Ben Ognibene, CEO Concord Maritime, LLC Tanker Time 1
Background • Established 2018 Independent Manager of 3 rd Party Tanker Pools • • Funded for Projects / Time Charter Activity • Highly experienced and specialized team with proven track record outperforming the markets and developing leading crude tanker pools • Long-term relationship focused
History Q2 2018 Q3 2018 Q4 2018 • Launched • Est. Dakota Tankers Pool • Pool working capital facility delivered first Aframax • Reporting platform • TC activity - LR2 • Dakota Fleet - 6 Afras/LR2s • Positioned for the winter
Aframax market is global, fragmented, and liquid W EST E AST • Atlantic rates historically more volatile • Compromised vessels • Triangulation opportunities • Different trading mentality • USG epicenter of the Aframax market • Tonnage distributed thickly throughout
October in the Caribbean – The Perfect Storm Rates jumped from $8,500 to $60,000 per day TD9 – Carib / US Gulf • Iranian Sanctions • U.S. – Crude Production • U.S. China Trade War • Fleet Supply Source: McQuilling
Continued volatility in crude tanker markets S HORT T ERM : L ONG T ERM : C RUDE TANKER MARKET AT THE TURNING POINT R EGULATORY CHANGES , FINANCING ENVIRONMENT i. Sanctions / Trade War i. IMO regulations and compliance ii. U.S. crude production ii. Financing constricting orders, for now iii. OPEC+ production cut iii. Iranian Sanctions iv. Ton-Mile increasing with voyages x-Atlantic iv. Global crude demand $250,000 $200,000 $150,000 $100,000 $50,000 $0 01-00 01-01 01-02 01-03 01-04 01-05 01-06 01-07 01-08 01-09 01-10 01-11 01-12 01-13 01-14 01-15 01-16 01-17 01-18 VLCC SUEZMAX AFRAMAX Source: Clarksons
Direct market access with aligned partners P LATFORM : M ARKET P ARTICIPATION : T HE RIGHT PARTNER U PSIDE POTENTIAL DOWNSIDE PROTECTION i. Track record of performance, problem solving i. Quality vessel/operator ii. Upfront and fair ii. Volatile market iii. Transparency and reporting iii. Shared upside/downside iv. Aligned interests iv. Time/options Base rate + profit sharing Equity Participation Enjoy market exposure, sleep at night
Recommend
More recommend
