Pacific Basin Shipping Limited · HKEX:2343

Pacific Basin Shipping — 決戰港股2017——海外投資系列峰會 (Shenzhen Gelonghui Conference)

34 slides from Pacific Basin Shipping's conference presentation, Nov 8, 2017

  1. Slide 1: 決戰港股2017——海外投資系列峰會

    決戰港股2017——海外投資系列峰會 2017年11月8日, 深圳 2017年第三季度交易活動公告 請掃描右方QR code 以關注我們的 微信公眾號 8 Nov 2017 2017年11月8日

  2. Slide 2: Pacific Basin Overview

    Pacific Basin Overview 太平洋航運概覽  A leading dry bulk owner/operator of Handysize & Supramax dry bulk ships 具領導地位的現代化小靈便型及超靈便型乾散貨船船東和營運商  Cargo system business model – outperforming market rates 以貨運為主的業務模式 ─ 租金表現優於巿場  About 260 dry bulk ships on the water serving major industrial customers around th

  3. Slide 3: Understanding Our Core Market

    Understanding Our Core Market 核心業務資料 Pacific Basin 2

  4. Slide 4: Diversified Cargo & Customer Exposure

    Diversified Cargo & Customer Exposure 多元化貨物及覆蓋廣泛的客戶群 Our Dry Bulk Cargo Volumes 1Q-3Q 2017 ● 礦物 Minerals 沙粒及石膏 Sand & Gypsum 鹽 Salt 2% 2% 6% ● 農產品及相關貨物 Agricultural Products & Related 純碱 Soda Ash 2% 10% 穀物及農產品 Grains & Agriculture Products 23% 肥料 Fertiliser 10% ● 能源 Energy 37% 糖 Sugar 4% 煤炭 Coal 5%

  5. Slide 5: Large Fleet of Modern Versatile Ships

    Large Fleet of Modern Versatile Ships 大型現代化多功能船隊 Pacific Basin Dry Bulk Fleet: 264 www.pacificbasin.com Average age of core fleet: 7.3 years old Customers > Our Fleet Owned 1 Chartered 2 Total 自有 1 租賃 2 總數 Handysize 小靈便型 80 85 165 Supramax 超靈便型 25 72 97 Post-Panamax 超巴拿馬型 1 1 2 Total 總數 106 158 264

  6. Slide 6: Strategic Model

    Strategic Model 策略模式 Pacific Basin 5

  7. Slide 7: Why Handysize? Why Minor Bulk?

    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 2017E Global Dry Bulk Trade  More diverse customer, cargo and geographical 5.1 billion tonnes (+3.5% YOY) exposure enables high utilisation 多樣化的客戶、貨物以及廣泛的業務覆蓋範圍能夠帶來 高僱用率 Pacific Basin  A segment where scale and operational expertise ma

  8. Slide 8: Our Ability to Outperform

    Our Ability to Outperform 太平洋航運表現優勝的能力 Our business model has been refined over many years. We are able to Our TCE Outperformance Compared to Market generate a TCE earnings premium over market rates because of our 按期租合約對等基準日均收入與市場比較 high laden percentage (minimum ballast legs), which is made possibl

  9. Slide 9: Market Rates Development YTD 2017

    Market Rates Development YTD 2017 年初至今市場租金發展 Handysize Market Spot Rates in 2016-2017 Supramax Market Spot Rates in 2016-2017 2016年至2017年小靈便型乾散貨船現貨市場日均租金 2016年至2017年超靈便型乾散貨船現貨市場日均租金 US$/day net* US$/day net* $14,000 26 Oct 2017 $12,000 26 Oct 2017 $11,800 $9,580 $12,000 $10,000 2016 $10,000 $8,000 $

  10. Slide 10: Key Demand Drivers for 2017

    Key Demand Drivers for 2017 2017年需求主要動力  1H17 actual dry bulk effective demand growth about 4.5% 2017上半年乾散貨運實際需求增長約 4.5%  Clarksons estimate full year 2017 dry bulk effective demand growth will exceed 5% (compared to +1.9% in 2016 and -0.9% in 2015) Clarksons Platou 預計 2017 全年的乾散貨運實際需求增長率將會超過 5% (

  11. Slide 11: Our Performance in 3Q17

    Our Performance in 3Q17 2017年第三季表現 As at 10 Oct 2017 於2017年10月10日 US$/day Handysize Supramax 美元／日 小靈便型 超靈便型 PB daily TCE 3Q17 $8,130 (+15% YOY) $9,350 (+27% YOY) 第三季 2017年第三季太平洋航運日均租金收入 3Q Market Index Rate $7,000 $9,070 巿場租金 PB daily TCE YTD 1 $8,010 (+25%YOY) $9,060 (+41% YOY) 第一至三季 年初至今太平洋航運日均租金收

  12. Slide 12: Forward cover for 4Q17 and 2018

    Forward cover for 4Q17 and 2018 2017年第四季及2018年已訂合約 As at 10 Oct 2017 於2017年10月10日 US$/day Handysize Supramax 美元／日 小靈便型 超靈便型 PB TCE Cover Rate for 4Q17 $8,890 $10,600 2017年第四季已訂約日均租金收入 第四季 4Q % of Contracted Days Covered 70% 79% 已訂約收租日比率 PB TCE Cover Rate for 2018 $7,690 $9,640 2018年 2018年已訂約日均租金收入 %

  13. Slide 13: 2017 Third Quarter Trading Update

    2017 Third Quarter Trading Update 2017年第三季度最新活動交易  Market improvement since last year benefits our owned and long term chartered ships which have mainly fixed costs 市場租金自去年起改善，有利本集團主要營運開支是固定的自有及長期租賃貨船  Market rates increased at end of 3Q but, due to lag between fixing and earning and 4Q is already

  14. Slide 14: Vessel Values Increased YOY

    Vessel Values Increased YOY 貨船價值按年上升 Handysize Vessel Values 小靈便型乾散貨船價值 US$ Million 60 50 40 30 Newbuilding (35,000 dwt): US$21m 20 10 5 years (32,000 dwt): US$14m 0 04 05 06 07 08 09 10 11 12 13 14 15 16 17  Improved freight market conditions supported increased vessel values 貨運市場狀況改善提升了貨船的價值  Ne

  15. Slide 15: Orderbook Continues to Shrink

    Orderbook Continues to Shrink 新建造貨船訂單持續縮減 New Vessel Ordering is Down Handysize Orderbook 新船訂單量減少 149 vessels (5.5 million dwt) 50% Mil Dwt Historically low 7.0 40% levels of ordering 7.6% 6.0 30% 51% 5.0 Shortfall 20% 4.0 3.7% H’max: 0.8% 3.5% 3.0 6.0m 10% H’size: 0.9% 2.0 1.9% 1.6% 0% 2.9m 2000 20

  16. Slide 16: Dry Bulk Supply & Demand

    Dry Bulk Supply & Demand 乾散貨船供應及需求  Demand is recovering and outpacing supply so far in 2017 % YOY Change 2017年初至今，需求持續恢復並超越供應 10  For full year 2017: 預計 2017 全年： 8  Clarksons estimate effective demand growth to exceed 5% 5.9% Clarksons Platou 預計實際需求增長將超過 5% 6  PB estimate net supply growth arou

  17. Slide 17: 1H17 Daily Vessel Costs – Handysize

    As in 2017 Interim Report 1H17 Daily Vessel Costs – Handysize 2017上半年日均貨船開支 ─ 小靈便型乾散貨船 Finance cost Charter-hire : Short-term (ST) / Long-term (LT) As at 30 June 2017 Depreciation Charter-hire : Index-linked Opex Owned Chartered Inward Charter Commitments US$/day Days & rates Blended US$7,550 (FY201

  18. Slide 18: 1H17 Daily Vessel Costs – Supramax

    As in 2017 Interim Report 1H17 Daily Vessel Costs – Supramax 2017上半年日均貨船開支 ─ 超靈便型乾散貨船 Finance cost Charter-hire : Short-term (ST) / Long-term (LT) Depreciation Charter-hire : Index-linked As at 30 June 2017 Opex Owned Chartered Inward Charter Commitments US$/day Days & Rates Blended US$8,360 (FY2016

  19. Slide 19: Our Ability to Outperform

    Our Ability to Outperform 太平洋航運表現優勝的能力 Our business model has been refined over many years. We are able to Our TCE Outperformance Compared to Market generate a TCE earnings premium over market rates because of our 按期租合約對等基準日均收入與市場比較 high laden percentage (minimum ballast legs), which is made possibl

  20. Slide 20: Our Outlook and Strategy

    Our Outlook and Strategy 我們的展望及策略 Dry Bulk Outlook 乾散貨運展望  Market conditions have improved since last year and we believe the worst of the current Dry Bulk market cycle is behind us 市場狀況自去年有所改善，我們相信當前的乾散貨船市場週期的最低潮已過去 Pacific Basin Benefits:  Demand has recovered and benefit from growing grain cons

  21. Slide 21: Disclaimer

    Disclaimer 聲明 此簡報包括若干預測, 該等預測乃根據太平洋航運的財政狀況、營運業績及業務發展及管理層若干的 目標計劃而制定。 簡報內的預測，已包含已知、未知、不確定及其他風險因素在內。這些因素有可能影響集團未來實 際的業績及業務發展而使表現與該等預測所預期出現重大差距。簡報乃根據集團現時及未來業務發 展策略，及其未來經營所在的政治及經濟環境作出多項假設。 如上述簡報之中文版與英文版出現差異，概以英文版作準。 我們的溝通渠道:  財務報告  公司網站 — www.pacificbasin.com  年度及中期報告  公司資料  自願性季度交易活動最新公布  企業管治、風險

  22. Slide 22: Appendix: Earnings Cover in 2017

    Appendix: Earnings Cover in 2017 附錄：核心業務資料 Handysize Supramax Contracted Revenue Days 51,350 Days 45,630 Days 32,360 Days 4Q 70% 11,170 26,980 Days 4Q 4Q $8,890 79% 74% Days 36,600 Days 5,750 $10,600 10,910 $7,960 4Q 75% days days 4,950 days $7,460 FY17 FY17 34,720 FY16 40,180 94% 94% days FY16 96%

  23. Slide 23: Appendix: 2017 Interim Results and Highlights

    As in 2017 Interim Report Appendix: 2017 Interim Results and Highlights 附錄: 2017中期業績摘要  2017 Market freight rates well above historic lows one year ago and demand outpacing supply 2017 年乾散貨船市場租金遠高於一年前的歷史低位，並出現求過於供的狀況  Much increased positive 1H17 EBITDA of US$56.6m from negative $5m in 1H16 稅息折舊及攤

  24. Slide 24: Appendix: 2017 First Half Financial Highlights

    As in 2017 Interim Report Appendix: 2017 First Half Financial Highlights 附錄: 2017中期財務摘要 US$m 1H17 1H16 Dry Bulk 乾散貨船 (6.3) (60.4) Towage & Others 拖船及其他 (0.4) (1.2) Underlying loss 基本虧損 (6.7) (61.6)  Unrealised derivative (expenses)/income 未變現的衍生工具(支出)/收入 (2.6) 13.7  Office relocation costs 辦公室搬遷開支

  25. Slide 25: Appendix: 1H17 By Vessel Segment

    As in 2017 Interim Report Appendix: 1H17 By Vessel Segment 附錄: 2017中期貨船分部表現 Handysize 小靈便型 Revenue days (days) 1H17 1H16 Change 收租日 （日） 25,660 23,070 +11% TCE earnings (US$/day) 租金收入 （美元／日） 7,920 6,080 +30% Owned + chartered costs (US$/day) 自有 + 租賃貨船開支 （美元／日） 7,550 7,300 -3% Handysize contribution (

  26. Slide 26: Appendix: Balance Sheet

    As in 2017 Interim Report Appendix: Balance Sheet 附錄: 資產負債表 US$m 30 Jun 17 30 Dec 16 Vessels & other fixed assets 貨船及其他固定資產 1,763 1,653 Total assets資產總額 2,204 2,107 Total borrowings 貸款總額 952 839 Total liabilities 負債總額 1,174 1,066 Net assets資產淨額 1,030 1,041 Net borrowings (total cash US$248m) 705 570

  27. Slide 27: Appendix: Borrowings and Capex

    As in 2017 Interim Report Appendix: Borrowings and Capex 附錄: 借貸及資本開支 As at 30 June 2017 Secured borrowings (US$835.9m) Convertible bonds (face value US$125.0m, book value US$116.5m, maturity July 2021)  Our final 7 newbuildings delivered in 1H17, all remaining facilities were drawn down 七艘新建造貨船於上半年

  28. Slide 28: Appendix: Cash Flow in 1H17

    As in 2017 Interim Report Appendix: Cash Flow in 1H17 附錄: 於2017上半年的現金流 As at 30 June 2017 1H17 Operating cash flow US$47.6m 1H17 EBITDA US$56.6m Borrowings increased by US$106m due to: 借貸增加106,000,000美元：  Net repayment of US$52m of secured borrowings 淨償還51,600,000美元有抵押借貸  Drew down US$158m: 提用157,

  29. Slide 29: Appendix: Sustainability

    Appendix: Sustainability 附錄：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 2016 CSR Report  Creating long-term value through good corporate governance and CSR www.pacificbasin.com/ar2016 透過良好的企業管治及社會企業責任創造長遠價值 Corporate Social Responsib

  30. Slide 30: Appendix: Convertible Bonds Due 2021

    Appendix: Convertible Bonds Due 2021 附錄: 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 Conv

  31. Slide 31: Appendix: Estimated 4% Growth in Seaborne Dry Bulk Volume in Full Year 2017

    Appendix: Estimated 4% Growth in Seaborne Dry Bulk Volume in Full Year 2017 附錄: 預計2017全年環球乾散貨海運量需求增長 4% (Volume) Million Tonnes YOY Change 鐵礦石 1,478 Iron Ore 5% 煤炭 1,193 Coal 5% 大宗散貨總額 2,671 Major bulk total 5% 太平洋航運主要運載貨物 PB Focus 錳礦 Manganese Ore 20% 30 鐡鋁氧石／鋁粉 127 Bauxite / Alumina 11% 鋼材 9% Clar

  32. Slide 32: Appendix: Supramax Vessel Values

    Appendix: Supramax Vessel Values 附錄：超靈便型乾散貨船價值 US$ Million 80 70 60 50 40 Newbuilding (61,000 dwt): US$23m 30 20 10 5 years (56,000 dwt): US$16.5m 0 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Source: Clarksons Platou, as at 20 Oct 2017 Pacific Basin 31

  33. Slide 33: Appendix: Dry Bulk Supply

    Appendix: Dry Bulk Supply 附錄：乾散貨船供應 Orderbook Average Over Over YTD Scrapping as as % of Age 20 Years 15 Years % of Existing Fleet Existing as at 1 Oct 2017 Fleet (annualised) Handysize 小靈便型 7% 9 9% 16% 1.6% (25,000-39,999 dwt) Handymax (incl. Supramax) 大靈便型（包括超靈便型） (40,000-64,999 dwt) 5% 8 7% 14% 2

  34. Slide 34: Appendix: China Major and Minor Bulk Trade

    Appendix: China Major and Minor Bulk Trade 附錄：中國大宗及小宗散貨貿易 China Coal Trade 2017 Chinese Minor Bulk Imports Mil Tonnes 中國煤炭交易量 Mil Tonnes 2017年中國小宗散貨進口貨物量 35 350 30 Increased 18% YOY 300 258 247 250 25 200 20 150 15 100 10 50 5 0 0 -5 -9 -9 -50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 06 07 08

Pacific Basin Shipping — 決戰港股2017——海外投資系列峰會 (Shenzhen Gelonghui Conference) on 6ix