Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Rickmers Maritime — Shareholder Meeting (April 2009)
18 slides from Singapore Exchange's shareholder meeting presentation, Apr 24, 2009
Slide 1: Rickmers Maritime 2nd AGM
Rickmers Maritime 2nd AGM 24 April 2009
Slide 2: Disclaimer
Disclaimer • This presentation should be read in conjunction with Rickmers Maritime’s Results for the period ended 31 March 2009 in the SGXNet announcement. • This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial
Slide 3: Agenda
1 1Q2009 Highlights 2 Business Update 3 Challenges and Outlook 4 Q&A
Slide 4: Financial Highlights
Financial Highlights Financial Highlights 1ST QUARTER in US$ million 1 January - 31 March (except as otherwise stated) 2009 2008 % Change Charter Revenue 32.54 22.33 46% Cash Flow from Operating Activities 27.18 16.93 61% Net Profit 11.04 8.39 32% Income Available for Distribution 19.57 12.23 60% Di
Slide 5: Distribution
Distribution • Rickmers Maritime (RM) will make base distribution of 2.14 US cents per Unit for 1Q2009 • Distribution represents an annualised yield of 39% over RM’s unit price at 23 April 2009 • Total distribution payout will amount to US$9.07 million, with cash retention of US$10.50 million for 1Q
Slide 6: Business Update
1 1Q2009 Highlights 2 Business Update 3 Challenges and Outlook 4 Q&A
Slide 7: Business Update
Business Update Vessel Deliveries FY2008 Vessel Capacity (TEU) Charter Details Charterer Ital Fiducia 3,450 8-year fixed-rate charter Italia Marittima MOL Dominance 4,250 10-year fixed-rate charter Mitsui OSK Lines MOL Dedication 4,250 10-year fixed-rate charter Mitsui OSK Lines MOL Delight 4,250 10
Slide 8: Business Update
Business Update Maintained high operating efficiency and fleet utilisation rate of 99.8% in 1Q2009 Rickmers Maritime Fleet Performance from 1 January to 31 March 2009: Total number of vessels : 15 Total number of operation days : 1262 days Total off-hire : 2 days (includes the time from vessel deliv
Slide 9: Update on Credit Facilities
Update on Credit Facilities • Available unused debt facilities Capex for Outstanding debt Available debt amounting to US$174.2 million to be next 3vessles utilised for the financing of the remaining 3 x 4,250 TEU vessels to be delivered between August 2009 – February 2010 • Difference between capex
Slide 10: Update on Credit Facilities
Update on Credit Facilities • Utilised to finance 5 vessels post-IPO US$360m term • Loan maturing in 2017 loan secured at • Starts amortising in 2012 at US$6 million per quarter IPO • Interest rate of 70-90 basis points above US$ LIBOR • US$424.3 million* has been drawn down to finance 6 x Credit fa
Slide 11: Challenges and Outlook
1 1Q2009 Highlights 2 Business Update 3 Challenges and Outlook 4 Q&A
Slide 12: Defensive Business Model
Defensive Business Model • No freight derivative products that could lead to unexpected losses Focus on large • Container shipping growth tracks world GDP growth and is expected to rebound when world economy recovers containerships • Liners take strategic view on large containerships on long-term ch
Slide 13: Defensive Business Model
Defensive Business Model • The Rickmers name is well-established in shipping circles as a vessel owner/operator, hence the ability to attract quality charter Ability to parties Leverage on • Long track record and strong ship management expertise: Sponsor’s Provision of quality ship management servic
Slide 14: Challenges Going Forward
Challenges Going Forward Liquidity US$130 million Top-Up Facility maturing April 2010 Financing of 4 x 13,100 TEU vessels Asset Deflation Affect LTV ratios on the current loans Affect financing of the remaining three 4,250 TEU vessels Counterparty Risk While Charterers are all leading liner companie
Slide 15: Industry Update
Industry Update TEU Total Idle Container Capacity* 1600000 1400000 484 485 453 1200000 486 No of vessels 392 1000000 800000 303 600000 255 210 400000 200000 0 1/5/09 1/19/09 2/2/09 2/16/09 3/2/09 3/16/09 3/30/09 4/13/09 • Idle capacity at 13 April 2009 stood at 1.31 million TEU, representing 10.4% o
Slide 16: Outlook
Outlook • Decline in Asian exports continue to impact the container liner industry negatively • Persistent downward pressure on freight rates and charter rates due to over-capacity • Sizeable stimulus packages have been launched by major economies which will hopefully lay the foundation for restorat
Slide 17: Q&A
Q&A
Slide 18: Thank You
Thank You For more information, please visit: www.rickmers-maritime.com