Maybulk Bhd · MYX:MAYBULK

Maybulk Bhd — Malaysian Bulk Carriers Berhad — FY2014 Earnings Presentation

15 slides from Maybulk Bhd's earnings presentation, February 2015

  1. Slide 1: Results review 2014

    Results review 2014 Malaysian Bulk Carriers Berhad

  2. Slide 2: Commercial Highlights

    Commercial Highlights 2

  3. Slide 3: 2014 Performance

    2014 Performance • PBT down 60% to RM18.333m 2014 2013 Var TCE 9,400 9,849 -449 (US$/day) Hire days 5,577 5,164 413 (days) • EPS was 1.22 cents (2013: 4.45 cents) • ROE of 0.7% (2013: 2.6%) • Fleet renewal • Took delivery of 2 newbuilds in 2014 and there is another 5 newbuildings to be delivered in

  4. Slide 4: Fleet composition as at Dec 2014

    Fleet composition as at 31 Dec 2014 Type Existing DWT C.I.P DWT Post Panamax 5 435,260 2 163,600 Handymax 7 406,874 2 117,000 Handysize 7 228,942 1 33,000 Tanker 3 142,129 - - Total 22 1,213,205 5 313,600 4

  5. Slide 5: Fleet size and age

    Fleet size and age 1800.0 9.4 9.7 8.8 8.9 10.0 1600.0 8.6 7.6 7.1 1400.0 6.2 6.5 6.3 1200.0 5.0 1000.0 800.0 - 600.0 400.0 (5.0) 200.0 0.0 (10.0) 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f 2018f Post panamax Handymax Handysize Tanker Average age

  6. Slide 6: Dry bulk fleet development

    Dry bulk fleet development Bulkcarrier Fleet Development No. of vessels Handysize a 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Clarkson January 2015 eee ee gees ee

  7. Slide 7: World order book

    World order book % of DWT on order book compared to existing fleet Million Dead Weight Tonnes 200.0 150.0 100.0 17% 28% 50.0 19% 0.0 19% Panamax bulker Handymax bulker Handysize bulker Handy/MR Tanker Panamax bulker Handymax bulker Handysize bulker Handy/MR Tanker Existing fleet 193.3 165.7 88.5 87.

  8. Slide 8: Orderbook Scheduled Delivery

    Orderbook Scheduled Delivery Orderbook by Year of Scheduled Delivery ee m dwt Capesize @ Panamax 70 @ Handymax @ Handysize 60 50 40 30 20 — 0 2015 2017 2018 Source: Clarkson January 2075

  9. Slide 9: Baltic Dry Index (BDI)

    Baltic Dry Index (BDI) 5000 Average BDI 2010 – 2,758 points 2011 – 1,549 points 4000 2012 – 920 points 2013 – 1,206 points 2014 – 1,105 points 3000 YTD 2015 – 650 points 513 points 2000 on 20 Feb 15 1000 0 9

  10. Slide 10: Baltic Clean Tanker Index (BCTI)

    Baltic Clean Tanker Index (BCTI) 1000 600 points on 900 20 Feb 15 800 700 600 500 Average BCTI 2010 – 732 points 400 2011 – 720 points 300 2012 – 641 points 200 2013 – 605 points 2014 – 601 points 100 YTD 2015 – 678 points 0 10

  11. Slide 11: PBT and TC rates

    PBT and TC rates Profit Before Tax – RM’m TC rates – USD/day 244.37 25,993 Dry bulk Tanker 16,519 111.49 12,269 12,468 12,585 11,993 10,851 9,171 8,692 66.45 9,530 45.51 18.33 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

  12. Slide 12: Financial Highlights

    Financial Highlights 12

  13. Slide 13: Segment results

    Segment results • Segment PBT (RM’000) 2014 2013 Var Dry bulk - underlying profit (48,797) (25,611) (23,186) - capex gain 16,153 - 16,153 Tanker 659 984 (325) Associate 36,727 48,646 (11,919) Others 13,591 21,487 (7,896) PBT 18,333 45,506 (27,173) 13

  14. Slide 14: Operating Cost

    Operating Cost • Operating cost (RM’000) 250,000 200,000 Charter hire paid Docking Cost 150,000 Other Op costs 100,000 Vessel Expenses 50,000 Depreciation - 2014 2013 14

  15. Slide 15: 5-year financial highlights

    5-year financial highlights RM’m 2010 2011 2012 2013 2014 Net Revenue 404.3 256.3 157.4 162.0 171.7 Number of vessels (at year end) 13 13 13 15 17 % change y-o-y 33% -37% -39% 3% 6% Operating EBITDA (excl associate & JVs) 218.4 106.7 37.6 16.1 (0.3) % margin 54% 42% 24% 10% 0% Share of results of as

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