Slide 1: Analyst Briefing, 23 February 2011
23 February 2011 1 www.maybulk.com.my
Slide 2: Contents
Contents Page Commercial highlights MBC Fleet composition 3 Shipping Revenue Composition and 4 Operating Profit MBC Fleet TCE rates 5 Fleet size and revenue days 6 Dry bulk market – BDI 7 Tanker market – BCTI 8 World fleet versus order book 9 Financial highlights Highlights of the Group’s performanc
Slide 3: MBC Fleet composition as of 31 December 2010
MBC Fleet composition as of 31 December 2010 – (Owned and long term leased vessels) • 11 dry bulk carriers (675,082 dwt) which made up of 5 post panamaxes, 1 handymax, 2 supramaxes and 3 handysizes • 4 product tankers (186,884 dwt) Pipeline Assets over the next 3 years • two new 32,500 dwt handysize
Slide 4: Shipping revenue composition and operating profit
Shipping revenue composition Operating profit (i.e Revenue less operating expenses) RM'million RM'million 800 400 700 10% Shipping revenue 600 300 Operating profit 19% increased by 33% yoy 500 jumped 95% yoy 379.461 338.769 400 21% 200 11% 269.191 300 90% 18% 194.789 81% 200 100 89% 100.025 79% 82%
Slide 5: TCE rates
TCE rates USD In 2010, 50,000 Dry bulk carriers • Global dry bulk demand remained high and has so far done 40,000 well to absorb dry bulk fleet growth • BDI averaged 2,758 points, gained 5% or 141 points from last year’s average of 2,617 points 30,000 • MBC’s dry bulk fleet TC average for 2010 impro
Slide 6: Fleet size and revenue days
Fleet size and revenue days DWT Days 1,000,000 6,000 • Revenue days for owned Post Panamax Bulker fleet grew by 496 days 5,000 800,000 • New additions to the fleet Handymax Bulker • Ikan Juara in October 435,260 435,260 4,000 2009 435,260 435,260 600,000 • Alam Bakti in June 435,260 Handysize Bulker
Slide 7: Dry bulk market – BDI
3 Jan 2006 to 16 February 2011 • BDI fell for 35 consecutive days after reaching a high of 4,209 points on 26 May 2010 - a mid-year-fall-out as China took initiative to slow growth and avoid overheating the economy and its housing sector • BDI started 2011 at 1,693 points, fell to a low of 1,043 poi
Slide 8: Tanker market – BCTI
3 Jan 2006 to 16 Feb 2011 • Product tankers have been under almost constant pressure throughout 2010 2,000 1,669 on 1,509 on 11 Jan 06 19 Jun 08 1,600 1,200 902 on 11 Jan 10 800 799 on 400 15 Nov 06 608 on 345 on 16 Feb 11 15 Apr 09 - 06 07 08 09 10 11 6 7 8 9 0 l-0 l-0 l-0 l-0 l-1 n- n- n- n- n- n-
Slide 9: World fleet versus order book
World fleet versus order book existing fleet size mill DWT orderbook mill DWT 160 % % of DWT on order to existing fleet 140 Million Dead Weight Tonnes 120 100 80 57% 60 41% 40 32% 18% 20 0 Panamax bulker Handymax bulker Handysize bulker Handy/MR Tanker Newbuilding orders committed represent a high p
Slide 10: Highlights of the Group's performance in 2010
Highlights of the Group’s performance in 2010 • Operating profit jumped 95% to RM194.8 million as compared to RM100.0 million in 2009, supported by a 24% improved TCE rates and the increase in revenue days (724 days) • Lower gains on equities (-RM50.0 million) and our share of associate’s results de
Slide 11: TCE rates and hire days – by segment
TCE rates and hire days – by segment Dry bulk carriers TCE rates (US$/day) Hire days 37,952 5,118 5,120 4,682 30,095 4,191 25,993 3,691 18,281 19,076 06 07 08 09 10 06 07 08 09 10 Tankers TCE rates (US$/day) Hire days 20,638 20,141 19,206 15,975 11,993 1,698 1,260 1,168 991 1,215 06 07 08 09 10 06 0
Slide 12: 5 Year Group Financial Highlights
5 Year Group Financial Highlights In RM’million 2006 2007 2008 2009 2010 Revenue 441.6 608.1 721.2 303.7 404.3 % change y-o-y +12% +38% +19% -58% +33% Operating EBITDA (excl associate and jointly controlled 334.9 422.3 197.6 182.6 218.5 entities) % margin 76% 69% 27% 60% 54% Depreciation & amortizat