Slide 1: First Quarter Presentation May 2020
First Quarter Presentation May 2020
Slide 2: Forward Looking Statements
Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR
Slide 3: Highlights
Highlights • Net income of $165.3 million, or $0.84 per diluted share for the first quarter of 2020. • Net income of $179.3 million, adjusted for certain non-cash items, or $0.91 per diluted share for the first quarter of 2020. • Figures above excludes $7.1 million of net cash receipts and profit sh
Slide 4: Income Statement
Income Statement Q1 2020 Notes 2020 2019 2019 (in thousands of $ except per share data) Jan - Mar Oct - Dec Jan-Dec Q1 2020 total operating revenues (net of Total operating revenues 411 819 337 999 957 322 voyage expenses) of $289 million Other operating gain (loss) 11 333 (1 388) 3 422 Q1 2020
Slide 5: Balance Sheet
Balance Sheet As of March 31, 2020 Notes 2020 2019 (in millions $) Mar 31 Dec 31 $392 million in cash and cash equivalents, including undrawn amount of unsecured Assets facility, marketable securities and minimum Current assets cash requirements bank as per 31.03.20 Cash 231 177 $282 million in
Slide 6: Cash Breakeven and Cash Generation Potential
Cash Breakeven and Cash Generation Potential Well positioned to generate significant cash flow Daily cash breakeven and OPEX Cash sensitivity above breakeven levels 25 000 $22 000 1 000 5,00 $ 4,59 20 000 4,50 $908 $18 600 $18 600 800 4,00 $ 3,55 $15 000 3,50 15 000 $702 $ per share / year 600 3,00
Slide 7: Q1 Tanker Market
Q1 Tanker Market Freight markets affected by Covid-19 demand shock and OPEC+ price war and cut Initially freight demand rose due to volume increasing, then demand for storage took lead The oil demand drop was historic, a temporary super-contango created Oil on water went to record highs, up
Slide 8: Global fleet capacity continue to slow
Global fleet capacity continue to slow Basic market metrics favorable, low order books and aging fleet VLCC fleet Commentary 80 Fleet growth is always key to 60 freight market balance Number of VLCC's 40 53 58 65 49 50 71 33 Few orders placed recently, order 20 38 39 47 39 27 36 36 29 31 19 28 3
Slide 9: Present Tanker Market and Outlook
Present Tanker Market and Outlook Oil demand has been ‘suppressed’ rather than ‘destructed’ Recent production cuts have been immediate and real Oil demand recovery has surprised in recent weeks, Chinese gasoline demand above 2019 figures Asia leads the way on demand recovery, US likely to re
Slide 10: Questions & Answers
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Slide 12: Appendix: Reconciliation
Appendix Appendix 1 Reconciliation (Million $ except per share) Q1 2020 Q4 2019 YTD 2019 This presentation describes: total operating revenues net of Total operating revenues net of voyage expenses voyage expenses, net income attributable to the Company Total operating revenues 412 338 957 Voyage ex