Taylor Maritime Limited · LSE:TMI
Taylor Maritime — Q2 FY24 Earnings Presentation
12 slides from Taylor Maritime's earnings presentation, Oct 25, 2024
Slide 1: Q2 FY24 Trading Update
Q2 FY24 Trading Update 25 October 2024 Strictly Private and Confidential
Slide 2: Disclaimer
Strictly Private & Confidential Disclaimer Important disclosures - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (SAVE AS PROVIDED HEREIN), AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLA
Slide 3: Second Quarter Review – Highlights
Strictly Private & Confidential Second Quarter Review – Highlights Grindrod becomes a wholly owned subsidiary of TMI, further vessel sales see look-through debt reduced by $55.6m Operating Performance Capital Allocation Portfolio • Unaudited NAV per share decreased from $1.52 to • Interim dividend d
Slide 4: Second Quarter Review – Charter Market
Strictly Private & Confidential Second Quarter Review – Charter Market Rates remained at steady and elevated levels through the period as seasonal volatility was offset by increased tonne- mile demand due to ongoing disruptions at the Panama Canal and rerouting away from the Red Sea Handysize & Supr
Slide 5: Second Quarter Review – Portfolio Deployment for the Combined Fleet
Strictly Private & Confidential Second Quarter Review – Portfolio Deployment for the Combined Fleet Combined Fleet Time Charter Equivalent (“TCE”) for the quarter averaged $14,211 per day Est. TCE per day1 at quarter end ($) Forward Coverage – Financial Year 2024 Forward Coverage TCE Earnings: $13,8
Slide 6: TMI Debt Reduction Progress
Strictly Private & Confidential TMI Debt Reduction Progress Our proactive strategy to strengthen the balance sheet has resulted in $178 million of repayments since the Grindrod transaction with a further $20 million of repayments to be made upon completion of agreed vessel sales expected this quarte
Slide 7: Second Quarter Fleet Cash Breakeven Overview
Strictly Private & Confidential Second Quarter Fleet Cash Breakeven Overview Fleet Breakeven Analysis for Second Quarter FY24 ($ per ship, per day) $17,722 $15,129 LT- Charter-In Core Fleet Breakeven Breakeven 7
Slide 8: Grindrod – Return, Synergies & Integration
Strictly Private & Confidential Grindrod – Return, Synergies & Integration Completed and in process cost rationalization activities will reduce the Group’s net overhead by c.$16 million on an annualized basis once fully implemented As a standalone investment, Grindrod has generated $49m profit or 15
Slide 9: Outlook – Demand Fundamentals
Strictly Private & Confidential Outlook – Demand Fundamentals Firm demand growth forecast in 2024 with support from grain volumes and global macroeconomic improvements with healthy outlook across the board for minor bulk volumes in 2025 Commentary Grain and minor bulk trade development (billion tonn
Slide 10: Outlook – Supply Fundamentals
Strictly Private & Confidential Outlook – Supply Fundamentals 10% of the Handysize fleet and 5% of Supra/Ultramax fleet at scrapping age within the next year or so Geared dry bulk supply development (dwt m) Handysize and Supra/Ultramax Newbuild, Resale and Secondhand Prices 45 61-64.5k dwt Ultra NB
Slide 11: Strategic Priorities
Strictly Private & Confidential Strategic Priorities TMI maintains strong conviction in the medium-term investment opportunity set SHORT-TERM FOCUS: ◼ Further deleveraging through select asset disposals ($75 million in debt reductions to be made in 2024) ◼ Continue to streamline TMI and Grindrod ope
Slide 12: Questions
Strictly Private & Confidential Questions Strictly Private and Confidential