SUPRAMAX RSA
C TRANSPORT MARITIME S.A.M. ๏ Headquartered in Monaco and founded in 2004 ๏ One of the largest shipmanagement companies globally ๏ Employs over 85 people from 13 different nationalities ๏ Lloyd’s List ‘Dry Bulk Operator of the Year’ 2017 2 2
C TRANSPORT MARITIME S.A.M. ๏ The Company directly operates over 115 vessels, ranging from Supramax to Newcastlemax bulk carriers, and over 200 vessels when including Capesize Chartering Ltd. (“CCL”). ๏ Manager of Supramax up to Capesize Revenue Sharing Agreements (RSAs) ๏ Co-manager of CCL (>100 vessels) ๏ Technical manager for 40 bulk carriers 3 3
PRINCIPAL ACTIVITIES ๏ Commercial (Chartering, S & P, FFA) ๏ Operations ๏ Technical ๏ Risk Management & Research ๏ Insurance ๏ Logistics 4 4
“What we are trying to do here is eliminate fragmentation among the supramax-owning community so we can provide a more efficient service as well as minimise all of our costs” John Michael Radziwill CEO 5 5
OUR POOLS ๏ Over 15 years of managing dry cargo pools ๏ Today there are about 200 vessels in our pools*, all of which are operated on the spot market ๏ Pool stay ranges from a few months to a few years depending on each member’s portfolio composition, employment strategy and outlook on the market ๏ Accounts are managed by CTM and externally audited annually (Deloitte) 6 *including vessels in CCL but not double counting CTM managed ships
SUPRAMAX RSA ๏ The Supramax Revenue Sharing Agreement was created in 2013 with 5 members and 6 vessels ๏ Presently, the RSA counts 18 members and 73 vessels ๏ Our members include: traditional shipowners, publicly listed companies, commodity traders & financial investment platforms 7
RSA MEMBERS Bocimar Carras Ltd CBC Castleton Commodities Chandris Eastern Pacific Shipping DryLog D’Amico Dry M/Maritime Nautical Bulk Holding Golden Ocean J.P. Morgan GMIF Ionic Stone Shipping 8 Wah Kwong S’Hail Stone Shipping Shamrock Sonoma
HOW THE RSA WORKS Income generated from the pool vessels are distributed to the members according to the revenue earning capabilities of their vessels Outstanding performance ๏ Vessels are assessed on tradability and performances (dwt, Steady Global income cubic capacity, service and eco speed & consumption, draft, etc) reach and a Revenue Sharing Key is established ๏ Vessel performances are monitored Low fees ๏ Working capital of $400,000 (in bunkers and cash) is required to Risk Flexibility management cover the day-to-day expenses of the vessel (bunkering, port agent fees etc) and is returned to the member when the vessel exits 9
Delivering great results is at the top of our agenda and our performance is testament to this. Over the past 12 months, the Supramax RSA has outperformed the market by 8%. 10 10
CTM ALMOST ALWAYS OUTPERFORMS THE BALTIC SUPRAMAX INDEX… SUPRAMAX RSA PERFORMANCE VS. BSI ($/DAY) 11 Note: Until 2015 BSI 52 Index is used for comparisons; from 2016 BSI 58 is used. Results shown above are for a BSI-type vessel. 11 All figures are net and adjusted to a 100 point ‘index’ type vessel
…AND ITS PEERS ๏ Higher performance and lower cost SUPRAMAX PEER PERFORMANCES IN 2018 $ PER DAY structure give the CTM Supramax RSA an advantage over similar-type pools ๏ In 2018, the Supramax RSA performed 5% above the index and around 8% above its peers 12 12
LOW FEES No daily administration fees - only a 1.25% commission on revenues No hidden fees or other costs No withdrawal fees or penalties Transparent cost structure 13 13
FLEXIBILITY ✓ Entry and exit into the RSA is very easy; only two weeks notice for a vessel to enter and maximum three months notice to exit ✓ No minimum duration ✓ Tailored to owners’ concerns and needs. Charter-party negotiations work off the owner’s charter - party, otherwise the pool’s charter-party can be used 14 14
STEADY INCOME The RSA gives out a fixed income Income is based on a pre-agreed FFA budget set at the beginning of the year. Income is adjusted quarterly to match actual results 15 15
GLOBAL REACH Our multi-basin strategy ensures our vessels are spread out globally 16 16
RISK MANAGEMENT ✓ Dedicated, highly sophisticated in- house risk management department with an excellent track record ✓ Counterparty assessment prior to fixing a vessel determines whether fixture goes ahead or not ✓ Tailored maritime lien insurance 17 17
The RSA has weekly , monthly and quarterly reporting as well as physical meetings that take place twice a year. 18 18
RSA STRENGTHS IN NUMBERS 2019 figures : 466 fixtures concluded Biggest Supramax pool in the market 159 counterparties 23.4 mn tonnes carried 39 fixtures concluded per 2.5 Years average vessel month on average - 90% on duration despite very flexible entry and exit requirements time charter 16% of vessels have been in for 5 years or more 19
RSA STRENGTHS IN NUMBERS NUMBER OF FIXTURES TYPE OF CARGO LOADED ON RSA VESSELS IN 2019 VOLUMES CARRIED ON RSA VESSELS (MILLION TONNES) * ’Other’ includes sulphur, scrap, alumina, copper, sand etc 20 ‘Agricultural products’ include grains and oilseeds.
THE SUPRAMAX RSA FLEET Vessel Name Built Size (dwt) Vessel Name Built Size (dwt) Vessel Name Built Size (dwt) Nautical Georgia 2017 63,800 Armonia.GR 2016 61,250 Bulk Honduras 2012 57,959 Nautical Runa 2015 63,577 La Tonda 2015 61,241 ST George 2011 57,959 Nautical Lucia 2016 63,567 Red Azalea 2015 61,229 Sage Symphony 2012 57,949 Nautical Loredana 2015 63,556 FJ Star 2016 61,225 Bulk Uruguay 2011 57,937 Nautical Hilary 2015 63,530 Olympia.GR 2017 61,222 Bulk Ecuador 2011 57,937 CMB Rubens 2018 63,514 Aquaprosper 2015 61,208 Bulk Colombia 2011 57,937 Sage Sanaga 2013 63,500 Divinegate 2019 61,143 Bulk Peru 2011 57,937 Nautical Alice 2016 63,500 FJ Viola 2020 61,000 Medi Yokohama 2014 57,905 Nautical Anne 2016 63,500 Victoria T 2017 61,000 Medi Manila 2014 57,903 Oslo Venture 2015 63,500 Ionic Unicorn 2016 60,425 Serene Jessica 2010 57,275 Daimongate 2017 63,496 Atalanti.GR 2019 60,400 Serene Juniper 2011 57,185 Nautical Madison 2018 63,436 Golden Cathrine 2015 60,263 SFL Yukon 2010 56,869 Bulk Bolivia 2016 63,374 Golden Cecilie 2015 60,263 SFL Sara 2010 56,869 Sage Amazon 2012 63,301 Red Sakura 2017 60,245 CS Sonoma 2010 56,697 All Star Atlas 2014 63,250 Areti.GR 2017 60,243 Sea Star 2014 56,591 CMB Jordaens 2019 63,000 ST Pinot 2013 59,949 Ionic Spirit 2010 56,119 Red Orchid 2015 61,645 African Jacana 2012 58,800 Loch Crinan 2013 56,108 Amis Wisdom I 2010 61,600 Bulk Costa Rica 2012 58,758 Bulk Phoenix 2013 56,088 Devongate 2014 61,517 Medi Segesta 2009 58,730 Ionic Storm 2005 56,032 Amis Brave 2014 61,467 Bulk Patagonia 2012 58,723 Aquitania 2006 55,916 Bulk Guatemala 2013 61,446 Amis Orchid 2012 58,120 Medi Paestum 2009 55,614 Bulk Atacama 2014 61,384 Medi Hakata 2014 58,078 Bridgegate 2010 53,477 CMB Chikako 2014 61,299 Golden Hawk 2015 58,068 Medi Bangkok 2006 53,466 21 Red Cosmos 2015 61,263 ST Paul 2010 57,982 S'hail Al Ruwais 2001 52,817 S'hail Al Doha 2002 52,455
7 Rue du Gabian, Gildo Pastor Center 98000 Monaco +377 97 98 59 00 www.ctmmc.com 22
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