Pacific Basin Shipping Limited · HKEX:2343

Pacific Basin Shipping — Morgan Stanley China Summit 2018

40 slides from Pacific Basin Shipping's conference presentation, May 30, 2018

  1. Slide 1: 1Q18 Trading Update, Morgan Stanley China Summit

    請掃描右方QR code 關注我們微信公眾號 2018年第一季度交易活動公告 摩根士丹利第四屆中國峰會 北京, 2018年5月30日 Morgan Stanley China Summit Beijing, 30 May 2018

  2. Slide 2: Highlights

    Highlights 摘要 1Q18 Trading Update 1

  3. Slide 3: 2018 First Quarter Trading Update

    2018 First Quarter Trading Update 2018年第一季度交易活動公告  Handysize and Supramax freight market indices YTD have followed similar pattern as in recent years, although at a significantly higher level with a short seasonal decline in early 2018 and recovery after Chinese New Year 小靈便型及超靈便型乾散貨船貨運指數年初至今的走勢跟以往

  4. Slide 4: 2018 First Quarter Performance and 2018 Cover

    2018 First Quarter Performance and 2018 Cover 2018年第一季表現及2018年已訂合約 Cover as at 6 Apr 2018 US$/day Handysize Supramax 美元／日 小靈便型 超靈便型 Market (BHSI/BSI) index net rate 市場指數淨租金 8,070 10,190 小靈便型(BHSI)/超靈便型(BSI)乾散貨船指數 Improvement over 1Q17: 第一季 較2017年第一季有所改善: 1Q PB daily TCE net rate Handysize 小靈便型: 太平洋航

  5. Slide 5: PB Acquires Ships with 50% Equity Funding

    PB Acquires 4 Ships with 50% Equity Funding 太平洋航運收購四艘現代化貨船並以發行新股份用作支付貨船一半代價 Acquisition of four attractive modern ships: 收購四艘現代化貨船: Supramax Supramax Handysize Handysize Total 2010-built Resale newbuild 2015-built Resale newbuild 總代價 2010年建造 轉售新建造 2015年建造 轉售新建造 超靈便型 超靈便型 小靈便型 小靈便型 Shipbuilder 造船廠 Ts

  6. Slide 6: Reasons for the Transaction

    Reasons for the Transaction 是次貨船收購的原因  To grow and renew our fleet with modern, efficient ships of the best design for our trades at still historically low prices 於價格仍處於有史以來的吸引水平時購置現代化高質素貨船，以擴大及更新我們的船隊  To increase further the proportion of our owned vs. chartered-in vessels (especially Supramax)

  7. Slide 7: Market Review

    Market Review 市場概覽 1Q18 Trading Update 6

  8. Slide 8: Freight Market Recovery Continues

    Freight Market Recovery Continues 貨運市場持續復甦 Handysize Market Spot Rates in 2016-2018 Supramax Market Spot Rates in 2016-2018 # 2016年至2018年小靈便型乾散貨船現貨市場日均租金 2016年至2018年超靈便型乾散貨船現貨市場日均租金 # US$/day net* US$/day net* 16 May 2018 12,000 12,000 $10,880 2017 16 May 2018 10,000 2017 10,000 $8,140 8,000 8,000 2

  9. Slide 9: Impact of Recent Trade Tariffs

    Impact of Recent Trade Tariffs 近期貿易開徵關稅帶來的影響 Recent Protectionist Measures Impact to the Dry Bulk industry and Pacific Basin 近期採取貿易保護主義的措施 對乾散貨運行業及太平洋航運造成的影響 US imposed tariffs on steel and  Now in effect but we do NOT expect a material impact March 三月 aluminum from certain countries 措施已生效但對我們的影響有限

  10. Slide 10: Historically Low Handysize and Supramax Orderbook

    Historically Low Handysize and Supramax Orderbook 小靈便型及超靈便型貨船預計訂單處於歷史低位 Total Dry Bulk Orderbook Combined Orderbook: Handysize and Supramax 整體乾散貨船訂單 合併小靈便型及超靈便型乾散貨船訂單 Mil Dwt Mil Dwt 3.4% 2.8% 3.3% 30 28m 3.1% 8 7.7m 27m 26m 25 6 1.8% 1.8% 20 44% 4.9m 45% 4.9m 1.7% Shortfall 14m Shortfall 15 4 0.9%

  11. Slide 11: Better Fundamentals for Handysize

    Better Fundamentals for Handysize 小靈便型乾散貨船的基礎條件較佳 Orderbook Average Over Over YTD Scrapping as as % of Age 20 Years 15 Years % of Existing Fleet Existing as at 1 Apr 2018 Fleet (annualised) Lower orderbook 較低訂單數目 Handysize 小靈便型 – 81m dwt (25,000-41,999 dwt) 6.2% 10 11% 17% 0.6% More older ships 較多老舊

  12. Slide 12: Favourable Dry Bulk Supply and Demand Outlook

    Favourable Dry Bulk Supply and Demand Outlook 乾散貨船供應及需求前景理想 Dry Bulk Supply and Demand 乾散貨船供應及需求 % YOY  Demand outpacing supply 8 需求增長較供應為多  Progressively fewer new ships will deliver from shipyards in 2018 and 2019 6 造船廠於2018年及2019年逐步減少交付新建造貨船 5.0%  Clarksons Research estimate: 3.5% 3.5% tonne-m

  13. Slide 13: Improved Outlook Supports Vessel Values

    Improved Outlook Supports Vessel Values 貨運市場改善支持貨船價值上升 Handysize Vessel Values Supramax Vessel Values 小靈便型乾散貨船價值 US$ Million 超靈便型乾散貨船價值 US$ Million 80 60 70 50 60 40 Newbuilding (38,000 dwt): 50 US$22.5m 40 Newbuilding (62,000 dwt): 30 US$24.5m 30 20 20 10 10 5 years (32,000 dwt): US$15.5m 5 years (

  14. Slide 14: Outlook and Strategy

    Outlook and Strategy 展望及策略 1Q18 Trading Update 13

  15. Slide 15: Competitive Owned Vessel Break-Even Levels

    Competitive Owned Vessel Break-Even Levels 具競爭力的自有貨船收支平衡水平 Handysize Supramax 小靈便型 超靈便型 2018 YTD PB TCE cover rate* 2018年年初至今 2018 YTD PB TCE cover rate* 太平洋航運日均租金收入* 2018年年初至今 US$11,370/day 太平洋航運日均租金收入* US$9,540/day 2017 PB TCE rate G&A Overheads 2017年太平洋航運日均租金收入 一般及行政管理開支 $840 US$9,610/day 2017 PB

  16. Slide 16: Our Business Model Continues to Outperform

    Our Business Model Continues to Outperform 太平洋航運業務模式持續優於大市 Our business model has been refined over many years. We are able to generate a TCE earnings premium over market rates Our TCE Outperformance Compared to Market in Last 5 Years because of our high laden percentage (minimum ballast legs), 過去5年

  17. Slide 17: Well Positioned for a Recovering Market

    Well Positioned for a Recovering Market 已就持續逐步復甦的市場作好準備 Our TCE More Owned Vessels Efficient Cost Sensitivity toward Outperforms Market with Fixed Costs Structure Market Rates4 我們的按期租合約 更多成本固定的 有效控制成本 市場租金敏感度分析4 對等基準日均收入(TCE) 自有貨船 較市場表現優勝 Annual Group G&A Overheads Market Rate 106 集團年度一般行政及管理開支 市場租金

  18. Slide 18: Our Outlook and Strategy

    Our Outlook and Strategy 展望及策略 Outlook 展望  1Q18 market improvement for minor bulk is encouraging, and all-important supply fundamentals look more positive 小宗乾散貨運市場第一季度的改善令人鼓舞，加上所有重要的供應基本因素看來均有所改善  Possible market drivers in the medium term: 中期內可能影響市場的因素： Positive economic growth and commodity dema

  19. Slide 19: Disclaimer

    Disclaimer 聲明 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 risk

  20. Slide 20: Pacific Basin Overview

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： Pacific Basin Overview 太平洋航運概覽 Owned Fleet Hong Kong HQ 總部設於香港 Our Vision 我們的願景 自有貨船 12 Global Offices 200+ Handysize and Supramax vessels 小靈便型及超靈便型乾散貨船 “To be a leading ship 106 全球主要地區的辦事處 owner/operator in the dry 330+ bulk shipping space, and Hand

  21. Slide 21: Business Foundation

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： Business Foundation 業務基礎 Our People 專業伙伴 Our Record 卓越往績 Our Fleet 優質船隊 Close to you Trusted and transparent Managed In-house and Highly Versatile 與客戶零距離接觸 可信賴及高透明度 由內部技術及營運部門管理多功能貨船 Strong public Award winning CSR policy 12 local 24/7 balance sheet

  22. Slide 22: Strategic Model

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： Strategic Model 策略模式 MARKET-LEADING COMPREHENSIVE GLOBAL CUSTOMER FOCUS & SERVICE OFFICE NETWORK 本著以客為先的宗旨為客戶提供 覆蓋廣泛的全球辦事處網絡 領先市場的服務 Integrated international service enhanced by Priority to build and sustain long-term experienced commercial and techn

  23. Slide 23: Understanding Our Core Market

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： Understanding Our Core Market 核心業務資料 1Q18 Trading Update 22

  24. Slide 24: Why Handysize? Why Minor Bulk?

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Why Handysize? Why Minor Bulk? 為何選擇小靈便型乾散貨船？為何是小宗散貨？ Full Year 2017 Global Dry Bulk Trade (Volume) = 5.1 Billion Tonnes (+4% YOY) 2017年全球乾散貨貿易 (量) = 51億噸 (按年 +4%) 29% 24% 10% 37% Iron Ore Coal Grain & Minor Bulk 鐵礦石 煤炭 Soybean 小宗散貨 穀物與 大豆  Minor Bul

  25. Slide 25: Fleet List – 31 Mar 2018

    Appendix 附錄： Fleet List – 31 Mar 2018 船隊資料 – 2018年3月31日 Pacific Basin Dry Bulk Fleet: 242 www.pacificbasin.com 太平洋航運乾散貨船數目： 242 艘 Our Fleet Average age of core fleet: 8.2 years old 核心船隊平均船齡：8.2 年 106 Vessels owned 136 Vessels chartered * 自有貨船 租賃貨船 * Total Handysize 小靈便型 80 66 146 Supramax 超靈便型 25 69

  26. Slide 26: Earnings Cover in 2018

    Appendix 附錄： Earnings Cover in 2018 2018年已訂合約 Handysize Supramax Contracted Revenue Days 小靈便型 超靈便型 已訂約收租日數 41,900 42,630 20,000 days 19,500 days days days 2Q-4Q 2Q-4Q FY18 65% 12,270 66% 29,880 FY18 61% days $11,490 days 44% $10,090 79% 37% $9,540 $8,520 $9,710 $11,370 1Q 1Q 1Q 1Q 100% 100% 100% 100

  27. Slide 27: Pacific Basin Dry Bulk – Diversified Cargo

    Appendix 附錄： Pacific Basin Dry Bulk – Diversified Cargo 多元化貨物及覆蓋廣泛的客戶群 Our Dry Bulk Cargo Volumes in 1Q 2018 (1 Jan – 28 Mar) 本集團於2018年第一季乾散貨運量 (1月1日至3月28日)  Diverse range of commodities reduces product risk 多元化的商品可減低產品風險  China and North America were our largest markets 中國及北美是我們最大的市場  About 60%

  28. Slide 28: New Regulations

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： New Regulations 新環境法規 New Regulations Content Impact on the Industry PB actions 新環境法規 內容 對業界影響 太平洋航運採取的相應對措施 IMO Ballast Water  International Maritime Organization  Increased capex for existing shipowners  System selected, pending US Coast Treatme

  29. Slide 29: We Will Not Order More Newbuildings Today

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 We Will Not Order More Newbuildings Today 我們現在不會訂購更多新建造貨船  Market does not need more newbuildings 市場並不需要更多新建造貨船  Extra capacity remains in the global fleet through potentially higher operating speed 全球船隊仍可透過提高航行速度產生額外潛在運力  Limited efficiency benef

  30. Slide 30: 2017 Annual Results – Highlights

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： 2017 Annual Results – Highlights 2017全年業績摘要 US$m Change 2017 2016 百萬美元 變動 EBITDA 稅息折舊及攤銷前溢利 133.8 22.8 +111.0 Net profit 股東應佔盈利 3.6 (86.5) +90.1 Cash 現金 244.7 269.2 Net gearing 淨負債比率 35% 34% Owned fleet / Total fleet * 自有貨船 ／ 貨船總數 * 105 / 225 92 / 22

  31. Slide 31: Significant Improvement in 2017 Financial Results

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Significant Improvement in 2017 Financial Results 2017年業績大幅改善 As at 31 Dec US$m 百萬美元 2017 2016 Owned vessel costs 自有貨船開支 2017 2016 Revenue 收入 1,488.0 1,087.4 Opex 營運開支 (139.3) (130.9) Voyage expenses 航程開支 (701.5) (555.4) Depreciation 折舊 (107.6) (97.1

  32. Slide 32: Improvement in Both Handysize and Supramax Segments

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Improvement in Both Handysize and Supramax Segments 小靈便型及超靈便型分部均有改善 2017 2016 Change 變動 Handysize contribution 小靈便型乾散貨船貢獻 (US$m) 31.4 (37.1) >+100% Revenue days 收租日 (days) 53,360 47,590 +12% TCE earnings 租金收入 (US$/day) 8,320 6,630 +25% Owned + charte

  33. Slide 33: Handysize – Owned Vessel Costs Reducing

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Handysize – Owned Vessel Costs Reducing 小靈便型乾散貨船 ─ 自有貨船開支減少 As at 31 Dec US$7,660/day US$6,360/day US$600* Blended P/L Costs Blended Cash Cost Daily G&A Overheads before G&A Overheads before G&A Overheads 一般及行政管理日均開支 綜合損益開支 綜合現金開支 (2016: US$660) （不包一

  34. Slide 34: Supramax – More Owned Ships with Lower Daily Cost

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Supramax – More Owned Ships with Lower Daily Cost 超靈便型乾散貨船 ─ 增加自有貨船數目以減低日均貨船開支 As at 31 Dec US$9,000/day US$8,310/day US$600* Blended P/L Costs Blended Cash Cost Daily G&A Overheads before G&A Overheads before G&A Overheads 一般及行政管理日均開支 綜合損益開支 綜合現金開支

  35. Slide 35: Strong Balance Sheet and Liquidity

    Appendix 附錄： As in 2017 Annual Report 2017年年報所載資料 Strong Balance Sheet and Liquidity 穩健的資產負債表及流動資金 US$m 百萬美元 2017 2016 Vessels & other fixed assets 貨船及其他固定資產 1,798 1,653 Total assets 資產總額 2,232 2,107 Total borrowings 貸款總額 881 839 Total liabilities 負債總額 1,070 1,066 Total Equity 資產淨額 1,161 1,041 Net b

  36. Slide 36: No Newbuilding Capex Ahead

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： No Newbuilding Capex Ahead 無意購買新建造貨船 As at 31 Dec Cash Flow in 2017 Schedule of Repayments and Vessel Capital Commitments Cash and deposit balance Secured borrowings (US$763.3m) Cash inflow Vessel capital commitments (US$20.8m) Cash outflow Convertib

  37. Slide 37: 2017 Was a Demand Story

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： 2017 Was a Demand Story 2017年主要由需求帶動 Dry Bulk Trade Volumes乾散貨貿易量 Key Drivers in 2017 2017年需求為主要動力  Stronger seaborne trade growth apparent across most dry bulk Million Tonnes 百萬噸 YOY change 按年變化 cargo categories – both major and minor bulks 4% 大部分乾

  38. Slide 38: China Major and Minor Bulk Trade

    Appendix 附錄： China Major and Minor Bulk Trade 中國大宗及小宗散貨貿易 China Coal Trade 2018 Chinese Minor Bulk Imports 中國煤炭交易量 2018年中國小宗散貨進口貨物量 Mil Tonnes Mil Tonnes 350 35 298 300 263 Increased 17% YOY 247 30 250 25 200 20 302 150 15 271 100 256 10 50 5 0 0 -9 -8 -4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

  39. Slide 39: Sustainability

    As in 2017 Annual Report 2017年年報所載資料 Appendix 附錄： Sustainability 企業可持續發展  Applying sustainable thinking in our decisions and the way we run our business在決策及營業過程中皆對可持續發展作出考量  Creating long-term value through good corporate governance and CSR透過 2017 CSR Report 良好的企業管治及社會企業責任創造長遠價值 www.pacificbasin.c

  40. Slide 40: Convertible Bonds Due 2021

    Appendix 附錄： Convertible Bonds Due 2021 於2021年到期之可換股債券 Issue size US$125 million Maturity Date 3 July 2021 (approx. 6 years) Investor Put Date and Price 3 July 2019 (approx. 4 years) at par Coupon 3.25% p.a. payable semi-annually in arrears on 3 January and 3 July Redemption Price 100% Initial Conve

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