Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — H1 2004 Earnings Presentation
23 slides from Pacific Basin Shipping's earnings presentation, Sep 15, 2004
Slide 1: Interim Results - 6 months ended 30th June 2004
Pacific Basin Shipping Limited Interim Results - 6 months ended 30th June 2004 15 September 2004
Slide 2: 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,
Slide 3: Highlights – 1st Half 2004
Highlights – 1st Half 2004 § Revenues reached US$71.6 million (2003:$21.1 million) § Profits increased to US$43.1 million (2003:$7.1 million) § Earnings per share = 4.74 US cents (2003:0.9 US cents) § Owned and Chartered Fleet expanded by over 50% to an average of 21 vessels (2003 average: 12 vessel
Slide 4: The Baltic Dry Index
The Baltic Dry Index BDI IHC Earnings(RHS) US$ 6,000 High : 5,681 +270 24,000 5,500 22,000 5,000 20,000 Today : 4,192 +60% 4,500 18,000 4,000 16,000 3,500 14,000 3,000 12,000 2,500 10,000 Low : 2,622 -54% 2,000 8,000 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 3
Slide 5: Fleet expansion since IPO
Fleet expansion since IPO Owned Chartered Average Age = 6 Years Average Age = 5 Years Managed 51 44 1 50 42 100% 5 100% 1 88% 100% 5 40 Managed 8 - 69% 92% 16 8 71% 5 No. of ships 30 Chartered 75% + 14% 58% 7 Owned 20 + 63% 45% 31 31 10 19 0 At IPO Today + Newbuildings +NBs 4
Slide 6: Owned Fleet Expansion since IPO
Owned Fleet Expansion since IPO dwt Delivery Date Delivered Newbuildings Port Pegasus 32,774 28-May-04 Timaru Star 31,893 28-May-04 Cook Strait 31,893 05-Aug-04 Committed at IPO Cape Flattery 28,433 29-Jul-04 Flinders Island 27,414 30-Jul-04 Abbot Point 27,411 2-Aug-04 Port Pirie 27,408 1-Sep-04 Ann
Slide 7: Financial Overview
Financial Overview
Slide 8: Financial Highlights – Profit & Loss
Financial Highlights – Profit & Loss 1H04 1H03 (US$ Millions) Revenues 71.6 21.1 EBITDA 51.5 13.5 Depreciation & Amortisation (5.9) (3.8) Finance (2.4) (2.5) PAT 43.1 7.1 7
Slide 9: Financial Highlights – Revenues
Financial Highlights – Revenues + 115% TCE US$8,300/day US$18,000/day Revenue Days 4,000 Days 3,500 + 50% 3,000 3,800 2,500 2,000 2,500 1,500 1,000 500 - 1H03 1H04 8
Slide 10: Daily Vessel Costs
Daily Vessel Costs Depreciation Finance Cost Opex Charter-in 8,000 7,000 6,110 6,000 5,325 7,815 820 5,000 1,140 6,520 4,000 3,500 3,000 2,470 2,000 1,000 1,715 1,790 - 1H03 Owned 1H04 1H03 Chartered 1H04 Vessel days 2,210 2,980 330 890 9
Slide 11: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet 30 Jun 2004 31 Dec 2003 (US$ Millions) Book value of fixed assets 320.2 200.8 Total Debt (214.3) (145.9) Net Debt (162.1) (137.7) Shareholders Equity 128.1 38.9 Net Debt/ Fixed Asset 51% 69% Net Debt / Shareholders Equity 127% 354% 10
Slide 12: Debt, Cash & Capital Expenditures
Debt, Cash & Capital Expenditures (US$ Millions) 30 June 2004 31 July 2004 (Post Listing) Debt 214 269 Less : Cash (52) (78) 162 191 Interest Hedging Capital Expenditures 31 July 2004 US$124mil : 3 year Cap 2004 (Post 31 Jul) 153 @ 4.9% 2005/2006 68 Total 221 US$62mil : 5 year knock out Swap Less :
Slide 13: Dividends
Dividends Dividend policy: - At least 50% of profits each year For 2004: - Dividends based on profit from 1 Jun – 31 Dec 12
Slide 14: Business Review
Business Review
Slide 15: Diversified Cargo Demand
Diversified Cargo Demand ‘000 mt 4,710 Volume Growth (%) 5,000 +65% Other bulk* 106% 4,000 27% 45% Steel 2,861 10% 3,000 13% Cement 163% 15% 2,000 11% 14% 121% Grains 8% 10% 14% Fertilisers 37% 1,000 17% Forestry Products 15% 32% 22% 0 1H2003 1H2004 * (includes Minerals, Coal/Coke, Concentrates, Agr
Slide 16: Major Discharge Ports
Major Discharge Ports Asia Pacific Atlantic/Others ‘000 mt 1H03 – 86% +1,273 1H03 – 14% +576 1H04 – 88% 1H04 – 12% 900 800 700 1H03 1H04 600 500 400 300 200 100 0 Japan China Australia S.E. Asia Korea West New Taiw an Africa South Eas t Europe Others Coast Ze aland Am erica Coast Back-hauls NA NA 15
Slide 17: Outlook & Prospects
Outlook & Prospects
Slide 18: Outlook & Prospects - Summary
Outlook & Prospects - Summary § Market remains very strong, buoyed by high demand in dry bulk cargoes § Supply of vessels likely to remain constrained with Handysize fleet aging and less efficient § Our fleet expansion will drive average revenue days + 60% for 2H04 over 1H04 + 42% for Full Year 2005
Slide 19: The Baltic Dry Index
The Baltic Dry Index Market remains strong, with increased volatility 6,500 5,500 4,500 3,500 2,500 1,500 500 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 18
Slide 20: Earnings Momentum: Increasing Revenue Days 2H04 vs. 1H04
Earnings Momentum : Increasing Revenue Days 2H04 vs. 1H04 Days 7,000 6,100 6,000 +60 % 5,000 32% 3,800 4,000 3,000 68% Average rate : 2,000 100% Average rate : US$15,700 US$18,000 1,000 0 1H04 2H04 19
Slide 21: Increasing Revenue Days 2005 vs. 2004
Increasing Revenue Days 2005 vs. 2004 Days 16,000 +42 % 14,100 14,000 12,000 9,900 10,000 20% 78% 8,000 6,000 80% Average rate : 4,000 US$16,800 2,000 Average rate : 22% US$15,600 - 2004 2005 20
Slide 22: Summary
Summary § Revenue- US$71.6mil, Profit– US$43.1mil, EPS– 4.74 US cent § 50% dividend payout ratio from 1 June § Current Fleet – 31 Owned, 8 Chartered-in, 5 Managed (Expanded from – 19 Owned, 7 Chartered-in, 16 Managed) § We remain confident about the prospects for rates for the balance of the year an
Slide 23: Thank You
Thank You
Pacific Basin Shipping — H1 2004 Earnings Presentation on 6ix