Odfjell SE - Chemical Tanker Industry Update
Efficient capital structure
Debt
Equity
Financial targets
LTV & Equity ratio
Break-even
FCF to equity
ROIC
Long-term priority
Reducing debt and reduce our daily cash break-even remains a priority
Description
$
Secured and amortized debt
BOND
$
Today, USD mill
Target range, USD mill
USD/day effect:
962
200
•
Non-amortising debt
234
250
DEBT
•
Extend average amortization profile
(in years to pay down debt to zero)
8,5
12
Unencumbered assets, including
15
75
undrawn revolvers
EINONE
• Total debt
* Excludes right of use assets (operational leases)
550
650
750
1,196
900
12
Reduction:
USD 850/day
Last 12 months achievements:
O Newbuilding deliveries drives debt
development in the short run
Reduction:
USD 0-250/day
Reduction:
USD 2,075/day
OUSD 62 mill bond and replaced with
USD 32 mill tap issue w/lower margins
Net reduction of USD 30 mill together
with lower margins reduced break-even
by USD150/day
011 of 14 amort. Profiles extended
USD2,500/day reduction on 9 vessels
O USD340/day redcuction for entire fleet
Reduction:
USD 200/day
O Refinanced unencumbered assets to
build liquidity reserves
Reduction:
USD 3,375/day
O Refinancing measurements has
contributed to lower our fleet's break-
even by USD 290/day the last 12 monthsView entire presentation