Aktiespararna September 15 2015 - Concordia Maritime...Sep 15, 2015 · Stena Polaris . Stena...

Aktiespararna September 15 2015

Port of Trelleborg – important for Stena Line

Kim Ullman, CEO

Ola Helgesson, CFO

• Founded in 1984 by the Stena Sphere which still owns about 53%

Concordia Maritime is an international shipping company

*Estimates 2014

World wide competence

Developed over 100 new buildings

Chartering and commercial

operations of over 100 fartyg

Technical Management of over 130 fartyg

Stena Teknik

Stena Bulk Stena Weco

Stena Sonangol Suezmax Pool

Northern Marine Management

Concordia Maritime

Concordia Maritime

World wide competence

Utvecklat över 100 nybyggen

Befraktning och kommersiell operation av

över 100 fartyg

Teknisk drift & bemanning av över

130 fartyg

Stena Teknik

Stena Bulk Stena Weco


Northern Marine Management

First call on new business:

0, 50 eller 100%

• Founded in 1984 by the Stena Sphere which still owns about 53%

• Listed on NASDAQ OMX Stockholm • Introduktions pris – SEK 20

– High – SEK 58 – Low – SEK 7,80..

• YTD 2015 - + ca 40% (SEK18)

Listing

CCOR.SS

P-MAX

10

P-MAX – dubbelt av allt

+30%

Antal fartyg 10

Längd 183 m

Bredd 40 m

Ton dödvikt 65,200

30% högre lastkapacitet

Suezmax

1 (+0,5+0,5)

2

IMOIIMAX

6 lätta 4 tunga

Our fleet – now 15 ships

Stena Weco Stena Weco Stena Weco Stena Weco/EXM Stena Weco/EXM Stena Weco/EXM

Stena Progress Stena Premium Stena Performance Stena Polaris Stena Provence Stena Paris

CM/Stena Bulk Pool CM/Stena Bulk Pool CM/Stena Bulk Pool CM/Stena Bulk Pool

Stena Perros Stena President Stena Primorsk Stena Penguin

TC TC Spot Spot

P-MAX

Suezmax

IMOIIMAX Stena Weco Stena Weco

Stena Image 4/15

Stena Important 10/15

Spot Spot

CPP CPP CPP CPP CPP CPP

DPP DPP DPP DPP

CPP, Easy chemicals & edible oils

Spot Spot Spot Spot CVC CVC




Stena Supreme Unnamed vsl Unnamed vsl

Spot Spot Spot

Crude Crude Crude

(50%) (50%)

Q2 2015

Income per type, spot

No. of vessels

Average income CM

Average income spot market*

TCE USD/per day Q2

2015 Q2

2014 6 months

2015 6 months

2014 Q2

2015 Q2

2014

Product tankers 9 21,800 10,700 20,900 13,300 22,000 9,200

Suezmax 1,5 38,800 17,200 41,800 25,200 46,900 16,000

*Clarksons MR Clean

Q2 & 1H 2015

NB. Fartygsförsäljning Q2 2014 – MSEK 80

EBITDA per quarter

USD million Q2

2015 Q1

2015 Q4

2014 Q3

2014 Q2

2014 Q1

2014

P-MAX, time charter 0.9 1.3 0.4 0.4 1.6 2.6

P-MAX, spot 7.5 6.0 4.4 2.2 0.5 3.7

IMOIIMAX 1.3 – – – – –

Panamax – – – – 11.9 1.1

Suezmax 3.2 3.7 1.9 13 0.6 2.1

Admin. and others –1.1 –1.1 –1.4 –1.1 –1.4 –15

Total 11.8 9.9 5.3 2.8 13.2 8.0

Tillgångar Q2 2015 MSEK 4 105,8

Övriga tillgångar 8% MSEK 315,9

Likvida medel 4% MSEK 137,2

Fartyg och fartyg under byggnation 88% MSEK 3 652,2

Eget kapital och skulder Q2 2015 MSEK 4 105,3

42% MSEK 1 734,5

Räntebärande skulder

Övriga skulder

Eget kapital

55% MSEK 2 260,8

3% MSEK 110,0

EBITDA och resultat 2005–2014

-400

-300

-200

-100

0

100

200

300

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

MSEK

EBITDA Resultat före skatt

Återleverans av två Aframax

Leverans av Stena Paris

Leverans av tre P-MAX

Leverans av två P-MAX samt två

Panamax

Leverans av två P-MAX, inbefraktning

av två Aframax

Leverans av Stena Premium

Leverans av Stena Progress

Leverans av Stena Supreme

Inbefraktning av en Suezmax

Avyttring av två Panamax

Återleverans av två V-MAX

Utdelning och avkastning 2005-2014

-8

-6

-4

-2

0

2

4

6

8

-8

-6

-4

-2

0

2

4

6

8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

SEK

Resultat per aktie, SEK Utdelning per aktie, SEK Direktavkastning, %

%

Totalavkastning 2013: 15% 2014: 10%

83% 92% 76% 50% 60% 56% 0% Utdelning i % av resultat efter skatt

– – –

Eget kapital och skulder 2005-2014

0

10

20

30

40

50

0

1 000

2 000

3 000

4 000

5 000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

MSEK

Räntebärande skulder, MSEK Övriga skulder och avsättningar, MSEK

Eget kapital, MSEK Eget kapital per aktie, SEK

Per aktie

Aktiens kurs 31 dec: SEK 12,90

NAV per aktie 31 dec: SEK 25,80

Aktiens kurs 15 sept: SEK 18

Eget kapital per aktie

31 dec: SEK 32,90

Aktiens utveckling mot index 2014–2015

0

5

10

15

20

25

DATU

M20

14-0

1-10

2014

-01-

2420

14-0

2-07

2014

-02-

2120

14-0

3-07

2014

-03-

2120

14-0

4-04

2014

-04-

1720

14-0

5-02

2014

-05-

1620

14-0

5-30

2014

-06-

1320

14-0

6-27

2014

-07-

1120

14-0

7-25

2014

-08-

0820

14-0

8-22

2014

-09-

0520

14-0

9-19

2014

-10-

0320

14-1

0-17

2014

-10-

3120

14-1

1-14

2014

-11-

2820

14-1

2-12

2014

-12-

2320

15-0

1-09

2015

-01-

2320

15-0

2-06

2015

-02-

2020

15-0

3-06

2015

-03-

2020

15-0

4-02

2015

-04-

1720

15-0

4-30

2015

-05-

1520

15-0

5-29

2015

-06-

1220

15-0

6-26

2015

-07-

1020

15-0

7-24

2015

-08-

0720

15-0

8-21

2015

-09-

04

Concordia B OMX Stockholm_PI Oslo Shipping Index

SEK

CCOR-B

OMX Stockholm

OSLO Shipping index

Marknad

Tanker market projections

”Other”

Weather

Stock changes

Geo political

Trading pattern

Refinery Changes

Supply growth

Oil Consumption

World GDP

Unknowns/Jokers

Distances

Base

Freight Dynamics

Crude, ex Freight/bbl TCE Suezmax – Nigeria/Rotterdam Products, ex Freight/mt TCE MR – Rott – NY (gasoline)

WS50 $1.20/bbl WS100 $2.40/bbl

$17.000/d $48.000/d

WS100 $15/mt WS200 $30/mt

$5.000/d $23.000/d

2-5% of Cargo value

4-8% of Cargo value

Crude tanker spot rates 2012-2015 (Aug)

USD/Day

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

2012

-jan

2012

-feb

2012

-mar

2012

-apr

2012

-maj

2012

-jun

2012

-jul

2012

-aug

2012

-sep

2012

-okt

2012

-nov

2012

-dec

2013

-jan

2013

-feb

2013

-mar

2013

-apr

2013

-maj

2013

-jun

2013

-jul

2013

-aug

2013

-sep

2013

-okt

2013

-nov

2013

-dec

2014

-jan

2014

-feb

2014

-mar

2014

-apr

2014

-maj

2014

-jun

2014

-jul

2014

-aug

2014

-sep

2014

-okt

2014

-nov

2014

-dec

2015

-jan

2015

-feb

2015

-mar

2015

-apr

2015

-maj

2015

-jun

2015

-jul

2015

-aug

Average Aframax Long Run Historical Earnings $/Day Average VLCC Long Run Historical Earnings $/Day

Average Suezmax Long Run Historical Earnings $/Day

oversupply

New delayed refineries China +75m barrels Comm. storage Libya returns

European margins tops

European ref.margins Asian Stockbuilding weather Lower bunker cost

-US gasoline demand -New ref. India


USD/Day

0

50 000

100 000

150 000

200 000

250 000

2007

-feb

2007

-apr

2007

-jun

2007

-aug

2007

-okt

2007

-dec

2008

-feb

2008

-apr

2008

-jun

2008

-aug

2008

-okt

2008

-dec

2009

-feb

2009

-apr

2009

-jun

2009

-aug

2009

-okt

2009

-dec

2010

-feb

2010

-apr

2010

-jun

2010

-aug

2010

-okt

2010

-dec

2011

-feb

2011

-apr

2011

-jun

2011

-aug

2011

-okt

2011

-dec

2012

-feb

2012

-apr

2012

-jun

2012

-aug

2012

-okt

2012

-dec

2013

-feb

2013

-apr

2013

-jun

2013

-aug

2013

-okt

2013

-dec

2014

-feb

2014

-apr

2014

-jun

2014

-aug

2014

-okt

2014

-dec

2015

-feb

2015

-apr

2015

-jun

2015

-aug



”Inte sett sedan 2008”


USD/Day

0

50 000

100 000

150 000

200 000

250 000

2000

-feb

2000

-maj

2000

-aug

2000

-nov

2001

-feb

2001

-maj

2001

-aug

2001

-nov

2002

-feb

2002

-maj

2002

-aug

2002

-nov

2003

-feb

2003

-maj

2003

-aug

2003

-nov

2004

-feb

2004

-maj

2004

-aug

2004

-nov

2005

-feb

2005

-maj

2005

-aug

2005

-nov

2006

-feb

2006

-maj

2006

-aug

2006

-nov

2007

-feb

2007

-maj

2007

-aug

2007

-nov

2008

-feb

2008

-maj

2008

-aug

2008

-nov

2009

-feb

2009

-maj

2009

-aug

2009

-nov

2010

-feb

2010

-maj

2010

-aug

2010

-nov

2011

-feb

2011

-maj

2011

-aug

2011

-nov

2012

-feb

2012

-maj

2012

-aug

2012

-nov

2013

-feb

2013

-maj

2013

-aug

2013

-nov

2014

-feb

2014

-maj

2014

-aug

2014

-nov

2015

-feb

2015

-maj

2015

-aug



supercycle

2008

Nu

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

Januari February March April May June July August September October November December

Average Suezmax Long Run Historical Earnings $/Day 2014 Average Suezmax Long Run Historical Earnings $/Day 2015 WAF-USAC 2015

Suezmax Earnings 2014 vs 2015 USD/Day

Sept 11th

0

5 000

10 000

15 000

20 000

25 000

30 000

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

YR2014 YR2015 TC2 2015

MR Earnings 2014 vs 2015 USD/Day

Sept 11th

Markets going forward

Growing Product Trade Increasing volumes, distances & triangulation opportunities

Gasoil

Gasoline/UMS

Naphtha

Jet

Freight can act as a deterrent of the arb-sensitive (and therefore freight dependent) trades.

Bears vs Bulls and Wild Cards – NEXT 12 MONTHS Product Tankers | Compared to the past 12 months

Bullish Factors Bearish Factors Wild Cards

Growing exports from MEG/India

Oil prices/Bunkers

Growing import demand in Australia, LAM, West Africa

US crude exports – will it hurt domestic refineries?

Global Economy (e.g. China)

Growing China naphtha imports

End of peak gasoline Q4/Q1 weather – Refinery disruptions

Strong oil demand growth

Lower refinery margins

Government intervention/currency fluctuations affecting demand growth

High freight rates capping arb sensitive trades

Crude NBs taking products west

Low scrapping/slippage

More Russia product exports Dirty ups offsetting LR2

deliveries

Continued influx of products driven by crude oversupply/low prices/high runs

Product tanker

Prospects 2015-2017

*Volume + distance

Suezmax

Growth, % 2015 2016 2017

Demand* 3.0 3.0 3.0

Supply 1.7 3.7 3.0

Growth, % 2015 2016 2017

Demand* 5.0 5.0 5.0

Supply (net) 5.2 5.2 3.5

Utsikter 2015-2017

*Volym + distanser

0

1

2

3

4

5

6

2015 2016 (2017)

Efterfrågan* Utbud

2015 2016 (2017)

Suezmaxtanker Produkttankers %

Concordia Maritime’s market review and view..

Ie, Concordia Maritime has a continued postivie view of the product tanker market

Review;

Good tanker markets in 2015 due low oil prices and very low growth of crude tankers An expected (and communicated) seasonal dip Aug/Oct but - ”Not as low and not as long”… View going forward, Specific - Q415/Q116 expected to bounce back to good markets across the board General - continued low oil prices will continue to drive world demand Geographical and strategic change in refinery situation still at force resulting in longer haul and cross trade Orderbook for product carriers in balance with demand growth

Fartyg

Light products

Now 15 Ships - A balanced fleet and employement strategy

P-MAX Suezmax IMOIIMAX

Ship and cargo type

Market

Partner

6 ships on nische trade 3 ships on contract

Stena Weco,

2 TC 2 spot = 4 niche pool

Concordia Maritime/ Stena Bulk Pool

Spot - pooling


Spot, niche contract and IMOIIMAX pooling

Stena Weco

Heavy products Light products, easy chemicals and vegetable oils

Crude oil

(2 x 50% charter in with Stena Bulk)

P-MAX – focus on nisch, Australia/New Zeeland

• Closure of 4 refineries last 5 years • 40-60 MR Imports per month • 30-40 ports (product import)

Newly renewed major oil Co. • Highest markets in the East

• Cargo cap. Utilization ~90%

• 3 ships on contract to a major oil company (2 ships till Sep 2016, 1 to March 2016)

• Contract form - consequtive voyage charter – market related

P-MAX – focus on nische, West Africa

WAF (Nigeria/Togo/Benin/Ivory Coast)

- Fast growing continent (Africa)

- Very bad/no refineries

- Clean import – ca 50 MR/month

- P-MAX, full cargo (50.000)

- Draft ports in WAF – but STS

- Cargo capacity utilization 95-100%

- Premium earnings to standard MR trade

Stena Image´s first succesful 6 voyages

Voy 1 Load ports: 3 ports Indonesia Cargo: 3 diff grades palm oil/coconut oil Discharge ports: 3 ports Spain Voy 2 Load port: 1 port Italy Cargo: Gasoline Discharge port: Gizan (R Sea/Saudi Arabia) Voy 3 Load port: Yanbu (R Sea/Saudi Arabia) Cargo: Chemicals Discharge port: Fujairah (UAE) Voy 4 Loadport: Jubail Saudi Arabia Cargo: Gasoline Discharge port: Fujairah Voy 5 Loadport: Jebel Ali Saudi Arabia Cargo: Gasoline Discharge port: Fujairah Voy 6 Loadport: W.C India Cargo: Jet fuel/Gasoline Discharge: Australia

Concordia Maritime’s next IMOIIMAX comes in October…

Fokus framåt

Fler/längre charter-kontrakt

Fortsatt hög kvalitet i

operationen

Fler nischtrader

Köp och försäljning av fartyg

Tvist kring Stena Primorsk Högre synlighet Implementera

IMOIIMAX

• 2015 – marknaden har vänt! • 72 MSEK vinst 1H • Säsongsmässig nedgång i Q3 • Viktiga niche trader – Australia, New Zeeland and West

Africa • Högre EBIDTA potential i 2015 genom

• Niche trader • Högre marknader generellt • Två ytterligare Suezmax positioner • Två IMO2MAX leveranser

• Full fokus och leverans på våra utmaningar!

So,

Stena Image naming cermony

Aktiespararna September 15 2015 - Concordia Maritime...Sep 15, 2015 · Stena Polaris . Stena...

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