EURONAV Buitengewone algemene vergadering 26 april 2005 Assemble - - PowerPoint PPT Presentation

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EURONAV Buitengewone algemene vergadering 26 april 2005 Assemble - - PowerPoint PPT Presentation

Jan 22, 2023 263 likes •470 views

EURONAV Buitengewone algemene vergadering 26 april 2005 Assemble gnrale extraordinaire 26 avril 2005 Extraordinary general meeting April 26, 2005 1 EURONAV a specialised Tanker a specialised Tanker company company 2 Highlights

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Buitengewone algemene vergadering 26 april 2005 Assemblée générale extraordinaire 26 avril 2005 Extraordinary general meeting April 26, 2005

EURONAV

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a specialised Tanker company a specialised Tanker company

EURONAV

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First Quarter Results 2005 Acquisition of 4 VLCCs Acquisition of TANKLOG FLEET New 1.6 Billion Credit Facility First Quarter Results 2005 Acquisition of 4 VLCCs Acquisition of TANKLOG FLEET New 1.6 Billion Credit Facility

Highlights Highlights

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First Quarter Results First Quarter Results

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4 VLCCs (ex-Metrostar) TI Guardian 1993 TI Creation 1998 TI Topaz 2002 TI Hellas (NB) 2005 Transaction Value USD 477.5 Millions 4 VLCCs (ex-Metrostar) TI Guardian 1993 TI Creation 1998 TI Topaz 2002 TI Hellas (NB) 2005 Transaction Value USD 477.5 Millions

4 VLCCs ACQUISITION 4 VLCCs ACQUISITION

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TANKLOG ACQUISITION TANKLOG ACQUISITION

Name Type Built CAP ROMUALD Suezmax 1998 CAP GEORGES Suezmax 1998 CAP LAURENT Suezmax 1998 CAP JEAN Suezmax 1998 CAP DIAMANT Suezmax 2001 FILIKON Suezmax 2002 CAP LEON Suezmax 2003 FINESSE Suezmax 2003 CAP PIERRE Suezmax 2004 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 FANTASY Aframax 2003 FIDELITY Aframax 2004 Name Type Built CAP ROMUALD Suezmax 1998 CAP GEORGES Suezmax 1998 CAP LAURENT Suezmax 1998 CAP JEAN Suezmax 1998 CAP DIAMANT Suezmax 2001 FILIKON Suezmax 2002 CAP LEON Suezmax 2003 FINESSE Suezmax 2003 CAP PIERRE Suezmax 2004 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 FANTASY Aframax 2003 FIDELITY Aframax 2004 Name Type Built CAP ROMUALD Suezmax 1998 CAP GEORGES Suezmax 1998 CAP LAURENT Suezmax 1998 CAP JEAN Suezmax 1998 CAP DIAMANT Suezmax 2001 FILIKON Suezmax 2002 CAP LEON Suezmax 2003 FINESSE Suezmax 2003 CAP PIERRE Suezmax 2004 NEWBULDING (HULL 1581) Suezmax 2006 NEWBULDING (HULL 1582) Suezmax 2006 NEWBULDING (HULL 1600) Suezmax 2006 NEWBULDING (HULL 1601) Suezmax 2007 NEWBULDING (HULL 1602) Suezmax 2007 FANTASY Aframax 2003 FIDELITY Aframax 2004

Transaction Value USD1.083 Billion EQUITY (New Shares) USD 358 Millions DEBT: USD 609 Millions CASH: USD116 Millions Transaction Value USD1.083 Billion EQUITY (New Shares) USD 358 Millions DEBT: USD 609 Millions CASH: USD116 Millions

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EURONAV

2 ULCCs (after split with OSG – June 2005) 13 VLCCs in 100% ownership

  • f which 1 N/B VLCC to be delivered May 2005

3 VLCC in JV

  • f which 1 N/B VLCC to be delivered July 2005

14 Suezmaxes in 100% ownership

  • f which 5 Suezmaxes (on order) 2006-2007

1 Suezmax in JV (on order) delivery 2007 2 Aframaxes on bareboat charter contract 11 VLCCs on medium term (2/3 years) TC in

(some in joint venture with TI partners)

Tankers International Pool

Currently operates a pool of 43 VLCCs + 4 ULCCs

EURONAV

2 ULCCs (after split with OSG – June 2005) 13 VLCCs in 100% ownership

  • f which 1 N/B VLCC to be delivered May 2005

3 VLCC in JV

  • f which 1 N/B VLCC to be delivered July 2005

14 Suezmaxes in 100% ownership

  • f which 5 Suezmaxes (on order) 2006-2007

1 Suezmax in JV (on order) delivery 2007 2 Aframaxes on bareboat charter contract 11 VLCCs on medium term (2/3 years) TC in

(some in joint venture with TI partners)

Tankers International Pool

Currently operates a pool of 43 VLCCs + 4 ULCCs

FLEET FLEET

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TANKER MARKET: 05/2002 -05/2005 TANKER MARKET: 05/2002 -05/2005

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Suezmax Tanker Earnings(1)

20 40 60 80 100 120 140 160 1990 1992 1994 1996 1998 2000 2002 2004 000 $/day Suezmax Spot Market Earnings

HIGHLY LEVERAGE TO RUSSIAN PRODUCTION

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Year: Fleet at year start: N/B: Scrap/ FPSO: Growth: %

2002

435 35 40

  • 5
  • 1.1%

2003

430 38 35 +3 0.7%

2004

433 29 17 +12 2.8%

2005

445 29 10 +19 4.3%

2006

464 19 +19 4.1%

2007

483 36 2 +34 7.0%

2008

517 10 1 ? ? +9 +2.0 % LIMITED GROWTH VLCC’S

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O E C D p etro leu m sto cks 76 77 78 79 80 81 82 1Q2003 2Q2003 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 4Q2004 Days ofdemand: 3700 3750 3800 3850 3900 3950 4000 4050 mbbls S tock level D ays of dem and

S

  • u

rce:IE A

HIGHER INVENTORIES BUT LOWER DAYS OF COVER

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Non-OPEC Crude Production 44 45 46 47 48 49 50 51 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

NON OPEC SUPPLY LEVELING OUT

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13 UK Crude Production 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd Norway Crude Production 2.0 2.5 3.0 3.5 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

FALLING NORTH SEA PRODUCTION

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US Crude Production 7.0 7.2 7.4 7.6 7.8 8.0 8.2 8.4 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

FALLING US PRODUCTION

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Russian Crude Production 6.0 7.0 8.0 9.0 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

RISING RUSSIAN CRUDE PRODUCTION

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Chinese Crude imports since 2002 Source: IEA 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

RISING SEABORNE IMPORT DEMAND

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Indian Crude imports since 2002 Source: IEA 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

RISING SEABORNE IMPORT DEMAND

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US Crude imports since 2002 Source: EIA 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 mbpd

RISING SEABORNE IMPORT DEMAND

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Revisions of 2004/5 world oil demand 79 80 81 82 83 82.0 83.0 84.0 85.0 86.0 2004 2005

CONTINUOUS UPLOAD REVISION OF WORLD DEMAND

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