Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — First Ship Lease Trust — Q4 2017 Earnings Presentation

11 slides from Singapore Exchange's earnings presentation, Feb 27, 2018

  1. Slide 1: 4QFY17 Financial Results

    FS L Tr u st 4QFY17 Financial Results 27 February 2018

  2. Slide 2: 4QFY17 – Key financial highlights

    4QFY17 – Key financial highlights  Net loss of US$33.9m in 4Q17 mainly due to US$25.9m non-cash vessel impairment  Cash generated continued to be positive  Revenue declined 14.2% year-on-year, primarily due to:  softening of rates across all sectors  Time charter agreement not extended for both

  3. Slide 3: Performance review

    Performance review Inc/(Dec) US$’000 4QFY17 4QFY16 % Revenue 19,896 23,189 (14.2) Operating loss (32,510) (40,301) (19.3) Loss for the quarter (33,874) (42,286) (19.9) Net cash generated from operations 8,000 13,195 (39.4) Gearing ratio 46.6% 47.3% (1.5)  Revenue decrease mainly due to rate pressur

  4. Slide 4: Fleet deployment by revenue

    Fleet deployment by revenue (1) Pool/ RSA/ Spot 24% Fixed-rate BBC Market-rate 57% BBC 15% Time charter 4% Novatek Gas & Power Note 1: BBCE revenue for the 3 months ended 31 December 2017 4

  5. Slide 5: Operational performance

    Operational performance BBCE revenue by vessel type 6.0 USD million 0.0% 5.0 4.0 3.0 -33.2% -67.8% -27.1% -41.0% 2.0 -37.2% 1.0 -69.6% 0.1 0.0 2.3 1.7 1.5 1.0 2.7 0.9 2.4 1.4 2.7 1.8 5.0 5.0 - Feeder container Specialised tanker Chemical tanker Aframax MR LR2 Panamax container (1.0) Q4 2016 Q4 2017

  6. Slide 6: Lease maturity of vessels

    Lease maturity of vessels SL TRUST Vessel Product Tankers Cumbrian Fisher Clyde Fisher Shannon Fisher Solway Fisher Speciality Seniority Superiority TORM Margrethe TORM Ma FSL Singapore FSL Hamburg FSL Osaka Containerships YM Eminence YM Elixir YM Enhancer FSL Busan Crude oil tankers FSL Hong Kong F

  7. Slide 7: Revenue backlog

    Revenue backlog Remaining contracted revenue stood at US$ 65m (1) as at 31 December 2017 US$ million 30 2 25 20 15 26 24 10 12 5 0 1 2018 2019 2020 2021 Bareboat Charter Time charter Note 1: Based on revenue from ten bareboat charters (excluding the TORM charters on variable rates) and from time cha

  8. Slide 8: Scheduled dry dockings for the next 12 months

    Scheduled Scheduleddry dockings Dry Docksfor the fornext the12Next months 12 Months FSL managed fleet - Vessels planned for dry docking Vessel Date Nil N.A. Latest dry dockings Vessel Date FSL Osaka 3Q FY2017 8

  9. Slide 9: FY2018: Scheduled Redeliveries

    FY2018: Scheduled Redeliveries Vessel Date Torm Margrethe 2Q FY2018 Torm Marie 2Q FY2018 FSL Singapore 2Q FY2018 Speciality 4Q FY2018 Seniority 4Q FY2018 Superiority 4Q FY2018  The Trust successfully renegotiated a two year fixed-rate bareboat charter renewal for Cumbrian Fisher and Clyde Fisher at

  10. Slide 10: Summary and outlook

    Summary and outlook  Summary  Another quarter of positive cash generation despite the non-cash impairment and the challenging shipping industry environment  Gearing increased from 45.2% to 46.6% (3QFY17 vs 4QFY17) but improved Year on Year by 1.5%  Outlook  Shipping markets across all sectors r

  11. Slide 11: Thank You

    Thank You

First Ship Lease Trust — Q4 2017 Earnings Presentation on 6ix