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American Feeder Lines

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Percy Pyne IV, AFL

Percy Pyne IV, AFL

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  • Right picture: http://www.americanprogress.org/issues/2010/01/oil_imports_security.html http://www.rushprnews.com/press/wp-content/2009/02/oildependency.jpg
  • I would insert the slide on emissions from the recent Maersk Presentation Tobias sent.
  • Transcript

    • 1. The Realization of America’s Marine Highway Transportation Research Board Tuesday, July 12, 2011 - Boston
    • 2. Disclaimer THIS MATERIAL IS CONFIDENTIAL AND MAY NOT BE REPRODUCED OR PROVIDED TO OTHERS WITHOUT THE EXPRESS WRITTEN PERMISSION OF THE PYNE COMPANIES LTD (“PYNE”) OR KÖNIG & CIE. GMBH & CO. KG (“KÖNIG & CIE.”). THIS MATERIAL DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OTHER SECURITIES, TO OR FROM ANY PERSON IN ANY JURISDICTION. ANY SUCH OFFER OR SOLICITATION MAY ONLY BE MADE PURSUANT TO OTHER LEGAL DOCUMENTATION. BY ACCEPTING DELIVERY OF THIS MATERIAL, EACH RECIPIENT HEREOF AGREES TO THE FOREGOING. INVESTMENT IN ANY OF THE TARGET COMPANY DESCRIBED HEREIN WILL INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. THE FUNDS WILL BE ILLIQUID, AS THERE IS NO SECONDARY MARKET FOR INTERESTS IN THE SECURITIES AND NONE IS EXPECTED TO DEVELOP. THERE WILL BE RESTRICTIONS ON TRANSFERRING INTERESTS IN THE TARGET COMPANY, INVESTMENTS MAY BE LEVERAGED AND THE INVESTMENT PERFORMANCE MAY BE VOLATILE. BEFORE DECIDING TO INVEST IN THE TARGET COMPANY, PROSPECTIVE INVESTORS SHOULD READ THE RELEVANT LEGAL DOCUMENTATION AND PAY PARTICULAR ATTENTION TO THE RISK FACTORS CONTAINED THEREIN. PROSPECTIVE INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE RISK CHARACTERISTICS OF THE INVESTMENT. THE HISTORICAL RETURNS INCLUDED IN THIS MATERIAL (AS WELL AS ANY ESTIMATES OR PROJECTIONS) ARE NOT A PREDICTION OF FUTURE PERFORMANCE AND THERE CAN BE NO ASSURANCE THAT THESE OR COMPARABLE VALUES OR RETURNS WILL BE ACHIEVED OR THAT PERFORMANCE OBJECTIVES OR TARGETS WILL BE ACHIEVED. IN ADDITION, THERE CAN BE NO ASSURANCE THAT ANY UNREALIZED INVESTMENTS WILL BE REALIZED AT THE VALUATIONS SHOWN, AS ACTUAL REALIZED RETURNS WILL DEPEND ON, AMONG OTHER FACTORS, FUTURE OPERATING RESULTS, THE VALUE OF THE ASSETS AND MARKET CONDITIONS AT THE TIME OF DISPOSITION, ANY RELATED TRANSACTION COSTS, AND THE TIMING AND MANNER OF SALE, ALL OF WHICH MAY DIFFER FROM THE ASSUMPTIONS ON WHICH THE VALUATIONS CONTAINED HEREIN ARE BASED. NOTHING CONTAINED HEREIN SHOULD BE DEEMED TO BE A PREDICTION OR PROJECTION OF FUTURE PERFORMANCE OF THE TARGET COMPANY. EXCEPT WHERE OTHERWISE NOTED IN THIS MATERIAL, ALL INFORMATION CONTAINED HEREIN, INCLUDING ALL PROCEEDS, VALUES AND IRRS, ARE BEFORE EXPENSES AND CARRIED INTEREST, ARE CALCULATED AS OF DATES SPECIFIED HEREIN AND HAVE NOT BEEN UPDATED FOR ANY EVENTS SUBSEQUENT TO THOSE DATES. IF YOU ARE CONSIDERING AN INVESTMENT IN THE TARGET COMPANY PLEASE NOTE THAT THIS MATERIAL IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE RELEVANT AUDITED STATEMENTS AND LEGAL DOCUMENTATION THAT RELATES SPECIFICALLY TO THE TARGET COMPANY AND PLEASE BE SURE TO REVIEW SUCH DOCUMENTATION FOR FURTHER DISCLOSURE. PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INVESTIGATIONS AND EVALUATIONS OF THE INFORMATION CONTAINED HEREIN. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY, BUSINESS ADVISER AND TAX ADVISER AS TO LEGAL, BUSINESS, TAX AND RELATED MATTERS CONCERNING THE INFORMATION CONTAINED HEREIN. EXCEPT WHERE OTHERWISE INDICATED HEREIN, THE INFORMATION PROVIDED HEREIN IS BASED ON MATTERS AS THEY EXIST AS OF THE DATE OF PREPARATION AND NOT AS OF ANY FUTURE DATE, AND WILL NOT BE UPDATED OR OTHERWISE REVISED TO REFLECT INFORMATION THAT SUBSEQUENTLY BECOMES AVAILABLE, OR CIRCUMSTANCES EXISTING OR CHANGES OCCURRING AFTER THE DATE HEREOF. CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION CONSTITUTES “FORWARD-LOOKING STATEMENTS,” WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE,” “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF ANY OF THE TARGET COMPANY MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARD-LOOKING STATEMENTS. CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION HAS BEEN OBTAINED FROM SOURCES OUTSIDE OF PYNE AND KÖNIG & CIE. OR ITS SUBSIDIARIES OR AFFILIATES. WHILE SUCH INFORMATION IS BELIEVED TO BE RELIABLE FOR THE PURPOSES USED HEREIN, NEITHER PYNE AND KÖNIG & CIE., NOR ANY OF ITS PARTNERS, MEMBERS OR EMPLOYEES, ASSUME ANY RESPONSIBILITY FOR THE ACCURACY OF SUCH INFORMATION. CONFIDENTIAL – NOT FOR DISTRIBUTION 2
    • 3. AFL will become America’s Marine HighwayOur Mission “We will completely transform North America’s Coastal Shipping Network” Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 3
    • 4. We will completely transform the pattern of America’s supply chain network! CONFIDENTIAL – NOT FOR DISTRIBUTION 4
    • 5. Table of Contents What I See State of the U.S. transportation system and coastal shipping American Feeder Lines (AFL) CONFIDENTIAL – NOT FOR DISTRIBUTION 5
    • 6. A Perfect Storm Containers move the worlds goods. Backbone of on-time logistics chains. More and more goods are being containerized including food The world depends on the free flow of containers Container volumes are back at 2008 levels Existing U.S. transportation system under growing stress and decay No government infrastructure money to repair and maintain the existing system let alone any future expansion National driver shortage estimated at 75,000 Lack of equipment Dramatic fuel price escalation Deployment of the Mega Liner Ships Panama Canal Expansion EPA mandated compliance with the 1990 Clean Air Act Projected highway toll increases Growing U.S. emphasis on export trade CONFIDENTIAL – NOT FOR DISTRIBUTION 6
    • 7. What I SeeCONFIDENTIAL – NOT FOR DISTRIBUTION 7
    • 8. Road and rail capacities are not keeping pace withtransport demandsVehicle Miles Traveled vs. Lane Miles, 1980-2008 (1980 = 100) U.S. Rail Network Extension Plans220%200% Vehicle Miles Traveled180%160%140%120% Lane Miles100%80% 84 94 00 80 82 86 88 90 92 96 98 02 04 06 08 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 Source: Global Insight for AASHTO Freight Bottom Line Report Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 8
    • 9. Market OpportunityCurrent state of US container shipping Background for US coastal shipping: The U.S. was the “inventor” of container shipping U.S. remains the largest developed economy in the world Less than 1% of American manufacturing export Frictional transportation bottle necks costs the economy 1 trillion per year according to the DOT The US effectively has no coastal shipping capability Substantially all U.S. container vessels service 3 routes: West coast-Alaska; West coast-Hawaii-Guam; and Florida-Puerto Rico U.S. container fleet (26 vessels), 55,000 TEU capacity Global container fleet (~4,500 vessels), 15,000,000 TEU capacity 0.58% 99.42% Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 9
    • 10. U.S. has no coastal or international container fleet Top 20 World Liner Companies and Ports Liner Companies PortsSource: US Dept of Transportation, Research and Innovative Technology Administration and Alpha Liner -Top 100 April 2011 Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 10
    • 11. 1/3 of all bridges in the U.S. are older than 50 yearsState of the Nation’s Bridge Infrastructure and Repair Funding 599,996 bridges in the United States 69,223 (11.5%) are rated as “structurally deficient” according to government standards 70,9 2009 5,2 23% of all bridges are located in urban areas High commuter and truck traffic 61,4 Urban bridges carry approx. ¾ of the nations bridge traffic 2008 5,2 1/3 of all bridges in the U.S. are older than 50 years (this number Year will double by 2030) 51,6 Bridge Repair Funding 2007 5,1 The current backlog on maintenance and repair of the nation’s bridges amounts to approximately $70.9 bn 48,0 2006 The current Federal Highway Bridge program has 4,6 approximately $5.2 bn in funding U.S. bridge infrastructure is lacking $65.7 bn in maintenance 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 Billion US$ and repair funds Actual Highway Bridge Program Appropriations Federal Estimates to Eliminate Backlog Source: The State of Our Nation‘s Bridges; Transportation for America; 2011 Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 11
    • 12. Maritime falls behind in funding projects Note the obvious disparity between spending and usage! Less than .003% of the nation’s transportation budget is spent on the U.S. Marine HighwayEstimated ton-miles of domestic surface freight shipped by mode in 2007 Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 12
    • 13. AFL will become America’s Marine HighwayOur Mission Cost to create one mile of Urban Highway = $20.0 – 50.0m Cost to create one mile of the Marine Highway = $0.0 Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 13
    • 14. The current transportation system is extremely costlyCosts to the U.S. Economy Economic Costs Environmental Costs Political Costs % + 21 CO2 Emissions Transportation Sector 1998 Source: Energy Information Administration 2008• U.S. congestion • Significant environmental • Currently 68% dependency responsible for $200 billion costs on foreign oil Source: U.S. Energy Information Administration in costs each year • Transportation is the leading• Lost revenue carbon emissions contributor• Wasted time• Wasted fuel Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 14
    • 15. Market OpportunityJones Act fleet and estimated fuel savings The value of the fuel savings alone makes chartering an AFL vessel attractive for existing Jones Act carriers. Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 15
    • 16. AFL will become America’s Marine Highway “The idea that the U.S. cannot build ships is an excuse, not a reason” Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 16
    • 17. The U.S. CAN build ships U.S built a ship in 4 days, 15 hours, 29 minutes! Liberty Ship SS Robert E. Peary was built in 4 days, 14 SS Robert E. Peary hours, 29 minutes After the first Liberty Ship, Patrick Henry, was built in 1941, over a hundred more followed before the end of the year Henry Kaiser built these ships of prefabricated modules that were then assembled in series construction Welding was used extensively for the first time instead of riveting In the first year and half of the year, construction time SS Patrick Henry for Liberty ships was reduced from 105 to 14 days By the end of WWII, Kaiser had built one-third of the Maritime Commission’s vessels and had set the standard for all other yards Kaiser’s system has been adopted by all the world’s “commercial” yardsSource: The Abandoned Ocean by Andrew Gibson and Arthur Donovan Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 17
    • 18. Trading Partners with Cabotage LawsNations that support shipbuilding in their countries Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 18
    • 19. The Game Changer ChinaSource: Chinese Artic and Antartic Administration Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 19
    • 20. The Game Changer Container Fleet Capacity and Vessel Size CompositionSource: Clarkson’s Research Studies 2011 CONFIDENTIAL – NOT FOR DISTRIBUTION 20
    • 21. The Game Changer Evolution of the world’s largest containerships 1985-2011Source: Expansion of the Panama Canal: Potential Impact, Rodolfo Sabonge, March 2011 CONFIDENTIAL – NOT FOR DISTRIBUTION 21
    • 22. Panama- Logistics center of the Americas Reaching full potential of its geographical position Source: Expansion of the Panama Canal: Potential Impact, Rodolfo Sabonge, March 2011 CONFIDENTIAL – NOT FOR DISTRIBUTION 22
    • 23. Easy Access and benefits of expansion Latin America, the Carribbean, North America, Asia and Europe Before After Source: Expansion of the Panama Canal: Potential Impact, Rodolfo Sabonge, March 2011 CONFIDENTIAL – NOT FOR DISTRIBUTION 23
    • 24. American Feeder Lines (AFL) CONFIDENTIAL – NOT FOR DISTRIBUTION 24
    • 25. In Asia and Europe, the intermodal link betweencontainer-vessels and Truck/Rail is the Feeder-ShipContainer Transport Patterns in Asia and in Europe (Exemplified) Asia EuropeExec. Summary AFL Partners Jones-Act Fleet ECA Opportunity Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 25
    • 26. For example: The port of Hamburg has 159 Feedershipdepartures per week. Zero in the U.S.!Feeder Connections from the Port of Hamburg* (2nd largest Port in Europe)• Port of Hamburg had a container turnover of approx. 7 mil TEU in 2009 (10 mil TEU in 2007 and 2008)• Intercoastal transport (Feedering/Short sea) accounts for 1.5 mil TEU (21.4%) of the total volume Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 26
    • 27. AFL: The intermodal linkCurrent Route Current Service Routes Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 27
    • 28. Feedering helps to increase road and rail transportefficiency in the U.S.Feedering/Short Sea as Transport System Efficiency Driver   Feedering/short sea Container flows to main makes the entire hubs on U.S. East and system more efficient Gulf Coast We are applying a world-wide proven transportation system to the U.S.Exec. Summary AFL Partners Jones-Act Fleet ECA Opportunity Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 28
    • 29. First fully U.S. Jones Act compliant feeder serviceWho We Are and Our Approach American Feeder Lines (AFL) is the United States’ first short sea/feeder shipping company Officially designated by the U.S. Department of Transportation as “American Marine Highway Project” under Title XI—Energy Transportation and Infrastructure of the Energy Independence and Security Act 2007 AFL business model is based on successful international short sea/feeder operations that exist today in Europe and Asia AFL will target domestic cargo moves, thereby reducing the existing and growing road system congestion as well as carbon emissions AFL will build, own, and operate 100% U.S. built, flagged, and manned Jones Act container vessels AFL will introduce and establish the hub and spoke container network in the U.S. AFL will facilitate the deployment of the container cargos of “super ships” on the USEC AFL will create many new jobs at sea, in ports, in shipyards and create an entirely new maritime sector along the U.S. East and Gulf Coast AFL International will commence operations in Q2 2011 with our New England Shuttle connecting Maine and Massachusetts via water to 17 international trunk liner companies calling Halifax weekly Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 29
    • 30. 92% of all U.S. domestic truck/rail moves are inregions to which AFL plans to offer servicesDomestic (Door-to-Door) Potential on the USEC and USGC Origin South (in millions) New England NY/NY/PA Mid Atlantic Florida Gulf Totals Atlantic North-bound Traffic Flow New England - 895 1,627 1,087 2,766 6,375Destination NY/NY/PA - 1,200 6,019 3,470 10,110 20,799 Mid Atlantic 527 457 1,265 2,716 5,920 10,885 South Atlantic 474 3,075 636 1,598 4,821 10,604 Florida 417 2,688 2,134 522 5,689 11,450 Gulf 737 2,995 2,123 3,701 2,667 12,223 Totals 2,155 9,215 6,988 13,134 11,538 29,306 72,336Source: Four Corridor Case Studies of Short Sea Shipping Service. Submitted to the DOT by Global Insight Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 30
    • 31. Feedering is more economically efficient and environmentally friendly CO2 emission to Transport 992 20’ Containers 1 American Feeder Ship 983 TEUs (14t/TEU homog. loaded, IMO, at 14 knots) CO2/ ton 0.024 kg CO2/ton mile mile 246 Railcars 983 TEUs (TEU DBL stacked) 0.033 kg CO2/ton mile 655 Trucks 983 TEUs on 655 Trucks (at 1,5 TEUs / Truck) 0.105 kg CO2/ton mile.Source: Adapted from U.S. Department of Transportation Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 31
    • 32. AFL: The intermodal linkAFL’s Targeted Routes AFL’s first service: New England Prospective Routes Halifax Shuttle Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 32
    • 33. AFL can become your intermodal partner!What can AFL do for Boston?• Improvement of service pattern and intermodal transportation chain • Connect Boston via water to the world via Halifax and Portland • Intermodal partnership • Less stress for truck driver community – shorter rotations, more short trips • Weekly or better U.S.-Interregional Transportation service• Reduction of costs • Reduction of cargo-related inland costs • Opportunity to streamline the equipment size • Full load containers• Green shipping • Logistic chains with low carbon footprints• Intermodal link relieves road congestion and offers reliable services• Efficient management of inland weight limitations Exec. Summary Partners C&O AFL Opportunities Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 33
    • 34. Collapse of U.S. Infrastructure resulted in America’sMarine Highway ProgramWhy is this the Right Time? • Collapse of U.S. infrastructure: • Nations existing road and rail infrastructure cannot adequately meet future transportation needs • U.S. government will cut investments in U.S. landside infrastructure projects • We are focused on green projects that take into account community and environmental costs • Global economic crisis leads to pressure on U.S. shipyards with new buildings now available at reasonable prices • U.S. DOT made this a national priority by instituting America’s Marine Highway Program Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 34
    • 35. Immediate Action!Conclusions There is an existing, un-utilized U.S. coastal marine highway that people have forgotten We must re-introduce water to the public and reinvigorate our existing hub and spoke port network The nation needs transportation modal shift for containers The Marine Highway needs to be a national priority Water is the safety valve of the future which will streamline the intermodal supply chain of the future and facilitate transportation of the future Water transportation has significant economic and social impacts on the U.S. Hub and Spoke network will facilitate use of mega ships improving transportation costs – will raise the level of importance of “Spoke Ports” Renewed coastal trading will lower transportation costs for interstate commerce and relieve stress on our existing landside networks Our program is Black Line Law Our federal and state governments do not need money to create the marine highway or the hub and spoke port network. It already exist. Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 35
    • 36. We Need Your Cargo!The transportation revolution starts in New England! Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 36
    • 37. Please feel free to contact us at any timeYour Contacts PERCY R. PYNE IV TOBIAS KÖNIG CHAIRMAN · FOUNDING PARTNER CEO · FOUNDING PARTNER American Feeder Lines Holding LP American Feeder Lines Holding LP 40 Wall Street · 62nd Floor · New York, NY 10005 · USA 40 Wall Street · 62nd Floor · New York, NY 10005 · USA Telephone + 1.212.269 4888 · Fax + 1.212.269 8108 Telephone US + 1.212.269 4888 · Fax + 1.212.269 8108 Mobile + 1.646 824 2005 · ppyne@american-feeder-lines.com Telephone GER + 49.40.36 97 57-100 · Fax GER + 49.40.36 97 57-199 Mobile + 49.172.40 31 327 · tkoenig@american-feeder-lines.com ANDREW HAINES RUDY MACK VICE PRESIDENT OF LINER MANAGEMENT COO American Feeder Lines Holding LP American Feeder Lines Holding LP 40 Wall Street · 62nd Floor · New York, NY 10005 · USA 40 Wall Street · 62nd Floor · New York, NY 10005 · USA Telephone 212.269 4888 · Fax 212.269 8108 Telephone + 1.212.269 8211 · Fax + 1.212.269 8108 Mobile 978 394 8856 · ahaines@american-feeder-lines.com Mobile + +1.732.763 2611 · rmack@american-feeder-lines.com Please visit us on our website at www.american-feeder-lines.com For additional information or to request copies of our presentation, please email info@american-feeder-lines.com Exec. Summary Partners Opportunity AFL Contacts CONFIDENTIAL – NOT FOR DISTRIBUTION 37
    • 38. Questions?CONFIDENTIAL – NOT FOR DISTRIBUTION 38