Maybulk Bhd · MYX:MAYBULK
Maybulk Bhd — Malaysian Bulk Carriers Berhad — H1 2011 Earnings Presentation
14 slides from Maybulk Bhd's earnings presentation, Aug 24, 2011
Slide 1: Malaysian Bulk Carriers Berhad
24 August 2011 www.maybulk.com.my MALAYSIAN BULK CARRIERS BERHAD (175953-W)
Slide 2: Contents
C t t Contents Commercial highlights Page 3 MBC Fleet composition 4 Shipping Revenue Composition and Operating p g Profit Financial highlights g g 5 MBC Fleet TCE rates Page 6 Fleet size and revenue days 12 First half 2011 Highlights 7-9 Dry bulk market 13 TCE rates and revenue days by quarter 10 Ta
Slide 3: MBC Fleet composition – as of 30 June 2011
Bulk 13 vessels MBC Fleet composition – as of 30 June 2011 carriers (736,582 dwt) (Owned and long term leased vessels) Fleet 1H2011 1H2010 3 vessels MBC F Tankers (142,129 dwt) Fleet utilization 96.1% 94.3% Fleet utilization (excl 98.7% 96.7% Total 16 vessels docking doc g days) (878,711 dwt) Pipeli
Slide 4: Shipping revenue composition and operating profit
Shipping revenue composition Operating profit (i.e Revenue less operating expenses) RM'million RM'million F ll year Full ear Full year 400 800 Half Half 700 year year 10% 600 300 19% 500 379.461 400 200 338.769 12% 90% 300 18% 81% 9 194.789 200 88% 100 12% 82% 00.025 100 88% 182 59.1 10 0 2007 2008
Slide 5: MBC Fleet TCE rates
TCE rates First half 2011 USD 40,000 Dry bulk carriers USD 35,000 • BDI averaged 1,372 points, lost 50% or 1,386 points from year 2010’s average USD 30,000 of 2,758 points • MBC’s dry bulk fleet daily TC average USD 25,000 declined 25% to USD19,604, from USD25,993 in 2010 USD 20,000 20 000 USD 15,00
Slide 6: Fleet size and revenue days
Fleet size and revenue days DWT Days 1,000,000 6,000 5,000 800,000 Post Panamax Bulker 435 260 435,260 4,000 Handymax Bulker 435,260 435,260 600,000 435,260 435,260 Handysize Bulker 3 000 3,000 Product Tanker 400,000 155,697 Revenue Days - Owned 227,008 155,697 2,000 ,000 fleet (RHS) 141,254 178,125
Slide 7: Baltic Dry Index
B lti Dry Baltic D IIndex d 2000 1500 2 January 2007 to 22 August 2011 1000 14000 BDI 1.1.2011 – 22.8.2011 500 12000 • BDI started 2011 at 1,693 points, fell to a 10000 low of 1,043 points on 4 February 2011 as bad weather and Queensland massive 8000 floods affected the coking coal supply very badly
Slide 8: Dry bulk freight indices BCI, BPI, BSI, BHSI
6000 BCI FY2010 – 22 August 2011 BPI 5000 BSI • The most serious drops have BHSI b been in i Capesize C i and d Panamax segments. 4000 Supramax and Handysize segments has declined more 3000 moderately • Shipments Shi t for f iron i ore, grains i 2000 and soybeans were slightly higher compared to 201
Slide 9: Dry bulk shipping outlook
D bulk Dry b lk shipping hi i outlook tl k • Iron ore imports into China are expected to grow at a slower rate due to macroeconomic worries and reduced Indian iron ore supply • Projections for Australian coking coal exports during 2011 have been revised down in July 2011 since data from the first 5
Slide 10: Baltic Clean Tanker Index
1000 Baltic Clean Tanker Index 800 2 January y 2007 to 22 August g 2011 600 BCTI 1.1.2011 – 22.8.2011 1600 400 1400 00 1200 • A fundamentally weak oil demand that is negatively 1000 affected by the high oil 800 prices is hampering demand for both crude and 600 product tanker tonnage 400 • The year s
Slide 11: World fleet versus order book
World fleet versus order book Bulkcarrier Fleet Orderbook % Fleet % % off DWT on order to existing fleet f 2008 – 78% Existing fleet size Orderbook 160 2009 – 66% 140 eight Tonness 2010 – 53% 120 End June 2011 – 43% 100 Newbuilding on Dead We 80 49% orders committed 60 represent a high 38% percentag
Slide 12: First half 2011 Highlights
First half 2011 Highlights Revenue declined 27% to RM154.6 RM154 6 million and operating profit down 40% to RM59.2 million mainly due to lower hire rates Other operating p g income increased by y RM42.4 million due to higher g foreign exchange gain, reduced loss on equities and capex gain from d
Slide 13: TCE rates and hire days by quarter
TCE rates and hire days – by quarter Dry bulk carriers TCE rates (US$/day) Hire days 1,261 30,263 1,104 1,136 26,618 971 1,007 973 25,061 24,615 926 949 22,093 22,971 21,398 17,860 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Tankers TCE rates (US$/
Slide 14: Group Financial Highlights
Group Financial Highlights In RM’million 2007 2008 2009 2010 1H2010 1H2011 Revenue 608.1 721.2 303.7 404.3 210.5 154.6 % change y-o-y +38% +19% -58% +33% +71% -27% Operating EBITDA (excl associate and jointly 422.3 197.6 182.6 218.5 80.1 78.5 controlled entities) % margin 69% 27% 60% 54% 38% 51% Dep
Malaysian Bulk Carriers Berhad — H1 2011 Earnings Presentation on 6ix