Top Ships, Inc. · AMEX:TOPS
Top Ships — Marine Money Singapore September 2018
10 slides from Top Ships's conference presentation, September 2018
Slide 1: September 2018
September 2018 6bld0791_screenshow
Slide 2: Disclaimer
DISCLAIMER Forward‐Looking Statements This presentation contains forward‐looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “pote
Slide 3: Key Highlights
KEY HIGHLIGHTS Attractive discount to NAV at current stock price levels Average age of fleet of about 1.9 years, following last vessel delivery High specification ECO design fleet; all vessels fitted with Ballast Water Treatment Systems and part of fleet fitted with Scrubbers Experienced man
Slide 4: Attractive Discount to NAV
ATTRACTIVE DISCOUNT TO NAV* Management estimates the company’s NAV to be between $101.2 and $120.2 million (assuming no exercise of warrants and no conversion of convertible loan). On a fully diluted basis (assuming exercise of all warrants and conversion of convertible loan) management estimate
Slide 5: Fleet List
FLEET LIST # Vessel Name Ownership Type DwT Blt Yard 1 Stena Energy 100% Chemical / Oil Product Carrier 50,000 May-14 Hyundai Vinashin 2 Stena Evolution 100% Chemical / Oil Product Carrier 50,000 Jan-15 Hyundai Vinashin 3 Eco Fleet 100% Chemical / Oil Product Carrier 39,000 Jul-15 Hyundai Vinashin 4
Slide 6: Fleet & Charter Coverage
FLEET & CHARTER COVERAGE * * *50% Owned by Top Ships As of September 10th 2018, total gross revenue backlog for the fixed period of the time charters of our fleet was approximately $203 million. 6 6bld0791_screenshow
Slide 7: Successful Chartering Strategy Enacted in 2014
SUCCESSFUL CHARTERING STRATEGY ENACTED IN 2014 $25,000 TOPS TCE RATES ($/day) MR2 PRODUCT TANKER MARKET ($/day) $21,444 $20,000 $17,892 $15,961 $15,396 $15,403 $15,190* $15,000 $12,517 Proven credit-worthiness $12,124 $10,213 $10,000 $8,741 $5,000 $0 Source of MR2 Product Tanker Market Data: Clarkso
Slide 8: Newly Adopted Low Cost Structure
NEWLY ADOPTED LOW COST STRUCTURE MANAGEMENT FEES $550 per vessel per day starting from January 2019 Among the Industry’s lowest management fees per vessel (see appendix for benchmarking study) EXECUTIVE PAY $360k per annum starting from January 2019 Among the Industry’s lowest executive pay
Slide 9: High Quality Charterers
HIGH QUALITY CHARTERERS “BP plc”, is a British multinational oil and gas company headquartered in London, England. It is one of the six oil and gas “supermajors” Royal Dutch Shell plc. is a global group of energy and petrochemical companies with an average of 92,000 employees in more than 70 countri
Slide 10: Management Team
MANAGEMENT TEAM Evangelos Pistiolis Alexandros Tsirikos CEO and Founder CFO 25 yrs shipping experience 15 yrs shipping experience 12 yrs with the company Vangelis Ikonomou Konstantinos Patis COO CTO 33 yrs shipping experience 21 yrs shipping experience 15 yrs with the company 10 yrs with the company