Maybulk Bhd · MYX:MAYBULK
Maybulk Bhd — Malaysian Bulk Carriers Berhad — FY2011 Earnings Presentation
13 slides from Maybulk Bhd's earnings presentation, Feb 28, 2012
Slide 1: Choppy waters ahead
Malaysian Bulk Carriers Berhad (175953-W) Ch Choppy waters ahead h d 28 February 2012 www.maybulk.com.my
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 11 Highlights of 2011 Performance 7-8 Dry bulk market 12 TCE rates by quarter 9 Tanker market 13
Slide 3: Fleet Composition
Fleet Composition 31 December 2011 No of 2011 2010 vessels DWT Fleet utilization 97.9% 98.4% Bulk *Fleet utilization rate represents no of on-hire days over carriers no of available days less docking days Post panamax * 5 435,260 • In 2011, the Group took delivery of 3 new Supramax * 2 109,053 handy
Slide 4: Shipping revenue composition and operating profit
Shipping revenue composition Operating profit (i.e Revenue less operating expenses) Maybulk | Page 4 28 February 2012 4
Slide 5: TCE rates
TCE rates 2011 USD 40,000 Dry bulk carriers USD 35,000 • BDI averaged 1,549 points, lost 44% USD 30,000 from year 2010’s average of 2,758 points USD 25,000 • Our dry bulk fleet daily TC average declined 36% to USD16,519/day USD 20,000 20 000 USD 15,000 Tankers • BCTI down 2% points to an average of
Slide 6: Fleet size and revenue days
Fleet size and revenue days (Includes jointly owned and long leased vessels) 1,000,000 Revenue days 900,000 6,000 800,000 5,000 700,000 600,000 4 000 4,000 Owned fleet 500,000 3,000 Charter-in 400 000 400,000 vessels 2,000 300,000 200,000 1,000 100,000 0 0 2007 2008 2009 2010 2011 2007 2008 2009 201
Slide 7: Baltic Dry Index
B lti Dry Baltic D IIndex d BDI – Dec 2011 to 24 Feb 2012 2000 2 January 2007 to 24 February 2012 1500 1000 500 1-Dec 1-Jan 1-Feb • BDI has been trending down sharply since the beginning of 2012 • Weather related supply disruptions and the Chinese New Year’s holiday contributed to the sharp fall in
Slide 8: Dry bulk shipping outlook 2012
D bulk Dry b lk shipping hi i outlook tl k 2012 ¾ Demand g growth is p projected j to slow to 3% whilst supply pp y g growth is expected p at 12% ¾ The g greatest downside risks to trade are falling ggglobal steel demand and the potential for supply disruptions in Australia p g ¾ Iron ore - China’s
Slide 9: Baltic Clean Tanker Index
BCTI C Dec 2011 – 24 Feb 2012 Baltic Clean Tanker Index 1000 900 2 January y 2007 to 24 February y 2012 800 700 1600 600 1-Dec 1-Jan 1-Feb 1400 734 points on • BIMCO expects only 3% increase 1200 24 Feb 2012 in product tankers fleet in 2012. The limited supply could alleviate 1000 the supply-demand
Slide 10: World fleet versus order book 2012
World fleet versus order book 2012 Bulkcarriers fleet is expected to grow 12% during 2012, while slower s o e tthana 2011’s 0 s 14%, still a significant rise in capacity. However the rise in demolitions and newbuilding slippage partially mitigated the extent of total fleet growth Maybulk | Page 10 2
Slide 11: Highlights of 2011 performance
Hi hli ht off 2011 performance Highlights f Revenue declined 37% to RM256.3m and operating profit down 57% to RM84.0m mainly due to lower hire rates TCE /day Hire days 2011 USD15,737 , 5,274 , 2010 USD22,846 5,406 Other operating gain/loss of RM3.4m comprises gains on foreign exchange and dispos
Slide 12: TCE rates by quarter
TCE rates t byb quarter t Dry y bulk carriers Tankers Maybulk | Page 12 28 February 2012 12
Slide 13: Group Financial Highlights
Group Financial Highlights In RM’million 2007 2008 2009 2010 2011 Revenue 608.1 721.2 303.7 404.3 256.3 % change y-o-y +38% +19% -58% +33% -37% Operating EBITDA (excl associate and jointly 422.3 197.6 182.6 218.5 90.0 controlled entities) % margin 69% 27% 60% 54% 35% Depreciation & amortization (39.
Malaysian Bulk Carriers Berhad — FY2011 Earnings Presentation on 6ix