Compania Sud Americana De Vapores S.a. · BCS:VAPORES
Compania Sud Americana De Vapores — Investor Presentation (April 2023)
11 slides from Compania Sud Americana De Vapores's investor presentation, April 2023
Slide 1: April 2023
APRIL 2023
Slide 2: Opening Remarks
OPENING REMARKS Hapag-Lloyd, CSAV’s main investment CSAV + Exceptionally strong financial results in 2022. Revenues increased strongly due to higher freight rates (+43%yoy), while volume stayed • Solid 2022 – US$5,563 mn in profits driven by the stable (-0,2%yoy). Extraordinary 2022 EBIT 18.5 bn, 1.
Slide 3: Demand Evolution Amid Covid
DEMAND EVOLUTION AMID COVID VOLATILE DEMAND GROWTH DURING THE COVID PANDEMIC Global Demand Growth (%YoY) Covid started/Lockdowns in China Suez Canal Port of Yiantian, 25,0 High congestion in Asian Ports Blockage China operating at 20,0 low capacity 15,0 Global Demand Plunged 2022 demand growth was -
Slide 4: Congestion Has Eased
25 27 29 31 33 35 37 39 ene-16 INDUSTRY abr-16 Source: Clarksons Research (Mar 2023) jul-16 oct-16 CONGESTION HAS EASED ene-17 abr-17 jul-17 oct-17 ene-18 abr-18 jul-18 oct-18 ene-19 abr-19 jul-19 oct-19 ene-20 abr-20 jul-20 Port Congestion Index (fleet outside ports) oct-20 ene-21 abr-21 jul-21 oct
Slide 5: Weak Demand for Container Transportation on Asia Related Trades
OPENING REMARKS | INDUSTRY | HLAG’S RESULTS | CSAV’S RESULTS | CLOSING REMARKS INDUSTRY WEAK DEMAND FOR CONTAINER TRANSPORTATION ON ASIA RELATED TRADES, THE ATLANTIC HAS BEEN MORE STABLE Global Transport Volume (TEU mn) Selected Trades (TEU mn) 181 174 Head-Haul H1 Back-Haul H1 23,0 0% 23,0 9,4 -11%
Slide 6: Freight Rates Normalized
INDUSTRY FREIGHT RATES NORMALIZED Freight Rates Evolution (US$/TEU) 12.000 SCFI Shanghai-Europe Shanghai-S America Shanghai-WC America Shanghai-EC America SCFI Index 2021: +91% 10.000 SCFI Index 2022: -78% SCFI Index YTD 2023: -7% 8.000 6.000 4.000 Apr Jan 1,034 5,047 2.000 0 Source: Clarksons Resea
Slide 7: Supply Evolution Throughout the Years
INDUSTRY SUPPLY EVOLUTION THROUGHOUT THE YEARS Orderbook to Fleet (%) + Demand will likely remain subdue until destocking cycle is completed + New capacity will likely exceed demand in the next quarters + Scrapping, slippage and slow steaming might offset strong newbuild supply partly Supply will li
Slide 8: Zoom to the Supply/Demand Balance
INDUSTRY ZOOM TO THE SUPPLY/DEMAND BALANCE Capacity growth 2023 Schedule deliveries 10% Less slippage to following years -2% to -4% Less scrapping -1% to -3% Nominal fleet growth 3% to 7% Ease of port congestión +7% to 8% CII Effect -5% to -7% Effective capacity growth 3 to 10% 8
Slide 9: Outlook for the Full Year 2023 Considers a Gradual Normalization of Earnings
HLAG OUTLOOK FOR THE FULL YEAR 2023 CONSIDERS A GRADUAL NORMALIZATION OF EARNINGS FY 2022 Guidance FY 2023 (*) Transport volume 11,843 TTEU Increasing slightly Avg. freight rate 2,863 USD/TEU Decreasing clearly Avg. bunker 753 USD/mt Decreasing clearly consumption price EBITDA USD 20,474 m USD 4,300
Slide 10: Annexes
ANNEXES
Slide 11: Dividend Flow from HLAG to CSAV
ANNEX DIVIDEND FLOW FROM HLAG TO CSAV + HLAG – 100% Dividend + 26,375% Retention (1,6% Tax – 24,775% to be returned) + CSAV Germany – 73,625% Dividend + 26,375% Retention (15,8% WHTax – 10,575% to be returned) + CSAV 54,21% Dividend 11
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