PARTNERSHIP IN OCEAN FREIGHT

Transcription

1 PARTNERSHIP IN OCEAN FREIGHT ADVANCING TR ADE

2 ADVANCING TRADE Trafigura is one of the world s leading independent commodity trading and logistics houses. With 75 offices in 37 countries, the Group s network extends to every corner of the globe. Our international, end-to-end services connect producers and consumers worldwide and growing prosperity by advancing trade. TRADING ACTIVITIES Oil and Petroleum Products We are one of the world s largest traders by volume of oil and petroleum products. We operate in a fragmented market where no single company has a leading position. Trafigura is one of the few oil and petroleum products traders with global presence and comprehensive coverage of all major markets. Supported by offices worldwide, our Oil and Petroleum Products Division operates from regional offices in Beijing, Calgary, Geneva, Houston, Johannesburg, Mexico City, Montevideo, Moscow, Mumbai and Singapore. Metals and Minerals We are one of the world s largest metals and minerals traders. We negotiate offtake agreements with miners and smelters and invest in logistics through our subsidiary, Impala Terminals, to improve market access for our clients. Supported by offices worldwide, our Metals and Minerals Division operates from regional offices in Geneva, Johannesburg, Lima, Mexico City, Montevideo, Mumbai, Shanghai, Singapore and Stamford mmt Oil and Petroleum Products volume traded 52.1mmt Metals and Minerals volume traded DIVISIONAL PERFORMANCE DIVISIONAL PERFORMANCE Oil and Petroleum Products volume traded (mmt) Metals and Minerals volume traded (mmt) Metals Minerals Shipping and Chartering* Our Shipping and Chartering desk is closely integrated into Trafigura s business model, providing freight services to the commodity trading teams internally and trading freight externally for third parties. Operations are based in regional offices in Athens, Geneva, Houston, Montevideo and Singapore. All post-fixture operations are managed from our Athens office. 2,744 Wet and dry shipping and chartering fixtures * Financials relevant to Shipping and Chartering are consolidated within Oil and Petroleum Products/Metals and Minerals trading activities. 2

3 INDUSTRIAL AND FINANCIAL INVESTMENTS DT Group DT Group is a joint venture between Trafigura and Cochan Ltd. It develops markets in sub-saharan Africa, with a particular focus on Angola. It works closely with international and local partners in the logistics, trading and natural resources sectors. Impala Terminals Impala Terminals is a multimodal logistics provider focused on export-driven emerging markets. It owns and operates ports, port terminals, warehouses and transport assets. It has particular expertise in providing efficient logistic solutions in challenging environments. Mining Group The Mining Group manages mining operations, develops projects, conducts technical audits of existing and potential partner projects and provides advisory and support services to Trafigura s trading desks, trading partners and Galena Asset Management. Galena Asset Management Galena Asset Management provides investors with specialised alternative investment solutions through its range of commodity funds. It operates independently, but benefits from the Group s insights into the global supply and demand of commodities. Puma Energy*** Trafigura is a 48.8 percent shareholder in Puma Energy, a global oil and petroleum products distribution company. The company manages over 18 million m 3 throughput volumes of oil products via its network of 89 bulk storage terminals, 53 airports and over 2,250 service stations. 50% ownership 100% ownership 100% ownership 100% ownership 48.8% ownership 151 employees** 1,794 employees 1,149 employees 12 years in operation 7,500+ employees Midstream Downstream Time charter Trading Voyage charter PUMA ENERGY Shipping Infrastructure GROUP WET FREIGHT OIL AND PETROLEUM PRODUCTS TRADING DT Investments Owned vessels Voyage charter DRY FREIGHT METALS AND MINERALS TRADING logistics Multimodal GROUP IMPALA MINING TERMINALS Time charter Transport assets Owned mines Technical advisory Ports and terminals Trafigura s strategic investments in industrial and financial assets complement and enhance its core business of physical trading and logistics. We structure each of these investments as standalone businesses. BUSINESS HIGHLIGHTS $97.2bn Group revenue 198.4mmt * Combined volume of commodities traded $46.9bn+ 5,248 Financial lines available to Trafigura Employees *Million metric tonnes **All employee numbers represent average annual totals. ***Puma Energy was deconsolidated at the end of the 2013 financial year at which point Trafigura ceased to control Puma Energy. 3

4 YOUR PARTNER FOR OCEAN FREIGHT TRANSPORT Trafigura Maritime Logistics fleet of owned and chartered vessels transports essential raw materials and commodities across the world s oceans. It s wet and dry freight teams operate both as service providers securing competitive and reliable freight for in-house oil, and metals and minerals traders, and as profit centres in their own right. A RELIABLE PARTNER FOR OCEAN FREIGHT TRANSPORT Trafigura Maritime Logistics is a provider of ocean freight services carrying multiple commodities on various ship types and sizes worldwide. We use both time and voyage charters to adapt to our customers needs and deliver cargo reliably and efficiently. With more than 20 years experience as the exclusive carrier of Trafigura Group cargo, we understand the importance of a reliable freight partner when moving essential raw materials and commodities. $2.6bn Group gross profit (2014: USD2.0bn) 2,744 Wet and dry shipping and chartering fixtures in 2015 (2014: 2,350+) 4

5 CAREFUL RISK MANAGEMENT Our freight trading teams lease time-chartered vessels and negotiate spot fixings to manage physical freight positions for Trafigura and its customers. Our global presence gains us strong insights into freight and commodity market trends. We manage risk using bunker swaps and Forward Freight Agreements (FFAs). THE POWER OF INFRASTRUCTURE We leverage the synergies of Trafigura s investments in logistics and infrastructure, which continuously open new trade routes and product flows. Trafigura s wholly owned subsidiary Impala Terminals, owns and operates a global network of ports, terminals and warehouses in 24 countries. Industrial investment Puma Energy sells fuel through more than 2,250 of its retail sites in Latin America, the Caribbean, Africa and Australia, and manages and owns a network of 89 bulk storage terminals. OPPORTUNITIES TO BUILD SCALE Taking advantage of favourable market conditions, we are opportunistic vessel owners building a fleet that supports our trade patterns and enables us to deliver a more reliable and efficient freight service. COLLABORATING WITH TRADING TEAMS Our commodity traders rely on real-time freight pricing to structure transactions for their customers. Freight specialists are often embedded in our trading teams. Our freight professionals are in constant dialogue with the various trading desks. Knowledge of traders requirements helps shape freight trading strategy and capacity planning. Trafigura s trading and freight activities also combine to extend Trafigura s service to customers. Our clients can elect to buy commodities and freight together, on Cost, Insurance and Freight (CIF) instead of Free On Board (FOB) terms WET AND DRY FREIGHT ACTIVITY Wet Tonnage shipped 95mmt (1) + 11mmt (1)(a) 2014: 60mmt (1) Number of fixtures 1, : 1,600 Average time-charter fleet Dry 32mmt (2) 2014: 33mmt (2) : (3) + 9 (4) 2014: (3) 40 (3) 2014: 40 (3) (1) Includes both internal and external usage to other owners/operators. (a) Additional 11mmt includes small tankers, bitumen and gas tonnage previously not registered in (2) Includes 21mmt external customer tonnage. (3) A vessel on hire for longer than three months. (4) Gas released time-charters for longer than three months. 93mmt Wet and dry freight shipped in mmt Wet and dry freight shipped in

6 GLOBAL FREIGHT TRADING NORTH AMERICA 5 Offices LATIN AMERICA 29 Offices Houston Our shipping and chartering teams are located in Geneva, Athens, Houston, Lima, Montevideo and Singapore. As a result, our coverage of freight and physical commodity markets is 24 hours. We primarily fix vessels on spot voyages, buy/sell contracts of affreightment (COAs) and take ships on time charter from 30 days to five years anywhere in the world. 6 Lima Montevideo

7 70-90 Bulk carriers performing voyages at any given time Tankers performing voyages at any given time LPG/LNG vessels performing voyages at any given time EUROPE MIDDLE EAST ASIA & AUSTRALIA Offices Offices Offices Geneva Athens Singapore AFRICA 11 Offices KEY Freight offices Commercial offices 7

8 WET, GAS AND BITUMEN FREIGHT We charter a range of tanker tonnage to meet our physical delivery requirements for the worldwide transportation of oil and petroleum products. We are a key partner for ship-owners around the world. We charter all vessel sizes from 2,000 to 300,000 deadweight tonnes (DWT) tankers. The vessels trade in every market segment, including crude, clean, dirty, LNG, LPG and bitumen. At any one time, tankers are on the water. We fix vessels on spot voyages, and run a portfolio of time-charter ships with period commitments spanning from 30 days up to three years. We work closely with Puma Energy, especially in Africa and Latin America, to manage delivery schedules and optimise fleet utilisation. The wet freight desk trades ships around the world fixing both external and internal cargoes, aiming always to maximise the inherent value of the trading platform Estimated wet shipping and chartering fixtures for

9 DRY FREIGHT We charter vessels for the carriage of all dry bulk commodities including coal, iron ore and mineral concentrates. Around 35 percent of Trafigura s annual shipped tonnage is in dry bulk commodities such as coal, iron ore and mineral concentrates. These cargoes are shipped using a combination of time charter and voyage charter. We control on average 40 ships on time charter and 50 ships on voyage charter at any one time. Internally, we act as a service centre to Trafigura s Metals and Minerals trading desk. Externally, we offer freight services to third-party customers including miners, steel mills and other trading houses Estimated dry shipping and chartering fixtures for

10 KEY INFRASTRUCTURE INVESTMENTS Trafigura has invested significantly in refineries, ports, terminals and logistics across the globe to enhance our physical trading activities. We build infrastructure and devise logistics to streamline and simplify transportation. The Maritime Logistics teams operate in and out of a large number of Group operated facilities across the globe. WET FREIGHT CORPUS CHRISTI TERMINAL, US Trafigura invested close to USD1 billion to optimise infrastructure and multimodal access capabilities at the Port of Corpus Christi, Texas. The development links domestic oil and gas supply in South Texas to growing foreign markets and includes a deep-water, high-volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter, and over 6 million barrels of tankage for varied energy products, including crude oil, LPG, distillate and naphtha. NAPA NAPA REFINERY, PNG In Papua New Guinea, Puma Energy our partner storage and retail company has acquired the Napa Napa refinery at Port Moresby and is investing USD240 million transforming it into a state of the art facility capable of processing all domestic crude oil and condensate. The redevelopment plans will see the expansion of the site by 25 hectares including an increase in refinery and storage capacity as well as the upgrade of port berths to accommodate Suezmax, MR and Supramax vessels. LANGSAT TERMINAL, MALAYSIA Located at Tanjung, Langsat, Malaysia, Puma Energy s bitumen terminal offers state-of-the-art bitumen processing, blending and distribution facilities. With a capacity of 74,000 metric tonnes, the new operation is the largest privately-owned bitumen terminal in South East Asia and the Pacific. The Langsat port jetty is able to handle vessels from 1,000 to 45,000DWT. MILFORD HAVEN TERMINAL, UK Puma Energy acquired Murco Petroleum Ltd. s UK storage and distribution assets which include the former Milford Haven oil refinery and three inland terminals at Westerleigh, Theale and Bedworth. Trafigura has the exclusive commercial rights to use the facilities. The Milford Haven refinery is one of the largest terminals currently readily available in Northwestern Europe, and it plays a key role in ensuring a secure supply of oil products for the UK and Ireland. 10

11 RESPONSIBLE SHIPPING Our high standards for vessel safety and storage during the journey ensure your cargoes are delivered responsibly. We apply Trafigura s Health, Safety and Environment standards across our operations. As a trading company that regularly buys and sells cargo from and to oil majors, we make sure we meet their rigourous standards for shipping and freight and that your cargoes are delivered responsibly. VETTING We use a combination of internal and external vessel vetting services to ensure that all vessels are technically suitable for the intended trade for which they have been contracted. A strict vessel screening policy makes safety a top priority. DRY FREIGHT PORTO SUDESTE, BRAZIL In Brazil, Impala Terminals co-owns with Mubadala the brand new USD2 billion port facility for iron ore exporters in Ilha da Madeira, Itaguai, the iron quadrangle. The strategically positioned iron ore terminal represents the Group s largest construction project to date and provides Brazil s iron ore miners with rapid and reliable access to international markets. The terminal has the capacity to handle 50 million tonnes of iron ore per annum, with the potential to increase capacity to 100 million tonnes in the future. BURNSIDE TERMINAL, US Acquired in 2011, Impala s wholly owned bulk storage and logistics terminal in Louisiana sources coal reliably from all major US coal basins. It offers both rail-to-vessel and barge-to-vessel capability, setting it apart from all other logistics services on the Mississippi River. Combined with a state-of-the-art blending facility, Burnside is an important strategic hub for quality-assured US coal. CERTIFICATION We require every vessel we charter to have earned at least two oil major approvals using the Oil Companies International Marine Forum (OCIMF) and Ship Inspection Report (SIRE) Programme within the previous six-month period. VESSEL QUALITY We have an age-limitation policy, only chartering ships that are less than 25 years old. We also make sure that all our vessels are classified by a member of the International Association of Classification Societies. We only charter double-hulled tankers for period and spot fixings. 11

12 Trafigura PTE Ltd 10 Collier Quay #29-00 Ocean Financial Centre Singapore Tel : +(65) Fax : +(65) TF/0165.1e Trafigura Beheer B.V. and the companies in which it directly or indirectly owns investments are separate and distinct entities. In this publication, the collective expressions Trafigura, Trafigura Group, the Company and the Group may be used for convenience where reference is made in general to those companies. Likewise, the words we, us, our and ourselves are used in some places to refer to the companies of the Trafigura Group in general. These expressions are also used where no useful purpose is served by identifying any particular company or companies.