Prima Marine Public Company Ltd · SET:PRM
Prima Marine Public — Q2 2019 Earnings Presentation
16 slides from Prima Marine Public's earnings presentation, Aug 27, 2019
Slide 1: Q2/2019 Operating Results & Market Outlook
Q2/2019 Operating Results & Market Outlook 27 Aug 2019 0
Slide 2: Q2/2019 Operating Results
1 Q2/2019 Operating Results 1
Slide 3: Summary of Operating Results
Summary of Operating Results Revenue Unit: MTHB Investment Assets Unit: MTHB 15.6% 2,124.7 2,457.0 14.6% 100.0% 100.0% 8,007.5 Types No. DWT 6.7% 7,344.5 of vessels of vessels (‘000) 8.4% 1,188.7 1,106.3 1,268.3 10.8% 597.5 10.7% 606.3 100.0% 100.0% 100.0% 5,648.0 Trading 32 309.0 7.1% 7.4% 6.4% 30.
Slide 4: Domestic Oil and Petrochemical Tanker Business (Domestic Trading)
Domestic Oil and Petrochemical Tanker Business (“Domestic Trading”) Revenue Unit: MTHB ▪ Domestic oil consumption continued to grow mainly from increase in Revenue from BigSea automobile registrations Revenue from PRM 40.5% 64 65 69 Unit: Million Liters/Day 1,107.3 2017 30 31 32 20 2018 19 20 31.8%
Slide 5: International Oil and Petrochemical Tanker Business (International Trading)
International Oil and Petrochemical Tanker Business (“International Trading”) Revenue Unit: MTHB ▪ Global freight rate in Q2/19 fluctuated in line with chartering demand and tight supply of vessels from increased scrapping. Freight rate for 5.3% Aframax is expected to increase further in 2020. 158.2
Slide 6: Floating Storage Unit (FSU) Business
Floating Storage Unit (“FSU”) Business Revenue Unit: MTHB ▪ Under IMO2020 (0.5% Sulphur limit on bunker fuel), vessels are not Revenue from Bongkot Star -2.5% allowed to have HSFO (3.5% Sulphur) on board unless scrubber fitted Revenue from PRM 987.1 962.1 by 1 March 2020. 7.4% 208.2 202.6 ▪ Non-comp
Slide 7: Floating Storage and Offshore Exploration Service (Offshore) Business
Floating Storage and Offshore Exploration Service (“Offshore”) Business Revenue Unit: MTHB ▪ Two floating storage and off-loading (FSO) vessels to be on 16.7% hired throughout Q2/19 under time charter contract. 266.3 228.3 ▪ Utilization of for Accommodation Work Barge (AWB) 0.1% increased from last
Slide 8: Ship Management (SM) Business
Ship Management (“SM”) Business Revenue Unit: MTHB ▪ PRM provides ship management services for 23 own vessels and 3 third party vessels which includes 2 VLCC and -7.7% Aframax vessels. 179.4 ▪ Higher gross profit margin in Q2/19 VS Q2/18 was due to -1.0% 165.6 booking major maintenance expenses for
Slide 9: Consolidated P/L Statement
Consolidated P/L Statement Unit: MTHB Q1/2019 Q2/2018 Q2/2019 6M/2018 6M/2019 ▪ Increase in revenue and gross profit in Q2/19 over Q2/18 was attributable to improved FSU 1 Sales 1,188.7 1,106.3 1,268.3 2,124.7 2,457.0 business and acquisition of Big Sea 2 Gross Profit 344.4 317.9 401.6 558.7 746.0 ▪
Slide 10: Consolidated Financial Position
Consolidated Financial Position As of As of 31 Dec 2018 30 Jun 2019 ▪ Other current asset increased by 194.4 million 639.4 1,641.6 Baht to 744.1 million Baht from inventories 1,208.5 744.1 which was mainly from bunker fuel remaining 1,286.1 504.9 in the two newly acquired VLCCs 1,041.9 549.7 4,094.0
Slide 11: Market Outlook
2 Market Outlook 10
Slide 12: FSU Market Situation
Market Outlook Linggi (2 ships) NSSG: FTS x Tipco (Crude) FSU M a r k e t S i t u a t i o n Player #A: 1 (Crude) LSFO Storage expected more to come Port of Tanjong • Total 23 FSUs at west of Singapore Pelepas (10 ships) NSSG: 5 (LSFO) anchorage (PTP and JB), increased by 8 Player #A: 1 (LSFO Shell)
Slide 13: 2020 FSU Market Outlook
Market Outlook: 2020 FSU Market Outlook How much will the bunkers cost? FSU M a r k e t O u t l o o k LSFO & HSFO Singapore spread currently trading about $200/t from Jan2020 • FSU demand will remain strong at least until mid of 2020 as only 20% Singapore shore tanks confirmed their cleaning plan to
Slide 14: Business Activities Q3/2019
Business Activities Q3/2019 Delivered Commence No. Vessels Size (DWT) Purpose Period On-hired Domestic Trading Business (2 Vessels) 1 Jul/19 New-built “SRI PHUMRIANG” 3,000 DWT Replace PRM’s old vessel Aug/19 2 Aug/19 New-built “SRI PHUNPIN” 3,000 DWT LT Contract with Major Oil Sep/19 Business Acqui
Slide 15: Q&A Thank You
Q&A THANK YOU Contact Information Mr. Boonrux Leeprakobboon Mr. Pachara Rodsomboon www.primamarine.co.th Senior Investor Relations Manager Finance Manager Investor Relations Department Accounting and Finance Department primamarine Tel (66) 2 016 0190 Ext 517 Tel (66) 2 016 0190 Ext 601 Prima Marine
Slide 16: Disclaimer
Disclaimer The information contained in this presentation is strictly confidential and is provided by Prima Marine Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any oth
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