,511 EBITDA 260,298 195,265 658,769 344,027 431,965 372,383 NET PROFIT 19,680 -17,614 402,469 101,055 218,042 209,420 In thousands of 31
Slide 5: Freight rates
Freight rates 2. Strategy 5
Slide 6: VLCC Average earnings
© VLCC Average earnings The ocean is our environment VLCC Average Earnings Modern $/Day 91,650 81,650 71,650 61,650 51,650 $iDay *2009-07-17 *2009-09-11 "2009-11-06 *2010-01-01 *2010-02-26 *2010-04-23 *2010-06-18 *2010-08-13 "2010-10-08 *2010-12-03 2011-01-28 *2011-03-25 i N N N 2 ” 3 3 oy a ° ° =]
Slide 7: Suezmax average earnings
© Suezmax average earings Suezmax Average Earnings Modern $/Day 74,950 64,950 54,950 44,950 $iDay 34,950 *2010-04-23 "2010-06-18 *2010-08-13 "2010-10-08 "2010-12-03 2011-01-28 *2011-03-25 n N iNT iNT 2 no 3 3 a a i] =] =] =] N N *2010-02-26 *2009-07-17 "2009-09-11 "2009-11-06 *2010-01-01 Source: Cla
Slide 8: Demand
DEMAND 8
Slide 9: World Oil Demand
World Oil Demand World Oil Demand in million bpd (Source - IEA) 90 Source: IEA 85 80 mbpd 75 70 65 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10
Slide 10: World Oil Demand
World Oil Demand World Oil Demand 87.0 1.6% 2.0% 86.5 -0.3% 86.0 85.5 1.1% mbpd -1.5% 85.0 84.5 1.7% 84.0 83.5 83.0 2005 2006 2007 2008 2009 2010 • Oil demand set to grow by 2%-3% between 2011 and 2015. • Oil demand fell 1.5% in 2009. • Demand increase mainly supported by Asia, Middle East and Latin
Slide 11: World Oil Production
World Oil Production World Oil Production in million bpd (Source - IEA) 90 Source: IEA 85 80 mbpd 75 70 65 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 11
Slide 12: Call on OPEC 2011
Call on OPEC Call on OPEC 2011 (IEA) 30.5 30.0 29.5 mbpd 29.0 28.5 28.0 Jul 10 Oct 10 Feb 11 Nov 10 Dec 10 Jun 10 Jan 11 Sep 10 Aug 10
Slide 13: Large Tanker Supply
LARGE TANKER SUPPLY 13
Slide 14: VLCC Fleet Development
VLCC Fleet Development VLCC Fleet Development - Base Case Basis TUKA VLCC Database Fleet at DH SH NBs Total Exit SH to DH Growth Growth % year start 2006 467 304 163 18 2 0 16 3.4% 2007 483 322 161 29 22 4 7 1.4% 2008 490 354 136 42 38 3 4 0.8% 2009 494 396 98 53 33 3 20 4.0% 2010 514 450 64 60 43 3
Slide 15: Suezmax Fleet Development
Suezmax Fleet Development Suezmax Fleet Development Souce: Clarksons Fleet at DH SH NBs Total Exit Growth Growth % year start 2006 321 253 68 26 3 23 7.2% 2007 344 279 65 25 12 13 3.8% 2008 357 304 53 14 12 2 0.6% 2009 359 317 42 46 15 31 8.6% 2010 390 361 29 40 18 22 5.6% 2011 412 399 13 56 12 44 1
Slide 16: VLCC Storage
VLCC Storage 16
Slide 17: VLCC Storage
©) VLCC Storage EURONAV The ocean is our environment Avg. VLCCs on Storage by Quarter Basis TUKA VLDB 2009 2010 2011 1Q 36 46 21 2Q 43 48 13 40 26 42 26 40 36
Slide 18: VLCC Storage Seasonality
VLCC Storage VLCC Storage Seasonality 60 2008 2009 2010 2011 50 40 VLCCs 30 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18
Slide 19: Bi He | py:
—————$——$ Bi He | py: hee 4 =yinmne ge comll
Slide 20: Thank you for listening
THANK YOU FOR LISTENING www.euronav.com 20
Slide 21: Tankers International Pool
Tankers International Pool Euronav GC Tankers Reederei “Nord” Klaus E. Oldendorff Athenian Sea Oak Maritime (HK) Carriers Inc., Ltd. Overseas Shipholding Korea Line Group Corporation 21
Slide 22: The TI Pool
The TI Pool • Economies of scale • Greater flexibility (swap vessels) • Improved expertise through dedicated roles (demurrage,scheduling,…) • Global operation • Increased access to information • Increased access to contracts • Increased access to private cargoes • Reduce the effect of volatility • B
Slide 23: Financing
Financing • Main Facility: USD 1.6B Maturity: 2013 Revolver of up to USD 488M • FSO Financing: USD 500M Maturity: 2017 • JV Vessels (2 Suezmax) Maturity: 2020 - 2021 All fully financed (pre and post delivery) • 2009 Facility: USD 300M Maturity: 2014 • Convertible bond in 2009 Maturity:
Slide 24: OPEC Production
OPEC Production © EURONAV BOY BoLeWIyURe] BeSULON sn eissny Non-OPEC ~--------------------------412 mw Sustainable 5 Oct 10 a Nov 10 w Dec 10 O Feb 11 meni Source: MEES/IEA be Bjenzeus~, avn eIqeayipnes JBIeO eBLeBIN eAqn ywemny ued] sopenoy 14 -------------------------------------------------------
Slide 25: VLCC fleet development last year
VLCC fleet developement LAST YEAR Year: Fleet at Year DH SH N/B: Scrap/ Growth: % Start FPSO: 2005 447 273 174 31 11 +20 4.5% 2006 467 304 163 18 2 +16 3.4% 2007 483 322 161 29 22 +7 1.4% 2008 490 354 136 42 39 +3 0.6% 2009 493 397 96 53 31 +22 4.5% 2010 513 450 63 71 58/9 +4 1.2% 2011 519 516 3 53
Slide 26: Suezmax Fleet Development last year
Suezmax Fleet Development LAST YEAR Fleet at Year Start DH SH N/B: Scrap/ Growth: % FPSO: 2005 305 229 76 25 3 +22 7.2% 2006 327 254 73 26 4 +22 6.7% 2007 349 280 69 25 12 +13 3.7% 2008 362 304 58 15 12 +3 0.8% 2009 365 317 48 45 16 +29 7.9% 2010 394 361 33 61 18 +43 10.9% 2011 437 422 15 63 0 +63 1