d'Amico International Shipping S.A. · MIL:DIS
d'Amico International Shipping — Q3 2012 Earnings Presentation
27 slides from d'Amico International Shipping's earnings presentation, Oct 25, 2012
Slide 1: Q3 & 9M 2012 Results Presentation
Q3 & 9M 2012 Results Presentation d’Amico International Shipping October 25th, 2012
Slide 2: Agenda
AGENDA. Highlights Financial Results Product Tanker Market & Outlook Appendix
Slide 3: Highlights
Highlights
Slide 4: Highlights: Events
HIGHLIGHTS. Events New-building deliveries – M/T High Seas and M/T High Tide, 2 MR owned new-building vessels, delivered respectively in Mar. and Apr. ’12 by Hyundai-Mipo dockyard, South Korea Acquisitions – M/T High Prosperity, an MR double-hull product tanker vessel built in 2006, acquired for US$
Slide 5: Highlights: Key figures
HIGHLIGHTS. Key figures EBITDA – Improved compared to the previous quarter of 2012 at US$ 4.6m in Q3’12 and US$ 13.8m in 9M’12. The YTD operating performance was mainly driven by a still relatively low level of TCE Earnings experienced in the period Net loss – US$ 9.7m in Q3’12 and US$ 107.0m in 9M1
Slide 6: Highlights: Fleet profile
HIGHLIGHTS. Fleet profile DIS Fleet2 Sept. 30th, 2012 MR Handy Total % Owned 19.0 3.0 22.0 55% Time chartered-in 15.0 3.0 18.0 45% TOTAL 34.0 6.0 40.0 100% d’Amico International Shipping controls a modern fleet of 40 product tankers Flexible and double-hull fleet – 67% IMO classed, with an average a
Slide 7: Highlights: New-Building project
HIGHLIGHTS. New-Building project New-Building Project 2 Handy new-building vessels ordered in Jul.’12: Price – US$ 30.7 mln each / Tot. US$ 61.3 mln Exp. delivery – Q1 2014 Employment – TC-Out to with one of the main ~ US$ 1mln1 of wold Oil-majors for 5 years fixed period at an voyage costs saving a
Slide 8: Financial Results
Financial Results
Slide 9: Financial Results: Q3 & 9M 2012 Results
FINANCIAL RESULTS. Q3 & 9M 2012 Results (US$ million) Q3 2012 Q3 2011 9M 2012 9M 2011 TCE Earnings 46.8 45.6 135.7 141.8 EBITDA 4.6 6.8 13.8 20.7 EBITDA Margin 9.8% 14.9% 10.2% 14.6% Fixed Assets write down - - (85.0) - EBIT (5.4) (3.1) (100.5) (7.1) Net Profit (Loss) (9.7) (9.6) (107.0) (19.8) Lowe
Slide 10: Financial Results: Key Operating Measures
FINANCIAL RESULTS. Key Operating Measures Key Operating Measures Q3 2012 Q2 2012 Q1 2012 9M 2012 9M 2011 N. Of vessel 40.3 40.1 36.7 39.0 38.0 Fleet contact coverage 36.2% 37.0% 38.3% 37.1% 48.1% Daily TCE Earnings (US$/d) 12,887 12,753 13,904 13,158 14,393 Daily TCE Spot (US$/d) 11,226 10,872 12,62
Slide 11: Financial Results: Net Financial Position
FINANCIAL RESULTS. Net Financial Position (US$ million) Sept. 30th, 2012 Jun. 30th, 2012 Mar. 31st, 2012 Dec. 31st, 2011 Gross debt (361.9) (352.0) (325.8) (305.0) Cash/Current fin.assets 41.6 42.5 53.9 65.5 Net financial position (320.3) (309.5) (271.9) (239.6) The net financial position decrease w
Slide 12: Product Tanker Market & Outlook
Product Tanker Market & Outlook
Slide 13: Market Overview: Earnings & vessels price
MARKET OVERVIEW. Earnings & vessels price Average Rates for MR1 Product New-building/secondhand values 2001 - 2012 Tankers (US$) 60 32,000 50 27,000 18,000 40 22,000 14,000 $/day mill $ 30 17,000 dollars/day 10,000 20 12,000 6,000 10 7,000 2,000 0 2,000 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-
Slide 14: Supply: Slippage & net fleet growth
SUPPLY. Slippage & net fleet growth 43 MR Product tankers have been delivered so far in 2012 compared to 70 in Q3’12. 21 ships have been permanently removed from this sector so far this year Net fleet growth should be limited to under 4% this year, and is expected to slow down further in the coming
Slide 15: Demand: Growth
DEMAND. Growth Global oil product demand is projected to increase from 89.8 million barrels per day in 2012 to 95.7 m/barrels pd in 2017 (a compound average growth rate of 1.2% or 1.1 mb pd per year) NON-OECD countries will account for 56% of future demand growth Middle distillates, including gasoil
Slide 16: Demand / Supply: Balance
DEMAND / SUPPLY. “Balance” Tonne mile demand %1 New Refinery capacity additions 2012-2017 14 12 800 10 600 thousand barrels per day 8 400 6 200 4 0 2012 2013 2014 2015 2016 2017 -200 2 -400 0 -600 -2 OECD North America OECD Europe OECD Pacific FSU Non-OECD Europe China -4 Other Asia Latin America Mi
Slide 17: DIS Market Opportunities
DIS MARKET OPPORTUNITIES. In order to summarize: • Strong trend of refineries shifting towards oil production areas, especially in Asia and the Middle East, will lead to a strong increase in product tankers demand • According to several market researches1, spot rates will increase in the medium term
Slide 18: d'Amico International Shipping 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 19: Appendix
Appendix
Slide 20: DIS' Shareholdings Structure
DIS’SHAREHOLDINGS STRUCTURE. Key Information on DIS’ Shares 2 3 1 d'Amico International SA 65.94 % 2 d'Amico International Shipping S.A. 3.39 % 3 Others 28.44 % 1 4 Kairos Partners SGR SpA 2.23 % 4 Listing Market Borsa Italiana, STAR No. of shares 149,949,907 Market Cap1 € 51,4 million Shares Repurc
Slide 21: d'Amico's Group Structure
D’AMICO’S GROUP STRUCTURE 55.1% 65.9% DIS benefits from the support of d’Amico Società di Navigazione S.p.A. 21
Slide 22: Financial Results: Income Statement
FINANCIAL RESULTS. Income Statement Q3 2012 Q3 2011 (US$ million) 9M 2012 9M 2011 46.8 45.6 TCE EARNINGS 135.7 141.8 (23.4) (21.4) Time charter hire costs (69.1) (68.9) (15.2) (13.5) Other direct operating costs (42.3) (40.1) (4.1) (4.8) General and administrative costs (12.0) (14.8) 0.5 0.8 Other o
Slide 23: Financial Results: Statement of financial position
FINANCIAL RESULTS. Statement of financial position (US$ thousand) As at 30 Sept. ‘12 As at 30 Jun. ‘12 As at 31 Dec. ’11 ASSETS Non current assets 510,928 513,726 547,634 Current assets 102,497 109,098 122,603 Total assets 613,425 622,824 670,237 LIABILITIES & SHAREHOLDERS’ EQUITY Shareholders’ equi
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 Tide 51,768 2012 Hyundai MIPO, South Korea Liberia RINA and Lloyds 100% IMO II/IMO III High Seas 51,678 2012 Hyundai MIPO, South Korea Liberia RINA and Lloyd
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 A
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 2014 2385 - Tbn 40,000 Handysize Early-2014 Hyundai MIPO, South Korea Liberia Intention RINA or ABS 100% 2386 - Tbn 40,000
Slide 27: Thank you!
Thank you!
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