Ocean Yield ASA — Q4 2023 Earnings Presentation
12 slides from Ocean Yield ASA's earnings presentation, Feb 29, 2024
Slide 1: Q4 2023 Presentation
Q4 2023 PRESENTATION 29th February 2024
Slide 2: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued strong financial results USD 88.2m USD 23.3m Adj. EBITDA Net profit Robust financial position 28.2% USD 115.8m Equity ratio Cash position Key financials High earnings visibility USD 4.2bn 10.2 years Adj. EBITDA backlog Average charter tenor Multiple transactions during
Slide 3: Suezmax Tanker with Charter to Nordic American Tankers
SUEZMAX TANKER WITH CHARTER TO NORDIC AMERICAN TANKERS TRANSACTION HIGHLIGHTS LONG-TERM PARTNERSHIP COUNTERPARTY 1x Suezmax tanker 2016 Third transaction with NAT built 20 vessels Fleet ✓ Reflecting a strong long-term partnership between the two companies NYSE Listed 8 years ✓ Supporting NAT on its
Slide 4: Two Suezmax Tankers with Sustainability-Linked Lease
TWO SUEZMAX TANKERS WITH SUSTAINABILITY-LINKED LEASE TRANSACTION HIGHLIGHTS SUSTAINABILITY COUNTERPARTY 2x Suezmax tankers 2022 Sustainability-linked lease built 154 vessels Pro-forma fleet1 ✓ Variable element linked to actual carbon emissions, incentivising the charterer to NYSE/Brussels Dual listi
Slide 5: Portfolio Update
PORTFOLIO UPDATE DELIVERIES / CHARTERS VESSELS SOLD OPTIONS EXERCISED ▪ Zim Danube Ganges was delivered was delivered from from the yardthe and ▪ Navig8 Prestige JKB (held in 50% owned ▪ Purchase options were declared for commenced yard seven-year seven-year and commenced time chartertime to JV), Mi
Slide 6: Backlog as per Quarter End
BACKLOG AS PER QUARTER END EBITDA BACKLOG1 PER YEAR (USDM) EBITDA BACKLOG2 PER SEGMENT EBITDA BACKLOG2 PER CLIENT Car carriers Oil service 554 2% Gas carriers 6% Crude tankers 463 9% 444 443 29% 23% 404 Product & 11% Chemical 19 clients 13% 21% 22% 7% 12% 10% Containers Dry bulk 2024 2025 2026 2027
Slide 7: Financial Snapshot
FINANCIAL SNAPSHOT ADJUSTED EBITDA1 Q4 2023 KEY FINANCIALS USD million USD 55.3m USD 88.2m 87.4 86.5 88.2 82.8 77.0 79.0 68.4 73.6 EBITDA Adjusted EBITDA 67.6 66.1 62.9 64.8 54.7 USD 23.3m USD 0.0m Net profit Quarterly dividend USD 115.8m 28.2% Cash Equity ratio Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 8: Income Statement
INCOME STATEMENT INCOME STATEMENT Q3 Q4 Amounts in USD million 2023 2023 Operating revenues 15.6 16.8 Finance lease revenues 33.1 34.3 Income from investments in associates 5.8 5.8 Other revenue (0.1) 2.9 Total revenues and other income 54.5 59.8 Total operating expenses (3.0) (4.4) Depreciation and
Slide 9: Balance Sheet
BALANCE SHEET BALANCE SHEET Q3 Q4 Q3 Q4 Amounts in USD million 2023 2023 2023 2023 ASSETS EQUITY AND LIABILITIES Vessels and equipment 445 453 Common equity 642 622 Newbuildings 114 96 Hybrid capital 31 30 Investments in associates 196 188 Total equity 673 652 Finance lease receivables 995 1,110 Res
Slide 10: Financing Initiatives During and After Quarter End
FINANCING INITIATIVES DURING AND AFTER QUARTER END New loan ▪ Signed four new loan agreements for financing of eight Newcastlemax newbuildings agreements ▪ Signed three new loan agreements for financing of three Suezmax vessels ▪ Continued buyback of bonds to proactively address upcoming debt maturi
Slide 11: Outlook
OUTLOOK 1 Ocean Yield has a robust financial position and access to financing remains strong 2 Actively monitor the performance of the underlying shipping markets when evaluating new opportunities 3 Selectively pursuing growth with new and existing partners
Slide 12: Company Contacts
COMPANY CONTACTS: Eirik Eide, CFO +47 95 00 89 21 eirik.eide@oceanyield.no Karl Fredrik Schjøtt-Pedersen, SVP Finance & IR +47 95 13 23 35 Karl.pedersen@oceanyield.no www.oceanyield.no/investor-relations