Company Presentation September 2017
|
|
- Edwin Richards
- 5 years ago
- Views:
Transcription
1 Company Presentation September 2017
2 Safe Harbor Statement This document may contain forward-looking statements that reflects management s expectations for the future. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. 2
3 Investment Highlights Youngest ECO dry bulk fleet Fleet has an average of 1.66 years Industry leading balance sheet Strong cash position, $149.3 m as of Q2-17 Low financial leverage First dry bulk company to reinstate full amortization Compliant with future regulatory requirements Restriction on payments of dividends lifted No unattractive legacy terms and conditions on financing 52 out of 52 vessels fitted with ballast water treatment systems Fuel efficient vessels suitable for new low sulfur fuel regulation Favorable supply dynamics Lowest orderbook as a % of fleet since 2002 Limited newbuilding orders & continued scrapping of older tonnage Positive demand outlook Dry bulk seaborne demand expected to grow 3.4% in 2017 Positive rate environment Six sequential quarters increase in reported TCE earnings 3
4 Company Overview Key Facts Fleet Profile Scorpio Bulkers Inc. ( Scorpio or the Company ) owns and operates dry bulk vessels Founded in March 2013 by the senior management team of the Scorpio Group Company currently owns 52 dry bulk Eco vessels and time charters in two vessels NYSE-compliant governance and transparency, listed under the ticker SALT Headquartered in Monaco, incorporated in the Marshall Islands and is not subject to US income tax Scorpio has access to Scorpio Group s customer and supplier relationships as well as technical and commercial management Scorpio s strategy is to: Owned TC/BB Chartered-In Ultramax Kamsarmax Scorpio Average Age vs. Worldwide Fleet Scorpio Bulkers Active Fleet Own and operate the latest generation of fuel efficient dry bulk vessels built at quality shipyards Operate vessels in the spot market through the Scorpio Ultramax and Scorpio Kamsarmax pools Maintain a strong balance sheet in the current difficult operating environment Handymax Panamax 4
5 Company Profile Current Shareholders Market Cap ($m) # Holder Ownership 1 Scorpio Services Holding Limited 17.9% 2 Grm Investments Ltd 17.0% 3 Evermore Global Advisors, LLC 8.4% 4 Raging Capital Management, LLC 5.5% 5 BlackRock Fund Advisors 3.2% 6 Q Investments 2.1% 7 Anchorage Capital Group, LLC 1.7% 8 Impala Asset Management, LLC 1.7% 9 Warlander Asset Management, LP 1.6% 10 Royce & Associates, LP 1.3% $1,000 $800 $600 $400 $200 $0 Golden Ocean Star Bulk Scorpio Bulkers Genco Eagle Bulk Diana Navios Partners Stock and Bond Price Performance Trading Liquidity ($m/day) Share Price (LHS) Senior Notes (RHS) $8 $10 $26 $9 $8 $25 $24 $6 $7 $6 $5 $23 $22 $4 $4 $21 $2 $3 $20 $2 $19 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 $0 Star Bulk Scorpio Bulkers Golden Ocean Diana Eagle Bulk Navios Partners Genco Source: Fearnley Securities September 25th,
6 Quarterly Time Charter Rates Six sequential increases in reported TCE earnings for Ultramax and Kamsarmax vessels supports continued market recovery $10,000 $9,000 $8,000 $7,000 February 10, 2016 BDI hits 40 year low $7,083 $6,349 $7,401 $7,238 $8,230 $9,164 $8,360 $9,273 $9,005 $8,749 $6,000 $5,335 $5,263 $5,000 $4,000 $3,462 $3,331 $3,000 $2,000 $1,000 $0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17* Ultramax Kamsarmax * Projections based on 56% and 50% of the days for the Ultramax fleet and Kamsarmax fleet, respectively as of July 24 th
7 Financial Snapshot Revenue EBITDA $40 $35 $34.7 $37.7 $15 $10 $7.0 $10.9 $30 $25 $20 $15 $10 $5 $10.2 $17.4 $23.9 $26.8 $5 $0 -$5 -$10 -$15 -$20 -$25 -$17.0 -$5.8 -$1.3 $0.9 $0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 -$30 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Operating Cash Flow EBIT $5 $2.5 $0 $0 -$5 -$10 -$15 -$20 -$25 -$18.1 -$4.5 -$2.1 -$1.7 -$5 -$10 -$15 -$20 -$25 -$19.2 -$16.2 -$14.1 -$8.5 -$4.7 -$30 -$27.5 -$30 -$28.8 -$35 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 -$35 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Figures in $USD millions. 7
8 Financial Performance P&L FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Revenues EBITDA (23.1) (17.0) (5.8) (1.3) EBIT (78.3) (28.8) (19.2) (16.2) (14.1) (8.5) (4.7) Net Income (99.9) (33.4) (24.7) (21.3) (20.6) (16.4) (13.4) Balance Sheet FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Total Assets 1, , , , , , ,532.2 PP&E 1, , , , , , ,352.5 Cash Equity Debt Cash Flow FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Cash from operations (52.2) (27.5) (18.1) (4.5) (2.1) (1.7) 2.5 Cash from investing (235.4) 22.6 (23.0) (128.5) (106.4) (22.4) (1.5) Cash from financing (23.1) Figures in $USD millions. 8
9 Market Update 9
10 Million Tonnes Dry Bulk Seaborne Demand Iron Ore Coal Grains Minor Bulks Total Dry Bulk CAGR 6.5% 4.9% 6.0% 3.9% 5.0% Iron Ore Coal Grain Minor Bulk 5,000 4,000 3,844 4,080 4,342 4,588 4,829 4,833 4,895 5,074 3,429 3,000 2,000 1,000 - Source: Clarksons Research Services, September (f) 10
11 Cargo Carriage - 1H 2017 Ultramax Cargo Breakdown Kamsarmax Cargo Breakdown Argribulks, 4.1% Others, 1.4% Iron Ore, 5.2% Iron Ore, 8.2% Metals & Minerals, 7.8% Metals & Minerals, 27.4% Forest Products, 12.3% Steel Products, 13.0% Coal, 55.8% Grain, 13.7% Coal, 19.2% Grain, 18.2% Steel Products, 13.7% 11
12 New Sulfur Emission Regulations from 2020 Scrubbers can cost $3-$10 million to install depending on the size of the ship (1) Modern fuel efficient ships have a competitive advantage over older tonnage through lower fuel consumption ECO Ships make a difference. Increase in scrapping expected as the cost to equip older tonnage with scrubbers can exceed the scrap value of the vessel and Historical FO & MGO Prices ($/MT) (1) $1,200 $1,000 $800 $600 $400 $200 $0 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Rotterdam Singapore Houston Source: Clarksons Research Services/Ocean Connect September,
13 Ballast Water Treatment Regulations 52 out of 52 of SALT s vessels are fitted with BWTS BWTS are expected to cost $500,000 to $1.5 million and depends on the type and size of vessel Retrofits on older, existing ships, can be more challenging and expensive as they were designed without the space in the engine room to fit BWTS (see how large these BWTS are) Will be substantial push factor encouraging scrapping of older vessels BWTS Filtering Unit BWTS Piping in Engine Room 13
14 (Million DWT) Fleet Age Profile & Scrapping 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Fleet Age Profile % 5% 6% 4% 12% 7% 12% 12% 12% 8% 14% 9% 46% 38% 34% 40% 32% 35% 37% 30% Capesize Panamax Handymax Handysize Fleet Scrapping Scrap Price ($/ldt) Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Scrapping Avg Age Handymax Panamax Source: Clarksons Research Services, September YTD 14
15 Time Charter Rates Historical Data Class Week of Sep. 22 Avg Max Min YTD YoY Since Feb-16 Ultramax $11,000 $11,813 $24,375 $4, % 44.9% 105.1% Kamsarmax $13,500 $12,875 $29,625 $5, % 82.5% 123.0% BDI 1,433 1,408 3, % 61.4% 272.1% Historical 1 Yr TC Rates 1 yr TC Rates (Last 12 months) $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 1,400 1,300 1,200 1,100 1, Kamsarmax Ultramax Kamsarmax Ultramax BDI Source: Clarksons Research Services, September
16 DWT (Millions) (Million DWT) Favorable Supply Dynamics Fleet Development Before Scrapping (1) Newbuilding Deliveries Per Year (2) 120 1,000 Capesize Panamax Handymax Handysize Capesize Panamax Handymax Handysize * 2018* 2019* Current (1)Does not assume slippage or scrapping (2) Assumes newbuildings deliver as scheduled, Source: Clarksons Research Services, September
17 Asset Values In the last 12 months asset values have: Newbuild & Resale Asset Values Increased 23.3% and 16.3% for ultramax and kamsarmax resales, respectively. $30 $28 Increased 22.6% and 32.1% for ultramax and panamax 5 year old vessels, respectively. Increased 3.4% and 1.0% for ultramax and kamsarmax newbuildings, respectively. Resale values now exceed newbuilding values supporting expectations for continued market recovery $26 $24 $22 $20 $18 Ultramax NB Kamsarmax NB Ultramax Resale Kamsarmax Resale Historical Asset Values Five Year Old Asset Values $60 $50 $40 $30 $20 $10 $0 $22 $20 $18 $16 $14 $12 $10 Ultramax NB Kamsarmax NB Panamax NB Figures in million US$, Source: Clarksons Research Services, September 2017 Ultramax 5 yr Kamsarmax 5 yr Panamax 5 yr 17
18 Aug-00 Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug YTD (Million DWT) Low Orderbook & Limited Ordering Orderbook as % of the fleet is 7.62%, the lowest since April 2002 Newbuilding orders through August is 12.2m DWT, 74% below the 20 year avg of 47.0m DWT Lowest Orderbook as % of Fleet Since 2002 Newbuilding Orders 90% % % % % % % % 7.62% % % 0 Source: Clarksons Research Services, September
19 Ton Mile Demand Continues to Grow Total Dry Bulk Coal 30,000 25,000 20,000 18,618 21,069 22,374 23,780 24,945 26,371 26,613 27,212 28,241 6,000 5,000 4,000 3,446 4,052 4,322 4,844 5,048 5,240 4,977 4,965 5,188 15,000 3,000 10,000 2,000 5,000 1, (f) (f) Grain Iron Ore 4,000 3,500 3,000 2,500 2,000 1,500 2,221 2,460 2,404 2,594 2,794 3,002 3,304 3,403 3,642 9,000 8,000 7,000 6,000 5,000 4,000 3,000 5,365 5,852 6,336 6,718 6,931 7,536 7,579 7,854 8,230 1,000 2, , (f) Figures in Ton Miles (Billions), Source: Clarksons Research Services, September (f) 19
20 Appendix 20
21 Overview of Dry Bulk Segments Vessel type DWT Cargo carried Handysize 10,000 40,000 Steel/fertilizers/forest/grains/soybeans/ alumina/coal/other minor bulks Handymax/Supramax 40,000 60,000 Steel/fertilizers/forest/grains/soybeans/ alumina/coal/other minor bulks Panamax/Kamsarmax 60,000 80,000 Coal/grains/soybeans/bauxite Post-Panamax 80, ,000 Coal/iron ore Capesize 110, ,000 Iron ore/coal VLOC Over 200,000 Iron ore/coal 21
22 Overview of Dry Bulk Commodity Cargoes Breakdown of Major Bulks Breakdown of Drybulk Cargoes Iron ore: primary ingredient in the production of steel, along with limestone & coking coal and is the largest single commodity shipped on dry bulk vessels. Minor Bulks, 37% Iron Ore, 29% Coal: seaborne coal trade is comprised of two different types of coal; steam coal (which is used for electricity generation and industrial uses), and coking coal (which is the key ingredient for steel making). Grains: consists primarily of wheat, coarse grains (such as corn, barley, oats, and rye) and soya bean/meal. Minor bulks: include several other dry bulk goods such as phosphate rock, fertilizers, bauxite, steel products, forest products, nickel, ore, sugar, salt, and others. Grains, 10% Breakdown of Minor Bulks Manufactures 40% Coal, 23% Total Sugar 3% Total Agribulks 9% Metals and Minerals 40% Fertiliser 8% Source: Clarksons Shipping Intelligence, September
23 Fleet List Owned Vessels # Name Year Yard Type # Name Year Yard Type 1 SBI Athena 2015 Chengxi Ultramax 27 SBI Samson 2017 Chengxi Ultramax 2 SBI Bravo 2015 Nacks Ultramax 28 SBI Phoenix 2017 Chengxi Ultramax 3 SBI Antares 2015 Nacks Ultramax 29 SBI TBN Chengxi Ultramax 4 SBI Leo 2015 Dacks Ultramax 30 SBI TBN Chengxi Ultramax 5 SBI Echo 2015 Imabari Ultramax 31 SBI TBN Chengxi Ultramax 6 SBI Lyra 2015 Dacks Ultramax 32 SBI TBN Chengxi Ultramax 7 SBI Subaru 2015 Dacks Ultramax 33 SBI TBN Chengxi Ultramax 8 SBI Tango 2015 Imabari Ultramax 34 SBI TBN Chengxi Ultramax 9 SBI Maia 2015 Nacks Ultramax 35 SBI Samba 2015 Imabari Kamsarmax 10 SBI Hydra 2015 Nacks Ultramax 36 SBI Rumba 2015 Imabari Kamsarmax 11 SBI Pegasus 2015 Chengxi Ultramax 37 SBI Capoeira 2015 Hudong Kamsarmax 12 SBI Ursa 2015 Dacks Ultramax 38 SBI Electra 2015 Yangzijiang Kamsarmax 13 SBI Thalia 2015 Chengxi Ultramax 39 SBI Carioca 2015 Hudong Kamsarmax 14 SBI Cronos 2015 Imabari Ultramax 40 SBI Conga 2015 Hudong Kamsarmax 15 SBI Orion 2015 Chengxi Ultramax 41 SBI Flamenco 2015 Hudong Kamsarmax 16 SBI Achilles 2016 Imabari Ultramax 42 SBI Bolero 2015 Hudong Kamsarmax 17 SBI Hercules 2016 Chengxi Ultramax 43 SBI Sousta 2016 Yangzijiang Kamsarmax 18 SBI Perseus 2016 Chengxi Ultramax 44 SBI Rock 2016 Yangzijiang Kamsarmax 19 SBI Hermes 2016 Imabari Ultramax 45 SBI Lambada 2016 Hudong Kamsarmax 20 SBI Zeus 2016 Mitsui Ultramax 46 SBI Reggae 2016 Hudong Kamsarmax 21 SBI Hera 2016 Mitsui Ultramax 47 SBI Zumba 2016 Hudong Kamsarmax 22 SBI Hyperion 2016 Nacks Ultramax 48 SBI Macarena 2016 Hudong Kamsarmax 23 SBI Tethys 2016 Nacks Ultramax 49 SBI Parapara 2017 Hudong Kamsarmax 24 SBI Phoebe 2016 Chengxi Ultramax 50 SBI Mazurka 2017 Hudong Kamsarmax 25 SBI Poseidon 2016 Mitsui Ultramax 51 SBI Swing 2017 Hudong Kamsarmax 26 SBI Apollo 2016 Mitsui Ultramax 52 SBI Jive 2017 Hudong Kamsarmax 23
Company Presentation March 2018
Company Presentation March 2018 Company Overview Key Facts Fleet Profile Scorpio Bulkers Inc. ( Scorpio or the Company ) owns 56 (1) mid-size dry bulk Eco vessels with an average age of 2.1 years and time
More informationDisclaimer and Forward-looking Statements
SALT Company Presentation November 2018 Disclaimer and Forward-looking Statements This presentation includes forward-looking statements within the meaning of the safe harbor provisions of the United States
More informationGolden Ocean Group Limited Q results March 1, 2007
Golden Ocean Group Limited Q4 2006 results March 1, 2007 PROFIT & LOSS 2005 2006 (in thousands of $) 2006 2005 Oct-Dec Oct-Dec Jan - Dec Jan - Dec Operating Revenues 37 292 91 253 Time charter revenues
More informationGlobus Maritime Limited Trading Update and Financial Highlights for the Three Months and Nine Months Ended September 30, 2007.
Globus Maritime Limited Trading Update and Financial Highlights for the Three Months and Nine Months Ended September 30, 2007. Athens, Greece, November 15, 2007. Globus Maritime Limited (AIM: GLBS), a
More informationShip Scrapping - Market Pressures. IMSF Oslo Foteini Kanellopoulou, Senior Analyst 23 May 2012
Ship Scrapping - Market Pressures IMSF Oslo Foteini Kanellopoulou, Senior Analyst 23 May 212 Disclaimer The material and the information contained herein (together, the "Information") are provided by H.
More informationFinal Results 31 December 2013
Final Results 31 December 2013 Clarkson PLC 10 March 2014 www.clarksons.com Agenda Headline results Divisional performance Business Model & Strategy The market Outlook 10 March 2014 Final Results www.clarksons.com
More informationWeekly Dry Bulk Report
Week 46 -Shipbrokers and consultants since 1919- Weekly Dry Bulk Report Week 22 May 30th 2014 Capesize: Market continues to fall Panamax: BPI-TCA falling 9 per cent from last Friday CAPESIZE The Capesize
More informationWeekly Dry Bulk Report
Week 36 -Shipbrokers and consultants since 1919- Weekly Dry Bulk Report Week 22 May 3th 214 HIGHLIGHTS Capesize: Generally lower rates this week Supramax/Handymax: Continued improved market for both segments
More information8 th City of London Biennial Meeting November 2016 International Maritime Organisation (IMO), London
8 th City of London Biennial Meeting 17-18 November 2016 International Maritime Organisation (IMO), London Drybulk Shipping in 21 st Century by Hakki Deval (MSc STF 2001) 0 China joins WTO in December
More informationAmerican Airlines Group Inc.
American Airlines Group Inc. Deutsche Bank Leveraged Finance Conference October 4, 2017 Tom Weir Vice President, Treasurer Cautionary Statement Regarding Forward-Looking Statements and Information This
More information18th November 2013 GMS Ship Recycling Conference - Tokyo 1
18th November 2013 GMS Ship Recycling Conference - Tokyo 1 Agenda 1. Industry Facts 2. Ship recycling Boom and Corrections 3. Ship Recycling: Source of Recovery? 4. Changing Role of Cash Buyer 5. Closing
More informationCOSCO CORPORATION. (SINGAPORE) LTD FY2003 Full Year Results. Presentation
COSCO CORPORATION (SINGAPORE) LTD FY2003 Full Year Results Presentation 11 February 2004 1 Outline of Presentation 1. Background & Corporate Restructuring Exercise 2. Operations Review 3. Financial Review
More informationGerry Laderman SVP Finance, Procurement and Treasurer
Gerry Laderman SVP Finance, Procurement and Treasurer Safe Harbor Statement Certain statements included in this release are forward-looking and thus reflect our current expectations and beliefs with respect
More informationAmerican Airlines Group Reports December Traffic
NEWS RELEASE American Airlines Group Reports December Traffic 1/11/2017 FORT WORTH, Texas, Jan. 11, 2017 American Airlines Group (NASDAQ:AAL) today reported December and full year 2016 traffic results.
More informationInvestor Relations Update January 25, 2018
General Overview Investor Relations Update Accounting Changes On January 1, 2018, the company adopted two new Accounting Standard Updates: (ASUs): ASU 2014-9: Revenue from Contracts with Customers (the
More informationWeekly Dry Bulk Report
12 -Shipbrokers and consultants since 1919- ly Dry Bulk Report 22 May 3th 214 HIGHLIGHTS Capesize: Relatively flat in the Pacific Front haul, reasonably quiet Panamax: Firming rates for tonnage fixing
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2017
More informationDryShips Inc. 4 th Quarter Ended December 31, 2012 Earnings Presentation NASDAQ: DRYS
4 th Quarter Ended December 31, 2012 Earnings Presentation NASDAQ: DRYS March 7, 2013 Forward Looking Statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking
More informationTANKER MARKET CAN A MIRACLE HAPPEN?
TEN Ltd THE TANKER MARKET CAN A MIRACLE HAPPEN? Nikolas P. Tsakos President & CEO, TEN November 19 th, 2008 1 Tanker Freight Rates Remain Healthy Charterer discrimination against single hull tonnage on
More informationWeekly Dry Bulk Report
2-215 -Shipbrokers and consultants since 1919- ly Dry Bulk Report 22 May 3th 214 12 1 8 6 4 2 HIGHLIGHTS Capesize: Still quiet market Panamax: Continued slide in rates L&S INDEX OF DRY BULK STOCKS* Index
More informationCebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations. cebupacificair.com
Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations cebupacificair.com Disclaimer The information provided in this presentation is provided only for your reference. Such information has
More informationSKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
NEWS RELEASE For Further Information Contact: Investor Relations Telephone: (435) 634-3203 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: October 29, 2014 SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
More informationAmerican Airlines Group Inc.
American Airlines Group Inc. Bank of America Merrill Lynch 2018 Transportation Conference Derek Kerr Chief Financial Officer Cautionary Statement Regarding Forward-Looking Statements and Information This
More informationWeekly Dry Bulk Report
9 -Shipbrokers and consultants since 1919- ly Dry Bulk Report 22 May 3th 214 15 85 65 45 25 HIGHLIGHTS Capesize: Boost in fixtures for C5 towards the weekend Panamax: Pacific activity slowly increasing
More informationThis Week s Overview of Shipping Investments SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS
This Week s Overview of Shipping Investments SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS Week Ending: 1 st November 2013 (Week 44, Report No: 44/13) (Given in good faith but without guarantee)
More informationManagement Presentation. November 2011
Management Presentation November 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationManagement Presentation. March 2016
Management Presentation March 2016 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationMONTHLY MARKET OVERVIEW
MONTHLY MARKET OVERVIEW 1 st 31 st August 217 SUMMARY OF CONTENT Value analysis Second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis BULKER VALUES THROUGH AUGUST 217
More informationDry Bulk Market Weekly Highlights Week 17 - Dry Cargo Market Highlights for the period of 21-April-2011 until 28-April-2011
Dry Bulk Market ly Highlights 17 - Dry Cargo Market Highlights for the period of 21-April-211 until 28-April-211 17 28/4/211 Baltic Indices / Dry Bulk Spot Rates 16 21/4/211 ±% $/day $/day Point Diff 211
More informationAMERICAN AIRLINES GROUP REPORTS RECORD DECEMBER TRAFFIC RESULTS
Corporate Communications 817-967-1577 mediarelations@aa.com Investor Relations 817-931-3423 investor.relations@aa.com FOR RELEASE: Tuesday, AMERICAN AIRLINES GROUP REPORTS RECORD DECEMBER TRAFFIC RESULTS
More informationInvestor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE
Investor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE 1 Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements
More informationWeekly Dry Bulk Report
22 -Shipbrokers and consultants since 1919- ly Dry Bulk Report 22 May 3th 214 HIGHLIGHTS Capesize: A more active market throughout the week Panamax: Front haul market saw slightly more activity, not enough
More informationAMERICAN AIRLINES GROUP REPORTS DECEMBER TRAFFIC RESULTS
Corporate Communications 817-967-1577 mediarelations@aa.com Investor Relations 817-931-3423 investor.relations@aa.com FOR RELEASE: Monday, AMERICAN AIRLINES GROUP REPORTS DECEMBER TRAFFIC RESULTS FORT
More informationManagement Presentation. September 2011
Management Presentation September 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationAMERICAN AIRLINES GROUP REPORTS RECORD FEBRUARY TRAFFIC AND CAPACITY
Corporate Communications 817-967-1577 mediarelations@aa.com Investor Relations 817-931-3423 investor.relations@aa.com FOR RELEASE: Tuesday, AMERICAN AIRLINES GROUP REPORTS RECORD FEBRUARY TRAFFIC AND CAPACITY
More information26 October 2017 Icelandair Group Interim Report NET PROFIT USD 101 MILLION IN THIRD QUARTER
NET PROFIT USD 101 MILLION IN THIRD QUARTER Total income in Q3 up by 10% between years, to USD 536.0 million Passenger revenue higher than expected EBITDA unchanged year on year, at USD 161.1 million Passenger
More informationManagement Presentation. November 2018
Management Presentation November 2018 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationGRINDROD LIMITED AUDITED RESULTS AND DIVIDEND ANNOUNCEMENT for the year ended 31 December 2016
www.grindrod.com GRINDROD LIMITED AUDITED RESULTS AND DIVIDEND ANNOUNCEMENT for the year ended 31 December 2016 Wifi access guest@sun Presentation and Announcement download www.grindrod.com > Investor
More informationWeekly Dry Bulk Report
49 -Shipbrokers and consultants since 1919- ly Dry Bulk Report 22 May 3th 214 15 95 85 75 65 55 45 35 HIGHLIGHTS Capesize: BCI down 31% w-o-w Panamax: Slightly firming BPI L&S INDEX OF DRY BULK STOCKS*
More informationAlberto Calderon Group Executive and Chief Executive Aluminium, Nickel and Corporate Development
Port Hedland, Iron Ore, Australia Alberto Calderon Group Executive and Chief Executive Aluminium, Nickel and Corporate Development Economic and Social Outlook Conference 1 November 2012 Disclaimer Forward
More informationAir China Limited Annual Results. March Under IFRS
Air China Limited 21 Annual Results Under IFRS March 211 Agenda Part 1 Highlights Part 2 Business Overview Part 3 Financial Overview Part 4 Outlook 2 Part 1 Highlights Steady Economic Growth; Asia Pacific
More informationResults 2Q17. August 9, 2017
Results 2Q17 August 9, 2017 2Q17 Highlights Indicators 2Q17 Var. x 2Q16 ASK (BN) 10.4-3.0% Traffic (000) 7,261-1.3% RPK (BN) 8.1 +0.5% Load Factor 77.9% +2.7 p.p. Yield (R$ cents) 23.2 +4.8% Pax Revenue
More informationInvestor Relations Update October 25, 2018
General Overview Investor Relations Update Revenue The company expects its fourth quarter total revenue per available seat mile (TRASM) to be up approximately 1.5 to 3.5 percent year-over-year. Fuel Based
More informationTanker Market Outlook. 12th Mare Forum Ship Finance 2012 Foteini Kanellopoulou, Senior Analyst Amsterdam, 31 October 2012
Tanker Market Outlook 12th Mare Forum Ship Finance 212 Foteini Kanellopoulou, Senior Analyst Amsterdam, 31 October 212 Tanker Market Outlook 12th Mare Forum Ship Finance 212 Disclaimer The material and
More informationManagement Presentation. May 2013
Management Presentation May 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationABX. Holdings, Inc. BB&T Transportation Conference. February 2008
ABX Holdings, Inc. BB&T Transportation Conference February 2008 1 Safe Harbor Statement Except for historical information contained herein, the matters discussed in this presentation contain forward-looking
More informationSkyWest, Inc. Announces First Quarter 2018 Profit
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces First Quarter 2018
More informationAir China Limited Interim Results. August Under IFRS
Air China Limited 21 Interim Results Under IFRS August 21 1 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2 21 Interim Results 3 21 Interim Results Overview 4 4 4
More informationAIR CANADA REPORTS THIRD QUARTER RESULTS
AIR CANADA REPORTS THIRD QUARTER RESULTS THIRD QUARTER OVERVIEW Operating income of $112 million compared to operating income of $351 million in the third quarter of 2007. Fuel expense increased 49 per
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2016
More information«Να κάνουμε την κρίση ευκαιρία" Ανάλυση των αγορών Bulkers & Tankers
«Να κάνουμε την κρίση ευκαιρία" Ανάλυση των αγορών Bulkers & Tankers Aδελφότης των Υδραίων Αθηνών 3ο Ναυτιλιακό Συνέδριο Σεπτέμβριος 2011 Section 1: Dry Bulkers Presentation Contents Dry Bulker fleet overview:
More informationWeekly Dry Bulk Report
5 ly Dry Bulk Report 22 May 3th 214 15 85 65 45 25 HIGHLIGHTS Capesize: Few shipments into China Panamax: Rates still declining L&S INDEX OF DRY BULK STOCKS* Index 214 Index 215 CAPESIZE PANAMAX Rates
More informationMontie Brewer, President and CEO Joshua Koshy, Executive VP and CFO UBS Transport Conference
Montie Brewer, President and CEO Joshua Koshy, Executive VP and CFO UBS Transport Conference 1 London, England September 17, 2007 Agenda Strongly positioned international airline Investment proposition
More informationJ.P. Morgan Aviation, Transportation and Industrials Conference
J.P. Morgan Aviation, Transportation and Industrials Conference March 3, 08 Scott Kirby President Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect
More informationThe Manager Company Announcements Australian Stock Exchange Limited Sydney NSW Dear Sir. Demerger of BHP Steel
The Manager Company Announcements Australian Stock Exchange Limited Sydney NSW 2000 Dear Sir Demerger of BHP Steel At the time of the announcement of the creation of the DLC between BHP Limited and Billiton
More informationCopa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018
Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Panama City, Panama --- Aug 8, 2018. Copa Holdings, S.A. (NYSE: CPA), today announced financial results
More informationThe World s Largest Buyer of Ships and Offshore Assets
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 A. Recycling Prices and Residual Values
More informationWHEN IS THE NEXT SHIPPING BOOM?
WHEN IS THE NEXT SHIPPING BOOM? By Ravi K Mehrotra CBE Executive Chairman Foresight Group, London Samunder Club April & May 2012 Houston and Florida, USA 1 WHEN IS THE NEXT SHIPPING BOOM? I am not a fortune
More informationInvestor Update Issue Date: April 9, 2018
Investor Update Issue Date: April 9, 2018 This investor update provides guidance and certain forward-looking statements about United Continental Holdings, Inc. (the Company or UAL ). The information in
More informationLong Term Trends in Shipbuilding HVB Press Conference. 20 th September 2006 Stephen Gordon, Clarkson Research
Long Term Trends in Shipbuilding HVB Press Conference 20 th September 2006 Stephen Gordon, Clarkson Research Introduction Background to Shipbuilding Investment The Current Orderbook The Product Mix Regional
More information2018 Annual Meeting of Stockholders
2018 Annual Meeting of Stockholders Playing the Long Game June 13, 2018 Doug Parker Chairman and Chief Executive Officer American Airlines Group Inc. Cautionary Statement Regarding Forward-Looking Statements
More informationASL Marine Holdings Ltd.
ASL Marine Holdings Ltd. SHIPBUILDING SHIPREPAIR SHIPCHARTERING Pulse of Asia 2008 - Presentation 8 th July 2008 1 Presentation Outline Company Profile 9M FY2008 Financial Review Business Review - Shipbuilding
More informationGreek Shipping : Greece s steaming force
Greek Shipping : Greece s steaming force Dr. Nikolas P. Tsakos President & CEO 1 Tsakos Energy Navigation, Ltd A New York Stock Exchange Listed Company WORLD FLEET by the nationality of owner WORLD FLEET
More information10TH ANNUAL WOLFE RESEARCH GLOBAL TRANSPORTATION CONFERENCE MAY 23, 2017
1 10TH ANNUAL WOLFE RESEARCH GLOBAL TRANSPORTATION CONFERENCE MAY 23, 2017 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform
More informationVERY GOOD RESULTS IN OUR MOST IMPORTANT QUARTER
VERY GOOD RESULTS IN OUR MOST IMPORTANT QUARTER Q3 EBITDA USD 161.8 million, as compared to USD 155.6 million in the corresponding quarter last year 19% increase in passenger numbers on international flights
More informationJET AIRWAYS (I) LTD. Presentation on Financial Results Q July 24, 2009
JET AIRWAYS (I) LTD Presentation on Financial Results Q1 2010 July 24, 2009 1 1 1 Agenda Domestic operating environment Jet Airways performance highlights JetLite performance highlights Outlook 2 2 2 Domestic
More information1Q 2017 Earnings Call. April 18, 2017
1Q 2017 Earnings Call April 18, 2017 Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain
More informationAIR CANADA REPORTS FIRST QUARTER RESULTS
AIR CANADA REPORTS FIRST QUARTER RESULTS As a result of the deconsolidation of Jazz effective May 24, 2007, Air Canada s consolidated results for the first quarter of 2008 are not directly comparable to
More informationBHP Billiton: A Strategy of Diversification
Olympic Dam, Australia BHP Billiton: A Strategy of Diversification Andrew Mackenzie Chief Executive Non-Ferrous 9 June 2010 Disclaimer Reliance on Third Party Information The views expressed here contain
More informationThor Basics: An Introduction to the Company. 1
Thor Basics: An Introduction to the Company www.thorindustries.com 1 FORWARD LOOKING STATEMENTS This presentation includes certain statements that are forward looking statements within the meaning of the
More information2019 Airline Economics Growth Frontiers Dublin. Steven F. Udvar-Házy Executive Chairman
2019 Airline Economics Growth Frontiers Dublin Steven F. Udvar-Házy Executive Chairman January 21, 2019 Forward Looking Statements Statements in this presentation that are not historical facts are hereby
More informationManagement Presentation. August 2012
Management Presentation August 2012 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Net Income of US$113.1 Million and EPS of US$2.57 for the First Quarter of 2015 Excluding special items, adjusted net income came in at US$106.0 million, or EPS of US$2.41 per share
More informationCopa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006
Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Panama City, Panama --- March 7, 2007. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa
More informationAIR CANADA REPORTS SECOND QUARTER RESULTS
AIR CANADA REPORTS SECOND QUARTER RESULTS SECOND QUARTER OVERVIEW Passenger revenue increased 5 per cent to $2.5 billion, due to growth in traffic and yield. Excluding fuel expense, unit cost declined
More informationInvestor Presentation
TUI Group Investor Presentation WestLB Deutschland Conference 2010 17 November 2010 TUI AG Investor Relations Seite 1 Future-related related statements This presentation contains a number of statements
More informationDemand, Supply & Capacity in the Shipbuilding Industry
Demand, Supply & Capacity in the Shipbuilding Industry million dwt Ship completions by region 120 100 80 60 Other Europe Japan Korea China "Europe" includes Russia SOURCE: IHS-Fairplay 40 20 42.3 0 0.4
More informationUSD thousand Q Q Change % Change 12M 2015
EBITDA POSITIVE IN FIRST-QUARTER EBITDA positive by USD 1.1 million, as compared to a negative outcome of USD 2.3 million last year Positive impact of low fuel prices on performance 21% increase in passenger
More informationIron Ore Update. Ian Ashby President Iron Ore 6 May 2009
Iron Ore Update Ian Ashby President Iron Ore 6 May 2009 Important Notices Reliance on Third Party Information The views expressed here contain information that have been derived from publicly available
More informationThank you for participating in the financial results for fiscal 2014.
Thank you for participating in the financial results for fiscal 2014. ANA HOLDINGS strongly believes that safety is the most important principle of our air transportation business. The expansion of slots
More informationTransportation and Logistics Conference. Toronto March 18, 2008
Transportation and Logistics Conference Toronto March 18, 2008 1 Our Investment Proposition Innovative revenue strategy that produces results Major cost reductions Strong financial performance Aggressive
More informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Financial Results for the Fourth Quarter of 2018 Excluding special items, adjusted net profit came in at $44.0 million, or Adjusted EPS of $1.04 Panama City, Panama --- February 13,
More informationCebu Air, Inc. 2Q2014 Results of Operation
Cebu Air, Inc. 2Q2014 Results of Operation 1 Disclaimer This information provided in this presentation is provided only for your reference. Such information has not been independently verified and, as
More informationJET AIRWAYS (I) LTD. Presentation on Financial Results Q2 FY10
JET AIRWAYS (I) LTD Presentation on Financial Results Q2 FY10 October 27, 2009 1 1 1 Agenda Domestic operating environment Jet Airways performance highlights JetLite performance highlights Outlook 2 2
More informationGenco Shipping & Trading Limited Baltic Trading Limited. Clarksons Platou Securities Conference May 21 st, 2015
Genco Shipping & Trading Limited Baltic Trading Limited Clarksons Platou Securities Conference May 21 st, 2015 1 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Fourth Quarter 2017
More informationThe Property Franchise Group
The Property Franchise Group Capital Markets Event 22 October 2015 This afternoon s agenda 2 15:15 Welcome Richard Martin, Chairman 15:20 Introduction to MartinCo PLC Ian Wilson, Chief Executive Officer
More informationGOOD SECOND-QUARTER RESULTS. GOOD OUTLOOK FOR THE YEAR DESPITE NEGATIVE IMPACT OF EXTERNAL FACTORS ON EBITDA GUIDANCE.
GOOD SECOND-QUARTER RESULTS. GOOD OUTLOOK FOR THE YEAR DESPITE NEGATIVE IMPACT OF EXTERNAL FACTORS ON EBITDA GUIDANCE. EBITDA in Q2 USD 52.4 million, as compared to USD 50.3 million last year 18% increase
More information1 sur 8 21/12/ :08
1 sur 8 21/12/2010 17:08 Print Page Close Window Press Release Carnival Corporation & plc Reports Fourth Quarter and Full Year Earnings MIAMI, Dec. 21, 2010 /PRNewswire via COMTEX/ -- Carnival Corporation
More informationAmerican Airlines Group Reports Second-Quarter Profit
NEWS RELEASE American Airlines Group Reports Second-Quarter Profit 7/28/2017 FORT WORTH, Texas American Airlines Group Inc. (NASDAQ:AAL) today reported its second-quarter 2017 results, including these
More informationGolden Ocean Group Limited Listing on the SGX. March 16 19, 2010
Golden Ocean Group Limited Listing on the SGX March 16 19, 2010 1 AGENDA 1. COMPANY OVERVIEW 2. MANAGEMENT 3. FINANCIAL HIGHLIGHTS 4. DUAL LISTING ON THE SGX 5. INDUSTRY OVERVIEW 2 The Company Golden Ocean
More informationOPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS
Copa Holdings Reports Net Income of US$6.2 Million and EPS of US$0.14 for the Third Quarter of 2015 Excluding special items, adjusted net income came in at $37.4 million, or EPS of $0.85 per share Panama
More informationFOURTH QUARTER & FY 2012 EARNINGS RESULTS March 13, 2013
FOURTH QUARTER & FY 2012 EARNINGS RESULTS March 13, 2013 Forward-Looking Statements This presentation may contain forward-looking statements, projections and estimates regarding circumstances or events
More informationOPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings Reports Financial Results for the Fourth Quarter of 2015 Excluding special items, adjusted net income came in at $31.7 million, or EPS of $0.73 per share Panama City, Panama --- February
More informationPresentation on Results for the 2nd Quarter FY Idemitsu Kosan Co.,Ltd. November 1, 2016
Presentation on Results for the 2nd Quarter FY 2016 Idemitsu Kosan Co.,Ltd. November 1, 2016 Table of Contents 1. 2nd Quarter FY 2016 Financials (1) Overview (2) Segment Information 2. Reference Materials
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Financial Results for the First Quarter of 2016 Excluding special items, adjusted net income came in at US$69.9 million, or EPS of US$1.66 per share Panama City, Panama --- May 5,
More informationCREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014
CREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014 1 1 SAFE HARBOR This presentation contains statements of a forward-looking nature which represent our management's beliefs and assumptions concerning
More informationFinancial Results 1 st Quarter Mar/2016 (FY2015) 30 July, 2015
Financial Results Mar/2016 (FY2015) 30 July, 2015 Today s Topics P.2 P.3 P.15 1 Overview of FY Mar/2016 Financial Results Operating Revenue Operating Profit 320 307.0 +4.9Bn (+1.6%) 312.0 50 +17.6Bn (+94.6%)
More informationPresentation on Results for the 1st Quarter FY Idemitsu Kosan Co.,Ltd. August 14, 2017
Presentation on Results for the 1st Quarter FY 2017 Idemitsu Kosan Co.,Ltd. August 14, 2017 Table of Contents 1. FY 2017 1st Quarter Financials (1) Overview (2) Segment Information 2. Reference Materials
More informationCiti Industrials Conference
Citi Industrials Conference June 13, 2017 Andrew Levy Executive Vice President and Chief Financial Officer Safe Harbor Statement Certain statements included in this presentation are forward-looking and
More information