Top Ships, Inc. · AMEX:TOPS
Top Ships — Investor Presentation (September 2009)
13 slides from Top Ships's investor presentation, Sep 10, 2009
Slide 1: Top Ships Inc. (ticker: TOPS) September 2009
Top Ships Inc. (ticker: TOPS) September 2009
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deeme
Slide 3: Top Ships - the Company
Top Ships - the Company NASDAQ listed since 2004 (ticker: TOPS) Track record as a leading Suezmax and Handymax tanker operator Strategic fleet renewal in 2008 and diversification into dry bulk sector − Sale of 18 vintage tankers pre-financial crisis − Acquisition of 5 modern dry bulk carriers Curren
Slide 4: Top Ships - Investment Highlights
Top Ships - Investment Highlights Secured revenues − 80% of total ship days fixed until end of 2011, gross revenue $200 million. − 73% of total ship days fixed until end of 2012, gross revenue $250 million. − Total fixed revenue of $418m up to 2019. No capital commitments − Following delivery of 6 n
Slide 5: Securing the Future - Tankers
Securing the Future - Tankers
Slide 6: Securing the Future - Dry Bulk Carriers
Securing the Future - Dry Bulk Carriers
Slide 7: Tanker Industry: Recovering Demand in 2010
Tanker Industry: Recovering Demand in 2010 Charter rates are down 71% from a year ago - as a result of OPEC production cuts and the global recession Asset values are down 44% from a year ago Newbuilding orderbook at 43.5% of existing fleet by DWT - skewed to VLCCs. Potential for significant newbuild
Slide 8: Drybulk Industry - Oversupply Casts Shadows
Drybulk Industry - Oversupply Casts Shadows Current orderbook additions will result in strong expansion (+10.4%) in 2009 and even larger growth (+14.2%) in 2010 Analysts expect only 40 - 60 mdwt of the current 2010 orderbook (100 mdwt) to be delivered, which would result in net fleet growth in the 1
Slide 9: Tanker Values in Focus - Return to 2004
Tanker Values in Focus - Return to 2004 HUGE UPSIDE POTENTIAL FROM ASSET VALUES
Slide 10: Illustrative Tanker Acquisition
Illustrative Tanker Acquisition HUGE UPSIDE POTENTIAL FROM TRADING
Slide 11: Financial Considerations
Financial Considerations Substantial discount to NAV at current levels Total debt as at June 30, 2009 of $405m / net debt $382m EV (as of June 30 2009): $433 million EV / EBITDA (2010E): 7.4X
Slide 12: Key Takeaways
Key Takeaways Excellent platform for growth due to: − No capital commitments − Cash flow positive and secured revenue of $418m until 2019. − Modern high specification 100% owned fleet − Experienced management team with excellent record of timing − Strong relationship with commercial banks and charte
Slide 13: cOP SFipd iffC.
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