Prima Marine Public Company Ltd · SET:PRM
Prima Marine Public — Q3 2019 Earnings Presentation
18 slides from Prima Marine Public's earnings presentation, Oct 25, 2019
Slide 1: Q3/2019 Operating Results & Market Outlook
Q3/2019 Operating Results & Market Outlook CG Scoring of “EXCELLENT” as of 25 Oct 2019 25 Nov 2010 9
Slide 2: Q3/2019 Operating Results
1 Q3/2019 Operating Results 1
Slide 3: Summary of Operating Results
Summary of Operating Results Revenue Unit: MTHB Investment Assets Unit: MTHB 15.8% 9,400.3 No. DWT 3,320.5 3,846.1 Types 16.2% 8,007.5 588.6 of vessels of vessels (‘000) 8.1% 6.4% 1,268.3 1,195.8 1,389.2 11.1% 10.4% 597.5 6,488.9 Trading 6.4% 7.5% 5.9% 625.5 5,208.0 - Domestic 32 103.6 10.7% 11.8% 9
Slide 4: Domestic Oil and Petrochemical Tanker Business (Domestic Trading)
Domestic Oil and Petrochemical Tanker Business (“Domestic Trading”) Revenue Unit: MTHB ▪ Domestic oil consumption of both diesel and gasoline grew Revenue from BigSea approximately 4% in 9M2019. Revenue from PRM 23.5% ▪ Q3/19 revenue increased 3.8% from Q2/19 as 2 more new-built vessels 1,687.4 (3,0
Slide 5: International Oil and Petrochemical Tanker Business (International Trading)
International Oil and Petrochemical Tanker Business (“International Trading”) Revenue Unit: MTHB ▪ Increased in chartering demand and tight supply of vessels from increased scrapping and the strait of Hormuz crisis supported freight -1.0% rate rise. 233.3 231.1 -12.3% 70.2 83.1 72.8 Q2/2019 Q3/2018
Slide 6: Floating Storage Unit (FSU) Business
Floating Storage Unit (“FSU”) Business Revenue Unit: MTHB ▪ Based on IMO2020, the vessels can carry HSFO but cannot Revenue from Bongkot Star 13.6% use by 1 March 2020: cannot carry HSFO except for Revenue from PRM 1,585.0 scrubber fitted vessel 52.4% 1,395.7 622.9 ▪ Non-compliance vessels will be s
Slide 7: Floating Storage and Offshore Exploration Service (Offshore) Business
Rev - Offshore Floating Storage and Offshore Exploration Service (“Offshore”) Business Revenue Unit: MTHB ▪ Two floating storage and off-loading (FSO) vessels were on hired throughout Q3/19 under time charter contract. 8.4% 400.7 ▪ Utilization of for Accommodation Work Barge (AWB) was -5.0% 369.8 ma
Slide 8: Ship Management (SM) Business
Ship Management (“SM”) Business Revenue Unit: MTHB ▪ PRM provides ship management services for 25 own vessels -8.0% and 3 third party vessels which includes 2 VLCC and one Aframax vessel. 269.1 247.5 ▪ Lower revenue in Q3/19 compared to Q3/18 was impacted by Baht appreciation because the service inc
Slide 9: Consolidated P/L Statement
Consolidated P/L Statement Unit: MTHB Q2/2019 Q3/2018 Q3/2019 9M/2018 9M/2019 ▪ Higher other income in Q3/18 was from 1 Sales 1,268.3 1,195.8 1,389.2 3,320.5 3,846.1 extraordinary profit from disposition of 1 vessel. 2 Gross Profit 401.6 300.10 416.5 858.8 1,162.4 ▪ SG&A expenses decreased by 19.6 m
Slide 10: Consolidated Financial Position
Consolidated Financial Position As of As of 31 Dec 2018 30 Sep 2019 798.6 591.3 ▪ The new vessels acquisition was 697.2 1,222.3 financed by cash and new borrowing. 504.9 1,286.1 1,041.9 ▪ Net LT loan increased by 1,985.1 million 549.7 4,048.2 Baht from additional borrowing required 2,243.5 to financ
Slide 11: Vessel Delivery for 9M2019
Vessel Delivery for 9M2019 Domestic Trading Capacity Delivered Commence Revenue Realized for No. Vessel Contract (DWT) Period On-Hired Whole Quarter 1 Sri Surat 3,000 COA Q1/19 5 Mar 2019 Q2/19 2 SS106 5,300 COA Q1/19 24 Apr 2019 Q3/19 3 Sri Chaiya 3,000 COA Q2/19 21 May 2019 Q3/19 4 Sri Tahphet 3,0
Slide 12: Market Outlook
2 Market Outlook 11
Slide 13: Short-term Unknowns and Uncertainties
Tanker Market Outlook 2020 - 2022 Short-term Unknowns and Uncertainties Sanctions Middle East Geopolitics Refinery Margins Trade Talks Off-Hire HSFO Balance Off-Spec Crude 12
Slide 14: IMO 2020: Turning Challenges into Opportunities
IMO 2020: Turning Challenges into Opportunities Bunker Availability Map showing 2017 bunker fuel sales in million tons per year for main bunker ports. Red circle showing world fuel oil demand by end-users. Annual Bunker Tonnage Supplied in Singapore We would expect great compliant fuels availability
Slide 15: Tanker Market Outlook 2020-2022
Tanker Market Outlook 2020-2022 VLCC Tanker Freight Bunker Price Unit: USD/Day Unit: USD/Ton 2020 ▪ Oil Market Supply Crunch Arbitrages/ Inefficiencies 2021 ▪ Economic Trend Derailed ▪ ▪ Low Oil Production Growth ▪ IMO2020 Effects - ▪ IMO2020 Effects ▪ Low Fleet Supply Growth ▪ Floating Storage ▪ Fl
Slide 16: Investment Plan 2020
Investment Plan 2020 Existing Dom. Tanker Int. Tanker FSU Offshore Total Type of Vessel <20,000 DWT Aframax VLCC Aframax AWB No. of Vessels 31 Vessels 1 Vessels 8 Vessels 2 Vessels 1 Vessels 43 Vessels Capacity (‘000) 101.4 DWT 106.0 DWT 2,400.5 DWT 191.8 DWT 300 Pax 2,799.7 DWT (10.7 DWT) Average a
Slide 17: Q&A Thank You
Feedback Us Q&A THANK YOU Contact Information Mr. Boonrux Leeprakobboon Mr. Pachara Rodsomboon www.primamarine.co.th Senior Investor Relations Manager Finance Manager Investor Relations Department Accounting and Finance Department primamarine Tel (66) 2 016 0190 Ext 517 Tel (66) 2 016 0190 Ext 601 P
Slide 18: Disclaimer
Disclaimer The information contained in this presentation is strictly confidential and is provided by Prima Marine Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any oth
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