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Introductory presentation - Sinoceanic · This presentation (the “Presentation”)has been...
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SinOceanic Shipping ASA
Introductory presentation
7 September 2011
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This presentation (the “Presentation”) has been produced by SinOceanic Shipping ASA (the “Company”, “SinOceanic” or “SINO”) solely for use by the attending thepresentation of the Company on the day hereof. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any otherperson. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the datehereof and contains no material omissions likely to affect its import. This Presentation contains information obtained from third parties. Such information has beenaccurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that wouldrender the reproduced information to be inaccurate or misleading.
This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which itoperates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words“believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-lookingstatements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecastswhich are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or anyof its officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept anyresponsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes noobligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different fromany future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks oruncertainties associated with the company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, moregenerally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments,fluctuations in currency exchange rates and interest rates and other factors.
Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described inthis presentation. The company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets andopinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company orany of its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
Securities in the Company are not and will not be registered under the United States Securities Act of 1933, and no solicitations are being made or will be made, directly orindirectly, in the United States.
By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of theCompany and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.This Presentation speaks as of 7 September 2011. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, underany circumstances, create any implication that there has been no change in the affairs of the Company since such date.
Disclaimer
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SinOceanic’s objective is to become a high growth ship finance company
– Ambition to reach a container fleet of 100,000-120,000 TEU lifting capacity within 12 months
Already acquired 4 new and modern container vessels with lifting capacity of 44,000 TEU, 3 of them at ~20% discount to original project cost
– Acquisition includes CP’s to first rate charterers entered into prior to financial crisis at rates reflecting pre-financial crisis asset values
Main shareholder HNA financing SinOceanic until delivery through a USD 62m pre-delivery unsecured loan at attractive terms
Aggressive dividend payout model – targeting 10% yield from FY 2012
Lean and cost efficient organization
Executive summary
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A ship finance company with key differentiators
Extensive management experience and contact network in the shipping sphere
Strong market view discipline – stayed away from other segments such as tankers and bulk
Proprietary deal flow – access to private accretive deals
High transparency – easy to analyze, transparent business and cost model
Deals solely done to the benefit of SinOceanic
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Investment highlights
Creating a ship financing company geared for growth
and dividends
1
Current focus on container segment
due to favorable industry dynamics
Ability to generate proprietary and accretive deals
Strong supportive shareholder
facilitating growth
2
4
Yield play targeting aggressive dividend
policy
3
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Business Strategy
Acquire modern and standard vessels with charters attached and with appreciation potential
Scalable set-up enabling aggressive growth strategy without noticeable increase in SG&A
Targeting optimal debt structure and aggressive dividend policy
Flexible investment approach towards segments, however initial focus will be on the container segment as it still is considered the most attractive in terms of asset prices and employment
Constantly monitor all shipping markets to identify the segments which at any given time provide the best risk reward ratio. Watch out for and exploit turning points in all markets
Creating a sizeable ship owning company
Company sole focus is to take advantage of current market opportunities investing in attractively priced tonnage with firm cash flow
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SinOceanic fleet of modern container vessels
Built:
Yard:
Delivery:
Length:
Capacity:
Beam:
Purchase price:
Technical manager:
YM Portland
2003
Stocznia Gdynia, Poland
Nov 2010
286m
32m
4,414 TEU
USD 50.5 million
Peter Doehle Shiffart
MSC Vega
Under construction
Hyundai Heavy Ind., Korea
Jan 2012
366m
48m
13,100 TEU
USD 154.4 million
E.R. Schiffahrt GmbH & Cie.
MSC Altair
Under construction
Hyundai Heavy Ind., Korea
Feb 2012
366m
48m
13,100 TEU
USD 154.4 million
E.R. Schiffahrt GmbH & Cie.
MSC Regulus
Under construction
Hyundai Heavy Ind., Korea
Apr 2012
366m
48m
13,100 TEU
USD 156 million
MSC
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YM Portland (TEU 4,414)
Built in 2003, acquired 17 November 2010
Purchase price USD 50.5 mill
Time charter until 2019 to Yang Ming Lines
MSC Vega, MSC Altair and MSC Regulus (TEU 13,100)
Under construction, delivery Jan, Feb and Apr 2012
Combined purchase price USD 466 mill
Attractive 15 year charter parties to MSC
SinOceanic with no risk until delivery of vessels
(*) Assuming that the purchase options are not exercised
SinOceanic already completed 4 attractive deals
2
Secured freight income of USD 1 bn
EBITDA first full year of operation (excl. G&A)
Acquired vessels fit well into SinOceanic’s business model and illustrates its ability to access high
profile transaction
85330
330
255
1 000
0200400600800
1 0001 200
YM Portland MSC Vega* MSC Altair* MSC Regulus*
Secured freight income
USDm
6
18
18
17
60
0
10
20
30
40
50
60
70
YM Portland MSC Vega MSC Altair MSC Regulus
Total EBITDA
USDm
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88
101
113
135
0
20
40
60
80
100
120
140
40 000 45 000 50 000 58 500
Alternative 15 year TC rate (USD/day)
Implied newbuilding parity (USDm)
175
18
193
38
154
0
50
100
150
200
250
Newbuild priceCosts during const. (10%)Total project cost Discount Acquisition cost
USDm
The three VLCS’ secured at USD 154-156m per vessel including attractive 15 year CPs to MSC at above present market rates
– Vessels acquired at ~20% discount to original project cost
Long term TCs for 13,000 TEU vessels are presently not available unless at very low rates
– Anticipated to be in the USD 40’s /day vs. USD 60’/day for Vega and Altair
– The graph above illustrates the implied newbuilding parity in different rate scenarios
Favourable delivery dates – immediate CF
– SinOceanic vessels due in Jan/Feb/Apr 2012 vs. newbuild delivery in 2013 at the earliest
Vessels secured at favorable market terms
2
20% discount to original project costImplied newbuilding parity in alternative rate scenarios*
-20%
(*) Implied newbuilding parity = (acquisition cost – PV10 of TC rate premium for 15 years) less 10% costs during costruction phase
Current new-building cost
(Delivery 2013)
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Mediterranean Shipping Company S.A. (MSC) is a privately owned shipping line founded in 1970
– Rapidely grown to become one of the leading global shipping lines
Worlds 2nd largest carrier in respect of container slot capacity and of number of container vessels operated
– High growth achieved through organic growth
As per August 2011 MSC was operating 472 container vessels, of which 213 fully owned, with an intake capacity of 2 million TEU
MSC – the worlds 2nd largest container carrier
Top carriers by operated capacity (2010)
Number of operated vessels
Source: MSC
2
0,0
0,5
1,0
1,5
2,0
2,5
AP
M-
Mae
rsk
MSC
CM
AC
GM
Ever
gree
n
H-L
AP
L
CSA
V
CO
SCO
Han
jin
CSC
L
Total capacity in million TEU, owned and chartered
472
0
100
200
300
400
500
70
85
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
Au
g-1
1
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Management team with extensive network
Experienced management team with extensive experience from the shipping and offshore industry
Track record for building and operating successful companies
Cost efficient organization, primarily consisting of transaction and commercial expertise and some high level support staff
Cost driving operations outsourced
Technical management outsourced to highly regarded and well reputable management companies, but tightly controlled
Jan Håkon Pettersen – CEO40 years experience from the shipping industryFormer CEO of BW Gas ASA, Bergesen dy ASA,
Arcade Shipping AS, Arcade Drilling AS, Custodiaand RS Platou AS
Garup Meidell – Deputy CEO / CFO14 years experience from the shipping industry
Held positions as Deputy CEO/CFO of BW Gas ASA and Bergesen dy ASA, and exec. positions at KPMG, Norex Offshore, Oslobanken and Midland Montagu
Morten Steen Martinsen - COO30 years experience from the shipping industry
Previously held executive positions at BW Group, BW Gas, Eletson (Greece), Jo Tankers and Kvaerner
Oil & Gas
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Secured first 4 deals despite being a new establishment and without cash balance
– Deals concluded off the market
Other accretive deals could have been completed with a larger cash position
Currently evaluating numerous other deals, including;
1. 2 modern panamaxes on 8 year TC to prime charterer
2. Possible acquisition of a fleet with 100,000 TEU capacity, all with CPs to 1st rate charterers
3. Evaluating new container vessel concept in cooperation with Ulsteindesign and Jinhai Heavy Industry
Ability to generate accretive deals
2
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Secured vessels generating solid results
Illustrative financials (first full year of operations of current fleet)
3
Total fleetRegulusAltairVega Portland
Note: *Opex also including ship management costs. Financing costs based on current working assumptions in related to bank discussions and negotiations. Effective tax rate assumed to 0%
28
39
56
701
10
4
0
10
20
30
40
50
60
70
80
USDm
Net resultNet financial costs
EBITeD&A
18
EBITDAeG&ANet revenueCommissionsGross revenue
70 9
Opex*
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10.2%
9.2%
11.7%
10.7%
Increasing yields through high scalability
Top performing among peers.. … and increasing dividend yield with new vessels
3
Current fleet to return a dividend yield of ~10% from 2012– Among the industry leaders
Adding new vessels will increase yield potential through economies of scale
– Potential to increase fleet substantially with limited increase in overhead costs
– Graph illustrates the impact of reducing average annual G&A per vessel from current USD 1.05m per vessel towards USD 0
+15%
+16%
Earnings yieldCash flow yield
Current fleet without G&A
Current fleet G&A
10,9%
5,4%
8,6%
7,5%
6,1%
6,4%
9,8%
10,2%
Knightsbridge Tankers
Costamare
Ship Finance
SinOceanic
Seaspan
Golar LNG Partners
Teekay LNG Partners
Average
Expected dividend yield 2012:
Note: Share prices and analyst estimates as of Sep-11 (1) Weighted by charter revenue(2) Simple average
Avg. charter term (years)
14.01
1.92
11.11
4.12
11.02
8.42
14.12
8.3
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Main Chinese shareholder with substantial resources and long term strategy to build a sizeable shipping company within the maritime cluster
USD 35 billion in assets YE 2010
Strong supportive shareholder facilitating growth
Financing:HNA provides loans to bridge-finance
acquisition opportunities. Objective to maintain ownership position through
new equity issues.
Newbuildings:HNA owns the 3rd largest
yard in China (Jinhai Heavy Industry)
Access to Chinese charterers:
Objective from the Central Government to control
50% of all transportation to and from China
4
HNA Group is the company’s largest shareholder controlling 33%
Acquisition of the three 13,100 TEU vessels made possible through HNA financing of pre-delivery payments
HNA committed to grow the company further
HNA actively pursuing acquisitions in the West supported by the central and regional government Purchased GE container lease business (GE SeaCo) for USD 1bn
(closing year end)
Purchased Spanish hotel chain for USD +600m
Presently bidding ~USD 1bn for Hochtief AG, which owns airports in Germany, Hungary, Greece and Austria
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Container fleet consisting of > 5,000 vessels
– Shipping lines owning ~50% of fleet and chartering the remaing 50%
German tonnage providers top the rankings in terms of the container shipping fleet
– ~35% of the available lot capacity belonged to German ship owners in 2009
– Important in the operational charter business, commanding ~2/3 of the charter market
The German KG market has been the main financing source for international container lines
– This market is still down
This presents two great opportunities for SinOceanic as tonnage provider in the container sphere:
1. Provide new tonnage to support growth in the container line industry
2. German KGs need to improve balance sheet by selling vessels
SinOceanic is viewed as a positive new entrant by liner companies due to meltdown by traditional sources of tonnage
Strategic opportunity to invest in container market
5
German tonnage providers lead the container segment
German investors are currently the largest sellers
DE35 %
JP9 %
DK8 %
CN7 %
GR5 %
Other37 %
Container fleet by nationality of owner (%)
44 %
17 %
2 %
37 %
0 %
10 %
20 %
30 %
40 %
50 %
German Lines Greek Other
Sellers of container vessels
5 %
17 %
37 %41 %
0 %
10 %
20 %
30 %
40 %
50 %
German Lines Greek Other
Buyers of container vessels
Source: VDR, Howe Robinson Time period: 2009-Feb11
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Container market set for upturn
Seaborne trade growth rates: 2000-10Global container demand on the rise
Asia/Europe demandPositive Chinese export trends
Strong increased demand in container shipping last 10 years – From 2000-10 port
movements of loaded containers more than doubled from 200m to 540m TEU
– Higher growth rates compared to Dry Cargo and Liquids
Demand up almost 15% in 2010 recovering from recession– Throughput above
pre-crisis levels
Global trade, sourcing and manufacturing key drivers for market growth– China export also
driving market
CAGR
Source: Drewry, ViaMar
5
Asia/Europe WB
42 %
Transpacific EB30 %
Intra Asia12 %
Intra Europe
3 %
Transatlantic WB
3 %
Others10 %
Transportation demand by region (2010)
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Demand absorbing supply
New orders and net fleet growthSchedules deliveries 2000-2015
Demand approaching supply Slow steaming absorbing capacity
The orderbook in containter shipping is declining
– Orderbook at 3.5 million TEU per Feb-11 equal to 24% of the total fleet
– Down from more than 50% in 2008
Sceduled deliveries to be further reduced due to delays and cancellations
– Slow steaming also absorbing capacity
– Scrapping reducing fleet
Source: Howe Robinson, ViaMar
5
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
105%
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1
TE
U 1
00
0s
Supply vs. DemandTotal Productivity Adjusted Container Carrying Fleet vs. Container Trade
UTILISATION SUPPLY DEMAND 2011q1 Base
FORECAST
15.0
16.0
17.0
18.0
19.0
20.0
21.0
22.0
23.0
2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
Kn
Average Speed in Knots
2011Q1 Base Case
2011Q2 Base Case
50
8 0
00
61
5 0
00
65
0 0
00
60
0 0
00
65
0 0
00
90
0 0
00 1
32
0 0
00
1 2
30
00
0
1 5
77
00
0
1 0
80
00
0
1 3
18
47
2
1 3
53
62
6
1 1
54
34
0
74
4 1
50
50
00
0
0
0
300 000
600 000
900 000
1 200 000
1 500 000
1 800 000
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
TEU
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With the recovery in demand in 2010 charter rates across most sizes have improved from the lows of 2009
– Upward trend expected to continue
Current TC rates for 4,400 TEU vessels at USD 20,000 per day
– Still well below historical average
Rates set to increase
5
Source: Maersk Broker, ViaMar, Clarksons
Container newbuilding prices (8,000 TEU+) Charter rates
70
90
110
130
150
170
190
Ja
n-0
4
Ju
l-0
4
Ja
n-0
5
Ju
l-0
5
Ja
n-0
6
Ju
l-0
6
Ja
n-0
7
Ju
l-0
7
Ja
n-0
8
Ju
l-0
8
Ja
n-0
9
Ju
l-0
9
Ja
n-1
0
Ju
l-1
0
Ja
n-1
1
Ju
l-1
1
Mil
l. U
SD
8,200 TEU 9,200 TEU 10,000 TEU 13,000 TEU
Newbuild prices have increased somewhat since 2010
– Newbuild prices for 13,000 TEU vessels currently at USD 135m
Still more than 25% upside to historical values
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Why SinOceanic has not invested in Dry Bulk or Tank
5
Source: ViaMar
Large tanker market balance Average earnings modern VLCC
Dry bulk market balance Capesize dayrate forecasts
60%
65%
70%
75%
80%
85%
90%
95%
100%
150
175
200
225
250
275
300
325
350
00Q1 02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1
Mil
l D
wt
ViaMar Large Tanker Market Balance
Utilization Supply (dwt) Demand (dwt)
FORECAST
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
01Q1 03Q1 05Q1 07Q1 09Q1 11Q1 13Q1
US
D/d
ay
VLCC Ras Tanura - Chiba (TD5) Average Earnings Modern
2011Q1 Base Case 2011Q2 Base Case History
FORECAST
70 %
75 %
80 %
85 %
90 %
95 %
100 %
250
300
350
400
450
500
550
600
650
700
2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1
ViaMar Dry Bulk Market Balance - Supply vs Demand2.qtr. Base Case
Utilization Supply Demand
FORECAST
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1
us
d/d
ay
Capesize CS4TC - 2. qtr. Base
2011q1 Base Case 2011q2 Base Case IMAREX CS4TC
FORECAST
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