Forward Looking StatementsThis presentation contains forward-looking statements which reflect management’s current views with
respect to certain future events and performance, including statements regarding: the crude oil and
refined product tanker market fundamentals, including the balance of supply and demand in the tanker
market and the Company’s financial position. The following factors are among those that could cause
actual results to differ materially from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such statement: changes in the production
of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage
requirements; greater or less than anticipated levels of tanker newbuilding orders and deliveries or greater
or less than anticipated rates of tanker scrapping; changes in applicable industry laws and regulations and
the timing of implementation of new laws and regulations; changes in interest rates and the financial
markets; delays in the delivery of any new vessels; increases in the Company's expenses, including any
dry docking expenses and associated off-hire days; and other factors discussed in Tanker Investments
Ltd.’s filings from time to time with the Financial Supervisory Authority of Norway. The Company
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Company’s expectations with
respect thereto or any change in events, conditions or circumstances on which any such statement is
based.
2
Recent Highlights
3
1 Cash flow from vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense. Cash flow from vessel operations is a
non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please refer to Appendix A of the Q4-16 earnings
release for the reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure.
• Q4-16 Results:
o Reported net income of USD 2.7 million, or USD 0.09 per share
o Generated USD 16.6 million of cash flow from vessel operations1
• Secured 1-year T/C for Aframax Tarbet Spirit at $17,000 per day
o Charter commenced in Feb. 2017
o TIL now has 2 ships on fixed-rate T/Cs and looking for more
• Expect 2017 to be challenging, however an increase in long-haul trade
and muted fleet growth in 2018 expected to lead to a recovery
• Tanker Investments financially well-positioned to weather expected
2017 weakness
Strong Finish to 2016; Headwinds for 2017
4
Q4-16 Review:
• Seasonal increase in rates supported by:
o Increased Atlantic exports
o Stockpiling ahead of OPEC supply cuts
o High global refinery throughput
2017 Outlook:
• OPEC supply cuts of 1.2 mb/d
o Majority of cuts from the Middle East
o Potential for more Atlantic-Pacific shipments
• Rebalancing of oil markets
o Less strategic stockpiling
o Potential for higher oil prices
• Mid-size fleet growth of 5%
o Above average Suezmax growth
o Deliveries concentrated in 1H-2017
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mid-Size Tanker Rates*5-year range 5-year avg. 2016
-600
-500
-400
-300
-200
-100
0
100
200
‘00
0 b
arr
els
pe
r d
ay
OPEC Production Cuts From Jan’17
Source: Clarksons
Source: OPEC
*Nigeria and Libya are exempt from cuts
Positive Supply Factors From 2018Lack of newbuild orders and aging fleet to limit supply growth
5
• Aging fleet: potential for more scrapping
o 1/3 of mid-sized fleet reaches age 15 years or
older by 2020
o Capex requirements of new regulations (e.g.
ballast water treatment)
• Small orderbook for 2018 / 19 due to a
lack of newbuild orders
o Ordering in 2016 was the lowest since 1995
• Decrease in ordering has been due to
three main factors:
o Lack of available financing
o Rationalization of shipyard capacity
o Increased spread between secondhand and
newbuild prices
0
20
40
60
80
100
120
140
160
No
. S
hip
s
Mid-Size Fleet & Orderbook Age Profile
Suezmax Aframax
Reduction in Shipyard Capacity
Source: Clarksons
Age 15 or older by 2020
Small 2018 / 19
orderbook
Source: Clarksons
Long-Haul Trade To Drive DemandAtlantic to Pacific crude oil movements up 25 million barrels since Oct’16
6
Note: Figures in million barrels per day (m/bd) and are changes between 2016-2021
Source: IEA MTOMR 2016
2.4
-0.2
Supply Demand
North America
0.6 0.3
Supply Demand
Latin America
2.0
Supply Demand
Africa & Middle East
OPEC policy
dependent
-0.1 -0.6
Supply Demand
Europe
-0.4
4.4
Supply Demand
Asia
Q1-17 Spot Earnings Update
7
Suezmax Aframax LR2
Q1-17 % booked
to-date60% 60%
1 2
$23,109
$16,309
$13,354
$26,000
$18,000
$-
$10,000
$20,000
$30,000
Suezmax Aframax LR2
Q4-16 Actual Q1-17 to-date
LR2s now
trading as
Aframaxes
88
Tanker Investments is Financially Well-positioned
• Total liquidity of ~$110 million
• Conservative financial leverage of 43.6%1
• No covenant concerns
• No debt maturities until 2019
• Minimal capex in 2017 and 2018
• 2 drydocks in 1H17 for ~$1.5m each
• Low cash break-even: ~$11,4002 per day
1 Book value basis
2 Aframax equivalent basis
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