Ocean Yield ASA — Q3 2023 Earnings Presentation
13 slides from Ocean Yield ASA's earnings presentation, Nov 22, 2023
Slide 1: Q3 2023 Presentation
Q3 2023 PRESENTATION 22nd November 2023
Slide 2: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued strong financial results USD 79.0m USD 18.5m Adj. EBITDA Net profit Robust financial position 30.6% USD 133.8m Equity ratio Cash position Key financials High earnings visibility USD 4.1bn 10.2 years Adj. EBITDA backlog Average charter tenor Multiple transactions during
Slide 3: Four Product Tankers with Inaugural Sustainability-Linked Lease
FOUR PRODUCT TANKERS WITH INAUGURAL SUSTAINABILITY-LINKED LEASE TRANSACTION HIGHLIGHTS SUSTAINABILITY COUNTERPARTY 4x LR1 product tankers Sustainability-linked lease ✓ Variable element linked to actual carbon 2026 & 2027 emissions, incentivising the charterer to Delivery BBB-/BBB-/Ba1 Credit ratings
Slide 4: Suezmax Tanker with Charter to Nordic American Tankers
SUEZMAX TANKER WITH CHARTER TO NORDIC AMERICAN TANKERS TRANSACTION HIGHLIGHTS LONG-TERM PARTNERSHIP COUNTERPARTY 1x Suezmax tanker 2016 Third transaction with NAT built 20 vessels Fleet ✓ Reflecting a strong long-term partnership between the two companies NYSE Listed 8 years ✓ Supporting NAT on its
Slide 5: Two Suezmax Tankers with Sustainability-Linked Lease
TWO SUEZMAX TANKERS WITH SUSTAINABILITY-LINKED LEASE TRANSACTION HIGHLIGHTS SUSTAINABILITY COUNTERPARTY 2x Suezmax tankers 2022 Sustainability-linked lease built 46 vessels Pro-forma fleet1 ✓ Variable element linked to actual carbon emissions, incentivising the charterer to NYSE/Brussels Dual listin
Slide 6: Portfolio Update
PORTFOLIO UPDATE DELIVERIES / CHARTERS VESSELS SOLD OPTIONS EXERCISED ▪ Zim ZIM Danube was delivered from the ▪ STI Supreme, Interlink Amenity and ▪ Purchase options were declared for yard and commenced seven-year time Navig8 Precision (held in 50% owned Navig8 Prestige JKB (held in 50% charter to Z
Slide 7: Long-Term Charters Secure Stable Cash Flow | Backlog as per Quarter End
LONG-TERM CHARTERS SECURE STABLE CASH FLOW | BACKLOG AS PER QUARTER END EBITDA BACKLOG1 PER YEAR (USDM) EBITDA BACKLOG2 PER SEGMENT EBITDA BACKLOG2 PER CLIENT Gas carriers Oil service Car carriers 457 457 Product & 435 432 10% 7% Chemical 1% 393 25% 12% Dry bulk 24% 18 clients 14% 23% 6% Containers
Slide 8: Financial Snapshot
FINANCIAL SNAPSHOT ADJUSTED EBITDA1 Q3 2023 KEY FINANCIALS USD million 87.4 86.5 75.8 73.6 77.0 82.8 79.0 USD 51.5m USD 79.0m 67.6 66.1 68.4 EBITDA Adjusted EBITDA 62.9 64.8 54.7 USD 18.5m USD 30.0m Net profit Quarterly dividend USD 133.8m 30.6% Cash Equity ratio Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 9: Income Statement
INCOME STATEMENT INCOME STATEMENT Q2 Q3 Amounts in USD million 2023 2023 Operating revenues 16.5 15.6 Finance lease revenues 33.6 33.1 Income from investments in associates 5.0 5.8 Other revenue 6.8 (0.1) Total revenues and other income 61.8 54.5 Total operating expenses (2.7) (3.0) Depreciation and
Slide 10: Balance Sheet
BALANCE SHEET BALANCE SHEET Q2 Q3 Q2 Q3 Amounts in USD million 2023 2023 2023 2023 ASSETS EQUITY AND LIABILITIES Vessels and equipment 363 445 Common equity 620 642 Newbuildings 101 114 Hybrid capital 44 31 Investments in associates 192 196 Total equity 664 673 Finance lease receivables 1,053 995 Re
Slide 11: Financing Initiatives During and After Quarter End
FINANCING INITIATIVES DURING AND AFTER QUARTER END Refinancings and ▪ Refinanced and upsized one existing loan facility, related to two AHTS vessels with upsizing five-year charters to Viking Supply Ships New loan ▪ Signed two new loan agreements for financing of six Newcastlemax newbuildings agreem
Slide 12: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 Actively monitor the performance of the underlying shipping markets when evaluating new opportunities 3 Selectively pursuing growth with new and existing customers
Slide 13: Company Contacts
COMPANY CONTACTS: Eirik Eide, CFO +47 24 13 01 91 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 24 13 01 39 Karl.pedersen@oceanyield.no www.oceanyield.no/IR