D'amico International Shipping S.a. · MIL:DIS
D'amico International Shipping — Q1 2010 Earnings Presentation
34 slides from D'amico International Shipping's earnings presentation, Apr 29, 2010
Slide 1: Q1 2010 Results
d’Amico International Shipping Q1 2010 RESULTS 29 April 2010
Slide 2: Disclaimer
d’Amico International Shipp ping This document does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of d’Amico International Shipping S.A.. (or the “Company”), nor sha
Slide 3: Agenda
Agenda Highlights Marco Fiori Product Tanker Market Q1 2010 Results R l Alberto Mussini Fleet l Evolution l & Capex Plan l Outlook Marco Fiori Appendix 2 d’Amico International Shipping
Slide 4: Highlights
Highlights Marco Fiori 3 d’Amico International Shipping
Slide 5: Q1 2010 Highlights
Q1 2010 Highlights Financials Net Loss of US$ 3.4 m Operating Cash Flow of US$ 2.0 m Strong financial position: Net debt US$173.8m with US$ 86.8 m of Cash on haands and credit lines available for about US$ 100m Events GLENDA JV The installments paid under three of the four SLS terminated new
Slide 6: Controlled Fleet Profile
Controlled Fleet Profile Young Fleet with an average age of 4.7 years vs. industry of 9.2 years1 All vessels are double-hull 6 Purchase Options exercisable on chartered vessels (3 by 2011) Fleet in compliance with stringent requirements of oil-major companies DIS Fleet as at 31 March 2010 MR
Slide 7: Fleet management
Fleet management Maintaining coverage on the higher side to protect DIS position against weakk spot market conditions. High percentage of Revenue from fixed contracts (Coverage) of 45% in 2010 and already fixed in the range of 35% forr 2011 3 vessels fixed in 2010 with Exxon Mobil for 12 months
Slide 8: Product Tanker Market
Product Tanker Market Marco Fiori 7 d’Amico International Shipping
Slide 9: Market Overview
Market Overview The Spot market, which bottomed out in the course of the previous year perfformed better than the last three quarters of 2009. This was a result of improving Economic news coupled with very cold winter conditions acrosss the Northern Hemisphere saw an increase in demand for Oil pro
Slide 10: DIS Daily Rates Trend
DIS Daily Rates Trend DIS contract book supported the over performance in the weak DIS over performed the spot market rates trend thanks to its access spot market experienced in most of 2009 to cargoes via its market positioning and strategic partnerships (US$) (US$) 27,000 27,500 DIS TC rate t
Slide 11: Q1 2010 Results
Q1 2010 Results Alberto Mussini 10 d’Amico International Shipping
Slide 12: Q1 2010 Financial Results
Q1 2010 Financial Results Results TCE Earnings of US$ 51.1 m EBITDA of US$ 7.2 m Net Loss of US$ 3.4 m EPS of US$ (0.02) Cash generation Operating cash flow of US$ 2.0 m Net Debt - Cash Stable Net Debt of US$ 173.8 m as at 31 March 2010 with relevant Cash of USS$ 86.8 m The not material
Slide 13: Financial Results - Income Statement
Financial Results - Income Sttatement (US$ million) Q1 2010 Q1 2009 TCE Earnings 51.1 54.2 Time charter hire costs (25.5) (23.3) Other direct operating costs (14.1) (11.3) General and administrative costs (4.6) (5.0) Other operating Income 0.2 0.9 EBITDA 7.2 15.5 Depreciation (8.0) (8.7) EBIT (0.8)
Slide 14: Key Operating Measures
Key Operating Measures Key Operating Measures Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Number of vessel equivalents¹ 36.0 37.0 38.5 41.1 41.5 Fleet contract coverage² 56% 60.2% 54.9% 48.9% 47.5% Daily TCE earnings³ (US$/day) 19.375 16.504 13.879 14.235 15.901 Owned vessels/total fleet (%) 41.7% 40.1%
Slide 15: Statement of financial position
Statement of financial position (US$ Thousand) As at 31 Mar.’10 As at 31 Dec.’09 ASSETS Non current assets 5 , 519,617 522,717 , Current assets 165,372 202,423 Total assets 6 648,989 725,140 LIABILITIES & SHAREHOLDERS’ EQUITY Shareholders’ equity 3 349,856 353,499 Non current liabilities 2 244,766 2
Slide 16: Net Debt and Cash Evolution
Net Debt and Cash Evolution n in Q1’09 (US$ million) 31 Mar ’10 31 Dec ’09 Bank and other lenders 2 273.5 319.9 Current fin. Assets 9 99.7 148.6 - Cash and cash equivalents 8 86,8 92,3 - Current fin. receivables from third parties 12,9 56.3 Net Debt 173,8 171.4 92 2 (7) 17 87 7) (7 (10) Cash h as of
Slide 17: Fleet's Market Value and Net Debt
Fleet’s Market Value and Nett Debt n (US$ million)1 Group’s Fleet Market Value and Net Financial Position 1000 Fleet Market Value (FMV) Net Financial Position (NFP) FMV-NFP 900 800 700 602 600 534 487 7 500 436 450 400 336 465 265 276 300 387 200 171 174 147 151 137 100 0 Mar 2009 Jun 2009 S 2009 Se
Slide 18: Fleet Evolution & Capex Plan
Fleet Evolution & Capex Plan Alberto Mussini 17 d’Amico International Shipping
Slide 19: Fleet Profile Evolution
Fleet Profile Evolution DIS’ New-building Program Year of Delivery DIS’ Interest Total Vessels 2010 0 0.5 1.0 2011 1.5 3.0 2012 2 2.0 2.0 Total 4 4.0 6.0 DIS policy of steady and proper timing for growth, focusing on strong partne erships, positions the company favorably for next years The oppor
Slide 20: Capex Plan
Capex Plan Capital Commitments (US$ thousand) 2010 2011 2012 Total 4 GIS Hyundai-Mipo 43,440 14,550 - 57,990 2d d’Amico Amico Tankers Hyundai-Mipo Hyundai Mipo - 3 435 37 37,435 18 718 18,718 56 153 56,153 Total 43,440 5 51,985 18,718 114,143 4 MR Hyundai of GLENDA (JV with Glencore / DIS interest
Slide 21: Outlook
Outlook Marco Fiori 20 d’Amico International Shipping
Slide 22: Outlook: Supply
Outlook: Supply MR1 Product Tanker Deliveries Number of ships due to be delivered in 2010 is still significant. However theree is still speculation on exactly how many will actually be delivered The consensus is that the figure will be closer to 150 ships (slippage cancellattion and conversion t
Slide 23: Outlook: Supply
Outlook: Supply MR1 Product Tanker Deliveries/Scrapping This year is the deadline for IMO phase out of the remaining single hull vesseels from international trade. Close to one million deadweight of tonnage within the 25-55,000 deadweight segment has been removed from trading in n the first quarte
Slide 24: Outlook: Demand
Outlook: Demand The IEA has revised upwards global oil demand by 1.7 million barrels per day for 2010 versus the previous year Growth continues to be driven by non‐OECD countries. China announced the e biggest jump in GDP growth in the first quarter since early 2007 China is still in an early
Slide 25: Outlook: Demand (cont'd)
Outlook: Demand (cont’d) Refinery closures are still occurring, predominately within the OECD. Total hass announced that it intends to cut its capacity by 500,000 barrels per day by 2011 due to poor margins and a cost saving New complex and competitive refineries are coming on line in non-OECD n
Slide 26: Vegetable Palm Oil Business
Vegetable Palm Oil Businesss Vegetable oil consumption directly related to GDP growth. As GDP forecasts improve so does the demand for imported Oils especially into developing countries such as China and India Ambitious environmental policy objectives for burning bio-fuel is positively affecting
Slide 27: DIS's response for 2010
DIS’s response for 2010 Outlook Q1 produced better returns compared to the previous nine months, which had h been characterized by the collapse of Product demand on the back of the Global Economic downturn There is still a number of Ships on order but this should be offset to extent with w the si
Slide 28: Appendix
Appendix pp 27 d’Amico International Shipping
Slide 29: DIS' Shareholdings Structure
DIS’ Shareholdings Structure e Key Information on DIS’ Shares 2 3 1 d'Amico International SA 64.38% 2 d'Amico International Shipping S.A. 2.93% 3 Others 30.46% 1 4 Kairos Partners SGR SpA 2.23% 4 Listing Market Borsa Italiana, STAR No. of shares 149,949,907 Market Cap1 € 181,9 million Shares Repurch
Slide 30: d'Amico's Group Structure
d’Amico’s Group Structure Holding company d’Amico Società di Naavigazione S.p.A. Shipping company (Italyy) Listed entity Other companies 99.99% d’Amico Internaational S.A. (Luxembo ourg) 100% 64.3% 100% d’Amico d Amico Dry Limited d’Amico d Amico Internation nal Shipping S.A. SA O h companies Other
Slide 31: DIS' Current Fleet Overview
DIS’ Current Fleet Overview MR FLEET Name of vessel Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest1 IMO Classified Owned 3 GLENDA Meredith 46,000 2010 Hyundai MIPO, South Korea Liberia Lloyds 50% IMO III 2 High Strength 46,592 2009 Nakai Zosen, Japan Panama NKK 100% -
Slide 32: DIS' Current Fleet Overview (cont'd)
DIS’ Current Fleet Overview (cont’d) HANDYSIZE DIRECT 1 Name of vessel Tonnage (dwt) Year Built Builder, Country Flag Classification Society Interest IMO Classified Owned Cielo di Salerno 36,032 2002 STX, South Korea Liberia RINA and ABS 100% Cielo di Parigi 36,032 2001 STX, South Korea Liberia RINA
Slide 33: DIS' New Building Program
DIS’ New Building Program Name of vessel / Hull Number Estimated tonnage (dwt) MR/Handysize Estimated delivery date B Builder, Country Flag4 Classification Society Interest1 IMO Classified Owned 2010 2186 - GLENDA Melanie 47 000 47,000 MR Nov 10 Nov-10 H Hyundai MIPO, MIPO South Korea Liberia Intent
Slide 34: Thank you
Thank you BS | Aue
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