Q2 FY2011 Results Presentation

Transcription

1 A Structured Ship Finance Provider Q2 FY2011 Results Presentation g l o b a l p a r t n e r f o r p r e m i u m o p e r a t o r s 1

2 Important Notice This presentation has been prepared by PST Management ( PSTM ) as TrusteeManager of Pacific Shipping Trust ( PST ) for the exclusive use of the party to whom PSTM delivers this presentation to, comparing of results six months ended 30 June This shall be read in conjunction with PST s financial results for the first half ended 30 June 2011 in the SGXNet announcement. This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. The value of the units in PST (the Units ) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by PSTM. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the TrusteeManager redeem their Units while the Units are listed. Unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (the SGXST ). The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither PSTM or any of its respective affiliates, advisers or representative shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. This presentation may contain forwardlooking statements and illustrations that involve risks, uncertainties and other factors. Actual future performance, outcomes and results may differ materially from those expressed in forwardlooking statements and illustrations as a result of a number of risks, uncertainties and assumptions. Such forwardlooking statements are based on numerous assumptions regarding PST s present and future business strategies and the environment in which PST will operate in the future, and must be read together with such assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition, shifts in levels of expected income and expenses, changes in operating expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of PST. Past performance is not necessarily indicative of future performance. The future financial performance of PST is not guaranteed. You are cautioned not to place undue reliance on these forwardlooking statements, which are based on the TrusteeManager's current view of future events. PSTM specifically prohibits redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect. This material must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of PSTM. 2

3 1 overview 2 financial highlights 3 business updates 4 appendices 3

4 Pacific Shipping Trust Description: Listed on the Singapore Exchange since 26 May 2006 Sponsor: TrusteeManager: Key Unitholders: Pacific International Lines () PST Management Pte Ltd, DBS Group, PSA Corporation, Khoo Teck Puat Foundation Board of Directors: Business Model: A structured ship finance company and a value investment vehicle offering investors stable DPU growth through income from longterm charters, sale & leaseback of vessels Fleet: 21 Vessels (12 Containerships, 7 Bulk Carriers and 2 MultiPurpose Vessels) (1) Charterers (2) : Average age of 21 vessels:, AV, Jiangsu Shagang, Cosco Xiamen, Hyundai Glovis Approximately 5 years Contracted charter income: Approximately US$750 Million with charters extending to 2023 Distribution Policy: Subject to review by the Board and may be adjusted from time to time depending on prevailing market conditions. Notes: (1) 12 Containerships in operation, two 180,000 DWT Capesize Bulk Carriers on order and expected to be completed and delivered in September 2011, two 24,000 DWT Multi Purpose Vessels on order and expected to be completed and delivered in September and December 2012, and five 57,000 DWT Supramax Bulk Carriers on order and expected to be completed and delivered between October 2012 and April (2) Pacific International Lines (Private) Limited ( ), Compania Sud Americana de Vapores S.A. ( AV ), Jiangsu Shagang Group Co., Ltd. ( Jiangsu Shagang ) or its nominee, Xiamen Ocean Shipping Company ( Cosco Xiamen ), and Hyundai Glovis Co. Ltd. ( Hyundai Glovis ). 4

5 Q2 fy2011 highlights 5

6 Financial Highlights Q2 FY2011 Revenue Profit After Tax Distributable Income Q2 FY2011 (USD Million) Income Distributed 4.8 DPU (US Cent) (1) Q2 FY2010 (USD Million) 39% YoY Chg % Quarterly Gross Revenue (USD million) Quarterly Distributable Income (USD Million) income retention (2) Q10 3Q10 4Q10 1Q11 2Q11 0 2Q10 3Q10 4Q10 1Q11 2Q11 (1) The distribution policy of PST is subject to review by the Board and may be adjusted from time to time depending on commercial considerations and prevailing market conditions. (2) This relates to the portion of PST s income (Distributable Amount and interest income) that is to be retained for future working capital purposes. PST continues to deliver a healthy and stable performance 6

7 business updates 7

8 2 x Capesize Bulk Carriers on Schedule for Delivery M/V Shagang Hongfa and M/V Shagang Hongchang are on schedule to be delivered in 3Q11 and to be chartered to Jiangsu Shagang for 10 years. 8

9 First Deliveries of the New Acquisitions M/V SHAGANG HONGFA & M/V SHAGANG HONGCHANG 10 Years PST s two new Capesize Bulk Carriers are on schedule to be delivered in 3Q11 US$ 196 million contracted charter income from these two Capesize Bulk Carriers Contracted Income (US$M) 100 Longterm timecharters with Shagang China s largest private steel enterprise Income increase from 3Q11 FY2010 FY2011 FY2012 Existing Fleet SHAGANG 9

10 Longterm charter revenue up to FY2023 Contracted Revenue (USD Millions) PST s proactive management of charter revenue FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Existing Fleet Shagang vessels Cosco Xiamen vessels Glovis vessels With longterm charters stretching into FY2023, PST will enjoy future contracted revenue of approx. US$750 million. 10

11 Prudent LongTerm Liability and Risk Management Liability Management Debt Profile Illustration (1) Income to be distributed 31% Net Retained income 12% Expenses 29% Principal repayment 28% debt equity 100% 45% 79% NAV Preservation 30% Source: Based on Q2 FY2011 Results (1) From start 2011 till end 2016, when existing charters expire. Based on current operating fleet excluding the newbuild vessels PST continues to pay down debt, reducing the trust s liabilities and preserving Net Asset Value. 11

12 Outlook PST continues to evaluate potential acquisitions that meet our investment criteria which add value to our unitholders. The current overcapacity situation in the container shipping and dry bulk sectors is putting downward pressure on freight rates and charter rates. PST will not be affected to the extent that our charterers are able to perform according to their charter obligations regardless of the market conditions. 12

13 appendix : portfolio 13

14 PST Portfolio Name of Vessel ANGGERIK ANGGUN ARIF AZAM KADO KAYA RANCAK RAJIN Year Built Gross Tonnage 17,652 17,652 17,652 17,652 31,070 31,070 9,678 9,678 Net Tonnage 8,156 8,156 8,156 8,156 15,648 15,648 4,558 4,558 Speed (knots) Classification (1) NKK NKK NKK NKK Vessel Type (2) Construction Dockyard (3) SKDC SKDC SKDC SKDC SKDC SKDC SKDC SKDC Capacity Cargo Gear (4) Charterer (5) x 40mt x 40mt x 40mt x 40mt 3081 GL 3081 GL 943 GL 943 GL Charter Type (6) Charter Period (yrs) Notes: 1. Classification Societies: Lloyd s Register ( ) and Nippon Kaiji Kyokai ( NKK ) 2. Vessel Type: Containership ( ) and Bulk Carrier ( BC ) 3. Construction Dockyard: Shin Kurushima Dockyard Co. Ltd, Japan ( SKDC ), Dalian Shipbuilding Industry Co. Ltd., China ( DSIC ) and Hyundai Heavy Industries Co., Ltd., Korea ( HHI ) 4. Cargo Gear: Geared or Gearless ( GL ) 5. Charterers: Pacific International Lines (Private) Limited ( ), Compania Sud Americana de Vapores S.A. ( AV ) and Jiangsu Shagang Group Co., Ltd. ( Shagang ) or its nominee. 6. Charter Type: Bareboat Charter ( ) and Timecharter ( ) 14

15 PST Portfolio (Cont d) Name of Vessel Year Built Gross Tonnage Net Tonnage SHAGANG HONGCHANG Speed (knots) Classification (1) NKK NKK Vessel Type (2) BC BC MPP MPP Construction Dockyard (3) NABIL ,902 9,119 DSIC NAGA ,902 9,121 DSIC AV LAJA ,906 24,504 DSIC AV LAUCA ,906 24,504 DSIC SHAGANG HONGFA ,200 60,000 HHI ,200 60,000 HHI COSCO XIAMEN MC DSIC COSCO XIAMEN MC DSIC Capacity K DWT 180K DWT 24K DWT Tween Deck 24K DWT Tween Deck Cargo Gear (4) 2 x 40mt 2 x 40mt GL GL GL GL 1 x 60mt + 2 x 100mt 1 x 60mt + 2 x 100mt Charterer (5) AV AV SHAGANG SHAGANG COSCO XIAMEN COSCO XIAMEN Charter Type (6) Charter Period (yrs) (7) 10 (7) Notes: 1. Classification Societies: Lloyd s Register ( ) and Nippon Kaiji Kyokai ( NKK ) 2. Vessel Type: Containership ( ), Bulk Carrier ( BC ) and MultiPurpose Vessel ( MPP ) 3. Construction Dockyard: Shin Kurushima Dockyard Co. Ltd, Japan ( SKDC ), Dalian Shipbuilding Industry Co. Ltd., China ( DSIC ) and Hyundai Heavy Industries Co., Ltd., Korea ( HHI ) 4. Cargo Gear: Geared or Gearless ( GL ) 5. Charterers: Pacific International Lines (Private) Limited ( ), Compania Sud Americana de Vapores S.A. ( AV ) and Jiangsu Shagang Group Co., Ltd. ( Shagang ) or its nominee. 6. Charter Type: Bareboat Charter ( ) and Timecharter ( ) 7. Initial period of 58 months commencing upon delivery of each New Vessel, with an option to renew by Cosco Xiamen for an additional period of 62 months 15

16 PST Portfolio (Cont d) Name of Vessel NB0031 NB0032 NB0033 NB0034 NB0035 Year Built Gross Tonnage Net Tonnage Speed (knots) Classification (1) Vessel Type (2) BC BC BC BC BC Construction Dockyard (3) XGSIC XGSIC XGSIC XGSIC XGSIC Capacity 57K DWT 57K DWT 57K DWT 57K DWT 57K DWT Cargo Gear (4) 4 x 35t 4 x 35t 4 x 35t 4 x 35t 4 x 35t Charterer (5) Charter Type (6) Charter Period (yrs) Notes: 1. Classification Societies: Lloyd s Register ( ) 2. Vessel Type: Bulk Carrier ( BC ) 3. Construction Dockyard: Tianjin Xingang Shipbuilding Industry Co. Ltd., China ( XGSIC ) 4. Cargo Gear: Geared or Gearless ( GL ) 5. Charterers: Hyundai Glovis Co., Ltd ( Glovis ) 6. Charter Type: Timecharter ( ) 16

17 Contact Information About Pacific Shipping Trust Pacific Shipping Trust is the first business trust listed on the SGXST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through longterm charters. By acquiring vessels and leasing them to reputable charterers on longterm bareboat or time charters, PST seeks to generate a steady stream of highyielding income for its Unitholders. The trusteemanager of PST is PST Management Pte. Ltd., a whollyowned subsidiary of Pacific International Lines (Private) Limited, one of the largest private shipowner and operator in South East Asia. PST Management Pte. Ltd. As TrusteeManager of Pacific Shipping Trust 140 Cecil Street #0701 Building Singapore Tel ir@pstmanagement.com Contact. Seth Goh 17