Klaveness Commercial Management - Marine Money
Klaveness Commercial Management - Marine Money
Klaveness Commercial Management - Marine Money
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<strong>Klaveness</strong> <strong>Commercial</strong> <strong>Management</strong><br />
‐<br />
spot earnings and asset management
The Torvald <strong>Klaveness</strong> Group<br />
A leading dry bulk company for more than 60 years<br />
� Founded in 1946 by Mr Torvald <strong>Klaveness</strong><br />
� Owned and managed Tom Erik and Trond Harald <strong>Klaveness</strong><br />
� A history of partnerships, joint ventures and pools<br />
� Industry focus with emphasis on transparency<br />
and knowledge sharing<br />
Three business units:<br />
� <strong>Klaveness</strong> <strong>Commercial</strong> <strong>Management</strong><br />
� <strong>Klaveness</strong> Maritime Logistics<br />
� <strong>Klaveness</strong> Investments<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
<strong>Klaveness</strong> <strong>Commercial</strong> <strong>Management</strong><br />
Baumarine Pool:<br />
Bulkhandling Pool:<br />
Panamax<br />
Handymax<br />
Panamax vessels<br />
Supramax/Handymax vessels<br />
Facts and figures (2009)<br />
Number of employees 60<br />
Fleet under<br />
management<br />
Average fleet age 6 years<br />
About 60 standard bulk carriers<br />
Main cargo carried Iron ore, coal, grain and bauxite<br />
Cargo lifted About 33 million tonnes<br />
Number of vessel<br />
fixtures<br />
Number of freight<br />
derivative transactions<br />
465<br />
620<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
250 000,00<br />
200 000,00<br />
150 000,00<br />
100 000,00<br />
50 000,00<br />
0,00<br />
The dry bulk market from 2000 till today<br />
04.01.2000<br />
04.05.2000<br />
04.09.2000<br />
04.01.2001<br />
04.05.2001<br />
04.09.2001<br />
Main characteristics:<br />
• Low volatility<br />
• Stable trading patterns<br />
• Long term contracts<br />
04.01.2002<br />
04.05.2002<br />
04.09.2002<br />
04.01.2003<br />
04.05.2003<br />
04.09.2003<br />
04.01.2004<br />
04.05.2004<br />
04.09.2004<br />
04.01.2005<br />
04.05.2005<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
04.09.2005<br />
Main characteristics:<br />
• High volatility<br />
• High liquidity<br />
• Changing trade patterns<br />
04.01.2006<br />
04.05.2006<br />
04.09.2006<br />
04.01.2007<br />
04.05.2007<br />
04.09.2007<br />
04.01.2008<br />
04.05.2008<br />
04.09.2008<br />
Market collapse<br />
04.01.2009<br />
04.05.2009<br />
04.09.2009<br />
04.01.2010<br />
P 4 T C , S p o t<br />
S 6 T C , S p o t<br />
C 4TC , Spot<br />
Main characteristics:<br />
• High volatility<br />
• Increasing liquidity<br />
• Short term contracts
The drybulk<br />
Successful shipowners<br />
market in 2010<br />
� Record volatility makes timing of fixtures crucial<br />
� Changing sourcing strategies and trade patterns<br />
� Tactical pricing moves by the major iron ore and coal players<br />
� Increasing derivatives trading and psychology driving the market<br />
� The tonnage supply is highly uncertain<br />
� Over‐reported orderbooks and non‐performing shipyards<br />
� Lacking port logistics creates congestion<br />
� The Counterpart risk remain high<br />
utilize the opportunities of a volatile market !<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
$60 000<br />
$50 000<br />
$40 000<br />
$30 000<br />
$20 000<br />
$10 000<br />
The spot market has been a good strategy…<br />
$0<br />
Pool Result Panamax<br />
2004 2005 2006 2007 2008 2009<br />
‐ Net earnings per day to Owner ‐<br />
$60 000<br />
$50 000<br />
$40 000<br />
$30 000<br />
$20 000<br />
$10 000<br />
Average earnings years 2004‐2009:<br />
Panamax:<br />
34,600 $/day<br />
Handymax: 28,900 $/day<br />
…paying 10 MUSD more than a TC strategy<br />
(fixing a Panamax vessel on 1 year TC at the start of each of these years)<br />
Pool Result Handymax<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
$0<br />
2004 2005 2006 2007 2008 2009
The Pools have delivered full market upside<br />
$30 000<br />
$25 000<br />
$20 000<br />
$15 000<br />
$10 000<br />
$5 000<br />
$0<br />
$30 000<br />
$25 000<br />
$20 000<br />
$15 000<br />
$10 000<br />
$5 000<br />
$0<br />
‐ Net earnings per day to Owner ‐<br />
Pool result Baumarine<br />
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10<br />
Pool result Bulkhandling<br />
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
Cashflow, Asset <strong>Management</strong> and Knowledge<br />
Steady<br />
cashflow<br />
Asset<br />
management<br />
Knowledge<br />
sharing<br />
�Get the full benefit of the spot market, with low operational risk<br />
�Timely payment every 15 days regardless of vessel position<br />
�Possibility of converting to fixed rate TC at predefined levels<br />
�A strong competence base on our operations desk<br />
�Extensive use of port captains<br />
�Optimized vessel positioning to cater for owners’ needs<br />
�<strong>Commercial</strong> and operational meetings<br />
�Dedicated operator PIC makes ship owning easier<br />
�Weekly spot market updates<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
Steady cashflow<br />
� Full benefit of the spot market, with reduced operational risks<br />
� Timely payment every 15 days regardless of vessel position<br />
The Value is created through<br />
◙ Chartering desks in Beijing, Singapore and Oslo<br />
◙ A global network of first class charterers<br />
◙ Optimized vessel utilization through market knowledge, large fleet<br />
and deal‐flow<br />
◙ Reduced geographical, operational and counterpart risk<br />
◙ Close follow up of outstanding freight and demurrage<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
Owner’s option to convert to TC<br />
P4TC ‐ Level P4TC ‐ Daily change<br />
$6 000<br />
$4 000<br />
$2 000<br />
$0<br />
‐$2 000<br />
‐$4 000<br />
‐$6 000<br />
$100 000<br />
$80 000<br />
$60 000<br />
$40 000<br />
$20 000<br />
$0<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009<br />
� The daily volatility can<br />
challenge a presumably<br />
good time to fix the ship<br />
� Conversion to TC can be<br />
done irrespective of the<br />
vessel’s physical position<br />
� With a predefined rate<br />
level, we can utilize the<br />
volatility to the benefit<br />
of the ship owner<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
The shipowners<br />
we do business with:<br />
� Share <strong>Klaveness</strong> view on counterpart risk<br />
� Want to gain further market access and knowledge<br />
� Value the <strong>Klaveness</strong> flexibility and risk management approach<br />
� Use the <strong>Klaveness</strong> operations department to further improve their<br />
vessel’s performance<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
Access to new market<br />
opportunities<br />
<strong>Klaveness</strong> <strong>Commercial</strong> <strong>Management</strong><br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
The Bulkhandling Handymax Fleet<br />
Vessel Owner Built Dwt.<br />
Agia Filothei <strong>Klaveness</strong> 2010 58 923<br />
Anarchos <strong>Klaveness</strong> 1996 46 676<br />
AS Victoria Ahrenkiel 2009 57 000<br />
AS Virginia Ahrenkiel 2009 57 000<br />
CMB Jialing Bocimar 2010 55 000<br />
Dubai Faith Emarat Maritime 1996 45 681<br />
Dubai Fortune Emarat Maritime 1995 46 638<br />
Frederike Selmer Oskar Wehr 2009 57 000<br />
Genco Predator Genco 2005 55 407<br />
Livanita <strong>Klaveness</strong> 1997 45 426<br />
Monica P Eurobulk 1998 46 667<br />
New Venture <strong>Klaveness</strong> 2008 53 411<br />
Ocean Bridge Mitsubishi 1998 45 766<br />
Vessel Owner Built Dwt.<br />
Ocean King Yamamoto Kaiun 2001 47 314<br />
Port Moresby Stella <strong>Marine</strong> 2002 53 553<br />
Port Nelson Stella <strong>Marine</strong> 2006 53 553<br />
Prisco Abakan Prisco Bulk 2009 57 327<br />
Prisco Udokan Prisco Bulk 2009 57 327<br />
Sanmar Phoenix Sanmar 2008 54 682<br />
Spar Cetus Spar Shipholding 1998 45 700<br />
Spar Gemeni <strong>Klaveness</strong> 2007 52 000<br />
Svenner Scantank 2010 57 000<br />
TBN Dolphin 57’ <strong>Klaveness</strong> 2010 57 000<br />
TBN Dolphin 57’ <strong>Klaveness</strong> 2010 57 000<br />
Tai Hawk <strong>Klaveness</strong> 2004 52 686<br />
Triton Eagle <strong>Klaveness</strong> 2003 52 579<br />
Triton Lark <strong>Klaveness</strong> 2006 56 024<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
The Baumarine Panamax Fleet<br />
Vessel Owner Built Dwt.<br />
Aeolian Breeze <strong>Klaveness</strong> 2001 74 255<br />
Agios Nikolas <strong>Klaveness</strong> 2004 76 390<br />
Andrea D’Amato D’Amato di Nav. 2008 76 619<br />
Anna Seaarland 1999 75 592<br />
Arabella Marwave 2001 75 592<br />
Atlantic Breeze <strong>Klaveness</strong> 2004 76 267<br />
Bottiglieri Ambition Cargoship Maritime 2010 92 500<br />
CIC Piraeus <strong>Klaveness</strong> 2001 76 296<br />
Erica <strong>Klaveness</strong> 2009 83 000<br />
Genco Leader <strong>Klaveness</strong> 1999 73 941<br />
Glyfada I <strong>Klaveness</strong> 2009 75 639<br />
Goya <strong>Klaveness</strong> 2008 75 754<br />
Irini Euroseas 1988 69 734<br />
Lian Hua Feng <strong>Klaveness</strong> 2002 73 901<br />
Vessel Owner Built Dwt.<br />
MBA Giovanni Michele Bottiglieri 2010 92 500<br />
Nordelbe Reederei NORD 2001 75 323<br />
Nordems <strong>Klaveness</strong> 2001 75 323<br />
Nordmosel Reederei NORD 2001 75 323<br />
Nordtrave Reederei NORD 2001 75 323<br />
Pacific Breeze Blenheim 2004 76 343<br />
Primrose <strong>Klaveness</strong> 2001 74 710<br />
Ruby Crest <strong>Klaveness</strong> 1997 73 300<br />
Sanmar Paragon Sanmar 1996 73 080<br />
Sea Breeze Blenheim 2009 91 800<br />
Triton Hawk <strong>Klaveness</strong> 2010 78 000<br />
Atalanta <strong>Klaveness</strong> 2010 83 000<br />
Tiare Marwave 2009 83 000<br />
Torm Anholt <strong>Klaveness</strong> 2004 74 195<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET
Cargo carried 2009 –<br />
Grain<br />
Bulkhandling (Supramax)<br />
Coal<br />
Iron ore<br />
1.COAL (34%)<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
2.IRON ORE (13,9%)<br />
3.GRAIN (5,5%)<br />
4.PETCOKE (6,4%)<br />
5.CLINKER (5,8%)<br />
6.SCRAP (4,2%)<br />
7.SUGAR (3,3%)<br />
8.OLIVINE SAND (2,9%)<br />
9.BAUXITE (2,9%)<br />
10.AGGREGATES (2,3%)<br />
11.ALUMINA (2,1%)<br />
12.SALT (1,7%)<br />
13.CONCENTRATES (0,9%)<br />
14.DAP (0,9%)<br />
15.GYPSUM (0,8%)<br />
16.CEMENT (0,8%)<br />
17.FERTILIZER (0,7%)<br />
18.POTASH (0,7%)<br />
19.SAND (0,5%)<br />
20.NICKLE ORE (0,5%)<br />
21.BARYTES (0,5%)<br />
22.SULPHUR (0,4%)<br />
23.GENERAL CARGO (0,4%)<br />
24.SLAG (0,3%)<br />
25.HBI (0,3%)
Cargo carried 2009 –Baumarine (Panamax)<br />
Bauxite<br />
Iron ore<br />
Coal<br />
1. COAL (50,3%)<br />
2. IRON ORE (12,8%)<br />
3. BAUXITE (7,2%)<br />
4. SOYA BEANS (6,7%)<br />
5. PETCOKE (6%)<br />
6. CORN (4,6%)<br />
7. GRAIN (3,4%)<br />
8. SOYA BEAN MEAL (1,5%)<br />
9. BARYTES (1,2%)<br />
10. WHEAT (1,1%)<br />
11. PHOSPHATE (1,1%)<br />
12. OLIVINE SAND (0,7%)<br />
13. PIG IRON (0,6%)<br />
14. MANGANESE ORE (0,6%)<br />
15. SUGAR (0,6%)<br />
16. ALUMINA (0,6%)<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
17. HEAVY HSS (0,6%)<br />
SODA SORGHUM (0,6%)<br />
18. PHOSROCK (0,5%)
<strong>Klaveness</strong> Group ‐<br />
key<br />
figures<br />
All figures MUSD 2009 2008 2007 2006 2005<br />
Gross operating revenue 562 1,462 1,959 1,338 1,466<br />
Profit before tax 58 (48) 224 85 129<br />
Total assets 1,064 1,094 1,387 1,007 1,089<br />
Total equity 678 602 686 583 513<br />
Number of<br />
vessels 2009 2008 2007 2006 2005<br />
Vessels owned/controlled 120 144 137 126 98<br />
Vessels operated 61 78 120 146 150<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET<br />
KLAVENESS COMMERCIAL MANAGEMENT INTRODUCING NEW OPPORTUNITIES IN THE DRY BULK MARKET