Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — First Ship Lease Trust — Q4 2020 Earnings Presentation
14 slides from Singapore Exchange's earnings presentation, Feb 5, 2021
Slide 1: 4th Quarter 2020 Financial Results Presentation
4th Quarter 2020 Financial Results Presentation 5 February 2021
Slide 2: Disclaimer
DISCLAIMER This communication may contain forward-looking statements with respect to current expectations and forecasts of the financial condition and performance as well as the operations and business of First Ship Lease Trust (“FSL Trust” or the “Trust”). Forward-looking statements include expecta
Slide 3: 4th Quarter 2020 Highlights
4TH QUARTER 2020 HIGHLIGHTS Weak tanker market environment in the 4th quarter 2020 > Low earnings for tankers operating in pools Net profit of US$ 6.2m(1) for the full year 2020 and net loss of US$ 2.2m(1) for the 4th quarter 2020 > Full year net profit 38% lower than previous year(1), > Net los
Slide 4: Operating Performance Review
OPERATING PERFORMANCE REVIEW Adjusted EBITDA by Vessel Type (in US$m)(1) Ownership Days by Vessel Type -98% +/-0% -100% -84% -50% -91% +7% +/-0% -50% +33% Commentary > Decline of adjusted EBITDA(1) from product tanker and crude oil tanker (negative 84% and negative 100%, respectively, y-o-y), due to
Slide 5: Operating Performance Review (Cont'd)
OPERATING PERFORMANCE REVIEW (CONT’D) Adjusted EBITDA by Employment Type (in US$m)(1) Ownership Days by Employment Type -91% -29% -73% -50% +/-0% +33% Commentary > Decline of adjusted EBITDA(1) from bareboat charters (negative 73% y-o-y), due to expiry of charters for containerships > Decline of adj
Slide 6: Fleet Employment
FLEET EMPLOYMENT US$ 29.8m of Contracted Revenue(1) Employment Update > Last containership finished charter in October 2020 and was subsequently disposed > Extension of the charters of 3 specialised tankers with maturity in December 2020 and 2 specialised tankers with maturities in January 2021 and
Slide 7: Fleet Employment Profile
FLEET EMPLOYMENT PROFILE(1) Vessel Built Size Employment Charterer/ 2021 2022 2023 2024 2025 2026 2027 2028 2029 Year DWT Type Manager Product Tanker Cumbrian Fisher 2004 12,921 BBC Clyde Fisher 2005 12,984 BBC Shannon Fisher 2006 5,421 BBC Solway Fisher 2006 5,421 BBC Speciality 2006 4,426 BBC Seni
Slide 8: Debt Reduction
DEBT REDUCTION Note(s): (1) Excluding gains/losses from the disposal of vessels and vessel impairments 4th Quarter 2020 Financial Results 8
Slide 9: Tanker Market Snapshot
TANKER MARKET SNAPSHOT The first half of 2020 was characterised by strong tanker freight rates for tankers on the back of increased demand driven by surplus oil and oil products supply as a result of an oil price war between OPEC+ members, coupled with a contraction of demand for oil and oil produ
Slide 10: Contact
CONTACT FSL Trust Management Pte. Ltd. as Trustee Manager for First Ship Lease Trust 9 Temasek Boulevard, #19-03 Suntec Tower Two Singapore 038989 Tel: +65 6836 3000 Email: enquiries@firstshiplease.com Investor Relations Contact Edward Ion and Mary Ng Helix PR Tel: +65 6222 6375 Email: investors@fir
Slide 11: Appendix: Income Statement (4th Quarter 2020)
APPENDIX: INCOME STATEMENT (4TH QUARTER 2020) Income Statement (in US$m)(1) 4th Quarter 2020 4th Quarter 2019 Change in % Revenue 6.84 22.21 -69.2% Voyage expenses/Income 0.00 0.00 unchanged Vessel operating expenses -3.29 -5.60 -41.2% Management fees -0.15 -0.70 -78.8% Trustee fees -0.01 -0.01 -35.
Slide 12: Appendix: Income Statement (Full Year)
APPENDIX: INCOME STATEMENT (FULL YEAR) Income Statement (in US$m)(1) 2020 2019 Change in % Revenue 48.33 73.11 -33.9% Voyage expenses/Income -0.28 -0.40 -30.1% Vessel operating expenses -15.54 -21.59 -28.0% Management fees -1.37 -2.13 -35.8% Trustee fees -0.05 -0.06 -18.2% Other Trust expenses -1.99
Slide 13: Appendix: Balance Sheet
APPENDIX: BALANCE SHEET Balance Sheet (in US$m)(1) 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Assets Equity and liabilities Vessels(2) 136.11 180.70 Units in issue 561.33 561.33 Non-current assets 136.11 180.70 Reserves -431.77 -358.45 Total unitholder's equity 129.56 202.88 Trade and other rec
Slide 14: Appendix: Historical Financial Performance
APPENDIX: HISTORICAL FINANCIAL PERFORMANCE Adjusted EBITDA (in US$m)(1)(2) Vessel Impairments (in US$m)(1) 2017 2018 2020 2017 2017 2018 2018 2019 20202020 Average Number of Vessels Net Profit/Loss (in US$m)(1) 2017 2018 2020 2017 2018 2020 Note(s): (1) Unaudited (2) Excluding gains/losses from the
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