Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — First Ship Lease Trust — Q1 2022 Earnings Presentation
14 slides from Singapore Exchange's earnings presentation, Apr 27, 2022
Slide 1: 1st Quarter 2022 Financial Results
1st Quarter 2022 Financial Results 27 April 2022
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: 1st Quarter 2022 Highlights
1ST QUARTER 2022 HIGHLIGHTS Improvement in the tanker market sentiment, but uncertainties remain > Releases from SPR supporting, whilst increase in oil production in the ME remains slow > Elevated geopolitical risks due to the Ukraine-war Fleet utilisation of 91% > Impacted by the situation with
Slide 4: Operating Performance Review: Right Direction But Chemical Tanker Weighs On Results
OPERATING PERFORMANCE REVIEW: RIGHT DIRECTION BUT CHEMICAL TANKER WEIGHS ON RESULTS ADJUSTED EBITDA BY VESSEL TYPE (IN US$m)(1) OWNERSHIP DAYS BY VESSEL TYPE +13% +14% +167% -200% 1.8 1.6 720 +100% 0.8 0.8 630 0.3 0.1 0.0 -48% -50% +/-0% (0.8) 180 172 90 90 90 90 Specialised Product Tanker Chemical
Slide 5: Operating Performance Review (Cont'd): Right Direction But Chemical Tanker Weighs On Results
OPERATING PERFORMANCE REVIEW (CONT’D): RIGHT DIRECTION BUT CHEMICAL TANKER WEIGHS ON RESULTS ADJUSTED EBITDA BY EMPLOYMENT TYPE (IN US$m)(1) OWNERSHIP DAYS BY EMPLOYMENT TYPE +13% +14% -100% 1.8 720 +3% 1.6 630 -100% -100% 0.8 262 270 180 0.3 0.0 0.0 0 Bareboat Charter Time Charter Spot & Pool Bareb
Slide 6: Fleet Employment: Contracted Revenue Up To US$ 33.8 Million
FLEET EMPLOYMENT: CONTRACTED REVENUE UP TO US$ 33.8 MILLION(1) CONTRACTED REVENUE (IN US$m)(1) EMPLOYMENT UPDATE > Chemical tanker FSL London continuously held by customs in 1.3 India over investigations of a cargo carried > No scheduled charter maturities until year-end 2022 6.1 5.8 5.0 5.1 1.4 1.9
Slide 7: Fleet Employment: Majority Of The Vessels Employed On Period Charters
FLEET EMPLOYMENT: MAJORITY OF THE VESSELS EMPLOYED ON PERIOD CHARTERS FLEET EMPLOYMENT PROFILE(1) Vessel Built Size Employment Charterer/ 2022 2023 2024 2025 2026 2027 2028 2029 Year DWT Type Manager Specialised Tanker Cumbrian Fisher 2004 12,921 BBC Clyde Fisher 2005 12,984 BBC Pelican Fisher 2008
Slide 8: Financial Performance Review: Improved Earnings Compared To Last Quarters
FINANCIAL PERFORMANCE REVIEW: IMPROVED EARNINGS COMPARED TO LAST QUARTERS REVENUE (IN US$m)(1) ADJUSTED EBITDA (IN US$m)(1)(2) NET INCOME (IN US$m)(1) 7.2 2.5 0.3 6.6 6.1 4.9 1.7 1.4 0.2 0.6 0.1 (2.5) Q1/2021 Q3/2021 Q4/2021 Q1/2022 Q1/2021 Q3/2021 Q4/2021 Q1/2022 Q1/2021 Q3/2021 Q4/2021 Q1/2022 Not
Slide 9: Financial Performance Review: Low Leverage And Healthy Balance Sheet
FINANCIAL PERFORMANCE REVIEW: LOW LEVERAGE AND HEALTHY BALANCE SHEET DEBT REDUCTION BALANCE SHEET (IN US$m)(2) 2.2x 4.3 3.9 90 2.0x 2.0x 2.0x 4.3 12.7 70 50 89.4 1.0x 74.4 66.3 0.6x 30 0.3x 27.6 10 9.1 13.2 11.8 0 0.0x 2018 2019 2020 2021 Q1/2022 Assets Equity & Liabilities Net Interest-Bearing Debt
Slide 10: Tanker Market Snapshot: Improved Market Sentiment Amid Reduced Vessel Supply
TANKER MARKET SNAPSHOT: IMPROVED MARKET SENTIMENT AMID REDUCED VESSEL SUPPLY TANKER EARNINGS (IN USD/DAY)(1) COMMENTARY > Tanker freight rates improved on the back of reduced tonnage supply and an increase in ton-mile demand as a result of the sanctions on Russia > OPEC+ continues to keep the pace o
Slide 11: Contact
CONTACT FSL Trust Management Pte. Ltd. as Trustee Manager for First Ship Lease Trust 7 Temasek Boulevard, #12-10 Suntec Tower One Singapore 038987 Tel: +65 6836 3000 Email: enquiries@firstshiplease.com Investor Relations Contact Markus Wenker Chief Financial Officer Tel: +65 6836 3000 Email: investo
Slide 12: Appendix: Income Statement
APPENDIX: INCOME STATEMENT INCOME STATEMENT (IN US$m)(1) 1st Quarter 2022 1st Quarter 2021 Change in % Revenue 6.08 6.58 (7.6%) Voyage expenses (2.05) (0.45) 358.9% Vessel operating expenses (1.95) (3.22) (39.5%) Management fees (0.12) (0.13) (9.4%) Trustee fees (0.00) (0.01) (50.0%) Other Trust exp
Slide 13: Appendix: Balance Sheet
APPENDIX: BALANCE SHEET BALANCE SHEET (IN US$m)(1) 31 Mar 2022 31 Dec 2021 31 Mar 2021 31 Dec 2021 Assets Equity and liabilities Vessels 65.50 66.17 Units in issue 561.33 561.33 Non-current assets 65.50 66.17 Reserves (495.00) (495.17) Total unitholder's equity 66.33 66.16 Trade and other receivable
Slide 14: Appendix: Historical Financial Performance
APPENDIX: HISTORICAL FINANCIAL PERFORMANCE ADJUSTED EBITDA (IN US$m)(1)(2) VESSEL IMPAIRMENTS (IN US$m)(1) 0.0 0.0 0.0 (0.1) 0.0 (2.0) (2.0) (2.1) (0.6) (3.1) (3.3) (5.0) 15.6 12.6 10.3 10.2 9.3 2.2 1.7 0.6 1.4 3.3 3.1 2.5 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019
First Ship Lease Trust — Q1 2022 Earnings Presentation on 6ix