The World s Largest Buyer of Ships and Offshore Assets

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1 The World s Largest Buyer of Ships and Offshore Assets 9 th Annual Marine Money London Ship Finance Forum, 24 January 218 Evan F. Sproviero, Head of Projects, GMS 1

2 A. Recycling Prices and Residual Values B. Volumes Recycled C. Regulations Affecting the Market 2

3 Items to Consider: 1. Why has understanding Residual Values become important to Shipowners and Capital Providers? 2. Residual Values = Recycling Value? 3. How can we calculate Residual Values? 4. When should we start thinking of Residual Values? 5. Is their a way to monetize Residual Values TODAY? 3

4 Recent trends in the past few years and the growing importance of residual values: 1. Shorter Life Expectancy of Ships 2. Poor Freight Rates 3. Oversupply of Vessels 4. Lack of Debt Financing Consequently, A. Shortage of trading buyers B. Catastrophic drop in asset values (often recycling prices are equal to or at times greater than 2nd hand prices) 4

5 Average age for Recycling Tanker Dry Bulk Container Data Source: Clarksons Database 5

6 Earnings /1/16 1/3/16 1/5/16 1/7/16 1/9/16 1/11/16 1/1/17 1/3/17 1/5/17 1/7/17 1/9/17 1/11/17 Average VLCC c. 21-built Earnings Average Capesize c. 21-built Earnings Average Aframax c. 21-built Earnings Clarksons Average Containership Earnings Data Source: Clarksons Database 6

7 Current Fleet Average Age Jan 217-Jan 218-jan. Bulk Carriers Tankers Containerships Bulk Carrier Containerships Tankers 216-Jan 217-Jan 218-Jan Percentage Change Tankers : 5.6% for 217 and 4.7% for 218 Data Source: Clarksons Database 7

8 8

9 The Hammonia Grenada (built 21) was sold for recycling at an estimated $5.5m earlier in 217. More than 12 vessels (8 of them are containerships) built after 24 were been sold for recycling in

10 1. Supply & Demand 1. Supply is affected largely by earnings 2. Demand is heavily influenced by many factors including steel prices and supply of vessels for sale in the market 2. Prices of Commodities 1. Domestic steel prices (recycling, ship plate) 2. International Finished steel (rebar, billets, etc) 3. Currency exchange rates 4. International and Domestic Regulations 5. Recycling & Trading Opportunities 1. Vessel condition [recycling (own power/under tow), or some trading potential] 2. Freight rate 6. Speculation 1

11 Speculation at high levels! Source: Lloyd s List 11

12 BDA B/C SUBCON BDA B/C SUBCON Percentage Change Data Source: Baltic Exchange 12

13 Volatility in Residual Values presents significant risks and opportunities - 6 well maintained Panamaxes built between 29 and 211 at a total cost of $6-65m - Today s recycling price = USD 54M (approx.) - VesselsValue valued RMT s entire fleet (14 with an average age of 9.5 years ) at $89m, - Today s recycling price more than USD 115M (approx.) 13

14 Value of KOHYOHSAN (in million USD) Kohyohsan, built 21, Capesize bulker carrier, was sold at approx. $ 5.2m for further trading on 16 th Feb 216. Source: Seaweb, Clarkson s Database 2 Sale Done on Feb 216 Scrap Value on Feb 216 Scrap Value Today (Estimated) FMV Today 14

15 Current Demo Prices ($ per LT) Tankers: $45/ Long Ton VLCC= $19mn+/- Bulkers: $44/ Long Ton Cape= $1mn+/- Containers: $46/ Long Ton Pmax= $9.2mn+/- 15

16 16

17 Dry Bulk Container Tanker Offshore New Building 47.23m DWT (564 VSLS) 38.17m DWT (454 VSLS) 94,85 TEU (131 VSLS) 1,147,24 TEU (148 VSLS) 33.3m DWT (429 VSLS) 46.9m DWT (454 VSLS) 2.7m DWT (34VSLS) 686k DWT (156VSLS) m DWT (375 VSLS) 14.53m DWT (215 VSLS) 654,411 TEU (194 VSLS) 397,9 TEU (141 VSLS) 1.6m DWT (54 VSLS) 12.99m DWT (136 VSLS) 2.9m DWT (193 VSLS) 2.6m DWT (128 VSLS) Expectation 13m DWT Expectation Expectation Expectation 3, TEU 16m DWT 2m DWT Data Source: Clarksons Database 17

18 Tanker Recycling in DWT Tanker Recycling in Number of Vessels 4,5, 4,, 3,5, 3,88,77 3,518, ,, 25 2,5, 2,, 1,949, ,5, 1,, 5, 1,291,69 1,67, ,44 578, , , , ,849 VLCC Suezmax Recycling Aframax Recycling Handysize Recycling VLCC Suezmax Aframax Handysize Data Source: Clarksons Database 18

19 Tankers sent for recycling have reached a three year high on the back of a combination of low freight rates and high demo prices. Over the last 12 months, the recycling value of an average VLCC had risen by 4%, from $12m ($3/ldt) to $16.8m ($42/ldt). However, it still pales in comparison to delivery volumes. More tankers need to be recycled. Source: TradeWinds 19

20 18,, Bulker Recycling in DWT 18 Bulker Recycling in Number of Vessels 16,, 16 14,, 14 12,, 12 1,, 1 8,, 8 6,, 6 4,, 4 2,, 2 Capesize Panamax Handymax Handysize ,438,232 6,874,56 3,144,582 5,221, ,335,427 8,353,43 4,311,759 3,247, ,376,585 3,529,53 3,43,161 1,578, Capesize Panamax Handymax Handysize Data Source: Clarksons Database 2

21 Containership Recycling in TEU Containership Recycling in Number of Vessels 45, 1 4, 9 35, 3, 25, 2, 15, 1, , Feeder 1-2,999 TEU TEU 91,66 162, ,361 Intermediate 3,-5,999 TEU TEU 11, , ,458 Intermediate 6,-7,999 TEU TEU 64,78 19,84 Neo/Post-Panamax 8,+ TEU TEU Feeder 1-2,999 TEU Intermediate 3,-5,999 TEU Intermediate 6,-7,999 TEU 1 3 Neo/Post-Panamax 8,+ TEU Feeder 1-2,999 TEU TEU Intermediate 3,-5,999 TEU TEU Feeder 1-2,999 TEU Intermediate 3,-5,999 TEU Intermediate 6,-7,999 TEU TEU Neo/Post-Panamax 8,+ TEU TEU Intermediate 6,-7,999 TEU Neo/Post-Panamax 8,+ TEU Data Source: Clarksons Database 21

22 1,6 Recycling by Country Number of Units 1,4 1,2 33 1, Bangladesh India Pakistan PRC Other 22

23 23

24 Old vessels for which, upgrade is not cost-effective, will be recycled Ballast Water / Emissions EU Waste shipment Regulation EU flag ships to be recycled in EU approved facilities If a ship, regardless of flag, departs an EU port for recycling, it is obliged to be recycled in an OECD based yard with BASEL to apply Indian yards have applied to EU for approval. Hong Kong Convention Certified yards SOC yards IHM, SRP, FMP, Auditing and Reporting 57 yards in Alang are SOC with HKC certified, and 9 are in progress (updated on 12 Jan, 218) More than 55% of the recycling yards in Alang are already or working towards SOC with HKC. In October, 217, the PHP shipbreaking yard received a Statement of Compliance under the Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships from the classification society RINA. 24

25 25

26 1. Residual Values (recycling related) have become important to Shipowners and Capital Providers 2. Residual Values often equal Recycling Values with few exceptions 3. Given the markets over the last few years, residual value / recycling pricing should be considered from newbuilding delivery 4. Recycling Volumes are high but there is capacity to expand / recycle more tonnage (NB deliveries still far outpacing recycling) 5. Regulations will play an even larger role in the future of recycling but it is important for owners to properly understand the facts about the recycling market and efforts being undertaken to offer RSR options 6. Is there a way to monetize Residual Values TODAY? 1. Yes. Please contact us or visit our website: or download our app from the App store / Google Play 26

27 27

28 Established in USA in Largest Buyer of Vessels & Offshore Assets! In last few years, principals of GMS have delivered about 1/3 of the world s fleet sold for recycling (excluding Chinese subsidized tonnage). World's FIRST ISO 91:2 certified Buyer. GMS has negotiated (about): 3,3 ships and Offshore Assets; 1,, DWT; 3 vessels/offshore assets in a single year (212) One of the BIGGEST deals in the history of recycling With multiple offices across the world including: U.S.A., Germany, Greece, U.A.E., Singapore, China, Korea, Japan and exclusive rep offices in India, Bangladesh, Pakistan and Turkey. This allows us to deliver 24/7 local service to global shipping clients. Financial and Management capability to: Buy fleets on simple CASH "as is where is terms. Take forward positions Structure Deals 28

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