D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — H1 2011 Earnings Presentation
27 slides from D'amico International Shipping's earnings presentation, Jul 28, 2011
Slide 1: H1 & Q2 2011 Results Presentation
H1 & Q2 2011 Results Presenttation d’Amico d Amico International Shippiing July 28th, 2011
Slide 2: Agenda
Agenda Highlights g g Marco Fiori, CEO Financial Results Alberto Mussini, CFO Product Tanker Market & Outloo ok Marco Fiori, CEO Appendix 1 d’Amico International Shipping
Slide 3: Highlights
Highlights Marco Fiori, CEO 2 d’Amico International Shipping
Slide 4: Highlights
Highlights EVENTS Fleet evolution – GLENDA (JV with Glencore) new building plan completed: the remaining 3 vessels delivered. Redelivery of 2 chartered in vessels Fleet employment / coverage - 4 Time charter out contracts c renewed/signed with main Oil Majors, at rates supporting the operating c
Slide 5: Highlights – Key figures
Highlights – Key figures N result 2 Net Net loss - US$ 10.2m in H1’11 and US$ 5.5m in 9 9.0 Q2’11, negatively affected by JPY FX effect. 6 6.0 Continued weakness in product tankers industry but 3 3.0 0 0.0 considerably better than Q1’11 and even compared -3 3.0 to the same quarter of 2010 -6 6.0 -
Slide 6: Highlights - Fleet profile
Highlights - Fleet profile June 30, 2011 DIS Fleet2 MR Handy Total % Owned 16.0 3.0 19.0 50% Time chartered - in 15.0 4.0 19.0 50% Total 31.0 7.0 38.0 100% Flexible, young and double-hull fleet - 71% IMO classed d, with an average age of 5.3 years (industry 8.8 years1). Fully in compliance with ve
Slide 7: Financial Results
Financial Results Alberto Mussini, CFO 6 d’Amico International Shipping
Slide 8: Financial Results – H1 & Q2 2011 results
Financial Results – H1 & Q22 2011 results (US$ million) Q1 2011 Q2 2011 H1 2011 H1 2010 TCE Earnings 47.9 48.3 96.2 99.2 EBITDA 5.6 8.3 13.9 16.5 EBITDA Margin 12% 17% 14% 17% EBIT (3.0) (0.9) (4.0) 0.5 Net Loss (4.8) (5.5) (10.2) (8.9) Q2’11 TCE Earnings considerably better than Q1’11 an nd even
Slide 9: Financial results - Key Operating Measures
Financial results - Key Operrating Measures Key Operating Measures Q1 2011 Q2 2011 H1 2011 H1 2010 N. of vessel 38.6 38.2 38.4 40.3 Fleet contract coverage 47.4% % 48.9% 48.2% 47.4% Daily TCE earnings (US$/d) 14,32 28 14,687 14,505 15,582 Daily TCE Spot (US$/d) 71 11,87 12,516 12,185 12,467 Daily TC
Slide 10: Financial Results – Net Debt
Financial Results – Net Debbt (US$ million) June 30, 2011 December 31, 2010 Bank debts 301.5 307.5 Cash/Current fin. assets (69.8) (76.5) Net debt 231.8 231.0 Stable net debt with relevant cash resources on hands of US$ 70m together with available further credit lines of US$ 115m Not significant
Slide 11: Product Tanker Market & Outlook
Product Tanker Market & Ou utlook Marco Fiori, CEO 10 d’Amico International Shipping
Slide 12: Market Overview – Earnings & vessels price
Market Overview – Earningss & vessels price Average Rates for MR1Product Tankers (US$) Asset Values 2001 - 2011 6 60 30,000 50 5 25,000 18,000 4 40 20,000 14,000 ay mill $ dollars/day y $/da 30 3 15,000 10,000 6,000 2 20 10,000 2,000 , 10 5 000 5,000 -2,000 0 0 2001 2002 2003 2004 2005 2006 2007 200
Slide 13: Supply - Slippage & Net fleet growth
Supply - Slippage & Net fleet growth g The large order book that has characterized recent yearss is no longer an issue and the growth rate in new product tankers within the 25-55,000 dwt segment is being eroded Due to cancellations,, conversions and deferrals,, the net forward g growth is consid
Slide 14: Demand - Growth
Demand - Growth Global oil demand, which averaged 88 mb/day in 2010 0 is projected to grow to 95 mb/day in 2016 (averaging + 1.3% or 1.2 mb/day per year) dominated by the emerging economies Non‐OECD oil demand should reach 45.3 mb/day in 2012 (+3.6% or +1.6 mb/day y/y). Given GDP growth of 6.5%
Slide 15: Demand / Supply 'balance'
Demand / Supply ‘balance e’ Tonne mile demand1 Crude Distillation Additions and Expansions1 10 000 barrels per day 12 8 800 10 6 600 8 6 4 400 4 2 200 million b 2 0 0 2011 2012 2013 2014 2015 -2 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011(f) 2012(f) 2013(f) -2 200 2016 -4 -4 400 OECD Nort
Slide 16: Outlook - DIS's response
Outlook - DIS’s response Guidance Better arbitrage opportunities have increased tonne-mmile demand. With the expectation of prolonged product di l dislocation, ti an improvement i t in i the th product d t tanker t k utiliza tili ation ti isi expected t d to t continue ti The supply of ships wil
Slide 17: d'Amico International Shipping
d’Amico International Ship pping This document does not constitute or form part of any offer to sell or issue e, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of d’Amico International Shipp ping S.A. (or the “Company”), nor
Slide 18: Appendix
Appendix 17 d’Amico International Shipping
Slide 19: DIS' Shareholdings Structure
DIS’ Shareholdings Structure Key Information on DIS’ Shares 2 3 1 d'Amico International SA 65.32% 2 d'Amico International Shipping S.A. 3.05% 3 Others 29.40% 1 4 Kairos Partners SGR SpA 2 23% 2.23% 4 Listing Market Borsa Italiana, STAR No. of shares 149,949,907 Market Cap1 € 124,7 million Shares Rep
Slide 20: Financial Results - Income Statement
Financial Results - Income Statement S Q2 2011 Q2 2010 (US$ million) H1 2011 H1 2010 48.3 48.1 TCE Earnings 96.2 99.2 (23.1) (23.5) Time charter hire costs (47.5) (49.0) (13.2) (12.3) Other direct operating costs (26.7) (26.4) (4.5) (4.7) General and administrative co osts (10.0) (9.3) 0.8 1.8 Other
Slide 21: Financial Results - Statement of financial position
Financial Results - Statement of financial position (US$ Thousand) As at 30 Jun.’11 As at 31 Dec.’10 ASSETS Non current assets 546,911 544,282 Current assets 158,674 165,235 Total assets 705,586 709,518 LIABILITIES & SHAREHOLDERS’ EQUITY 325,107 333,106 Shareholders’ equity Shareholders 277,186 284,
Slide 22: Fleet employment and partnerships
Fleet employment and parrtnerships DIS Fleet Employment and Partnerships DIS Vessels Total Pool Vessels Direct 14.5 High Pool 8.0 11.0 GLENDA IInt. t Management M t (Pool) (P l) 14.5 34 0 34.0 Handytankers Pool 1.0 Total 38.0 21 d’Amico International Shipping
Slide 23: d'Amico's Group Structure
d’Amico’s Group Structure e DIS benefits from the support of d’Amico Società di Navigazione S.p.A. 22 d’Amico International Shipping
Slide 24: DIS' Current Fleet Overview
DIS’ Current Fleet Overvie ew MR FLEET Name of vessel Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified Owned 3 GLENDA Meryl 47,000 2011 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO III 3 GLENDA Melissa 47,000 , 2011 Hyundai y MIPO,, South Korea Liber
Slide 25: DIS' Current Fleet Overview (cont'd)
DIS’ Current Fleet Overvie ew (cont’d) HANDY FLEET 1 Name of vessel Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest IMO Classified Owned Cielo di Salerno 36,032 2002 STX, South Korea Liberia RINA and ABS 100% IMO Cielo di Parigi 36,032 36 032 2001 STX South Korea STX,
Slide 26: DIS' New Building Program
DIS’ New Building Program m Name of vessel / Hull Number Estimated tonnage (dwt) MR/Handysize Estimated delivery date B Builder, Country Flag2 Classification Society Interest1 IMO Classified Owned 2012 2307 - HIGH tbn 52 000 52,000 MR Mar 12 Mar-12 H Hyundai MIPO, MIPO South Korea Liberia Intention
Slide 27: Thank you
Thank you AL Abie ° INTERNATIONAL SHIPPING S.A.
d'Amico International Shipping — H1 2011 Earnings Presentation on 6ix