Klaveness Commercial Management spot earnings and asset management

Transcription

1 Klaveness Commercial Management spot earnings and asset management

2 The Torvald Klaveness Group A leading dry bulk company for more than 60 years Founded in 1946 by Mr Torvald Klaveness Owned and managed Tom Erik and Trond Harald Klaveness A history of partnerships, joint ventures and pools Industry focus with emphasis on transparency and knowledge sharing Three business units: Klaveness Commercial Management Klaveness Maritime Logistics Klaveness Investments

3 Klaveness Commercial Management Baumarine Pool: Bulkhandling Pool: Panamax vessels Supramax/Handymaxvessels Panamax Handymax Facts and figures (2009) Number of employees 60 Fleet under management Average fleet age Main cargo carried Cargo lifted Number of vessel fixtures Number of freight derivative transactions About 60 standard bulk carriers 6 years Iron ore, coal, grain and bauxite About 33 million tonnes

4 The dry bulk market from 2000 till today , , ,00 P 4 T C, S p o t S 6 T C, S p o t C 4TC, Spot , ,00 0, Main characteristics: High volatility Increasing liquidity Short term contracts Market collapse Main characteristics: High volatility High liquidity Changing trade patterns Main characteristics: Low volatility Stable trading patterns Long term contracts

5 The drybulk market in 2010 Record volatility makes timing of fixtures crucial Changing sourcing strategies and trade patterns Tactical pricing moves by the major iron ore and coal players Increasing derivatives trading and psychology driving the market The tonnage supply is highly uncertain Over reported orderbooks and non performing shipyards Lacking port logistics creates congestion The Counterpart risk remain high Successful shipowners utilize the opportunities of a volatile market!

6 The spot market has been a good strategy Net earnings per day to Owner $ Pool Result Panamax $ Pool Result Handymax $ $ $ $ $ $ $ $ $ $ $ $ Average earnings years : Panamax: 34,600 $/day Handymax: 28,900 $/day paying 10 MUSD more than a TC strategy (fixing a Panamax vessel on 1 year TC at the start of each of these years)

7 The Pools have delivered full market upside Net earnings per day to Owner $ $ $ $ $ $5 000 $0 Pool result Baumarine Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Pool result Bulkhandling $ $ $ $ $ $5 000 $0 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10

8 Cashflow, Asset Management and Knowledge Steady cashflow Get the full benefit of the spot market, with low operational risk Timely payment every 15 days regardless of vessel position Possibility of converting to fixed rate TC at predefined levels Asset management A strong competence base on our operations desk Extensive use of port captains Optimized vessel positioning to cater for owners needs Knowledge sharing Commercial and operational meetings Dedicated operator PIC makes ship owning easier Weekly spot market updates

9 Steady cashflow Full benefit of the spot market, with reduced operational risks Timely payment every 15 days regardless of vessel position The Value is created through Chartering desks in Beijing, Singapore and Oslo A global network of first class charterers Optimized vessel utilization through market knowledge, large fleet and deal flow Reduced geographical, operational and counterpart risk Close follow up of outstanding freight and demurrage

10 Owner s option to convert to TC $6 000 P4TC Daily change P4TC Level $4 000 $2 000 $0 $2 000 $4 000 $ $ $ $ $ $ The daily volatility can challenge a presumably good time to fix the ship Conversion to TC can be done irrespective of the vessel s physical position With a predefined rate level, we can utilize the volatility to the benefit of the ship owner $

11 The shipowners we do business with: Share Klaveness view on counterpart risk Want to gain further market access and knowledge Value the Klaveness flexibility and risk management approach Use the Klaveness operations department to further improve their vessel s performance

12 Access to new market opportunities Klaveness Commercial Management

13 The Bulkhandling Handymax Fleet Vessel Owner Built Dwt. Agia Filothei Klaveness Anarchos Klaveness AS Victoria Ahrenkiel AS Virginia Ahrenkiel CMB Jialing Bocimar Dubai Faith Emarat Maritime Dubai Fortune Emarat Maritime Frederike Selmer Oskar Wehr Genco Predator Genco Livanita Klaveness Monica P Eurobulk New Venture Klaveness Ocean Bridge Mitsubishi Vessel Owner Built Dwt. Ocean King Yamamoto Kaiun Port Moresby Stella Marine Port Nelson Stella Marine Prisco Abakan Prisco Bulk Prisco Udokan Prisco Bulk Sanmar Phoenix Sanmar Spar Cetus Spar Shipholding Spar Gemeni Klaveness Svenner Scantank TBN Dolphin 57 Klaveness TBN Dolphin 57 Klaveness Tai Hawk Klaveness Triton Eagle Klaveness Triton Lark Klaveness

14 The Baumarine Panamax Fleet Vessel Owner Built Dwt. Aeolian Breeze Klaveness Agios Nikolas Klaveness Andrea D Amato D Amato di Nav Anna Seaarland Arabella Marwave Atlantic Breeze Klaveness Bottiglieri Ambition Cargoship Maritime CIC Piraeus Klaveness Erica Klaveness Genco Leader Klaveness Glyfada I Klaveness Goya Klaveness Irini Euroseas Lian Hua Feng Klaveness Vessel Owner Built Dwt. MBA Giovanni Michele Bottiglieri Nordelbe Reederei NORD Nordems Klaveness Nordmosel Reederei NORD Nordtrave Reederei NORD Pacific Breeze Blenheim Primrose Klaveness Ruby Crest Klaveness Sanmar Paragon Sanmar Sea Breeze Blenheim Triton Hawk Klaveness Atalanta Klaveness Tiare Marwave Torm Anholt Klaveness

15 Cargo carried 2009 Bulkhandling (Supramax) Grain Coal Iron ore 1.COAL (34%) 2.IRON ORE (13,9%) 3.GRAIN (5,5%) 4.PETCOKE (6,4%) 5.CLINKER (5,8%) 6.SCRAP (4,2%) 7.SUGAR (3,3%) 8.OLIVINE SAND (2,9%) 9.BAUXITE (2,9%) 10.AGGREGATES (2,3%) 11.ALUMINA (2,1%) 12.SALT (1,7%) 13.CONCENTRATES (0,9%) 14.DAP (0,9%) 15.GYPSUM (0,8%) 16.CEMENT (0,8%) 17.FERTILIZER (0,7%) 18.POTASH (0,7%) 19.SAND (0,5%) 20.NICKLE ORE (0,5%) 21.BARYTES (0,5%) 22.SULPHUR (0,4%) 23.GENERAL CARGO (0,4%) 24.SLAG (0,3%) 25.HBI (0,3%)

16 Cargo carried 2009 Baumarine (Panamax) 1. COAL (50,3%) Coal 2. IRON ORE (12,8%) 3. BAUXITE (7,2%) 4. SOYA BEANS (6,7%) Bauxite Iron ore 5. PETCOKE (6%) 6. CORN (4,6%) 7. GRAIN (3,4%) 8. SOYA BEAN MEAL (1,5%) 9. BARYTES (1,2%) 10. WHEAT (1,1%) 11. PHOSPHATE (1,1%) 12. OLIVINE SAND (0,7%) 13. PIG IRON (0,6%) 14. MANGANESE ORE (0,6%) 15. SUGAR (0,6%) 16. ALUMINA (0,6%) 17. HEAVY HSS (0,6%) SODA SORGHUM (0,6%) 18. PHOSROCK (0,5%)

17 Klaveness Group key figures All figures MUSD Gross operating revenue 562 1,462 1,959 1,338 1,466 Profit before tax 58 (48) Total assets 1,064 1,094 1,387 1,007 1,089 Total equity Number of vessels Vessels owned/controlled Vessels operated