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ARDMORE SHIPPING CORPORATION Second Quarter 2018 Earnings Presentation Disclaimer 2 This presentation contains certain statements that may be deemed to be forward -looking statements within the meaning of applicable U.S. federal


  1. ARDMORE SHIPPING CORPORATION Second Quarter 2018 Earnings Presentation

  2. Disclaimer 2 This presentation contains certain statements that may be deemed to be “forward -looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation (“Ardmore” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about: future operating or financial results; global and regional economic conditions and trends; pending vessel acquisitions or possible upgrades to vessels; the Company’s business strategy and expected capital spending or operating expenses; competition in the tanker industry; shipping market trends; the Company’s financial condition and liquidity, including ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; the Company’s share repurchase program; ability to enter into fixed-rate charters after the current charters expire and the Company’s ability to earn income in the spot market; expectations of the availability of vessels to purchase and the time it may take to construct new vessels and vessels’ useful lives are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2017. This presentation is for information purposes only and does not constitute an offer to buy or sell securities of the Company. For more complete information about the Company, the information in this presentation should be read together with the Company's filings with the SEC which may be accessed on the SEC website at www.sec.gov. 2

  3. Earnings Release: Second Quarter 2018 3 Agenda ▪ Performance and Recent Activity ▪ Product and Chemical Tanker Markets ▪ Fleet Update ▪ Financial Review ▪ Summary ▪ Appendix 3

  4. Highlights 4 4

  5. Performance and Recent Market Activity 5 Highlights ▪ Reporting EBITDA of $7.6 million and an adjusted net loss of $8.2 million, or $0.25 per share for the second quarter, reflecting weakness in product tanker charter rates ▪ Fleet is performing very well; operating expenses were reduced in the quarter and overhead below budget year to date ▪ MR product tankers earned $11,510 per day for 2Q18 and $12,086 year to date. MR spot charter rates impacted by: o Lower cargo volumes due to unrelated one-off events in key consumer regions in the Atlantic Basin (Brazil, Mexico and West Africa) o Exceptional weakness in crude tanker market resulted in some newbuildings carrying refined products on maiden voyages East of Suez ▪ Charter market remains soft but we believe rates have bottomed out; refinery throughput set to reach record levels in 3Q18 (1) , cargo volumes in the Atlantic should normalise and crude tanker trading in CPP on maiden voyages expected to decline in 2H18 (2) ▪ Looking ahead, 2020 sulphur cap is coming into focus; expect significant increase in seaborne volumes of refined products with cost advantages for more fuel efficient vessels such as Ardmore’s 1. IEA Oil Market Report , June 2018 2. Source: Clarksons Shipping Intelligence Network and management’s estimates 5

  6. Fleet Profile 6 Vessel Name Type Dwt Tonnes IMO Built Country Flag Specification High Quality Vessels Ardmore Seavaliant Product/Chemical 49,998 2/3 Feb-13 Korea MI Eco-design Ardmore Seaventure Product/Chemical 49,998 2/3 Jun-13 Korea MI Eco-design ✓ Modern, highly fuel efficient Ardmore Seavantage Product/Chemical 49,997 2/3 Jan-14 Korea MI Eco-design fleet of MRs Ardmore Seavanguard Product/Chemical 49,998 2/3 Feb-14 Korea MI Eco-design Ardmore Sealion Product/Chemical 49,999 2/3 May-15 Korea MI Eco-design Ardmore Seafox Product/Chemical 49,999 2/3 Jun-15 Korea MI Eco-design ✓ Average age of 6.0 years Ardmore Seawolf Product/Chemical 49,999 2/3 Aug-15 Korea MI Eco-design Ardmore Seahawk Product/Chemical 49,999 2/3 Nov-15 Korea MI Eco-design Ardmore Endeavour Product/Chemical 49,997 2/3 Jul-13 Korea MI Eco-design ✓ Built at high-quality yards in Ardmore Enterprise Product/Chemical 49,453 2/3 Sep-13 Korea MI Eco-design Korea and Japan Ardmore Endurance Product/Chemical 49,466 2/3 Dec-13 Korea MI Eco-design Ardmore Explorer Product/Chemical 49,494 2/3 Jan-14 Korea MI Eco-design ✓ Quality fleet = lower operating Ardmore Encounter Product/Chemical 49,478 2/3 Jan-14 Korea MI Eco-design Ardmore Exporter Product/Chemical 49,466 2/3 Feb-14 Korea MI Eco-design cost, higher utilization and maximum value appreciation Ardmore Engineer Product/Chemical 49,420 2/3 Mar-14 Korea MI Eco-design Ardmore Seafarer Product/Chemical 45,744 3 Aug-04 Japan MI Eco-mod Ardmore Seatrader Product 47,141 — Dec-02 Japan MI Eco-mod ✓ Complementary fleet Ardmore Seamaster Product/Chemical 45,840 3 Sep-04 Japan MI Eco-mod Ardmore Seamariner Product/Chemical 45,726 3 Oct-06 Japan MI Eco-mod Ardmore Sealancer Product 47,451 — Jun-08 Japan MI Eco-mod ✓ Increased scale improves Ardmore Sealeader Product 47,463 — Aug-08 Japan MI Eco-mod commercial flexibility Ardmore Sealifter Product 47,472 — Jul-08 Japan MI Eco-mod Ardmore Dauntless Product/Chemical 37,764 2 Feb-15 Korea MI Eco-design Ardmore Defender Product/Chemical 37,791 2 Feb-15 Korea MI Eco-design Ardmore Cherokee Product/Chemical 25,215 2 Jan-15 Japan MI Eco-design Ardmore Cheyenne Product/Chemical 25,217 2 Mar-15 Japan MI Eco-design Ardmore Chinook Product/Chemical 25,217 2 Jul-15 Japan MI Eco-design Ardmore Chippewa Product/Chemical 25,217 2 Nov-15 Japan MI Eco-design Total 28 1,250,019 6.0 (1) 1. Average age as at June 30, 2018 6

  7. Product and Chemical Tanker Markets 7 7

  8. Product Tanker Market 8 ▪ ASC MR pool and spot rates averaged $11,510 per day in 2Q18 reflecting Oil Inventory Surplus and Refinery Throughput (3) softer market conditions in May / June Inventory Surplus Refinery Runs ▪ Recent market activity: 600 84.0 Global Refinery Runs (mmbpd) 83.0 500 o One-off events in key consumer regions: lower cargo volumes in the Atlantic Inventroy Surplus (mmb) 82.0 Basin due to independent, short term, factors in Brazil, Mexico and West 400 81.0 Africa (1) 300 80.0 o Oil market dynamics: increased oil price and bunker prices, backwardation 200 79.0 affecting trade and strong domestic demand in US and India 100 78.0 o Other factors: crude tanker weakness resulting in some encroachment East of - 77.0 Suez and slower oil consumption growth (100) 76.0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18E 3Q18E 4Q18E ▪ MR supply growth remains at all-time lows: o Forecasting 23 MRs to deliver over the remainder of 2018 (29 ytd) (2) o Scrapping run rate has increased to approx. 40 - 60 MRs per year: 31 Product Tanker Orderbook and Fleet Development (2) scrapped ytd in 2018 (compared to 14 scrapped in 4Q17) (2) Fleet (Million DWT) OB as % of Fleet o Fleet growth net of scrapping expected to be below 1% in 2018 and 2019 (2)(3) 100 50% 5.2% ▪ Demand fundamentals remain solid: 90 45% 80 40% OB as % Fleet o Strong oil demand growth coupled with global refinery expansion 70 35% Million DWT ▪ Near term outlook remains positive: 60 30% 50 25% o Atlantic basin cargo volumes should return to normal levels in 2H18 40 20% o Oil trading activity expected to increase; refined product inventories well 30 15% below five year averages and refinery throughput is set to increase by 2mbd 20 10% from 2Q18 to 3Q18 (4) 10 5% o IMO 2020 sulphur regulations expected to significantly increase seaborne 0 0% volumes of refined products from mid-2019; initial estimates +2mbd (5) 1997 2000 2003 2006 2009 2012 2015 2018 1. VV Trade, July 2018 2. Clarksons Shipping Intelligence Network and management’s estimates 3. Management’s estimates of deliveries for 2018, net of estimated scrapping. Management’s estimates based on 50% of 4Q18 schedu led deliveries slipping into 2019 8 4. IEA Oil Market Report , June 2018 & PIRA S&P Platts 5. IEA: Oil 2018, Deutsche Bank: IMO 2020 and management estimates

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