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Klaveness Combination Carriers
Investor Presentation • Oct 30, 2024
3644_rns_2024-10-30_9c0dfdf2-20a4-4508-8c2a-2e73054eb0e1.pdf
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This presentation has been prepared by Klaveness Combination Carriers ASA (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. Making this presentation available in no circumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority.
The presentation should not form the basis for any investments nor be deemed to constitute investment advice by the Company including its affiliates or any of their directors, officers, agents, employees or advisers. An investment in the Company's securities involves risk, and several factors could cause the actual results, performance or achievements that may be expressed or implied by statements and information in this presentation differ materially from those expressed or implied in this presentation. By attending or reading the presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you must make your own independent assessment of the information contained in the presentation after making such investigations and taking such advice as may be deemed necessary.
In particular, any estimates, projections, opinions or other forward-looking statements contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should make its own verifications in relation to such matters. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on the completeness, accuracy or fairness thereof.
This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements reflect current views about future circumstances, not historical facts, and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual results, events and developments to differ materially from those expressed or implied by these forward looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. None of the Company, any of its parent or subsidiary undertakings, or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.
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The information and opinions contained in this document are provided as at the date of this presentation and may be subject to change without notice. Except as required by law, neither the Company nor any of its affiliates undertake any obligation to update any forward-looking statements or other information herein for any reason after the date of this presentation or to conform these statements to actual results or to changes in our expectations or publicly release or inform of the result of any revisions to these forward-looking statements which the Company or any of its affiliates may make to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
This presentation speaks as of October 2024. Neither the delivery of this presentation nor any further discussions by the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend to, or will assume any obligation to, update this presentation or any of the information included herein.
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Redefining dry bulk and product tanker shipping
CABU introduced in 2001-17
CLEANBU introduced in 2019-21
KCC's main value drivers :
E F F I C I E N C Y
D I V E R S I F I C A T I O N
F L E X I B I L I T Y
Substantially lower ballast and carbon footprint than standard vessels
Exposed to both dry bulk and product tanker markets
Optionality to shift capacity to the highest paying market
Agenda
Strong financial results amid more challenging markets
- EBITDA of USD 32.6 million and EBT of USD 21.7 million
- Both segments outperformed the standard markets
- Quite stable CLEANBU TCE earnings of \$38,673/day (-\$400/day Q-o-Q) despite considerably weaker product tanker market
- CABU TCE earnings of \$29,668/day (-\$8,000/day Q-o-Q) impacted by a weaker MR-tanker market and temporary lower caustic soda shipment volume
- Record low carbon intensity (EEOI 6.1) driven by limited ballasting and high cargo intake
Highlights Q3 2024 KCC TCE earnings (\$/day)1
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
Continuing high dividend payout in Q3 2024
1) Close 29th October 2024. 2) Adjusted cash flow to equity Q3 2023, see slide 40
Torvald Klaveness sells Klaveness Ship Management AS (KSM) to OSM Thome
- Torvald Klaveness has agreed to sell 100% of its shares in KSM to OSM Thome (OSMT)
- KCChas agreed to enter into new Ship Management Agreements for its fleet with KSM under the ownership of OSMT
- Effective 1 January 2025
Best of two worlds | Maintaining the best of the current integrated model while getting access to OSMT's large operational scale and technical resources
- Transfer of commercial operations and technical project department from KSM to KCC
- Strong protection of KCC's unique combination carrier expertise
- Maintaining current integrated operational model with dedicated professionals working exclusively for KCC
- Ringfencing KCC's crew pool continuing to be dedicated to KCC's fleet
Agenda
Introduction / performance overview
Market review and commercial update
Financial update
Sustainability efforts
Summary and outlook
Weaker markets, but lower gap between dry and wet
TCE earnings development \$/day1
1) Source: Clarksons Securities and Clarksons SIN
Maintaining strong TCE earnings amid weaker markets
Quarterly KCC fleet TCE earnings1 vs. standard tonnage2
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
12
2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. TD Q4 2024 based on average fleet TCE and onhire days guiding for Q4 2024 and standard tonnage as of 25.10.2024.
Fully booked, but quarterly variations in CSS volume impacts TCE earnings
CABU caustic soda solution (CSS) bookings to Australia # of cargoes per year CABU combination trade pattern to Australia
CABU TCE impacted by lower CSS2 volume and weaker MR-tanker market
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. 2) CSS = Caustic Soda Solution
Back in business into ECSA, our best CLEANBU trade
CLEANBU CPP shipments from Middle East and WC India to East Coast South America (ECSA) (# shipments)
1) Source: kpler
Quarterly diesel imports to Brazil and Argentina ('1000 mt)1
Total Russia Share of total
CLEANBU rates at solid levels, despite weaker markets
(\$/day)
% of days in tanker and dry bulk trades % days in combination trades & ballast Quarterly TCE earnings1
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. *% of days in combination trades for Q2 2024 adjusted from 63 % to 56 % compared to Q2 2024 reporting
Agenda
Introduction / performance overview
Market review and commercial update
Financial update
Sustainability efforts
Summary and outlook
Q-o-Q decrease in EBITDA due to lower CABU TCE earnings
EBITDA Q3 2024 compared to Q2 2024 (USD millions)
OPEX increase of 2% Q-o-Q, variations between segments
OPEX (\$/day)
Off-hire
| Q2 2024 | Q3 2024 | |
|---|---|---|
| On-hire days | 1 363 | 1 432 |
| Scheduled off-hire | 89 | 38 |
| Unscheduled off-hire | ব | 2 |
1 Comments
- Operating expenses, vessels increased by USD 0.2 million/ 2% Q-o-Q due to higher CLEANBU OPEX
- Normal variations between quarters
- CABU OPEX/day down in Q3 compared to 1H 2024, in line with expectations
- CABU YTD2024 OPEX/day up 11% compared to 2023 mainly due to higher crew and technical costs related to the oldest vessels
1) OPEX \$/day is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
Decline in Profit, stable dividends
| USD thousand (unaudited accounts) | Q3 2024 | Q2 2024 | Quarterly variance | ||
|---|---|---|---|---|---|
| Net revenues from operations of vessels | 48 768 | 52 303 | (6.8) % | Q3 2024 | Q2 2024 |
| Other income | 540 | Earnings per share1 | Earnings per share1 | ||
| Operating expenses, vessels | 1.6 % | \$0.36 | \$0.41 | ||
| (13 712) | (13 498) | Dividend per share2 | Dividend per share2 | ||
| SG&A | (3 039) | (2 637) | 15.2 % | \$0.30 | \$0.30 |
| EBITDA | 32 557 | 36 168 | (10.0) % | ROCE3 | ROCE3 |
| 17% | 18% | ||||
| Depreciation | (7 588) | (7 584) | % 0.1 |
ROE3 | ROE3 |
| EBIT | 24 969 | 28 584 | (12.6) % | 23% | 27% |
| Net financial items | (3 282) | (3 504) | (6.3) % | ||
| Profit after tax | 21 687 | 25 081 | (13.5) % |
1) Basic earnings per share. Calculated basis 60 441 731 for Q2 2024 and 60 451 948 for Q3 2024 (average total shares adjusted for treasury shares) 2) Dividend for Q3 2024 approved 29 October 2024 and to be distributed in Q4 2024 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
Solid balance sheet
| USD thousand (unaudited accounts) | 30 Sep 2024 | 30 Jun 2024 | Quarterly variance | ||
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Vessels | 493 291 | 497 482 | (4 191) | ||
| Newbuilding contracts | 18 718 | 18 307 | 411 | ||
| Other non-current assets | 4 512 | 5 916 | (1 403) | ||
| Current assets | |||||
| Other current assets | 46 606 | 39 432 | 7 174 | Q3 2024 | Q2 |
| Cash and cash equivalents | 51 324 | 83 267 | (31 942) | ||
| Total assets | 614 451 | 644 404 | (29 952) | Equity ratio1 | Equit |
| EQUITY AND LIABILITIES | 60.2% | 57 | |||
| Equity | 370 113 | 369 722 | 391 | ||
| Non-current liabilities | |||||
| Mortage debt | 124 626 | 130 693 | (6 067) | ||
| Long-term financial liabilities | 32 | 226 | (194) | ||
| Long-term bond loan | 75 802 | 74 973 | 829 | ||
| Current liabilities | |||||
| Short-term mortage debt | 25 199 | 25 199 | |||
| Short-term bond loan | 17 826 | (17 826) | |||
| Other current liabilities | 18 680 | 25 765 | (7 084) | ||
| Total liabilities | 244 339 | 274 682 | (30 343) | ||
| Total liabilities and equity | 614 451 | 644 404 | (29 953) |
1) Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
Cash flow impacted by one-off related to buy-back of KCC04 bond issue
Comments
- Negative working capital change in Q3 following a positive change of USD 7.4 million in Q2 2024
- KCC04 call option exercised with cash impact of negative USD 20.8 million in Q3. The buy-back was refinanced in May 2024
- Limited dry-docking cost in Q3. This will increase in Q4 2024 due to timing of dry-dockings. See slide 38 for estimates
The newbuild project will enter full construction phase in 2025
1) Contract price. Other costs not included. Delivery cost will among other things include costs for change orders, supervision and project management, upstoring and energy efficiency investments See slide 39 for more details
Agenda
Introduction / performance overview
Market review and commercial update
Financial update
Sustainability efforts
Summary and outlook
Carbon intensity is back on track in Q3
Carbon intensity (EEOI)1
Compared to Q2 2024:
25
The result is KCC's lowest ever quarterly EEOI
Installing wind-assisted propulsion technology on one of the 2026 CABU III newbuilds
Agenda
Introduction / performance overview
Market review and commercial update
Financial update
Sustainability efforts
Summary and outlook
Product tanker market
Expected Q4 seasonal upturn - cautiously optimistic for 2025
| Q4 2024E | 2025E | ||
|---|---|---|---|
| Oil consumption / production growth |
• Continued oil consumption growth, but some macro economic headwinds, in particular China and Europe • Possible easing of OPEC+ production cuts |
||
| Tonne-miles growth | • Positive growth assuming Red Sea disruptions continues |
||
| Fleet growth | • Less competition expected from crude tankers in CPP-trades • Overall low fleet growth in 2024, but accelerating in 2025 |
||
| Market balance | • Expect positive seasonal upturn last months of 2024 • Moderating, but expected to remain strong in 2025 |
Positive dry market outlook primarily based on limited fleet growth
| Q4 2024E | 2025E | ||
|---|---|---|---|
| Dry bulk commodity demand growth |
• Continued positive underlining global dry bulk demand • Weak European demand depresses Atlantic market • China demand above expectations for 2024 –risks for 2025 |
||
| Tonne-miles growth | • Panama canal back to normal – Red Sea disruptions expected to continue, but still a downside risk • High fronthaul shipments support tonne-mile demand |
||
| Fleet growth | • High port efficiency increases effective fleet growth in 2H 2024 • Low nominal growth in both 2024 and 2025 |
||
| Market balance | • Strong demand growth in 2024, but market balance suffering from low congestion/high efficiency in 2nd half 2024. • Low fleet growth leaves little room for surprises/inefficiencies |
Expected minimum 35-40% fixed rate coverage for dry bulk and CSS
Split of tanker and dry booking1
% share of fleet as of 29 October 2024
Target 2025 dry bulk fixed rate coverage 35-45% Caustic soda (CSS) contract renewals for 2025 in process. Target 2025 booking is 45-46 CSS cargoes = full CABU fleet capacity - of which 40-60% fixed-rate
Maintaining high floating rate contract and spot trading to harvest the benefits from efficient combination trading
Split of tanker and dry booking1
% share of fleet as of 29 October 2024
Maintaining strong earnings in expected weaker than expected Q4-market
Q3 2024 TCE earnings guiding vs. actual last two quarters
Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)1
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.
Getting the best out of peaking markets – overperforming in "normal" markets
Average KCC TCE earnings1 vs. standard tonnage (\$/day)2
1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. 2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days.
EFFICIENCY
DIVERSIFICATION
FLEXIBILITY
Best risk-adjusted return in dry bulk/tanker shipping
2019 – 2024 Q3 average annualized quarterly return on invested capital (%)1
Source: Bloomberg 1) Return on invested capital is calculated as annualized quarterly net operating profit dividend by the company's invested capital.
FUTURE BOUND
Detailed 2024-2026 contract coverage – wet
Contract coverage (as per 29 October 2024)
| CABU: CSS contract coverage | ||||||
|---|---|---|---|---|---|---|
CLEANBU: CPP contract coverage
| # of days | Q4 2024 | 2025 | 2026 |
|---|---|---|---|
| Fixed rate COA/TC/fixtures in the book | 288 | ਟੈਪੈ | |
| Floating rate COA | 260 | ||
| Total contract days | 288 | 314 | |
| FFA coverage | |||
| Available wet days CLEANBU | પ્રતિ | 1 885 | 1 895 |
Total wet contract coverage
Detailed 2024-2026 contract coverage – dry bulk
Contract coverage (as per 29 October 2024)
| CABU: dry contract coverage | ||||
|---|---|---|---|---|
CLEANBU: dry contract coverage
| # of days | Q4 2024 | 2025 | 2026 |
|---|---|---|---|
| Fixed rate COA/fixtures in the book | 116 | ||
| Floating rate COA | 416 | ||
| Sum | 116 | 416 | |
| FFA coverage | |||
| Available dry days | 205 | 868 | 892 |
Total dry contract coverage
| # of days | Q4 2024 | 2025 | 2026 |
|---|---|---|---|
| Fixed rate COA/fixtures in the book | 352 | 475 | |
| Floating rate COA | 584 | ||
| Total contract days | 352 | 1 059 | |
| FFA coverage | |||
| Available dry days | દેવાર | 2 213 | 2 410 |
| Available dry days CABU Available dry days CLEANBU |
340 205 |
1 345 868 |
1518 892 |
| Fixed rate coverage | 65 % | 21 % | 0% |
| Floating rate COA | 0 % | 26 % | 0 % |
| Spot | 35 % | 52% | 100 % |
| Operational coverage | 65 % | 48 % | 0% |
Dry docking overview remaining 2024 and preliminary plan for 2025
(CAPEX in USD millions and off-hire in parenthesis)
Depreciations 2025: Following completed DDs in 2024 and 2025, we expect to see an increasingly recognized depreciation cost per quarter from in range 10-25% per quarter throughout 2025 (compared to Q3 2024). On an annual basis we expect depreciation cost for 2025 to be approximately in range 15-20 % higher than 2024.
Remaining 2024 dry dockings:
| Vessel | Type | Dry docking and other technical upgrades |
Energy efficiency measures | Estimated total cost (off-hire days) |
Timing* |
|---|---|---|---|---|---|
| Barracuda | CLEANBU | 3.2 | 0.2 | 3.4 (50) | Q4 Sept-Oct |
| Barramundi | CLEANBU | 2.6 | 0.4 | 3 (72) | Q4 Sept-Nov |
| Balboa | CABU | 1.8 | 4.6 | 6.4 (75) | Q4 Nov |
| Totalt 2024 | 7.6 | 5.2 | 12.8 (197) |
Scheduled 2025 dry dockings:
| Vessel | Type | Dry docking and other technical upgrades |
Energy efficiency measures | Estimated total cost (off-hire days) |
Timing* |
|---|---|---|---|---|---|
| Baffin | CABU | 2.3 | 4.6 | 6.85 (75) | Q1 Feb-Mar |
| Bakkedal | CABU | 2.8 | 0.0 | 2.8 (42) | Q1 Apr |
| Bangor | CABU | 2.5 | 0.0 | 2.5 (42) | Q2 May |
| Baleen | CLEANBU | 2.5 | 0.0 | 2.5 (42) | Q3 May-Jun |
| Bantry | CABU | 3.2 | 0.0 | 3.2 (42) | Q3 Jul |
| Bangus | CLEANBU | 2.5 | 4.9 | 7.38 (75) | Q3 Jul-Aug |
| Baiacu | CLEANBU | 2.3 | 0.1 | 2.38 (42) | Q4 Oct-Nov |
| Total 2025 | 18.1 | 9.5 | 27.61 (360) |
Newbuild CAPEX overview
CABU III delivery schedule
Estimated CAPEX2 per vessel (USDm)
| Name | Contract price | 2023 | 2024 | 2025 | 2026 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
| CABU III – 1561 |
USD 57.4m |
5.7 | 5.7 | 8.6 | 5.7 | 31.5 | |||||||||||
| CABU III – 1562 |
USD 57.4m |
5.7 | 5.7 | 8.6 | 5.7 | 31.5 | |||||||||||
| CABU III - 1563 |
USD 57.4m |
5.7 | 5.7 | 8.6 | 5.7 | 31.5 | |||||||||||
| Total | USD 172m | 17.2 | 11.4 | 22.9 | 5.7 | 45.8 | 37.2 | 31.5 | |||||||||
| Milestone payments | Signing | Steel cutting | Keel laying | Launching | Delivery | ||||||||||||
| % of total contract price | 10% | 10% | 15% | 10% | 55% |
1) Estimates for vessels under construction, actual DWT might deviate some upon delivery of vessel 2) Delivery cost not included. Delivery cost will include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency investments
Dividend policy and calculation overview
Policy: KCC intends, on a quarterly basis (after the initial investment period 2019-2021), to distribute a minimum 80% of free cash flow to equity after debt service and maintenance cost as dividends to its shareholders, provided that all known, future capital and debt commitments are accounted for, and the company's financial standing remains acceptable.
Reconciliation of Adjusted Cash Flow to Equity (ACFE)
| Period | EBITDA+ | Cash interest cost | Ordinary debt repayments3 |
Dry docking cost including technical upgrades4 |
Adjusted cash flow to equity (ACFE)3 |
Dividends® | Dividends/ACFE |
|---|---|---|---|---|---|---|---|
| 2019 | 25.8 | 9.0 | 13.9 | 6.0 | (3.2) | 2.7 | n.a.7 |
| 2020 | 48.1 | 11.4 | 17.4 | 4.9 | 14.5 | 5.8 | 40% |
| 2021 | 67.1 | 14.0 | 23.6 | 12.4 | 17.1 | 11.0 | 64% |
| 2022 | 107.0 | 15.4 | 24.0 | 10.2 | 57.3 | 52.9 | 92% |
| 2023 | 134.9 | 20.0 | 24.1 | 5.3 | 85.6 | 72.3 | 84% |
| Q1 2024 | 37.6 | 4.5 | 6.3 | 3.0 | 23.9 | 21.2 | 89% |
| Q2 2024 | 36.2 | 4.8 | 6.3 | 5.4 | 19.7 | 18.1 | 92% |
| Q3 2024 | 32.6 | 5.4 | 6.3 | 1.2 | 19.6 | 18.1 | 92% |
| YTD 2024 | 106.3 | 14.6 | 18.9 | 9.5 | 63.3 | 57.4 | 91% |
1) 2019-2024: Income Statement, EBITDA
2) 2019-2022, Q1-Q2 2024: Cash Flow Statement, Interest paid. 2023, Q3 2024: Cash Slow Statement, Interest paid adjusted for one-off related to premium paid bond buy-back, see note 8 in Annual Report 2023 and Note 7 in Q3 2024 Report
3) 2019-2020, 2022, Q3 2024: Cash Flow Statement, Repayment of mortgage debt. 2021, 2023, Q1-Q2 2024: Ordinary debt repayment not stated separately in Cash Flow Statement .
4) Normal drydocking and technical upgrades, not included energy efficiency investments. 2019: Note 8, 2020-2023: Note 9, Q1-Q3 2024: Note 4
5) ACFE = EBITDA – cash interest cost – ordinary debt service – dry docking and technical upgrades. KCC believes reconciliation of ACFE provides useful information for KCC's stakeholders to understand dividend payments in context of the Company's dividend policy.
6) Dividend for the relevant quarter, distributed the following quarter
