PRESENTATION ITMMA PRESENTATION ITMMA 27 MARCH 2012 27 MARCH - - PowerPoint PPT Presentation

▶
presentation itmma
SMART_READER_LITE
LIVE PREVIEW

PRESENTATION ITMMA PRESENTATION ITMMA 27 MARCH 2012 27 MARCH - - PowerPoint PPT Presentation

Apr 20, 2023 277 likes •700 views

PRESENTATION ITMMA PRESENTATION ITMMA 27 MARCH 2012 27 MARCH 2012 1 AGENDA 1. Key facts 2. Strategy 3. Market Demand Supply 4. Q&A 2 1. Key Facts 3 Public company with solid reference Shareholders EURONAV Stock

slide-1
SLIDE 1

1

PRESENTATION ITMMA 27 MARCH 2012 PRESENTATION ITMMA 27 MARCH 2012

slide-2
SLIDE 2

AGENDA

  • 1. Key facts
  • 2. Strategy
  • 3. Market

Demand

Supply

  • 4. Q&A

2

slide-3
SLIDE 3

3

  • 1. Key Facts
slide-4
SLIDE 4

4

Major shareholders

EURONAV

Stock Exchange: EURONEXT Ticker: EURN Bloomberg: EURN BB Reuters: EURN.BR

SAVERYS – LIVANOS Families 39.29% -- 20.97% Free Float 36.36%

Public company with solid reference Shareholders

slide-5
SLIDE 5

A Focused Fleet

Vessel Type Cargo intake / vessel Euronav owned TC-IN (Weighted) World Fleet

FSO 3 m bls 2 x 50% 101 V-PLUS 3.2 m bls 1 2 VLCC 2 m bls 12 (2 CSR)

11+ (2 x 1/2 in J/V)

6 incl. JV (weighted 3,15) 571 New Building VLCC 2 m bls

  • 76

SUEZMAX 1 m bls 22 (16 ice class) 445 New Building Suezmax 1 m bls 1 (CSR) 64

Total = 44 Ships + 1 Newbuilding Mix of spot and Fixed contracts

slide-6
SLIDE 6
  • 2. Strategy

6

  • 2. Strategy
  • 2. Strategy
slide-7
SLIDE 7

A Balanced Strategy

7

Year 2011 onhire days

Break-even OPEX VLCC $ 28,500 $ 9,600 Suezmax $ 23,500 $ 7,500

1,689 14% 4,639 37% 6,148 49% fix fix/ps spot

slide-8
SLIDE 8

Financing- Capital intensive Business

  • Main Facility: USD 750M
  • Maturity: 2018
  • Revolver of up to USD 250M
  • FSO Financing: USD 500M
  • Maturity: 2017
  • JV Vessels (4 Suezmax)
  • Maturity: 2020 - 2021
  • 2009 Facility: USD 300M
  • Maturity: 2014
  • Convertible bond in 2009
  • Maturity: 2015
  • USD 150M
  • Coupon: 6.5% - Strike price: €16.2838

8

slide-9
SLIDE 9

Clients of Euronav

9

slide-10
SLIDE 10

Spot Market, yes but in TI Pool

  • Increased access to information
  • Increased access to contracts (COA)
  • Increased access to private cargoes
  • Economies of scale
  • Greater flexibility (swap vessels)
  • Improved expertise through dedicated roles

(demurrage,scheduling,…)

  • Global operation
  • Reduce the effect of volatility
  • Bunkers (Fuel Oil) purchase
  • Develop dedicated IT systems
  • Arbitrage opportunities
  • Improved Charter Party terms

10

slide-11
SLIDE 11

TANKERS INTERNATIONAL POOL

GC Tankers

Athenian Sea Carriers Overseas Shipholding Group

Oak Maritime (HK) Reederei “Nord” Euronav DHT Holdings, Inc

2,735,679 dwt 638,187 dwt 3,679,703 dwt 610,439 dwt 1,269,764 dwt 605,438 dwt 912,891 dwt

slide-12
SLIDE 12

Conversion into FSO

12

Type V-Plus

Size: 442,893 dwt (FSO Asia) 441,655 dwt (FSO Africa) Owners: Joint venture between OSG and Euronav Storage capacity: 2,800,000 barrels per vessel Location: Al Shaheen Offshore Qatar (FSO Asia) Al Shaheen Offshore Qatar (FSO Africa) Lease period: 8 years until March 2017 (FSO Asia) 3 years until August 2013 (FSO Africa)

slide-13
SLIDE 13

13

  • 3. The Market
slide-14
SLIDE 14

World VLCC fleet earnings

14

  • $20,000

$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000

Jan 08 Jan 09 Jan 10 Jan 11 Jan 12

TCE

World Fleet VLCC Earnings (TCE)

BDTI VLCC TCE (avg of TD1 and TD3) TI VLCC Database TI Actual

slide-15
SLIDE 15

VLCC Average Earnings in perspective

15

Source: Clarkson Research Services Limited

50,000 100,000 150,000 200,000 250,000 TCE per day

VLCC Average Earnngs Modern USD/Day

slide-16
SLIDE 16

Suezmax Average Earnings in perspective

16

Source: Clarkson Research Services Limited 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 TCE per day

Suezmax Average Earnings USD/day

slide-17
SLIDE 17

17

Demand DEMAND

slide-18
SLIDE 18

World oil production & demand

18

75 80 85 90 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 mbpd

World Oil Demand in million bpd (Source - IEA)

Source: IEA 75 80 85 90 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 mbpd

World Oil Production in million bpd (Source - IEA)

Source: IEA

slide-19
SLIDE 19

World Oil Demand

  • Oil demand in 2011 fell 0.15 mbpd => 1.2 million bpd
  • IEA increased world oil demand 2012=> 1.2%
  • Demand mainly supported by non OECD countries.
slide-20
SLIDE 20

Oil demand falling

Source: IEA

slide-21
SLIDE 21

Oil demand growing

21

slide-22
SLIDE 22

China oil statistics

Source: IEA

slide-23
SLIDE 23

Crude Production

mbpd Jan '12 Dec '11 Nov '11 Oct '11 Sep '11 North America 14.99 15.04 15.02 14.67 14.34 Europe 3.85 3.85 3.84 3.93 3.63 Pacific 0.55 0.60 0.54 0.52 0.51 Former USSR 13.78 13.68 13.82 13.72 13.67 Asia 7.69 7.76 7.63 7.45 7.55 Latin America 4.30 4.35 4.35 4.25 4.12 Middle East 1.54 1.53 1.49 1.45 1.53 Africa 2.45 2.48 2.50 2.54 2.53 Processing Gains 2.28 2.23 2.23 2.23 2.14 Global Biofuels 1.59 1.68 1.84 1.92 2.18 Total Non-OPEC 53.17 53.35 53.40 52.82 52.34

mbpd 2012 2011 Change % Change North America 14.99 14.54 0.45 3.1% Europe 3.78 3.83

  • 0.05
  • 1.3%

Pacific 0.65 0.52 0.13 25.0% Former USSR 13.80 13.62 0.18 1.3% Asia 7.67 7.67 0.00 0.0% Latin America 4.43 4.21 0.22 5.2% Middle East 1.56 1.64

  • 0.08
  • 4.9%

Africa 2.43 2.52

  • 0.09
  • 3.6%

Processing Gains 2.26 2.17 0.09 4.1% Global Biofuels 1.94 1.84 0.10 5.4% Total Non-OPEC 53.64 52.71 0.93 1.8% United States 8.40 8.10 0.30 3.7% Canada 3.73 3.50 0.23 6.6% Mexico 2.87 2.94

  • 0.07
  • 2.4%

Russia 10.71 10.58 0.13 1.2% UK 1.12 1.12 0.00 0.0% Norway 2.00 2.03

  • 0.03
  • 1.5%

China 4.17 4.13 0.04 1.0% India 0.92 0.90 0.02 2.2% Brazil 2.34 2.19 15.0% 6.8% Total Supply 88.48

slide-24
SLIDE 24

Opec production

24

slide-25
SLIDE 25

Spare Opec capacity

25

Source: Mees/IEA

slide-26
SLIDE 26

Crude Oil Price

26

slide-27
SLIDE 27

Large Tanker Supply

27

Tanker supply

slide-28
SLIDE 28

VLCC fleet developement

28

VLCC Fleet Development - Base Case

Basis TUKA VLCC Database Fleet at year start DH SH NBs DH Exit SH Exit Total Exit SH to DH Growth Growth % 2007 483 322 161 29 1 21 22 4 7 1.4% 2008 490 354 136 42 3 35 38 3 4 0.8% 2009 494 396 98 53 2 31 33 3 20 4.0% 2010 514 450 64 60 2 42 44 3 16 3.1% 2011 530 511 19 65 6 14 20 1 45 8.5% 2012 575 571 4 52 22 2 24 28 4.9% 2013 603 601 2 59 16 16 43 7.1% 2014 646 644 2 23 16 16 7 1.1% 2015 653 651 2 17 12 1 13 4 0.6% 2016 657 656 1 16 12 12 4 0.6% 2017 661 660 1 20 12 12 8 1.2% 2012YTD 579 575 4 11 7 7 4 0.7% Rest of Year 41 15 2 17 24 4.1% Reference Date: 1 Mar 12

slide-29
SLIDE 29

Suezmax fleet developement

29

Suezmax Fleet Development

Souce: Clarksons Fleet at year start DH SH NBs Total Exit Growth Growth % 2007 343 275 68 25 12 13 3.8% 2008 356 300 56 14 11 3 0.8% 2009 359 313 46 45 15 30 8.4% 2010 389 356 33 41 18 23 5.9% 2011 412 395 17 41 8 33 8.0% 2012 445 436 9 64 64 14.4% 2013 509 500 9 48 48 9.4% 2014 557 548 9 11 11 2.0% 2015 568 559 9 0.0% 2016 568 559 9 0.0% Reference Date: 1 Mar 12

slide-30
SLIDE 30

VLCC Orderbook

slide-31
SLIDE 31

VLCC Orderbook Projected

31

Assumption made with cancellations, deferred vessels, vessels converted to FPSO and additional orders.

slide-32
SLIDE 32

Supply of ships in perspective

32

slide-33
SLIDE 33

Large Tanker Supply

33

Issues influencing tanker market Factors influencing the tanker market

slide-34
SLIDE 34

Scrapping prices

34

Source: Clarksons

slide-35
SLIDE 35

Iranian crude oil

  • Iran crude export to fall 50% on embargo
  • Europe halted import
  • India and South-Korea increased

purchase

  • European ban on transport from Iran
  • => possible longer ton-miles

35

slide-36
SLIDE 36

Piracy

36

slide-37
SLIDE 37

VLCC Storage

37

slide-38
SLIDE 38

38

THANK YOU FOR LISTENING

www.euronav.com

slide-39
SLIDE 39

KEY FIGURES 2006 - 2011

In thousands of USD 2011 2010 2009 2008 2007 2006 REVENUES 394,457 525,075 467,844 858,983 563,136 688,855 EBITDA 128,368 260,298 195,265 658,769 344,027 431,965 EBIT

  • 40,155

88,152 31,362 513,896 190,329 288,507 NET PROFIT

  • 95,986

19,680

  • 17,614

402,469 101,055 218,042 VLCC (TCE) av. 18,100 36,100 33,000 95,700 44,600 65,750 Suezmax TCE av. 27,100 30,600 31,750 41,650 32,200 34,370 Spot Suezmax 15,400 18,000 20,800 Dividend (€) 0.10 0.10 2.60 0.80 1.68 Yield

  • 46%

64% 53%

39

slide-40
SLIDE 40

Balance sheet 2006 - 2011

40

In thousands

  • f USD

31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 ASSETS NON- CURRENT ASSETS 2,159,442 2,337,131 2,500,550 2,278,551 2,091,158 2,165,302 CURRENT ASSETS 291,874 307,083 286,116 341,542 182,298 174,892 TOTAL ASSETS 2,451,316 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 In thousands

  • f USD

31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 LIABILITIES EQUITY 980,988 1,078,508 1,071,629 1,178,326 984,492 1,022,483 NON- CURRENT LIABILITIES 1,221,349 1,314,341 1,463,456 1,181,793 963,340 1,107,555 CURRENT LIABILITIES 248,979 251,365 251,581 261,124 326,861 210,156 TOTAL LIABILITIES 2,451,316 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194