Investor Presentaiton
Our long-term target is to reach a cash break-even level between USD
18,000/day and USD 19,500/day, which will ensure free cash flow generation in
every cycle
30,000
25,000
20,000
15,000
10,000
•
5,000
Odfjell Tankers historical Break-even (USD/day)
Cost savings initatives
26,099
Recent cost saving initiatives
-29%
12.5
10.0
Capital structure Initiatives
OPEX
7.5
(USD/day)
5.0
23,137
2012
2019
22,851
-26%
21,393
21,544
100
20,084
G&A
80
18,000/
19,500
(USD mill)
60
40
2012
2019
-26%
25
21.0
Fuel
20
consumption
(t/day)
15
10
2009
15.4
2019
0
2014
2015
2016
2017
2018
2019
Target
Future focus - capital structure initiatives
Capital
Structure
Targeted capital structure initiatives is
estimated to further improve the cash break-
even by USD 3,375/day
Break-even levels increased in 2019 driven by increased debt and reduced number of operating days of our owned fleet
Timing to successfully reach the target is market dependent but we expect to reach this level by 2022 should the current earnings environment continue through 2020 and 2021
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