Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — First Ship Lease Trust — Q2 2017 Earnings Presentation

11 slides from Singapore Exchange's earnings presentation, Aug 4, 2017

  1. Slide 1: FSL Trust 2QFY17 Financial Results

    F S L Tr u s t 2QFY17 Financial Results 4 August 2017

  2. Slide 2: 2QFY17 – Key financial highlights

    2QFY17 – Key financial highlights  Net loss of US$ 21.8m in 2Q17 due to US$24.1m non-cash impairment  Another quarter of positive cash generation  Revenue declined 17.4% year-on-year, primarily due to:  softening of rates across all sectors  both Aframax tankers went into drydocking  Bareboat

  3. Slide 3: Performance review

    Performance review Inc/(Dec) US$’000 2QFY17 2QFY16 % Revenue 20,949 25,348 (17.4) Operating (loss)/ profit (19,574) 7,774 N.M. (Loss)/ profit for the quarter (21,808) 5,487 N.M. Net cash generated from operations 11,283 15,088 (25.2) Gearing ratio 44.2% 46.0% (3.9)  Revenue decrease mainly due to p

  4. Slide 4: Fleet deployment by revenue

    Fleet deployment by revenue (1) Pool/ RSA 17% Market-rate BBC Fixed-rate 12% BBC 47% Time charter 24% Note 1: BBCE revenue for the 3 months ended 30 June 2017 4

  5. Slide 5: Operational performance: BBCE revenue by vessel type

    Operational performance BBCE revenue by vessel type 6.0 USD million 0.0% 5.0 4.0 -40.0% 3.0 -35.7% -37.7% 3.4% -15.7% 2.0 1.0 -96.6% 0.6 1.8 2.5 2.1 2.8 1.8 2.7 1.7 2.6 2.7 3.0 5.0 5.0 - 0.0 Feeder container Specialised tanker Chemical tanker Aframax MR LR2 Panamax container (1.0) Q2 2016 Q2 2017 5

  6. Slide 6: Lease maturity of vessels

    Lease maturity of vessels SL TRUST Vessel Year build Size (DWT) 2017 2018 2019 2020 2021 2022 Product Tankers | | | Cumbrian Fisher 2004 22 x Clyde Fisher 2005 29 Vesselson fixed-rate Shamon fisher 2008 52 bareboat chats Solway Fisher 206 25 Speciality 2006 4,426 Seniority 2006 06 wd superint 2007 T

  7. Slide 7: Revenue backlog

    Revenue backlog Remaining contracted revenue stood at US$ 79m (1) as at 30 June 2017 US$ million 30 25 20 7 15 24 22 10 13 13 5 0 2017 2018 2019 2020-2021 Bareboat Charter Time charter Note 1: Based on revenue from ten bareboat charters (excluding the TORM charters on variable rates) and from time c

  8. Slide 8: Scheduled dry dockings for the next 12 months

    Scheduled Scheduleddry dockings Dry Docksfor the fornext the12Next months 12 Months FSL managed fleet - Vessels planned for dry docking Vessel Date FSL Osaka 3Q FY2017 FSL Santos 1Q FY2018 Latest dry dockings Vessel Date FSL Hong Kong 2Q FY2017 FSL Shanghai 2Q FY2017 8

  9. Slide 9: FY2017: Scheduled Redeliveries

    FY2017: Scheduled Redeliveries Vessel Date FSL Hamburg 4Q FY2017 FSL Singapore 4Q FY2017 Cumbrian Fisher 4Q FY2017 Clyde Fisher 4Q FY2017  The Trust signed a short-term time charter for FSL Shanghai. Charter period of minimum 40 days to maximum 120 days at charterer’s option.  Four vessels (as abo

  10. Slide 10: Summary and outlook

    Summary and outlook  Summary  Another quarter of positive cash generation despite the challenging shipping industry environment  Gearing increased marginally to 44.2% as at 2QFY17 vs 1QFY17  Outlook  Shipping markets across all sectors remain under pressure in the near term, but the financial e

  11. Slide 11: Thank You

    Thank You

First Ship Lease Trust — Q2 2017 Earnings Presentation on 6ix