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Investor Presentation. September 2015

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Investor Presentation

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Euronav – Largest independent quoted tanker company in world

2 FSO

Stripped water capacity 380k barrels

2.8 Million barrels Average age 12 years 1 VPLUS

Over 441,000 DWT Only 4 in world fleet

3 Million barrels Average age 12 years 23 SUEZMAX

125,000 – 180,000 DWT

1 Million barrels Average age 10 years 27 VLCC

+ 4 (TBD) Up to 320,000 DWT

2 Million barrels Average age 6 years

•Dynamic – new trading lanes being formed •USA shale reducing need for imports

pushing Atlanctic to be “long” oil •China and India diversifying suppliers •Potential for lift of USA crude ban – could

add further positive dynamic •OPEC retaining output target of 30m

barrels per day

•Potential for Iran to return to production / pre-sanctions

•USA shale production intact since oil price fall

•Russia, North Sea, West Africa, - all at record output – into Atlantic

•Additional increase but limited by historical standards

•Order book at 17% of VLCC fleet & 15% of Suezmax fleet – all time low was 13% •Financing of newbuilds much reduced since

2009

•Negligible conversions of other vessels into large tankers

•IEA forecast 1.6m bpd growth 2015 & 2016; base case of 1m bpd 2017-2020 •Lower oil price has stimulated demand •Demand non-OECD now > OECD

•Base demand for 1m bpd ≈ demand for 30 – 40 VLCCs Demand for Oil Vessel Supply Ton miles Supply of Oil Current Fleet

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Potential for Powerful Cash Generation

Euronav is well positioned for strong cash flow generation

Pro forma fleet earnings capability (EBITDA, $M) 1

1 Based on full year contribution of 57 ships on proportionate basis

VLCC

TCE rates $25,000 $30,000 $40,000 $50,000 $80,000

Suezmax

TCE rates $20,000 $25,000 $35,000 $45,000 $75,000

■ Breakeven (including debt service):

~$27,000 for VLCC - opex $8,000

~$22,000 for Suezmax - opex $7,400

■ FSOs generate a consistent, high quality income stream – $52mm of EBITDA

■ Return to shareholders policy – to return at least 80% of net income (P&L definition)

Each $5,000 uplift in both VLCC and Suezmax rates improves net revenue and EBITDA by $75mm Next 12 months spot days exposure ~ 14,500 days

$264 $339 $493 $650 $1,092 +$5,000 per day +$15,000 per day +$25,000 per day +$55,000 per day

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Lower Oil Price can reverse 7 years demand destruction Demand for Oil has ALWAYS been robust

Oil @ $80

Current Market

Bunker $4900/t

Bunker @ $490/t Bunker @ $300/t

Oil @ $60

Refinery expansion in Asia & Middle East a key driver

Asia Pacific 3.5m bpd Middle East 1.4m bpd 2017 + 2016 2015 1 – Demand – 1m bpd = demand for 30-40 VLCCs pa

-200 400 600 800 1,000 1,200 2015 2016 2017 2018 Asia Pacific Middle East

Demand consistently upgraded during 2015

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2 – Vessel Supply – VLCC & Suezmax order book is moderate

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..but financing more difficult now and order book manageable

Order book assessment – not as strong as first looks New era of financing – restrictive

Order book as % of fleet – manageable

Source: Clarksons August 27th 2015

Source: Clarksons Hamburg Marine Money *up to Nov 2014

Traditional Captive fleet Private equity Unknown* Total Ownership Shipping (China, Saudi etc)

Q2 2015 0 4 0 1 5 Q3 2015 1 1 1 5 8 Q4 2015 2 0 3 1 6 Total 3 5 4 7 19 Q1 2016 3 0 6 2 11 Q2 2016 5 2 2 0 9 Q3 2016 2 2 4 1 9 Q4 2016 5 2 10 0 17 "2016" 2 7 0 0 9 Total 17 13 22 3 55 Crkn Est Deliver 14 6 20 0 40 Q1 2017 3 2 3 2 10 Q2 2017 1 2 0 0 3 Q3 2017 0 2 0 0 2 Q4 2017 0 0 0 0 0 "2017" 7 7 0 4 18 Total 11 13 3 6 33 2018 6 8 0 0 14 2019 2 0 0 0 2 Grand Total 39 39 29 16 123

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3 - Supply of Oil = more cargoes = more demand for shipping

Historically VLCC rates close correlation with Output

Non OPEC output continues to grow

OPEC also continues to grow

More cargoes – Atlantic > East on VLCC Source: Gibsons

Source: Mcquilling Source: IEA & Bernstein

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4 - Structural expansion - Increased ton miles given trade shifts

USA no longer importing light crude but heavy crude imports from Middle East remain intact 1

2

3 6

5

4 Middle East – no additional exports as own production to feed their local refinery expansion

Asian Demand to remain strong – underpinned by China refinery expansion & filling strategic reserve

WAF (West Africa) light crude trade lane to USA dried up – now export to Asia Latam to Far East - trade lane expanding

Atlantic = long crude – from Latam, Russia, North Sea, WAF – ALL going East

1 2 3 4 5 6

Arabian Gulf to China

5,500 miles 21 days West Africa to USA

5,000 miles 19 days West Africa to China

9,650 miles 33 days Latam to China

11,500 miles 44 days

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5 – China – demand robust with structural support

Drivers for growth – SPR & refinery reform

China Oil demand – always been steady not spectacular China important but demand now diversified

Base effect: 14% GDP growth ‘07 < 5% ‘15 GDP growth

2004 2005 2006 2007 2008 2009 2010 2011

China Oil Demand 6.5 6.7 7.2 7.6 7.8 7.9 9.0 9.4

YoY growth (mbpd) 0.9 0.2 0.5 0.4 0.2 0.2 1.1 0.4

YoY growth (%) 16.1% 3.1% 7.5% 5.6% 2.3% 1.9% 13.6% 4.2%

2012 2013 2014 2015e 2016e 2017e 2018e

China Oil Demand 9.8 10.1 10.6 10.9 11.2 11.5 11.8

YoY growth (mbpd) 0.4 0.3 0.4 0.3 0.3 0.3 0.3

YoY growth (%) 4.3% 3.5% 4.3% 3.0% 2.7% 2.7% 2.7%

Source: ABG Source: IEA & Bernstein

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6 - Other factors – Iran, asset/earnings correlation, contango

Iranian fleet re-admittance to global fleet – neutral impact Contango persisted for 24-30 months in previous cycles

Contango in 2015 – rising again

Source: UBS

Earnings & Asset price relationship - dislocated

Iranian VLCC fleet total 40 Only net 15 VLCCs likely to re-enter global commercial fleet 17 VLCCs

trading during sanctions

to China, Turkey, India, Taiwan Syria, S Korea & Japan

4 x 2013, 4 x 2012, 6 x 2008 1 x 2007, 2 x 2004 7 VLCCs been on storage 3x 2013, 1 x 2012, 2 x 2009 1 x 2008 8 VLCCs been on storage

near 3rd special survey 5 x 2003, 3 x 2002

8 VLCCs

full time storage 1993-1999 vintage

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What does it all mean? Tanker sector will remain volatile

Source: Clarksons to 11 Setp 2015

-50000 0 50000 100000 150000 200000 250000

VLCC & Suezmax Freight rates from 2004

Average VLCC c. 2000-built Earnings $/Day Average Suezmax c. 2000-built Earnings $/Day Average VLCC c. 2010-built Earnings $/Day Average Suezmax c. 2010-built Earnings $/Day

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What does it all mean? Sustained growth for large tankers to 2020 Demand Vessel Supply Supply of Oil Likely demand for 30-40 VLCCs pa to 2020 Supply capped at 50 VLCC pa; likely to be 30 pa to 2020 Likely to drive additional tonnage requirement 2015/16

• Lack of global production disruption and USA shale response to lower prices driving record output

• Atlantic Basin flows from Latam, Russia, West Africa – all

heading East – positive for ton miles

• More Oil = More cargoes

• IEA forecasts 1.6m bpd 2015 & 2016

• 1m bpd currently equates to demand for around 30-40 VLCCs depending on trade route

• China, India economic & Middle East/Asia refinery build out underpin growth outlook

Lower Oil price has stimulated demand YTD

• Order book has grown YTD but remains manageable given medium-term growth outlook

• Financing of fleet expansion challenged post financial crisis reducing potential order flow

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Fixed / Spot Exposure (Jan 2015)

Fixed / Spot Exposure (Year end 2008)

18%

82%

 Chartering strategy seeks to maximize returns through optimal mix of spot and fixed charters

 Deliberately positioned itself toward more spot exposure at this stage of the cycle

 Look to maximize earnings through combining high-quality assets and directly employed crews in

storage opportunities for both short term and long-term (FSO) contracts

Chartering strategy successful now and in past - upside leverage

Chartering strategy allows Euronav to capitalize on increasing rate environment 17%

83%

Fixed

Spot

Fixed / Spot Exposure (Year end 2004)

57%

43% 25%

75%

Fixed / Spot Exposure (Aug 2015)

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Maximizing value through size – Tankers International Pool

 Only owners pool for VLCCs – a cost center

 No value leakage; no commissions

 Leading spot market oriented VLCC pool in which ship owners with vessels of similar sizes and quality participate

 Innovation platform (VL Database, TI Pool App)

Overview of the Tankers International Pool Fragmented Global VLCC Fleet – Top 10 owners

VLCC Chartering undertaking leadership role

60

20

40

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FSO – Offshore market – Opportunistic capability

Floating storage and offloading units (“FSOs”) market overview

 In 2008, Euronav undertook conversions of 2 ULCC into the largest 2 FSOs in the world

 Fixed income service contract in Qatar delivering $52mm EBITDA annually until 2017

 Vessel Life expectancy extended to 2032; contract in place to 2017 – tender for field operation just released

 Potential for contract extension given 100% uptime under Euronav stewardship

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Potential disruptive factors

China - slowdown

Slowdown is relative – base effect on absolute numbers is key

Strategic crude stockpile to grow 2015/2016

Refinery plans in China well advanced & teapot reforms started

Iran

Slow steaming (hidden capacity)

Yard Capacity

Oil price increase

Part of fleet been trading with Far East during sanctions period

Production ramp up uncertain but more supply could hit oil price

Overall impact limited - insurance of Iranian vessels unclear

Recent speeding up partially responsible for market softness

Ballast legs seen most increase

Short term issue of congestion partially offset impact

Limited amount of yards building VLCC (11) /Suezmax (15-20)

Financing landscape has changed post financial crisis

OPEC production cut could drive oil price higher

Shale production stable above $40 per barrel

Instability in specific oil producing states cuts output

Other

Worldwide shale development – unlikely outside of USA

OPEC output cut / Middle East reduce exports

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Current trading - What happened in August?

June & July - exceptionally strong – more so than usual

Speeding up – some speeding up to meet cargoes given cheap bunkers

Owners – little/no negotiation or analysis during month

Spot activity reduced – charterers took more vessels on TC to use on own programmes

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Euronav – largest, independent crude tanker company in the world

 BALANCE SHEET

 strengthened and simplified with over $3bn modern fleet; leverage sub 50%*

 CYCLE

 Euronav well placed with over 75% spot exposure & strong management team

 LIQUIDITY

 long term strategic goal achieved – number of shares trading > $20m p/day

 RETURN TO SHAREHOLDERS

 Return at least 80% of net income each fiscal year

 CURRENT TRADING

 1H 2015 –EBITDA $273.6m Net Income $ 173.3m (1H: dividend 87c per share)

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Appendix - VLCC order book today & recent progression

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Appendix - Suezmax order book today & recent progression

References

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