DORIAN LPG September 2017
|
|
- Estella Reeves
- 6 years ago
- Views:
Transcription
1 DORIAN LPG September 2017
2 Disclaimer Forward-Looking Statements This presentation contains certain forward-looking statements including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, project, will and similar terms and phrases, including references to assumptions. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is not realized. Our actual future results may be materially different from and worse than what we expect. We qualify all of the forward-looking statements by these cautionary statements. We caution readers of this presentation not to place undue reliance on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2
3 Dorian LPG at a Glance Company overview Global presence Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern very large gas carriers ( VLGCs ). The Company was established in 2013 in connection with placing a large order of newbuildings at Hyundai HI. Predecessors have invested in and managed LPG vessels since The fleet is comprised of 19 ECO-VLGCs and 3 modern VLGCs, with an average age of 3.2 years. 18 of the vessels are currently employed in the Helios LPG Pool, founded by the Company together with Phoenix Tankers in Apr Average vessel age vs. global fleet The remaining vessels are on time charter contracts to major companies. 8.1 The Company provides in-house commercial and technical management services for all of the vessels in the fleet, including vessels owned by Dorian LPG deployed in the Helios LPG Pool. Dorian LPG was listed on the NYSE in 2014 under the ticker LPG. The Company has a market cap of USD ~380m as of 1-Sept Dorian LPG Global VLGC Fleet 1 (1) As of 1-Sept
4 History / Background Number of vessels 1 Dorian LPG announced delivery of its last ECO-VLGC newbuilding, the Caravelle and sale of the Grendon, its last remaining 5,000 cbm pressurized gas carrier Predecessor entities entered the LPG market in 2002 by acquiring two pressurized vessels First VLGC, Captain Markos NL, was delivered Dorian LPG Ltd. established (2013) and the Company listed on NYSE (2014). Dorian LPG raised USD million in four rounds from Jul-13 to May Part of predecessor entities Dorian LPG (1) Total LPG vessels on the water; (2) Gross proceeds 4
5 Experienced Management Team John Hadjipateras Chairman & CEO (Dorian LPG) With Dorian LPG since inception in Involved with shipping management since Experience from Peninsular Maritime, Eagle Ocean, Greek Shipping Corp. Committee, SEACOR and more John Lycouris CEO (Dorian LPG USA) With the Company since Holds strong experience from Peninsular Maritime and Eagle Ocean. Responsibilities include oversight of the entire newbuilding program and teams in Greece, the UK and the US Theodore B. Young CFO (Dorian LPG) Joined Dorian LPG at inception in Previous experience includes Head of Corporate Development at Eagle Ocean and the buyout firms Irving Place Capital and Harvest Partners Alex Hadjipateras EVP Bus. Devel. (Dorian LPG USA) Joined Dorian LPG in 2013 focusing on business development. Previously responsible for Aframax and VLGC newbuilding at Eagle Ocean, and business development at Avenue A / Razorfish Costas Markakis President & CEO (Dorian LPG Management) Shipping and legal background with more than 30 years experience in executive and top management positions in ship management companies (commercial and operational) 5
6 The Helios LPG Pool The Helios LPG Pool (the Pool ) was established in April 2015 as a partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan The Pool is comprised of 18 Dorian LPG VLGCs, 4 Phoenix VLGCs and 5 Oriental Energy VLGCs, and uses these high-quality assets to offer a complete global LPG maritime solution offering spot freight, TCs, and COAs Dorian LPG has contributed USD 1.1m per vessel in working capital for the Helios Pool 1 Earnings are allocated to each vessel participating in the Pool based on Pool Points, which are awarded to each vessel on the basis of characteristics such as carrying capacity and speed/consumption (1) No debt in the Helios Pool. The contributed cash would be refunded to Dorian LPG (less deduction for fuel on the vessels at the time) if the vessels are withdrawn from the pool. 6
7 Premium Fleet Fleet overview Type Name CBM Delivered Yard Flag ECO VLGC CARAVELLE 84, Hyundai HI Bahamas ECO VLGC CHALLENGER 84, Hyundai HI Bahamas ECO VLGC COPERNICUS 84, Daewoo SME Bahamas ECO VLGC CHAPARRAL 84, Hyundai HI Bahamas ECO VLGC COMMANDER 84, Hyundai HI Bahamas ECO VLGC CRATIS 84, Daewoo SME Bahamas ECO VLGC CHEYENNE 84, Hyundai HI Bahamas ECO VLGC CLERMONT 84, Hyundai HI Bahamas ECO VLGC CONSTELLATION 84, Hyundai HI Bahamas ECO VLGC CRESQUES 84, Daewoo SME Bahamas ECO VLGC COMMODORE 84, Hyundai HI Bahamas ECO VLGC CONSTITUTION 84, Hyundai HI Bahamas ECO VLGC CONTINENTAL 84, Hyundai HI Bahamas ECO VLGC COBRA 84, Hyundai HI Bahamas ECO VLGC CONCORDE 84, Hyundai HI Bahamas ECO VLGC COUGAR 84, Hyundai HI Bahamas ECO VLGC CORVETTE 84, Hyundai HI Bahamas ECO VLGC CORSAIR 84, Hyundai HI Bahamas ECO VLGC COMET 84, Hyundai HI Bahamas Modern VLGC CAPTAIN NICHOLAS ML 82, Hyundai HI Bahamas Modern VLGC CAPTAIN JOHN NP 82, Hyundai HI Bahamas Modern VLGC CAPTAIN MARKOS NL 82, Hyundai HI Bahamas Comments The Company owns and operates 19 ECO- VLGCs and 3 modern VLGCs Average fleet age of 3.2 years 16 of the 22 vessels already equipped with Ballast Water Treatment Systems 2 of the 22 vessels already equipped with scrubbers, and an additional 17 are scrubber ready Captain Markos NL and Captain John NP have recently completed 10 year special surveys In-house technical and commercial management of fleet 18 vessels operate under spot, COA or Time Charter contracts of less than 24 months in the Helios Pool. Remaining 4 vessels on Time Charter contracts All newbuilds delivered and no remaining newbuilding related capital expenditures 7
8 Vessels Built at Premium Korean Shipyards Total VLGC newbuilding deliveries by shipyard Comments 14% The Korean yards Hyundai HI ( HHI ) and Daewoo SME ( DSME ) are two of the world's leading shipbuilders 14% Daewoo Hyundai Jiangnan Dorian LPG and it predecessors have built 24 vessels at HHI since 2004 and maintain a strong relationship with its shipyards 8% 6% 58% Kawasaki MHI Nagasaki LPG vessels are highly engineered, and exacting technical specifications determine commercial acceptance HHI and DSME also design and build some of the world s most complex offshore vessels and rigs HHI is the most active and experienced yard in the design and construction of gas carriers 8
9 LPG Fundamentals What is LPG? Liquefied petroleum gas ("LPG") is a fossil fuel made during natural gas processing and oil refining. LPG is a by product of both oil and natural gas production and more than two-thirds of the LPG people use is extracted directly from the earth. The rest of it is manufactured indirectly from crude oil refining. Why use LPG? LPG is cleaner than coal and oil and an alternative to gasoline. It generates less air pollution and produces fewer emissions of carbon dioxide. LPG is also highly portable, making it a convenient source of energy usable in remote places where ordinary gas supplies are unavailable or have been interrupted. AT HOME ON THE GO AT THE FARM AT WORK OTHER Hundreds of millions of people around the world use LPG at home for applications such as cooking and heating. LPG is the preferred alternative automotive transportation fuel and is increasingly being used as a marine fuel. Farmers across the world rely on LPG to meet the challenge of staying competitive in the modern agricultural environment. Millions of businesses rely on LPG. It is the ideal fuel choice for businesses that are not connected to an existing electrical grid. Industries such as aerosol, refrigeration, and chemical feedstock all look to LPG to provide sustainable fuel alternatives. 9
10 LPG in the Petrochemical Value Chain The LPG value chain Source Processing industries Transport / usage User Natural gas well Gas plant Natural gas LNG liquefaction Pipeline Power generation LPG Petrochemical gases LNG ship Residential/ commercial Industrial Ammonia Auto Oil well Refinery Condensates (CPP) Clean products LPG Vessels Further refining Chemicals Dirty products Agricultural 10
11 LPG Supply and Export Dynamics
12 Metric tons (millions) Global Liftings Showing Steady Growth Global liftings (MM Tons) Annual U.S. waterborne exports Middle East waterborne exports Source: IHS, EIA, FGE *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365) 12
13 U.S. LPG Has Significantly Increased Its Share of Global Supply A new era of supply Emergence of U.S. as largest exporting nation has forced price competition amongst all suppliers Middle East supply has surprised on the upside with more export growth than expected The Asian market has become increasing reliant on US LPG Seaborne LPG by source 100% 80% 60% 40% 20% 0% 6% 5% 4% 1% 4% 8% 7% 6% 12% 8% 8% 11% 10% 4% 9% 12% 11% 10% 10% 10% 51% 47% 45% 44% 15% 19% 25% 29% YTD 46% 22% US Middle East N.Sea Med Other Latin America Source: EIA, Bloomberg, IHS, FGE 13
14 North American Export Capacity Extending Beyond USGC Near term export terminal expansions Firm North American VLGC export capacity (MM Tons/year) Philips 66 s terminal (Freeport, TX) Capacity for 8 VLGCs/month Started up in November 2016 Has increased competition to terminal fees Sunoco s terminal (Marcus Hook, PA) Now exporting 6-9 VLGC cargoes per month Consistent supply contracts with offtake agreements Further expansion in 1Q 2017 will add capacity for another 5 VLGCs/month Petrogas terminal (Ferndale, WA) Outperforming seasonality, expect increase in butane cargoes Operated by Alta gas Altagas terminal (Ridley Island, BC) Final investment decision on October 20, 2016 Entered into Memorandum of Understanding with Astomos energy corporation for purchase of 50% of the propane exported Potential U.S. VLGC liftings per month Phillips 66 (Freeport, TX) PetroGas (Ferndale, WA) Trafigura (Corpus Christi) Oxy (Ingleside) Sunoco (Marcus Hook) Sunoco (Netherlands) Targa (Houston) Enterprise Houston 65 East Coast U.S. and West Coast U.S. now covered and expanding, creating new and improved arbitrage opportunities Source: EIA, Bloomberg, IHS, Publicly Available Information YE 2016 YE 2017 YE 14
15 Oil & Gas Production (M bbls/day) Propane Production (M bbls/day) Resilient U.S. LPG Production Propane production resilient to volatile oil and gas production (M bbls/day) 12,000 10,000 8,000 6,000 4,000 2,000 0 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Oil Production Gas Production Propane Production North American rig count (# rigs) BH Rig Count U.S. Propane production has remained resilient despite decreases in gas production and oil production NGL values relative to crude have incentivized production of NGL rich fields, such as the Permian field 0.00 Rig count, uncompleted wells, and E&P break evens are all moving favorably for production increases Source: EIA, Dorian LPG Analysis 15
16 LPG Demand & Consumption
17 Growing Markets for LPG: CHINA Annual China LPG imports (Tons) 18 M will be used as 16 M primary fuel source 16.1 M 14 M 12 M 12.0 M 10 M 8 M 7.0 M 6 M 4 M 4.2 M 2 M 0 M Source: FGE 17
18 Chinese Demand Expanding Far Beyond PDH China LPG demand by sector (MM Tons) 60 China LPG imports by source % 12% 27% Iran US Abu Dhabi Qatar Others 23% 12% (E) 2018 (E) Steam Cracking PDH Gasoline Additives or Blending Residential Others Chinese demand is estimated to increase by 4.6mm MT in 2017 and total import demand by 3mm tons Butane demand from processing plants that use butane-rich LPG as feedstock is expected to increase LPG demand by a combined ~2mm MT in 2017 LPG demand in 2016 was estimated at ~49mm MT. Demand growth in 2017 is forecasted to be ~10% China s residential / commercial demand has been climbing in tandem with its initiative to displace solid biofuels in rural areas Middle Eastern supply alone will not be able to meet demand Source: FGE, Platts 18
19 Global PDH & Petchems Also Fueling Demand Illustrative increase from Korean PDH plant Korean LPG Demand by Sector (mmtons) Petrochemical Feedstocks Road Others Residential Commercial and Public Services Korean market is saturated but saw a major increase in demand this year from a new PDH facility Japan upgrades cracker capacity Japan s Idemitsu Kosan s JV with Mitsui Chemicals recently announced plans to expand the processing of propane at Idemitsu s naphtha cracker The upgrade will boost the Cracker s capacity to process propane as feedstock by three or four times. It will mainly rely on LPG imports for feedstock rather than a small quantity of LPG produced at the plant Europe European petchem giant INEOS announced this June plans to expand its petrochemical infrastructure in Northwest Europe, with large capacity increases in its Rafnes, Norway and Grangemouth, Scotland crackers, as well as a greenfield 750,000 tonnes/year PDH unit in an undisclosed location. PDH importers require high purity propane, best sourced from the US or Middle East Source: FGE 19
20 The Year of the LPG Consumer : INDIA India LPG import forecast (M Tons) Indian LPG consumption forecast (M Tons) 14 M 25 M 12 M 10 Power M conversion 8 project M with 8.9 Vitol M By April, LPG will be 6 M used as primary fuel 4 M source 2 M 10.0 M 11.5 M 20 M 15 M 10 M 5 M 19.0 M 21.1 M 22.6 M 0 M E 2017E 0 M E 2017E The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 the year of the LPG Consumer Approximately 7 million new LPG consumers added between January and April of 2016 Non subsidized market growing due to lower international LPG prices Increased tax on gasoline has also led to increased LPG auto-gas consumption Paradip refinery startup marks last major domestic supply addition supporting further imports Seaborne LPG imports into India were up 8% in 2015, from 8.32mm tons to 8.97mm tons Source: IOC, FGE 20
21 Indonesia Emerging as a Major Demand Center Indonesian demand (MM Tons) CAGR: 12.1% Industry Commercial and Public Services Residential The surge in LPG demand and imports has come on the back of the governments subsidized Kerosene-to-LPG conversion program Lower prices have brought Pertamina s imports back into profit in spite of the subsidy program The program is regionally limited through 2017 with the program being extended further into the eastern islands from 2018 onwards Source: FGE 21
22 E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Vietnam & Bangladesh Residential Demand to Drive Consumption Vietnam (MM Tons) Bangladesh (MM Tons) Second largest SE Asia country by population Manufacturing growth and domestic consumption remains strong LPG buyers in Northern Vietnam receive pressure cargoes and have benefitted from the cheaper LPG available from Siam Gas on the back of cheaper Iranian LPG received into its cavern storage in China. This trade appears to have been increasing in 2016 Source: FGE Industry Commercial and Public Services Residential Supply Imports Huge population with potential to drive demand The total market which was around 120,000 MT two years ago now stands at 205,000 MT Domestic gas production will start declining after 2019 and LNG imports will have to start by then Moving forward, the government is encouraging households to convert from natural gas to LPG and has also suspended natural gas supply to commercial sector 22
23 Power Generation Fueling Demand in Ghana and Virgin Islands Vitol Power Conversion: Virgin Island GE LPG Power Plant: Ghana In late October, the Ghanaian government approved the development of the 400 megawatt Bridge Power plant at Ghana s Tema port. Once both stages have been completed, the power plant will account for 14% of electricity capacity but Ghana has plans to double total capacity, leaving room for further LPG power projects The success of the power generation project could lead to other countries in the continent adopting the model to supplement their insufficient power supplies. Vitol is leading the transformation of the power sector in the US Virgin Islands Upon completion of the $150 MM project, Virgin Island power consumers can expect savings of up to 30% Since July 2016, both St. Thomas and St Croix have derived 100% of their electricity needs from propane Green house gas emissions slated to decline 20% Source: Bloomberg news, VTTI 23
24 Strong Fundamentals for Continued LPG Adoption Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption Economic Established production hubs Global supply base Maritime and land transport options Price competitive product Low cost last mile infrastructure Environmental Lower greenhouse gas emissions 20% less CO 2 than heating oil 50% less CO 2 than coal Safe fuel source Avoids harmful and dangerous waste LPG should be the fuel of choice for emerging economies Each year, around 3.5 million premature deaths can be attributed to household air pollution resulting from the traditional use of solid fuels, such as fuelwood and charcoal. Four out of five people in sub-saharan Africa rely on the traditional use of solid biomass, mainly fuelwood, for cooking. Nearly 3.1 billion people, or 43% of the global population, still rely on polluting fuels (i.e. biomass, coal, kerosene) and technologies for cooking - a major source of household air pollution. Source: World Health Organization Source: ExceptionalEnergy.com 24
25 VLGC Shipping Market Dynamics
26 Continued High VLGC Utilization Baltic VLGC daily spot TCE rates (USD/d) Global VLGC fleet utilization 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep % 85% Baltic TCE (Daily) 4-Week Trailing Ave Drivers underlying current rate environment Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for seaborne transport continues to grow in excess of fleet growth) The Panama Canal Authority is increasing rates for neo-panamax VLGCs by 29% starting in October This equates to an increase of ~$2.2/mt. We estimate that 33% of traffic through the expanded canal is VLGCs, second only to container ships. The increased fees, alongside increased competition from other sectors, could result in a reduction in VLGC transits which would increase ton mile demand as those ships would then have to transit around the Cape of Good Hope. Source: Clarksons Research, Baltic Exchange, Panama Canal Authority 26
27 VLGC Fleet & Orderbook Review VLGC orderbook (2013-Onwards) (# vessels) On Order In Service BWTS + IMO low sulphur regulations BWTS Convention Approx VLGCs will be required to DD and subsequently install BWTS between 9/8/2017-1/1/ Low Sulphur regulations Suggest 25% increase in bunker cost Dorian LPG s VLGC Fleet is ready: Modern With Scrubber Scrubber Ready Fleet profile (12/31/17) (# vessels) Potential Scrapping Candidates < > 25 Source: Clarksons Research, Dorian LPG analysis 27
28 Financials
29 Recent Financing Developments: Continuing to Enhance Balance Sheet Flexibility On May 31, 2017, Dorian LPG announced an agreement with its lenders under its $758 million facility to relax certain covenants of the 2015 Debt Facility and have also agreed to release $26.8 million of restricted cash to be applied towards future debt repayments, interest and certain fees. On June 7, 2017, the Company announced that it repaid its RBS debt facility at 96% of the then outstanding principal amount with a new $97 million bridge loan facility from DNB. As part of the refinancing. $6 million of cash previously restricted was released and used as unrestricted cash. On August 25, 2017, the Company announced that it had filed to issue up to $40 million of equity pursuant to an at the market ( ATM ) offering. 29
30 Statement of Operations Data (USD) Statement of Operations Data Three Months Ended June 30, 2017 (Unaudited) Three Months Ended June 30, 2016 (Unaudited) Revenues $ 41,025,472 $ 50,515,776 Voyage expenses (239,445) (755,804) Vessel operating expenses (16,885,289) (16,095,552) General and administrative expenses (8,534,909) (5,611,310) Other income related parties 633, ,901 EBITDA 15,999,712 28,606,011 Depreciation and amortization (16,293,158) (16,192,745) Operating income/(loss) (293,446) 12,413,266 Other income/(expenses), net (6,396,524) (13,704,387) Net loss $ (6,689,970) $ (1,291,121) Other Financial Data Time charter equivalent rate (1) $ 22,735 $ 26,398 Daily vessel operating expenses (2) $ 8,434 $ 8,040 Adjusted EBITDA (3) $ 17,470,829 $ 29,576,278 (1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period. (2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period. (3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance. 30
31 Statement of Operations Data (USD) Statement of Operations Data Year Ended Mar 31, 2017 (Audited) Year Ended Mar 31, 2016 (Audited) Revenues $ 167,447,171 $ 289,207,829 Voyage expenses (2,965,978) (12,064,682) Vessel operating expenses (66,108,062) (47,119,990) General and administrative expenses (21,732,864) (29,836,029) Loss on disposal of assets (1,125,395) Other income related parties 2,410,542 1,945,396 EBITDA 79,050, ,007,129 Depreciation and amortization (65,057,487) (42,591,942) Operating income 13,993, ,415,187 Other income/(expenses), net (15,435,137) (28,726,805) Net income/(loss) $ (1,441,815) $ 129,688,382 Other Financial Data Time charter equivalent rate (1) $ 22,037 $ 55,087 Daily vessel operating expenses (2) $ 8,233 $ 8,581 Adjusted EBITDA (3) $ 83,279,670 $ 204,865,215 (1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period. (2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period. (3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance. 31
32 Cash Flows Data (USD) Cash Flows Data Three Months Ended June 30, 2017 (Unaudited) Three Months Ended June 30, 2016 (Unaudited) Net loss $ (6,689,970) $ (1,291,121) Adjustments 17,109,576 22,629,829 Changes in operating assets and liabilities 1,990,712 8,443,351 Net cash provided by operating activities 12,410,318 29,782,059 Net cash provided by/(used in) investing activities 32,522,604 (1,241,826) Net cash used in financing activities (26,629,624) (27,553,084) Effects of exchange rates on cash and cash equivalents 41,195 (77,911) Net increase in cash and cash equivalents $ 18,344,493 $ 909,238 Cash Flows Data Year Ended March 31, 2017 (Audited) Year Ended March 31, 2016 (Audited) Net income/(loss) $ (1,441,815) $ 129,688,382 Adjustments 46,189,541 59,421,412 Changes in operating assets and liabilities 7,356,042 (38,082,294) Net cash provided by operating activities 52,103, ,027,500 Net cash used in investing activities (1,981,022) (910,414,841) Net cash (used in)/provided by financing activities (79,318,882) 601,090,409 Effects of exchange rates on cash and cash equivalents (197,274) (112,289) Net decrease in cash and cash equivalents $ (29,393,410) $ (158,409,221) 32
33 Balance Sheet Data (USD) Balance Sheet Data June 30, 2017 (Unaudited) June 30, 2016 (Unaudited) Cash and cash equivalents $ 35,363,045 $ 47,321,200 Restricted cash, non-current 18,075,146 50,812,789 Total assets 1,709,526,648 1,818,212,387 Current portion of long-term debt 64,166,665 65,978,785 Long-term debt net of current portion & deferred financing fees 674,665, ,833,039 Total liabilities 739,775, ,336,618 Total shareholders' equity $ 969,751,063 $ 973,875,769 Balance Sheet Data March 31, 2017 (Audited) March 31, 2016 (Audited) Cash and cash equivalents $ 17,018,552 $ 46,411,962 Restricted cash, non-current 50,874,146 50,812,789 Total assets 1,746,234,880 1,842,178,176 Current portion of long-term debt 65,978,785 66,265,643 Long-term debt net of current portion & deferred financing fees 683,985, ,354,613 Total liabilities 770,233, ,578,939 Total shareholders' equity $ 976,001,718 $ 985,599,237 33
34 Our Mission is to arrange safe, reliable and trouble free transportation
The VLGC Market. Prepared for the IMSF, ALBA, Athens, May Presented by Dr. Mariniki Psifia, Market Analyst. IMSF Forum (9 th 11 th May 2016)
Latsco Shipping Limited The VLGC Market Prepared for the IMSF, ALBA, Athens, May 2016 Presented by Dr. Mariniki Psifia, Market Analyst Latsco Shipping Limited IMSF Forum (9 th 11 th May 2016) Disclaimer
More informationPresentation2. Agenda. Page. Argus Americas LPG Summit - Miami February 5th, Ted Young, CFO
Presentation2 Agenda Page Argus Americas LPG Summit - Miami February 5th, 2015 Ted Young, CFO [CLIENT NAME] Disclaimer Forward-Looking Statements This Presentation contains certain forward-looking statements
More informationExport Demand for Propane and Butane Platts 7 th Annual NGLs Conference
Export Demand for Propane and Butane Platts 7 th Annual NGLs Conference October 31, 2017 Forward - Looking Information This presentation contains forward-looking statements and forward-looking information
More information3 rd Quarter 2013 Results November 22th, 2013
3 rd Quarter 2013 Results November 22th, 2013 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such
More informationQ /11/17. Jon Skule Storheill. Øyvind Ryssdal
Q3 2017 Jon Skule Storheill Øyvind Ryssdal 17/11/17 www.awilcolng.no - 1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and
More informationOutlook Overview. LPG Imports. LPG Exports. Fleet supply. Ton-mile. Freight rates
Outlook Overview LPG Exports LPG Imports Fleet supply Ton-mile Freight rates Exports via VLGC from North America is estimated to continue growing. Middle East growth rate slows down due to Iranian sanctions
More informationI.M. Skaugen SE AGM 2015 Presentation April 28th 2015
I.M. Skaugen SE AGM 2015 Presentation April 28th 2015 1 Agenda Highlights Core business 2 Restructuring efforts continued with positive effects USDm Leading to reduced financial expenses and a lower cost
More informationPareto. Conference Jon Skule Storheill 13/
Pareto Conference 2017 Jon Skule Storheill 13/09 2017 www.awilcolng.no - 1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and
More informationBusiness Performance in FY2009 and Outlook for FY2010. Mitsui O.S.K. Lines, Ltd. April 2010
Business Performance in FY2009 and Outlook for FY2010 Mitsui O.S.K. Lines, Ltd. April 2010 HP Contents FY2009 Results [Consolidated] 2 Key Points of FY2009 Full-year Results [Consolidated] 4 Results Comparison
More informationBusiness Performance in FY2012-2nd Quarter. Mitsui O.S.K. Lines, Ltd. October 2012
Business Performance in -2nd Quarter Mitsui O.S.K. Lines, Ltd. October 2012 HP Contents 2nd Quarter s [Consolidated] 2 Outlines of 2nd Quarter s [Consolidated] 4 Forecast [Consolidated] 6 Key Points of
More informationQ /08/18. Jon Skule Storheill. Øyvind Ryssdal
Q2 2018 Jon Skule Storheill Øyvind Ryssdal 30/08/18-1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding
More informationIHS LATIN AMERICA LPG SEMINAR
ENTERPRISE PRODUCTS PARTNERS L.P. IHS LATIN AMERICA LPG SEMINAR November 8, 2016 Joseph Fasullo Manager, International NGLs ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
More informationShipping Market Outlook
Shipping Market Outlook Hamburg, 19 November 15 Slide 1 Market Environment Structural Trends of Global Dry Market North America Lower energy prices and higher consumer confidence will bode well for container
More informationFinding Global End Use Markets for the Growing LPG Supply
Finding Global End Use Markets for the Growing LPG Supply March 7, 2017 Dr. Walt Hart, Vice President, IHS Natural Gas Liquids Walt.Hart@ihsmarkit.com 2 Finding Global End Use Markets for the Growing LPG
More informationThe Great Eastern Shipping Co. Ltd. Business & Financial Review August 2015
The Great Eastern Shipping Co. Ltd. Business & Financial Review August 2015 1 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationQ /05/17. Jon Skule Storheill. Snorre Krogstad
Q1 2017 Jon Skule Storheill Snorre Krogstad 05/05/17 www.awilcolng.no - 1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and
More informationQ /11/16. Jon Skule Storheill. Snorre Krogstad
Q3 2016 Jon Skule Storheill Snorre Krogstad 18/11/16 www.awilcolng.no - 1 - Disclaimer This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and
More informationTANKER MARKET INSIGHT
TANKER MARKET INSIGHT October 18 Research Department, Teekay Tankers Sep-17 Oct-17 Nov-17 Jan-18 Feb-18 Apr-18 May-18 Jul-18 Aug-18 Sep-17 Oct-17 Nov-17 Jan-18 Feb-18 Apr-18 May-18 Jul-18 Aug-18 $ 000s
More informationAl Garcia Business Manager-Americas C4U Trade USA, Inc.
Revealing Global Trade Flows For Propane And Implications For Supply- Future export markets for North American propane and what this means for PDH feedstock security Al Garcia Business Manager-Americas
More informationTEEKAY LNG PARTNERS Q EARNINGS AND BUSINESS OUTLOOK PRESENTATION February 18, 2016
TEEKAY LNG PARTNERS Q4-2015 EARNINGS AND BUSINESS OUTLOOK PRESENTATION February 18, 2016 Forward Looking Statement This presentation contains forward-looking statements (as defined in Section 21E of the
More informationHANDYSIZE & HANDYMAX MARKETS 2008 CONFERENCE
May 2008 HANDYSIZE & HANDYMAX MARKETS 2008 CONFERENCE Key Strengths and Concerns of the Handyclass Strong freight rates should continue in 2008, but a multi-year downturn is expected to begin in 2009 TC
More informationThe Great Eastern Shipping Co. Ltd. Business & Financial Review April 2010
The Great Eastern Shipping Co. Ltd. Business & Financial Review April 2010 1 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationHöegh LNG - the FSRU provider 2Q 2018 Presentation of financial results 23 August 2018
Photo: Jørgen Grindevoll, Chief Officer, Höegh LNG Fleet Management Höegh LNG - the FSRU provider 2Q 2018 Presentation of financial results 23 August 2018 1 Forward looking statements This presentation
More informationCHENIERE ENERGY, INC.
CHENIERE ENERGY, INC. Factors Affecting Global Coal-Gas Competition NGI Workshop - Global Competition Between Coal and Natural Gas October 15th 218 Najla Jamoussi Director, Market Fundamentals & Corporate
More informationCheniere Energy Partners, L.P. / Cheniere Energy, Inc. Proposed Sabine Pass LNG Facility Expansion Adding Liquefaction Capabilities.
Cheniere Energy Partners, L.P. / Cheniere Energy, Inc. Proposed Sabine Pass LNG Facility Expansion Adding Liquefaction Capabilities June 4, 2010 Forward Looking Statements This presentation contains certain
More informationEnergy and commodity price benchmarking and market insights
Energy and commodity price benchmarking and market insights London, Houston, Washington, New York, Portland, Calgary, Santiago, Bogota, Rio de Janeiro, Singapore, Beijing, Tokyo, Sydney, Dubai, Moscow,
More informationRole of PDH in Asian Propylene Supply Market
Role of PDH in Asian Propylene Supply Market Chul-Jin (CJ) Kim CEO April 19, 2017 Agenda 1. SK Introduction 2. Asian Propylene Market 3. PDH as on-purpose process 4. Our Values to Customers 5. Key takeaways
More informationHANDYSIZE & HANDYMAX MARKETS 2007 CONFERENCE
29 May 2007 HANDYSIZE & HANDYMAX MARKETS 2007 CONFERENCE An Owner s Perspectives AGENDA Background of Thoresen Thai Agencies Public Company Limited An Owner s Perspectives Slide 2 TTA acts as the holding
More informationLPG Shipping Outlook
banchero costa LPG Shipping Outlook (an analysis of the fleet profile, trade prospects, and rates) September 2018 bancosta blue studies volume WET 2018/#17 banchero costa research www.bancosta.com ; research@bancosta.com
More informationLNG Shipping: How Long Will The Good Times Last?
LNG Shipping: How Long Will The Good Times Last? Poten & Partners November 1 HOUSTON NEW YORK LONDON ATHENS SINGAPORE GUANGZHOU PERTH A GLOBAL BROKER AND COMMERCIAL ADVISOR FOR THE ENERGY AND OCEAN TRANSPORTATION
More informationNASEO WINTER ENERGY OUTLOOK
ENTERPRISE PRODUCTS PARTNERS L.P. NASEO WINTER ENERGY OUTLOOK October, 2014 Mike Smith Group Sr. Vice President ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com DISCLAIMER
More informationHöegh LNG The FSRU services provider
Höegh LNG The FSRU services provider FSRUs - the key to growth for new LNG markets DNB s 10 th annual oil, shipping & offshore conference 02 March 2017 Sveinung J.S. Støhle President and CEO, Höegh LNG
More informationTANKER MARKET INSIGHT
TANKER MARKET INSIGHT July 18 Research Department, Teekay Tankers Jun-17 Jul-17 Aug-17 Oct-17 Nov-17 Jan-18 Feb-18 Apr-18 May-18 Jun-17 Jul-17 Aug-17 Oct-17 Nov-17 Jan-18 Feb-18 Apr-18 May-18 $ 000s /
More informationHöegh LNG - the FSRU provider. 1Q 2018 Presentation of financial results 31 May 2018
Höegh LNG - the FSRU provider 1 1Q 2018 Presentation of financial results 31 May 2018 Forward looking statements This presentation contains forward-looking statements which reflects management s current
More informationPareto conference. 31 August 2011
Pareto conference 31 August 2011 Awilco LNG a short but eventful history November 2010 February March April May - Entered negotiations for acquisition of three vessels -Awilco LNG founded and funded for
More informationMay 2008 COMPANY OVERVIEW & UPDATE
May 2008 COMPANY OVERVIEW & UPDATE Important Notice Forward-looking statements and figures in this presentation are based on Hyundai Merchant Marine s current expectations and no assurances can be made
More informationThe Outlook for the Global LPG Market
The Outlook for the Global LPG Market International LP Gas Seminar 213 Ken Otto February 28, 212 Dai-Ichi Hotel Tokyo, Japan 212, IHS Inc. No portion of this presentation may be reproduced, reused, or
More informationTanker Market and IMO 2020 Sulfur Emissions. ASBA Cargo Conference September 2018
Tanker Market and IMO 2020 Sulfur Emissions ASBA Cargo Conference September 2018 Navig8 Group Overview Jason Klopfer 170+ vessels under management 6 tanker, 5 chemical, 2 OSV pools World s largest independently
More informationI.M. Skaugen SE Result 2014 Presentation February 2015
I.M. Skaugen SE Result 2014 Presentation February 2015 1 Agenda Highlights Core business Financials 2 Restructuring efforts continued with positive effects USDm Leading to reduced financial expenses and
More informationFinancial Report for FY (April 2015 March 2016)
Financial Report for FY2016.3 (April 2015 March 2016) April 2016 Osaka Gas Co., Ltd. 1 I. Business Results for FY2016.3 and Forecasts for FY2017.3 Management information is available on Osaka Gas websites.
More informationSEACOR SMIT ANNOUNCES FOURTH QUARTER RESULTS
February 26, 2004 SEACOR SMIT ANNOUNCES FOURTH QUARTER RESULTS HOUSTON--(BUSINESS WIRE)--Feb. 26, 2004--SEACOR SMIT Inc. (NYSE:CKH) announced a net loss for the fourth quarter ended December 31, 2003 of
More informationCass Business School Presentation 29 January London
Cass Business School Presentation 29 January 2018 - London Connecting high quality analytics with commercial decision making Commercial Advice Consulting Market Insights Multiclient Products Retainer Agreements
More informationCapesize market outlook
Capesize market outlook China Iron Ore 2016, Metal Bulletin, Beijing Cheng Shan LI, dry bulk analyst 3 March 2016 Disclaimer The material and the information (including, without limitation, any future
More informationGene Seroka APL President, Americas. January 9, 2013 New York, NY
Gene Seroka APL President, Americas January 9, 2013 New York, NY Contents Economic Trends Market Dynamics Building a Sustainable Organization Integrated Partnerships 1 2 Economic Trends Global Demand for
More informationNavios South American Logistics Inc. Company Presentation
Navios South American Logistics Inc. Company Presentation April 2013 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of
More informationScrubber Initiative 5 September 2018
Scrubber Initiative 5 September 2018 Disclaimer This presentation contains certain statements that may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act
More informationThe Great Eastern Shipping Co. Ltd.
May 2016 Business & Financial Review The Great Eastern Shipping Co. Ltd. 1 The Company assumes no responsibility with regard to publicly amending, modifying or revising the statements based on any subsequent
More informationFinancial Report for FY (April 2016 March 2017)
Financial Report for FY2017.3 (April 2016 March 2017) April 2017 Osaka Gas Co., Ltd. 1 I. Business Results for FY2017.3 and Forecasts for FY2018.3 Management information is available on Osaka Gas websites.
More informationHöegh LNG - the FSRU provider. Company presentation. March 2018
Höegh LNG - the FSRU provider Company presentation March 2018 1 Forward looking statements This presentation contains forward-looking statements which reflects management s current expectations, estimates
More informationThe Great Eastern Shipping Co. Ltd. Business & Financial Review July 2016
The Great Eastern Shipping Co. Ltd. Business & Financial Review July 2016 1 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationVeriFone Files Restated Reports
VeriFone Files Restated Reports SAN JOSE, Calif. -- August 19, 2008 --VeriFone Holdings Inc. (NYSE: PAY) today filed its amended and restated quarterly report on Form 10-Q/A for the fiscal quarters ended
More informationQuadra Commodities. Anthony Diamante Director and Chartering Manager
Quadra Commodities Anthony Diamante Director and Chartering Manager Trends in the Dry Bulk Ocean freight market and freight market outlook IAOM Capetown December 2014 1 2014 in review weaker than expected
More informationPooling: Bringing vital consolidation to shipping
Pooling: Bringing vital consolidation to shipping Marine Money, Busan Korea 28 October 2015 www.navig8group.com Why 8 and what does that mean? 2 Why 8 and what does 8 mean? FR8 (Freight) 3 Why 8 and what
More informationGRINDROD LIMITED ADDITIONAL INFORMATION FOR ANALYSTS for the year ended 31 December 2016
www.grindrod.com GRINDROD LIMITED ADDITIONAL INFORMATION FOR ANALYSTS for the year ended 31 December 2016 MANAGEMENT SEGMENTAL BALANCE SHEETS AS AT 31 DECEMBER 2016 R000 FREIGHT SERVICES SHIPPING FINANCIAL
More informationEXMAR GROUP Leadership through Innovation
EXMAR GROUP Leadership through Innovation EXMAR GROUP General Assembly May 15th 2012 1 EXMAR Group EXMAR Group LNG LPG / NH 3 Offshore Services Shipping Shipping Accommodation / Work Barge Shipmanagement
More informationHöegh LNG - The FSRU provider. Presentation at Marine Money Week 2017 Sveinung J.S. Støhle President & CEO
Höegh LNG - The FSRU provider Presentation at Marine Money Week 2017 Sveinung J.S. Støhle President & CEO Forward looking statements This presentation contains forward-looking statements which reflects
More informationAn Exporter s Perspective
An Exporter s Perspective Kathleen Eisbrenner CEO, Pangea LNG B.V. May 2013 Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices").
More informationHöegh LNG - the FSRU provider. 3Q 2018 Presentation of financial results 29 November 2018
Höegh LNG - the FSRU provider 3Q 2018 Presentation of financial results 29 November 2018 1 Forward looking statements This presentation contains forward-looking statements which reflects management s current
More informationReport to NASEO: Propane Supply and Infrastructure Study
Report to NASEO: Propane Supply and Infrastructure Study Based on a Report to PERC by Rusty Braziel, Ron Gist RBN Energy LLC July 14, 2015 Deck 1 Propane Supply and Infrastructure Study» Overview, Production»
More informationThe Case for Investing in LNG Export Terminals in the US. Marine Money 2017 Meg Gentle, CEO
The Case for Investing in LNG Export Terminals in the US Marine Money 2017 Meg Gentle, CEO June 19, 2017 Cautionary statement Forward looking statement Non-GAAP Financial Measures The information in this
More informationFundamental Prospecting - time for another gold rush?
Fundamental Prospecting - time for another gold rush? Dr Adam Kent - Maritime Strategies International (MSI) 30th Annual Marine Money Money Week New York City June 19 th to 21 st 2017 Agenda Fundamental
More informationFundamental Prospecting - time for another gold rush?
Fundamental Prospecting - time for another gold rush? Dr Adam Kent - Maritime Strategies International (MSI) 30th Annual Marine Money Money Week New York City June 19 th to 21 st 2017 Agenda Fundamental
More informationHydro takes over Vale s aluminium business in transforming transaction
Hydro takes over Vale s aluminium business in transforming transaction Svein Richard Brandtzæg, President and CEO Bank of America Merrill Lynch Global Metals & Mining Conference May 12, 2010 (1) Cautionary
More informationDry Bulk Freight Market: Prospects For Recovery
Dry Bulk Freight Market: Prospects For Recovery Platts 9 th Steel Markets Europe Conference London 24 Whilst care and attention has been taken to ensure that the information contained is accurate, it is
More informationHighlights. 3Q18 Trading Update
11 Oct 218 Highlights 3Q18 Trading Update 1 PB Daily TCE Earnings in 3Q Improved by 24% and 3% Handysize and Supramax freight market indices reached their highest 3Q levels since 211, and our average Handysize
More informationIHS REVIEWS CONTRASTING 2016 MARKETS: DRY BULK & DIRTY TANKER
Information IHS MARITIME Analytics & TRADE Expertise FEBRUARY 216 IHS REVIEWS CONTRASTING 216 MARKETS: DRY BULK & DIRTY TANKER Dalibor Gogic, Principal Analyst +44 23 253 2388 Dalibor.Gogic@ihs.com Global
More informationI.M. Skaugen SE. IMS Innovative Maritime Solutions
I.M. Skaugen SE IMS Innovative Maritime Solutions Annual General Meeting Oslo, March 18th 2010 1 The IMS strategy The company has succeeded in identifying and leveraging g higher growth/higher margin market
More information"The Future of Gas : A Global Challenge" Session (1) Middle East Gas Supply
FIRST DOHA CONFERENCE ^jujaji ji*ij J^ - ON NATURAL GAS ^ ^ ^ V " H
More informationPooling: Bringing Vital Consolidation to Shipping
Pooling: Bringing Vital Consolidation to Shipping Marine Money, Shanghai, China 19 November 2015 www.navig8group.com GROUP OVERVIEW AN INTEGRATED GROUP OFFERING MARKET-LEADING COMMERCIAL MANAGEMENT AND
More information28 August Golar LNG. The Floating Gas Pipeline Increases Capacity
28 August 2003 Golar LNG The Floating Gas Pipeline Increases Capacity Pareto Offshore Seminar August 28th 2003 The Expansion Part I Page2 Page3 LNG High Growth & High Profitability LNG Trade Development
More informationOrganisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development
For Official Use DSTI/SU/SC(26)32 DSTI/SU/SC(26)32 For Official Use Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development 15-May-26 English
More informationShipping Trends Clarkson Research, October Martin Stopford
Shipping Trends Clarkson Research, October 2012 50 45 40 Shipping Cycle 1965-2012 2008 (Clarksea Index is a weighted average of earnings by $50,000/day tankers, bulkers, containerships & gas.) 2004 $39,000/day
More informationAn overview of the global LPG market and its impact in Latin America
An overview of the global LPG market and its impact in Latin America Rio de Janeiro, 33 rd AIGLP Conference Vanessa Viola SVP Latin America, Argus March 218 London Houston Moscow Singapore Dubai New York
More informationNavios South American Logistics Inc. Company Presentation
Navios South American Logistics Inc. Company Presentation August 2013 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of
More informationNavios South American Logistics Inc. Company Presentation
Navios South American Logistics Inc. Company Presentation November 2014 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act
More informationCastleton Commodities International. The Institute of Chartered Shipbrokers Dry Bulk & Commodities Conference Vancouver
The Institute of Chartered Shipbrokers Dry Bulk & Commodities Conference Vancouver 20 November 2014 Introduction to Castleton Commodities International CCI is an established global commodities merchant
More informationThe Shifting Sands of Natural Gas Abundance
August 17, 2016 The Shifting Sands of Natural Gas Abundance Richard Meyer Manager, Energy Analysis & Standards Here s how global energy changed between 2014 and 2015. Winners were oil, natural gas, renewables.
More informationSmall Scale LNG From Concept to Reality. Chris Johnson, General Manager, LNG New Markets, Shell
Small Scale LNG From Concept to Reality Chris Johnson, General Manager, LNG New Markets, Shell 0 Table of Contents Table of Contents... 1 Background... 1 Aims... 4 Methods... 5 Results... 11 Conclusions...
More informationHydro - a resource rich and fully integrated aluminium company
Hydro - a resource rich and fully integrated aluminium company Jørgen C. Arentz Rostrup, Executive Vice President and CFO September 28, 2010 (1) Cautionary note in relation to certain forward-looking statements
More informationWORLD ENERGY OUTLOOK. 9 th Annual GPCA Forum. Information Analytics Expertise NOVEMBER 23, 2014
Information Analytics Expertise NOVEMBER 23, 214 WORLD ENERGY OUTLOOK 9 th Annual GPCA Forum Blake Eskew, Vice President IHS Energy - Oil Markets & Downstream +1 713 331 4 Blake.Eskew@ihs.com 214 IHS Short
More informationSHIPPING MARKETS AT A GLANCE - WHAT TO EXPECT METTE BENDORFF ANDERSEN, ANALYST MAY 21, 2014
SHIPPING MARKETS AT A GLANCE - WHAT TO EXPECT METTE BENDORFF ANDERSEN, ANALYST MBA@SHIPFINANCE.DK MAY 21, 2014 DISCLAIMER The persons named as the authors of this report hereby certify that: (i) all of
More informationGene Seroka APL President, Americas. January 24, 2013 Tampa, Florida
Gene Seroka APL President, Americas January 24, 2013 Tampa, Florida Contents Economic Trends Market Dynamics Building a Sustainable Organization Integrated Partnerships 1 2 Economic Trends Global Demand
More informationNGLs Conference & Petrochemical Seminar October Jarl Pedersen Chief Commercial Officer
NGLs Conference & Petrochemical Seminar October 2017 Jarl Pedersen Chief Commercial Officer Disaster Preparedness, Recovery & Resiliency Preparedness (Emergency Operations Command) Recovery (1 st Vessel
More informationGene Seroka APL President, Americas
Gene Seroka APL President, Americas March 7, 2013 Los Angeles, CA Contents Economic Trends Market Dynamics Building a Sustainable Organization Integrated Partnerships 1 2 Economic Trends Market Size &
More informationGrindrod Limited Additional information for analysts
www.grindrod.com Grindrod Limited Additional information for analysts for the year ended 31 December 2017 MANAGEMENT SEGMENTAL BALANCE SHEETS AS AT 31 DECEMBER 2017 R000 PORTS TERMINALS MARINE FUELS AGRICULTURAL
More informationLPG Supply & Demand Alan J. Pratt - Texaco
LPG Supply & Demand Alan J. Pratt - Texaco Position Paper The session will cover general topics on LPG supply; demand; pricing; LPG freight pools and their effect on the large gas carrier newbuilding market;
More informationThe Basics of the Tanker Shipping Market
The Basics of the Tanker Shipping Market This year s special report focuses on the key drivers and influences on the crude tanker market. The aim is to provide some basic market background and explain
More informationGlobal LNG Market dynamics, key trends and market outlook
REUTERS / Anne Kat Brevik Global LNG Market dynamics, key trends and market outlook December 14, 217 What to address Market dynamics, key trends and market outlook The role and outlook for U.S. LNG China
More informationNet income of $7.2 million, or $0.04 per share, compared to net loss of $43.2 million, or
NEWS RELEASE Trading Symbol: TSX: SVM NYSE: SVM SILVERCORP FISCAL 2015 Q2 RESULTS: SILVER PRODUCTION UP 32%, NET INCOME OF $7.2 MILLION ($0.04 PER SHARE), CASH FLOW FROM OPERATIONS OF $20.1 MILLION ($0.12
More informationSHIP POWER: RESILIENCE IN DEMANDING MARKETS
SHIP POWER: RESILIENCE IN DEMANDING MARKETS Jaakko Eskola, President, Ship Power & Senior Executive Vice President 1 The most complete marine offering on earth 2 Strategic focus Ship Power s strategic
More informationFinancial Report for 1 st Half of FY (April 2016 September 2016)
Financial Report for 1 st Half of FY2017.3 (April 2016 September 2016) October 2016 Osaka Gas Co., Ltd. 1 I. Business Results for 1 st Half of FY2017.3 and Forecasts for FY2017.3 Management information
More informationArgus European LPG Markets LPG Shipping - Current Challenges and Future Opportunities
Argus European LPG Markets 2013. LPG Shipping - Current Challenges and Future Opportunities A presentation prepared by ViaMar AS, Oslo All information provided by ViaMar AS, whether oral or written, is
More informationMilken Institute: Center for Accelerating Energy Solutions
Milken Institute: Center for Accelerating Energy Solutions Center for Accelerating Energy Solutions Promotes policy and market mechanisms to build a more stable and sustainable energy future Identifies
More informationEXMAR GROUP: Leadership Through Innovation
Speech by: Paul C. Young, CMO EXMAR EXMAR GROUP: Leadership Through Innovation New York - 28th of March, 2013 7 th Annual Invest in International Shipping Capital Link Forum EXMAR Group LNG LPG / NH 3
More informationAlumina Refining Under Review Analysis of Global Supply and Demand
Alumina Refining Under Review Analysis of Global Supply and Demand 2015 Metal Bulletin International Aluminium Conference Simon Storesund, SVP Commercial, B&A 23 September 2015 (1) Cautionary note Certain
More informationLNG Producer-Consumer Conference Nagoya, Japan
LNG Producer-Consumer Conference Nagoya, Japan 22 nd October 2018 Vitol: a global leader in energy distribution For more than 50 years Vitol has distributed energy, efficiently and safely. Today, we move
More informationCreating Shareholder Value
Creating Shareholder Value Seifi Ghasemi Chairman, President and Chief Executive Officer Credit Suisse 2018 Basic Materials Conference September 12, 2018 Forward-looking statements 2 This presentation
More informationThird Quarter 2013 Presentation of financial results 19 November 2013
Höegh LNG The floating LNG services provider Third Quarter 2013 Presentation of financial results 19 November 2013 Forward looking statements This presentation contains forward-looking statements which
More informationThe US shale revolution and its economic impact
The US shale revolution and its economic impact Sylvie Cornot-Gandolphe Groupe Idées, Rueil Malmaison, 16 mars 2015 1 The US shale revolution and its economic impact 1. Shale gas Coal-to-gas switching
More informationPETRONAS Group Financial Results Announcement
EMBARGO The information contained herein may only be released after 5.30pm on 27 February 2015 PETRONAS Group Financial Results Announcement and Year End FY 2015 PETROLIAM NASIONAL BERHAD (PETRONAS) All
More information