Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — Investor Day (May 2012)
26 slides from Pacific Basin Shipping's investor day presentation, May 4, 2012
Slide 1: Analyst Day 4 May 2012
ANALYSTS DAY ANALYST DAY 4 MAY 2012 18 April 2012
Slide 2: 2011 Segment Review
2011 Segment Review Segment Review US$m 2011 Segment net profit 78.9 Dry Bulk: US$81.4m Treasury (12.8) EIS: US$10.8m Indirect general and administrative expenses (8.3) RoRo: US$(10.6m) Underlying profit 57.8 Unrealised derivative expenses (1.6) Annual report RoRo vessels impairment charge (80.0) Ga
Slide 3: 5 frequently asked questions
5 frequently asked questions … 1) Handysize performance 2) Handymax business model? 3) How to evaluate Towage? 4) RoRo business development 5) Treasury cost 2012 Analyst Day 3
Slide 4: 1. Handysize Performance
1. Handysize Performance
Slide 5: Handysize Revenue Days
Handysize Revenue Days Committed Uncommitted Total Revenue Owned Days Charter-in Days Days Days Fleet List Charter-hire days P.37 2012 Analyst Day 5
Slide 6: Handysize Revenue Rates
Handysize Revenue Rates Covered Days Uncover Days Handysize ‘s Revenue Covered Rates Uncover Rates Spot? Market? Forward Rate? Your Thought? 2012 Analyst Day 6
Slide 7: Handysize Costs
Handysize Costs Committed Uncommitted Owned Days Charter-in Days Charter-in Days Total Cost Committed Uncommitted Owned Cost Charter-in Cost Charter-in Cost Owned Cost Charter-hire Rates Spot? Market? Short-term? Long-term? Your Thought? 2 May 2012 (US$) BHSI (net): $8,599 FFA 3Q12: $8,125 4Q12: $8,
Slide 8: Handysize Cost Trend
Handysize Cost Trend Owned + Finance leased US$/day Opex Direct overhead Crew, spares, lubricating oil and insurance 8,720 Annual report Charter-hire 8,690 1,010 Finance Costs Finance cost 1,040 Based on allocated debt P.104 Depreciation 990 1,000 Opex 2,830 2,810 With newly delivered vessel
Slide 9: Handysize Business Model
Handysize Business Model Days Committed Uncommitted Total Revenue Owned Days Charter-in Days Days Days Rates Covered Days Uncover Days Handysize ‘s Revenue Covered Rates Uncover Rates Costs Committed Uncommitted Owned Days Charter-in Days Charter-in Days Total Cost Committed Uncommitted Owned Cost C
Slide 10: 2) Handymax Business Model?
2) Handymax Business Model?
Slide 11: Handymax Business Model
Handymax Business Model 3 Characteristics of our Handymax business model: % between owned and chartered Cargo covered % Short-term chartered cost affected by the market margin 2012 Analyst Day 11
Slide 12: Handymax Revenue Days
Handymax Revenue Days Committed Uncommitted Total Revenue Owned Days Charter-in Days Days Days Fleet List Charter-hire Days Handymax Revenue Days Revenue days 7,970 6,910 10 11 12 12 (AR11)(1Q12) P. 37 P. 19 2012 Analyst Day 12
Slide 13: Handymax expansion
Handymax expansion Current Handymax Fleet As at 16 April 2012 Revenue days Our newbuilding deliver schedule: 13,310 days 2012: 1 Owned, 1 Chartered 2013: 5 Owned, 1 Chartered 7,970 days 2011 Vessel Days 2012 ! 370 12,970 How many days? 3% 97% 2012 Analyst Day 13
Slide 14: 3) How to evaluate Towage?
3) How to evaluate Towage?
Slide 15: PB Towage
PB Towage P. 31 US$m 1H11 2H11 2011 PB EIS net profit (1.2) 12.0 $10.8 PB Towage 3.5 11.7 $15.2 PacMarine Service 0.5 0.2 $0.7 FBSL (5.2) 0.1 $(5.1) Operating cash flow 10.9 18.1 $29 Return on net assets (1%) 10% 5% PB Towage’s results improved significantly due to increased liner port calls in th
Slide 16: How should we look at the Towage business?
How should we look at the Towage business? Annual report Invest further in P.20-22 towage fleet as P.31 specific projects materialise 2012 Analyst Day 16
Slide 17: 4. RoRo business development
4. RoRo business development
Slide 18: PB RoRo Business Model
PB RoRo Business Model Vessel Days 6 Vessels 365 Days (FY12: ~2,190 days) Already Revenue Days Fixed Days Unfixed Days Unemployed Unfixed Potential (will fix in future) Unemployment Rates Fixed Rate Unfixed Rate Finance Direct Costs Opex Depreciation Cost Overhead 2012 Analyst Day 18
Slide 19: PB RoRo
PB RoRo P. 31 RoRo Earnings cover US$m 1H11 2H11 2011 As at 16 April 2012 Revenue days 620 650 1,270 Revenue Days Vessel days 660 860 1,520 2,500 2,180 days Daily charter rates earned (US$) 21,240 21,140 21,190 2,000 1,520 days Daily vessel operating costs (US$) 22,080 18,210 19,890 1,500 Vessel ope
Slide 20: 5. Treasury cost
5. Treasury cost
Slide 21: 2011 Segment Review
2011 Segment Review Segment Review US$m 2011 Segment net profit 78.9 Treasury (12.8) Indirect general and administrative expenses (8.3) Underlying profit 57.8 Unrealised derivative expenses (1.6) Annual report RoRo vessels impairment charge (80.0) Gain from sale of shares in Green Dragon Gas 55.8 P.
Slide 22: What is Treasury?
What is Treasury? Annual report Income Statement P.102 “Treasury” manages the Group’s cash and borrowings. Balance Sheet Annual report P.104 2012 Analyst Day 22
Slide 23: Treasury – Net Finance Costs
Treasury – Net Finance Costs Loans Group’s Cash P. 33 Net Finance Costs Average Return Rates on Group’s Cash Borrowing by Source and Segment Average Interest rates on Borrowings Bank Finance lease Convertible Bank Finance lease Convertible borrowing liabilities bonds borrowing liabilities bonds US$m
Slide 24: G&A Segment Review
G&A Segment Review US$m P. 29 2011 Segment net profit 78.9 US$2.5m of G&A is included Treasury (12.8) Indirect general and administrative expenses (8.3) P. 102 Underlying profit 57.8 Unrealised derivative expenses (1.6) RoRo vessels impairment charge (80.0) Gain from sale of shares in Green Dragon G
Slide 25: Thank You Q&A
Thank You Q&A 2012 Analyst Day 25
Slide 26: Disclaimer
Disclaimer This presentation contains certain forward looking statements with respect to the financial condition, results of operations and business of Pacific Basin and certain plans and objectives of the management of Pacific Basin. Such forward looking statements involve known and unknown risks,