This presentation by the University of Piraeus discusses crisis management in the shipping industry. It notes that the current industry downturn is driven by high supply growth and may last until supply and demand are back in equilibrium in 2013 or beyond. Many shipping companies have no equity left due to declining asset values and insufficient charter rates to cover costs. The presentation examines options for companies including paying down debt, selling assets, and restructuring with banks. It also looks at sources of funding such as private equity and capital markets. In conclusion, it emphasizes the importance of maintaining cash flow during the difficult market conditions.
This document discusses global oil demand, supply, and price forecasts for 2019. It finds that:
- Global oil demand is expected to increase by 1.3 million barrels per day in 2019, lower than 2018 growth. US demand growth will slow significantly.
- Global oil supply is forecast to increase by 1 million barrels per day in 2019, lower than 2018, as OPEC cuts production but US, Russia, and others increase output.
- The oil market is expected to maintain a basic balance between supply and demand in 2019, though there are uncertainties from geopolitical tensions.
- The average price of Brent crude oil in 2019 is forecast between $60-70 per barrel, with risks to
This document explores the relationship between credit default swaps (CDS) and bond credit spreads for various countries. It finds that while CDS and bond spreads both track credit risk, they do not always move in tandem. Bond spreads sometimes lead CDS in recognizing increased credit risk, while at other times CDS lead bond spreads. The differences can be attributed to liquidity, funding complexity, market structure, and counterparty risk factors between CDS and bond markets. The analysis concludes that arbitrage opportunities between CDS and bond spreads are fleeting and risky due to the potential for abrupt changes in their relationship.
WCM Gold Investment Presentation In EnglishHaroldOlmstead
The document promotes an investment in GOLD through World Capital Mutual. It claims they can offer a guaranteed 10% monthly return on a minimum $100,000 investment. The investment is said to be risk-free as capital is protected and the account can be liquidated anytime. It argues that gold increases in value during economic turmoil when currencies devalue and acts as a safe haven investment unlike stocks, bonds, or real estate. World Capital Mutual controls gold mining operations and buys gold at deep discounts, generating returns by selling to refineries.
This presentation summarizes Paragon Shipping Inc.'s earnings conference call for the second quarter and first six months of 2013. It includes highlights such as net revenue of $13.9 million for Q2 2013, EBITDA of $6.2 million for Q2 2013, and signing a $69 million credit facility with China Development Bank. It also provides an agenda, drybulk market overview, financial updates, and an investment summary emphasizing Paragon's financing, fleet growth, diversification, and positioning to take advantage of an expected market recovery in 2014.
- The presentation summarizes Paragon Shipping's Q1 2013 earnings conference call. It discusses financial highlights such as revenues, EBITDA, and losses. It also provides an operational update and industry outlook.
- Paragon delivered its third Handysize newbuilding and completed a debt restructuring during Q1 2013. It transitioned to NASDAQ and has a contracted revenue backlog of $26.1 million.
- The drybulk market conditions remained challenging in Q1 2013 but signs of a recovery are expected in the future as the orderbook shrinks and demand growth continues. Paragon is well positioned to benefit from an improving market.
The document discusses Hellenic Carriers Limited's financial results for 2013 and outlook. It notes that while revenue and earnings declined from 2012, utilization increased. The company recently expanded its fleet through acquisitions of two new Kamsarmax vessels and one Supramax vessel. It believes the dry bulk market is showing signs of sustained recovery as demand growth outpaces supply additions. With its expanded fleet trading on the spot market, Hellenic is well positioned to benefit from an expected market turnaround in 2014.
This document provides a summary of Safe Bulkers' 2013 first quarter financial results and industry conditions. It notes that Safe Bulkers currently has a fleet of 26 vessels transporting dry bulk commodities on both long-term charters and in the spot market. The document reviews positive market conditions including growing iron ore and grain demand and a stabilizing secondhand vessel market. It also summarizes Safe Bulkers' strategy of opportunistic fleet expansion and maintaining low operating expenses.
- The document discusses forward-looking statements and risks associated with Antero Resources Corporation's estimates, plans and projections. It notes the use of certain assumptions and factors that could cause actual results to differ from expectations.
- It provides an overview of Antero Resources' large production base, low costs, substantial long-term hedge position, strong liquidity, and increasing percentage of sales volumes going to favorable markets.
- It highlights Antero's leading position in the lowest cost U.S. basin and peer-leading metrics including production growth targets, well costs, hedge book, and liquidity.
This document discusses global oil demand, supply, and price forecasts for 2019. It finds that:
- Global oil demand is expected to increase by 1.3 million barrels per day in 2019, lower than 2018 growth. US demand growth will slow significantly.
- Global oil supply is forecast to increase by 1 million barrels per day in 2019, lower than 2018, as OPEC cuts production but US, Russia, and others increase output.
- The oil market is expected to maintain a basic balance between supply and demand in 2019, though there are uncertainties from geopolitical tensions.
- The average price of Brent crude oil in 2019 is forecast between $60-70 per barrel, with risks to
This document explores the relationship between credit default swaps (CDS) and bond credit spreads for various countries. It finds that while CDS and bond spreads both track credit risk, they do not always move in tandem. Bond spreads sometimes lead CDS in recognizing increased credit risk, while at other times CDS lead bond spreads. The differences can be attributed to liquidity, funding complexity, market structure, and counterparty risk factors between CDS and bond markets. The analysis concludes that arbitrage opportunities between CDS and bond spreads are fleeting and risky due to the potential for abrupt changes in their relationship.
WCM Gold Investment Presentation In EnglishHaroldOlmstead
The document promotes an investment in GOLD through World Capital Mutual. It claims they can offer a guaranteed 10% monthly return on a minimum $100,000 investment. The investment is said to be risk-free as capital is protected and the account can be liquidated anytime. It argues that gold increases in value during economic turmoil when currencies devalue and acts as a safe haven investment unlike stocks, bonds, or real estate. World Capital Mutual controls gold mining operations and buys gold at deep discounts, generating returns by selling to refineries.
This presentation summarizes Paragon Shipping Inc.'s earnings conference call for the second quarter and first six months of 2013. It includes highlights such as net revenue of $13.9 million for Q2 2013, EBITDA of $6.2 million for Q2 2013, and signing a $69 million credit facility with China Development Bank. It also provides an agenda, drybulk market overview, financial updates, and an investment summary emphasizing Paragon's financing, fleet growth, diversification, and positioning to take advantage of an expected market recovery in 2014.
- The presentation summarizes Paragon Shipping's Q1 2013 earnings conference call. It discusses financial highlights such as revenues, EBITDA, and losses. It also provides an operational update and industry outlook.
- Paragon delivered its third Handysize newbuilding and completed a debt restructuring during Q1 2013. It transitioned to NASDAQ and has a contracted revenue backlog of $26.1 million.
- The drybulk market conditions remained challenging in Q1 2013 but signs of a recovery are expected in the future as the orderbook shrinks and demand growth continues. Paragon is well positioned to benefit from an improving market.
The document discusses Hellenic Carriers Limited's financial results for 2013 and outlook. It notes that while revenue and earnings declined from 2012, utilization increased. The company recently expanded its fleet through acquisitions of two new Kamsarmax vessels and one Supramax vessel. It believes the dry bulk market is showing signs of sustained recovery as demand growth outpaces supply additions. With its expanded fleet trading on the spot market, Hellenic is well positioned to benefit from an expected market turnaround in 2014.
This document provides a summary of Safe Bulkers' 2013 first quarter financial results and industry conditions. It notes that Safe Bulkers currently has a fleet of 26 vessels transporting dry bulk commodities on both long-term charters and in the spot market. The document reviews positive market conditions including growing iron ore and grain demand and a stabilizing secondhand vessel market. It also summarizes Safe Bulkers' strategy of opportunistic fleet expansion and maintaining low operating expenses.
- The document discusses forward-looking statements and risks associated with Antero Resources Corporation's estimates, plans and projections. It notes the use of certain assumptions and factors that could cause actual results to differ from expectations.
- It provides an overview of Antero Resources' large production base, low costs, substantial long-term hedge position, strong liquidity, and increasing percentage of sales volumes going to favorable markets.
- It highlights Antero's leading position in the lowest cost U.S. basin and peer-leading metrics including production growth targets, well costs, hedge book, and liquidity.
08467 thought leadership_marine_sector_v14White & Case
Restructuring & Beyond: The marine industry’s routes to safety
Survival strategies and new opportunities for companies, banks and investors
in the marine sector
1 david candib symposuim panel june 15Intercruises
Carnival Corporation & plc is the world's largest cruise company operating 10 cruise line brands across North America, Europe, and Australia. In 2010, it carried over 9 million passengers on its 100 ships with revenues of $14.5 billion. While the cruise industry has experienced steady growth, Carnival faces challenges from regulations, operating costs, and developing new destinations to attract both first-time and repeat cruisers.
- The company reported financial results for the second quarter of 2013 with increases in revenue, adjusted net income, adjusted EBITDA, and daily vessel operating expenses compared to the same period in 2012.
- Net revenue increased to $26.6 million from $23.7 million year-over-year due to higher charter rates and vessel utilization. Adjusted EBITDA rose to $15.1 million from $11.4 million.
- Daily vessel operating expenses increased slightly to $4,414 per day compared to $4,350 per day in the second quarter of 2012.
This presentation by Pyxis Tankers provides an overview of the company and the product tanker market. Pyxis owns and operates a fleet of six medium-range tankers that have an average age of 7 years. The company aims to capitalize on improving charter rates by employing a mixed chartering strategy of both time charters and spot voyages. The product tanker market fundamentals are favorable due to increasing seaborne trade volumes driven by changing trade routes and an evolving global refinery landscape. New environmental regulations are also expected to increase the scrapping of older tankers and tighten the supply-demand balance.
This presentation by Pyxis Tankers provides an overview of the company and the product tanker market. Pyxis owns and operates a fleet of six medium-range tankers that have an average age of 7 years. The company aims to capitalize on improving charter rates by employing a mixed chartering strategy of both time charters and spot voyages. The product tanker market fundamentals are favorable due to increasing seaborne trade volumes driven by changing trade routes and an evolving global refinery landscape. New environmental regulations are also expected to increase the scrapping of older tankers and tighten the supply-demand balance.
The document summarizes Hellenic Carriers' financial results for the six months ended 30 June 2013. It notes a revenue of $3.9 million compared to $8.9 million in the same period in 2012 due to a smaller average fleet size. The net loss was $6.8 million compared to $9.2 million in 2012. It highlights fleet expansion activities including the delivery of two new Kamsarmax vessels and the planned acquisition of a Supramax. This larger, more modern fleet is expected to benefit from improving freight market conditions. Cash balances decreased to $40.3 million from $47.7 million at the end of 2012 due to fleet investment activities.
- The corporate update provides an overview of Primero's operations and growth plans. It discusses the San Dimas mine, the pending acquisition of the Cerro Del Gallo project, and the company's strategy to increase production to 400,000-500,000 ounces per year through its existing assets and growth opportunities.
- Financial results for Q1 2013 showed increased production and cash flow compared to Q1 2012. The balance sheet contained $141 million in cash as of March 31, 2013.
- Details were given on plans to expand the San Dimas mine to 2,500 tonnes per day by Q1 2014 and exploration activities aimed at further resource growth. The Cerro Del Gallo acquisition is expected to close
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, strategies, objectives, anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties. The document also cautions that forward-looking statements are subject to difficulties in predicting Antero's exploration, development and production activities, as well as broader economic and market factors.
Goldenport Holdings Inc presented results for the full year 2013. Key points include:
- Revenue decreased 19.6% to $62.9 million due to lower charter rates. EBITDA fell 13.6% to $21 million.
- The company acquired a 1998-built container vessel for $6 million and sold older vessels, using proceeds to repay debt.
- Short-term time charters of 3-6 months were employed in anticipation of a market recovery.
- The dry bulk carrier market showed early signs of recovery in late 2013 and fundamentals point to improving rates in 2014.
- The company is positioned to benefit from an expected market upturn by rebalancing its fleet toward dry bulk
The document provides an overview of the US cruise industry in 2013. It summarizes that the US cruise market was $22.1 billion in 2013, accounting for 58.79% of the global cruise market. It also outlines key metrics on passenger numbers, revenues, categories and prices, popular destinations, influencers, growth drivers and challenges for the industry.
(1) Access the US Department of Commerce Bureau of Industry and Secu.pdfarpittradersjdr
.(1) Access the US Department of Commerce Bureau of Industry and Security (Links to an
external site.) website. Based on what is listed on that website, summarize the steps a firm must
take to process an item for export.
(2) Access the Society for Worldwide Interbank Financial Telecommunications (Links to an
external site.) website. What is the purpose of SWIFT? The President of the United States
recently referred to how the US Government was using SWIFT. Do you know why?
(3) How would you compare the perils of maritime shipping to that of airfreight?
(4) What is Lloyds of London and under what conditions might you use their services?
Solution
(1) In the event a company, entity or person on one of the following lists appears to match a
potential party in an export transaction, additional due diligence is required before proceeding.
Depending on which list the match was found, a match indicates either: there is a strict export
prohibition; a specific license requirement; or the presence of a \"red flag\".
Prior to taking any further actions, users are to consult the requirements of the specific list on
which the company, entity or person is identified by reviewing the webpage of the agency
responsible for the list.
Denied Persons List
A list of individuals and entities that have been denied export privileges. Any dealings with a
party on this list that would violate the terms of its denial order are prohibited.
Entity List
The Entity List identifies foreign parties that are prohibited from receiving some or all items
subject to the EAR unless the exporter secures a license. Those persons present a greater risk of
diversion to weapons of mass destruction (WMD) programs, terrorism, or other activities
contrary to U.S. national security or foreign policy interests. By publicly listing such persons, the
Entity List is an important tool to prevent unauthorized trade in items subject to the EAR.
BIS can add to the Entity List a foreign party, such as an individual, business, research
institution, or government organization, for engaging in activities contrary to U.S. national
security and/or foreign policy interests. In most instances, license exceptions are unavailable for
the export, reexport, or transfer (in-country) to a party on the Entity List of items subject to the
EAR. Rather, a prior license is required, usually subject to a policy of denial. For guidance
concerning the prohibitions and license application review policy applicable to a particular party,
please review that party\'s entry on the list. Procedures for removal from the Entity List appear in
section 744.16 of the EAR.
Unverified List
A list of parties whose bona fides BIS has been unable to verify. No license exceptions may be
used for exports, reexports, or transfers (in-country) to UVL parties. A statement must be
obtained from such parties prior to shipping items not subject to a license requirement. See
Section 744.15 of the EAR.
Consolidated Screening List
The Consolidated S
The document is a company presentation for Pyxis Tankers Inc. from November 2016. It provides the following key information:
- Pyxis Tankers operates a fleet of 6 tanker vessels that transport refined petroleum products. The fleet has a weighted average age of 5.7 years.
- The company aims to grow its fleet opportunistically while maintaining a competitive cost structure and solid balance sheet. It has relationships with reputable charterers and shipyards.
- In the third quarter of 2016, Pyxis saw lower time charter equivalent revenues and fleet utilization compared to the previous year due to softer market conditions, though remaining time charters mitigated the impact on revenues.
The document summarizes the company's second quarter 2013 financial results conference call.
1) The company took delivery of two new container ships in the quarter and extended charter agreements for three existing ships.
2) The company reported a 44.4% increase in net income compared to the same quarter last year, and declared a dividend.
3) Under a framework agreement, the company acquired three secondhand ships which were chartered out for periods of 1-2 years.
Shipping is a volatile industry with risks known and unknown, some qualitative but most quantifiable. Basil Karatzas (+1 212 380 3700, info@bmkaratzas.com) at Karatzas Marine Advisors & Co provides a white paper that especially institutional investors in the shipping industry will find of interest.
- Thompson Creek Metals provides an investor presentation on its business operations and recent financial results.
- It operates three molybdenum mines and one copper-gold mine, Mt. Milligan, which recently achieved commercial production.
- In Q3 2014, Thompson Creek saw improved safety, increased cash reserves, higher revenues and profits compared to previous quarters as Mt. Milligan continued to ramp up operations.
06 04-14 young davidson cibc site tour v001-k6z4piAuRico Gold
The Young-Davidson mine in Ontario, Canada provides AuRico Gold with:
- A quality asset with over 20 years of mine life located in a top mining jurisdiction
- Production is expected to grow up to 32% in 2014 as underground mining rates ramp up
- Underground development will access over 20 years of reserves and resources below current workings
- Capital investments will continue to expand underground infrastructure including a new shaft to access deeper zones
The document provides information about the Young-Davidson Mine located in Ontario, Canada. It discusses that the mine has a long history of gold production dating back to the 1930s. Currently, the mine is ramping up production under new ownership with a goal of increasing production by up to 32% in 2014 through expanded underground mining operations and productivity improvements. The mine has a reserve of 3.7 million ounces of gold and potential for further exploration success.
08467 thought leadership_marine_sector_v14White & Case
Restructuring & Beyond: The marine industry’s routes to safety
Survival strategies and new opportunities for companies, banks and investors
in the marine sector
1 david candib symposuim panel june 15Intercruises
Carnival Corporation & plc is the world's largest cruise company operating 10 cruise line brands across North America, Europe, and Australia. In 2010, it carried over 9 million passengers on its 100 ships with revenues of $14.5 billion. While the cruise industry has experienced steady growth, Carnival faces challenges from regulations, operating costs, and developing new destinations to attract both first-time and repeat cruisers.
- The company reported financial results for the second quarter of 2013 with increases in revenue, adjusted net income, adjusted EBITDA, and daily vessel operating expenses compared to the same period in 2012.
- Net revenue increased to $26.6 million from $23.7 million year-over-year due to higher charter rates and vessel utilization. Adjusted EBITDA rose to $15.1 million from $11.4 million.
- Daily vessel operating expenses increased slightly to $4,414 per day compared to $4,350 per day in the second quarter of 2012.
This presentation by Pyxis Tankers provides an overview of the company and the product tanker market. Pyxis owns and operates a fleet of six medium-range tankers that have an average age of 7 years. The company aims to capitalize on improving charter rates by employing a mixed chartering strategy of both time charters and spot voyages. The product tanker market fundamentals are favorable due to increasing seaborne trade volumes driven by changing trade routes and an evolving global refinery landscape. New environmental regulations are also expected to increase the scrapping of older tankers and tighten the supply-demand balance.
This presentation by Pyxis Tankers provides an overview of the company and the product tanker market. Pyxis owns and operates a fleet of six medium-range tankers that have an average age of 7 years. The company aims to capitalize on improving charter rates by employing a mixed chartering strategy of both time charters and spot voyages. The product tanker market fundamentals are favorable due to increasing seaborne trade volumes driven by changing trade routes and an evolving global refinery landscape. New environmental regulations are also expected to increase the scrapping of older tankers and tighten the supply-demand balance.
The document summarizes Hellenic Carriers' financial results for the six months ended 30 June 2013. It notes a revenue of $3.9 million compared to $8.9 million in the same period in 2012 due to a smaller average fleet size. The net loss was $6.8 million compared to $9.2 million in 2012. It highlights fleet expansion activities including the delivery of two new Kamsarmax vessels and the planned acquisition of a Supramax. This larger, more modern fleet is expected to benefit from improving freight market conditions. Cash balances decreased to $40.3 million from $47.7 million at the end of 2012 due to fleet investment activities.
- The corporate update provides an overview of Primero's operations and growth plans. It discusses the San Dimas mine, the pending acquisition of the Cerro Del Gallo project, and the company's strategy to increase production to 400,000-500,000 ounces per year through its existing assets and growth opportunities.
- Financial results for Q1 2013 showed increased production and cash flow compared to Q1 2012. The balance sheet contained $141 million in cash as of March 31, 2013.
- Details were given on plans to expand the San Dimas mine to 2,500 tonnes per day by Q1 2014 and exploration activities aimed at further resource growth. The Cerro Del Gallo acquisition is expected to close
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, strategies, objectives, anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties. The document also cautions that forward-looking statements are subject to difficulties in predicting Antero's exploration, development and production activities, as well as broader economic and market factors.
Goldenport Holdings Inc presented results for the full year 2013. Key points include:
- Revenue decreased 19.6% to $62.9 million due to lower charter rates. EBITDA fell 13.6% to $21 million.
- The company acquired a 1998-built container vessel for $6 million and sold older vessels, using proceeds to repay debt.
- Short-term time charters of 3-6 months were employed in anticipation of a market recovery.
- The dry bulk carrier market showed early signs of recovery in late 2013 and fundamentals point to improving rates in 2014.
- The company is positioned to benefit from an expected market upturn by rebalancing its fleet toward dry bulk
The document provides an overview of the US cruise industry in 2013. It summarizes that the US cruise market was $22.1 billion in 2013, accounting for 58.79% of the global cruise market. It also outlines key metrics on passenger numbers, revenues, categories and prices, popular destinations, influencers, growth drivers and challenges for the industry.
(1) Access the US Department of Commerce Bureau of Industry and Secu.pdfarpittradersjdr
.(1) Access the US Department of Commerce Bureau of Industry and Security (Links to an
external site.) website. Based on what is listed on that website, summarize the steps a firm must
take to process an item for export.
(2) Access the Society for Worldwide Interbank Financial Telecommunications (Links to an
external site.) website. What is the purpose of SWIFT? The President of the United States
recently referred to how the US Government was using SWIFT. Do you know why?
(3) How would you compare the perils of maritime shipping to that of airfreight?
(4) What is Lloyds of London and under what conditions might you use their services?
Solution
(1) In the event a company, entity or person on one of the following lists appears to match a
potential party in an export transaction, additional due diligence is required before proceeding.
Depending on which list the match was found, a match indicates either: there is a strict export
prohibition; a specific license requirement; or the presence of a \"red flag\".
Prior to taking any further actions, users are to consult the requirements of the specific list on
which the company, entity or person is identified by reviewing the webpage of the agency
responsible for the list.
Denied Persons List
A list of individuals and entities that have been denied export privileges. Any dealings with a
party on this list that would violate the terms of its denial order are prohibited.
Entity List
The Entity List identifies foreign parties that are prohibited from receiving some or all items
subject to the EAR unless the exporter secures a license. Those persons present a greater risk of
diversion to weapons of mass destruction (WMD) programs, terrorism, or other activities
contrary to U.S. national security or foreign policy interests. By publicly listing such persons, the
Entity List is an important tool to prevent unauthorized trade in items subject to the EAR.
BIS can add to the Entity List a foreign party, such as an individual, business, research
institution, or government organization, for engaging in activities contrary to U.S. national
security and/or foreign policy interests. In most instances, license exceptions are unavailable for
the export, reexport, or transfer (in-country) to a party on the Entity List of items subject to the
EAR. Rather, a prior license is required, usually subject to a policy of denial. For guidance
concerning the prohibitions and license application review policy applicable to a particular party,
please review that party\'s entry on the list. Procedures for removal from the Entity List appear in
section 744.16 of the EAR.
Unverified List
A list of parties whose bona fides BIS has been unable to verify. No license exceptions may be
used for exports, reexports, or transfers (in-country) to UVL parties. A statement must be
obtained from such parties prior to shipping items not subject to a license requirement. See
Section 744.15 of the EAR.
Consolidated Screening List
The Consolidated S
The document is a company presentation for Pyxis Tankers Inc. from November 2016. It provides the following key information:
- Pyxis Tankers operates a fleet of 6 tanker vessels that transport refined petroleum products. The fleet has a weighted average age of 5.7 years.
- The company aims to grow its fleet opportunistically while maintaining a competitive cost structure and solid balance sheet. It has relationships with reputable charterers and shipyards.
- In the third quarter of 2016, Pyxis saw lower time charter equivalent revenues and fleet utilization compared to the previous year due to softer market conditions, though remaining time charters mitigated the impact on revenues.
The document summarizes the company's second quarter 2013 financial results conference call.
1) The company took delivery of two new container ships in the quarter and extended charter agreements for three existing ships.
2) The company reported a 44.4% increase in net income compared to the same quarter last year, and declared a dividend.
3) Under a framework agreement, the company acquired three secondhand ships which were chartered out for periods of 1-2 years.
Shipping is a volatile industry with risks known and unknown, some qualitative but most quantifiable. Basil Karatzas (+1 212 380 3700, info@bmkaratzas.com) at Karatzas Marine Advisors & Co provides a white paper that especially institutional investors in the shipping industry will find of interest.
- Thompson Creek Metals provides an investor presentation on its business operations and recent financial results.
- It operates three molybdenum mines and one copper-gold mine, Mt. Milligan, which recently achieved commercial production.
- In Q3 2014, Thompson Creek saw improved safety, increased cash reserves, higher revenues and profits compared to previous quarters as Mt. Milligan continued to ramp up operations.
06 04-14 young davidson cibc site tour v001-k6z4piAuRico Gold
The Young-Davidson mine in Ontario, Canada provides AuRico Gold with:
- A quality asset with over 20 years of mine life located in a top mining jurisdiction
- Production is expected to grow up to 32% in 2014 as underground mining rates ramp up
- Underground development will access over 20 years of reserves and resources below current workings
- Capital investments will continue to expand underground infrastructure including a new shaft to access deeper zones
The document provides information about the Young-Davidson Mine located in Ontario, Canada. It discusses that the mine has a long history of gold production dating back to the 1930s. Currently, the mine is ramping up production under new ownership with a goal of increasing production by up to 32% in 2014 through expanded underground mining operations and productivity improvements. The mine has a reserve of 3.7 million ounces of gold and potential for further exploration success.
The document discusses the development opportunities and economic impact of Greek ports. It notes that transit traffic currently represents the largest untapped growth opportunity for Greek ports. Expanding transshipment traffic and improving land transport infrastructure could allow Greek ports to serve as a major logistics hub for Southeast Europe, similar to the role played by large Northern European ports. This would create thousands of new jobs and significantly increase GDP.
The document discusses HP's plans to establish the Port of Piraeus in Greece as a major ocean freight gateway and transit center for their supply chain operations in Europe, the Middle East, and Africa. It details how establishing operations in Piraeus will allow HP to consolidate shipments and transport them more efficiently throughout the region by rail. This is expected to improve supply chain costs and transit times while reducing environmental impacts.
The document discusses Piraeus Container Terminal S.A., the largest container terminal at the port of Piraeus, Greece. It has a strategic geographical position at the crossroads of key shipping routes. Its infrastructure includes two piers with naturally deep drafts that can accommodate large vessels. Pier II has a depth of 14.5-16.5 meters and Pier III under construction will add 600 more meters with a depth of 18.5 meters. The terminal handles over 2 million TEUs annually and has state-of-the-art equipment including 23 quay cranes and 22 rail-mounted gantry cranes. It serves as a major gateway for trade between Greece, the Balkans, and distribution throughout Europe.
The document discusses the process companies go through for an initial public offering (IPO). It describes the IPO journey as having three phases: readiness, execution, and realization. The readiness phase involves building management teams, infrastructure, and governance. The execution phase manages investor relations during the IPO event. The realization phase focuses on delivering promises and meeting expectations as a public company. Successfully completing an IPO transforms a company and allows benefits like increased funding and credibility, but also new obligations around transparency and compliance.
TEN Ltd is a leading energy transportation company that has operated for 20 years in the capital markets. It has a diversified fleet of 49 vessels totaling 4.9 million deadweight tons that include crude oil tankers, product tankers, LNG carriers, and shuttle tankers. TEN is looking to further diversify its operations by expanding into the growing LNG and offshore shuttle tanker markets. These sectors are expected to see high demand growth over the next 10-20 years as natural gas usage increases globally. Investing in LNG carriers and offshore shuttle tankers offers the potential for returns of 10-15% due to the strong market fundamentals and long-term contracts in these industries.
The container shipping industry has seen overcapacity issues as supply growth has outpaced demand growth in recent years. Heavy new vessel deliveries in 2012 and 2013 have exacerbated the problem. Freight rates have fallen significantly and shipping lines are struggling to break even as a result of the capacity oversupply. The outlook for the next 18 months does not suggest a meaningful improvement in charter rates until supply and demand are rebalanced in 2015 or 2016. Idle vessel capacity remains high at around 5% of the total fleet as lines try to mitigate losses through vessel scrapping.
StealthGas has grown significantly since its IPO in 2005. It now owns the largest fleet of handysize LPG carriers worldwide, with 37 carriers including 4 under construction. The value of its existing fleet has grown from $87 million to over $600 million. Global seaborne LPG trade has also grown substantially and is expected to continue growing as demand increases from emerging economies. While LPG shipping remains a smaller segment than other shipping markets, StealthGas is well positioned to capitalize on positive dynamics in the LPG market, including growing trade volumes and an undersupplied orderbook for LPG carriers. Time charter rates for LPG carriers are well above breakeven levels currently.
The document discusses the Greek shipbuilding industry and its competitiveness. It provides context on industry clusters and how firms benefit from being located near suppliers, customers and a skilled labor pool. It then analyzes trends in the European and global shipbuilding industries. The Greek shipbuilding industry is described as facing challenges from lower cost competitors despite Greece's large shipping fleet. Reasons for the industry's low value added are discussed. The document concludes with a SWOT analysis of the Greek shipbuilding industry and strategies it could pursue to strengthen its position.
2. Slide 2
This presentation contains certain statements that may be deemed to be
“forward-looking statements” within the meaning of the Securities Acts. Forward-
looking statements reflect management's current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance and underlying
assumptions and other statements, which are other than statements of historic
facts. The forward-looking statements in this presentation are based upon
various assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, managements' examination of historical operating
trends, data contained in our records and other data available from third parties.
Although Paragon Shipping Inc. believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, Paragon Shipping Inc. can not assure you that it will
achieve or accomplish these expectations, beliefs or projections. Important
factors that, in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the strength of the
world economies and currencies, general market conditions, including changes in
charter hire rates and vessel values, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled drydockings, changes
in our vessel operating expenses, including drydocking, crewing and insurance
costs, or actions taken by regulatory authorities, ability of our counterparties to
perform these obligations under sales agreements and charter contracts on a
timely basis, potential liability from future litigation, domestic and international
political conditions, potential disruption of shipping routes due to accidents and
political events or acts by terrorists. Risks and uncertainties are further
described in reports filed by Paragon Shipping Inc. with the Securities and
Exchange Commission.
Forward Looking
Statements
5. Slide 5
USDperDay
Source: Clarkson’s Research
History of Drybulk Shipping
Pre 2003Pre 2003
Less Volatility
Post 2003Post 2003
More Volatility
USDMillion
High: $92 Mil.
Low: $18 Mil.
High: $17,400
Low: $4,200
High: $86,200
Low: $3,500
High: $23 Mil.
Low: $14 Mil.
7. Slide 7
Drivers of the Downturn
Demand: Transportation of Drybulk Cargoes
Supply: Available tonnage
Source: Clarkson’s Research
1995 – 1999 Crisis (Demand Driven) 2009 – 2013 ? Crisis (Supply Driven)
1995 – 1999
Average Fleet
Growth
3.8% p.a. vs 5.2% CAGR since 1990
Average DB
Trade Growth
2.2% p.a. vs 4.1% CAGR since
1990
2009 – 2013 ?
Average Fleet
Growth
11.4% p.a. vs 5.2% CAGR since
1990
Average DB
Trade Growth
5.4% p.a. vs 4.1% CAGR since 1990
8. Slide 8
Current Fleet vs Current Orderbook
Source: Clarkson’s Research
Drybulk orderbook is reducing – currently stands at 18% of existing fleet
Outstanding Orderbook by Vessel Type Global Fleet vs Orderbook
MillionDwt
MillionDwt
71 m
37 m
16 m
9. Slide 9
Demand & Supply Equilibrium
Net Fleet Growth is expected to be higher than required through 2013 inclusive
Source: Clarkson’s Research
TradeinMillion
Tonnes
14.4
%
10.2
%
2.9
%
8.6
%
4.9
%
16.9
%
16.9
%
4.8
%
1.5
%
5.7
%
10. Slide 10
Source: Clarkson’s Research
5 Year Old Panamax ValueUSDMillion
High: $23 Mil.
Low: $14 Mil.
High: $92 Mil.
Low: $18 Mil.
Pre 2003Pre 2003
Less Volatility
Post 2003Post 2003
More Volatility
B
A
11. Slide 11
A Sample of 30 US-Listed Shipping Companies as an example:
Dry Tankers Container Total
Companies in Sample 14 11 5 30
Negative Charter-Free NAV 4 2 3 9
% of Total 29% 18% 60% 30%
Net Debt/Asset Values Charter-Free 85.9% 84.3% 113.1% 90.0%
Total Debt/EBITDA (2013 est.) 10.8x 10.0x 6.3x 9.7x
Many shipping companies have NO equity left due to declining asset values…
…and insufficient charter coverage for 2013 and beyond to weather declining rates
Bank covenants related to earnings will continue to be breached
Causing many companies to be forced to concentrate on survival not growth
Shipping Companies Are Breaching Covenants
Source: Seaborne Capital Advisors
12. Slide 12
Assumes: Loan repayment profile 15 years of age, interest rate 5%, TVOE $6,000 per day
5 Year Old Panamax
DailyBreakevenPoint
(USDThousands)
Outstanding Loan
(USD Million)
Unable to pay
Interest
Expenses
Current 1 Yr TC Rate $8,000
Unable to pay
Debt
Repayments
13. Slide 13
Matching “WANT” with “CAN”
• Failure unless Market improves immediately
Use surplus cash flow to:
• Pay down debt
• Possibly buy
Negative Equity & Negative Cash Flow
Negative Equity & Positive Cash Flow
Positive Equity & Negative Cash Flow
Positive Equity & Positive Cash Flow
Support cash flow by:
• Selling assets
• Restructure with banks
• All options available
16. Slide 16
Private Equity
Private equity participation in shipping has been significant in the last decade
Transactions have taken place through a variety of structures
More than $17 billion of known private equity investments since 2002
US$Million
Source: Credit Suisse Research
17. Slide 17
10 public equity deals in the USA in 2013 YTD
Over $10 billion raised by shipping companies since 2005
Source: Seaborne Capital Advisors
(1)Shipping IPOs and Follow On offerings refer to ocean-going shipping U.S registered public
offerings
(2)Deal proceeds include the exercise of the overallotment when applicable
Equity Offerings (1) , (2)
- US Shipping Companies
Capital Markets
Bond Issues - Shipping Companies Globally
US$Million
US$Million
18. Slide 18
Bank Lending to Shipping
Source: Dealogic, ABN AMRO
Global Shipping Syndicated Loans Tenor of Loans
European banking dominated by Sovereign debt crisis, regulations & higher funding costs
Banks exiting ship finance or decreasing lending activity & shortening loan tenors
22. Slide 22
Paragon Shipping Inc. - Operating Fleet
Name & Type DWT Year Built Country of Build Date Acquired
Panamax Fleet
Calm Seas 74,047 1999 Japan December 2006
Deep Seas 72,891 1999 Korea December 2006
Kind Seas 72,493 1999 Japan December 2006
Pearl Seas 74,483 2006 China August 2007
Diamond Seas 74,274 2001 Japan September 2007
Coral Seas 74,477 2006 China November 2007
Golden Seas 74,475 2006 China December 2007
Dream Seas 75,151 2009 China July 2010
Supramax Fleet
Sapphire Seas 53,702 2005 China August 2007
Friendly Seas 58,779 2008 China August 2008
Handysize Fleet
Prosperous Seas 37,293 2012 China May 2012
Precious Seas 37.205 2012 China June 2012
Priceless Seas 37,202 2013 China January 2013
TOTAL 816,472
23. Slide 23
Paragon Shipping Inc. - Newbuilding
Program
Hull No. & Type DWT / TEU Country of Build Expected Delivery
Drybulk Handysize
625 (Proud Seas) 37,200 China Q4 2013
TOTAL 37,200
Containerships
656 4,800 China Q2 2014
657 4,800 China Q2 2014
TOTAL 9,600
24. Slide 24
Paragon Shipping Inc. - Fleet Employment
(1) Deep Seas: Charterers have the option to extend the charter agreement for an additional 11 to 13 months at $14,000 per day
(2) Coral Seas: Charterers have the option to extend the charter agreement for an additional 11 to 13 months at $14,500 per day
(3) Golden Seas: Charterers have the option to extend the charter agreement for an additional 11 to 13 months at $13,000 plus 50/50
profit share
(4) Prosperous Seas & Precious Seas: Charterers have the option to extend the charter agreement for an additional 11 to 14 months at
$15,500 per day
VESSEL CHARTERER GROSS HIRE DURATION T/C COMMENCED T/C EXPIRES
PANAMAX FLEET
Calm Seas Intermare Transport $ 11,800 19-24 Months Mar-12 Oct-13 / Mar-14
$ 11,000 plus 50/50 Profit Share 33-36 Months Oct-11 Jul-14 / Oct-14
$ 14,000 11-13 Months (1)
Kind Seas Spot
Pearl Seas Cargill International $ 12,125 22-25 Months Dec-11 Sep-13 / Jan-14
Diamond Seas Spot
$ 12,000 23-25 Months Jan-12 Dec-13 / Mar-14
$ 14,500 11-13 Months (2)
$ 12,250 22-25 Months Nov-11 Sep-13 / Dec-13
$ 13,000 plus 50/50 Profit Share 11-13 Months (3)
Dream Seas Intermare Transport $ 20,000 35-37 Months Jul-10 May-13 / Aug-13
SUPRAMAX FLEET
Sapphire Seas Nordic Bulk Carriers A/S $ 11,100 About 25 Days Apr-13 Jun-13
Friendly Seas Western Bulk Carriers $ 10,700 18-24 Months Feb-12 Aug-13 / Feb-14
HANDYSIZE FLEET
$ 12,125 23-26 Months May-12 Mar-14 / Jul-14
$ 15,500 11-14 Months (4)
$ 12,125 23-26 Months Jun-12 May-14 / Sep-14
$ 15,500 11-14 Months (4)
Priceless Seas Phaethon International $ 12,150 About 40 Days May-13 Jun-13 / Jul-13
Prosperous Seas
Precious Seas
Cargill International
Cargill International
Golden Seas Mansel (Vitol S.A.)
Coral Seas
PARAGON FLEET EMPLOYMENT
Deep Seas Morgan Stanley
Morgan Stanley