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 180 vessels when including Capesize Chartering Ltd. (“CCL”). ๏ Manager of Supramax up to Capesize Revenue Sharing Agreements (RSAs) ๏ Co-manager of CCL (>90 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 180 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 Number of vessels in the RSA 66 59 56 Agreement was created in 2013 with 5 31 20 members and 6 vessels 16 ๏ Presently, the RSA counts 18 members 6 2013 2014 2015 2016 2017 2018 2019 and 66 vessels ๏ Our members include: traditional Number of members in the RSA 18 17 shipowners, publicly listed companies, 15 14 commodity traders & financial 9 7 investment platforms 5 7 2013 2014 2015 2016 2017 2018 2019
RSA MEMBERS Castleton Commodities Carras Ltd Bocimar Bulk Trading Chandris D’Amico Dry DryLog CBC Eastern Pacific Shipping Golden Ocean Ionic J.P. Morgan GMIF GoodBulk 8 Nautical Bulk Holding M-Maritime S’Hail Sonoma Shamrock
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
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 11 11
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. 12 12
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 13 13
GLOBAL REACH Our multi-basin strategy ensures our vessels are spread out globally 14 14
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 15 15
The RSA has weekly , monthly and quarterly reporting as well as physical meetings that take place twice a year. 16 16
RSA STRENGTHS IN NUMBERS Biggest Supramax pool in the 169 counterparties market 2 Years average vessel 425 fixtures concluded duration despite very flexible entry and exit requirements 35 fixtures concluded per 15% of vessels have been in month in 2018 - 91% on time for 5 years or more charter 22 mn tonnes carried 17 *All figures are based on calendar year 2018
RSA STRENGTHS IN NUMBERS NUMBER OF FIXTURES TYPE OF CARGO LOADED ON RSA VESSELS IN 2018 VOLUMES CARRIED ON RSA VESSELS (MILLION TONNES) * ’Other’ includes cement, sugar, mineral concentrates, scrap, sand, alumina etc 18 ‘Agricultural products’ include grains and oilseeds.
7 Rue du Gabian, Gildo Pastor Center 98000 Monaco +377 97 98 59 00 www.ctmmc.com 19
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