«A Bit of Vision, Capital – and Lots of Hard Work» Remarks by Dag Wittusen CEO, American Shipping Company ASA 8 October 2014 TradeWinds Jones Act Forum
«A Bit of Vision, Capital – and Lots of Hard Work» Remarks by Dag Wittusen CEO, American Shipping Company ASA 8 October 2014 TradeWinds Jones Act Forum.
Dec 11, 2015
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«A Bit of Vision, Capital – and Lots of Hard Work»Remarks by Dag WittusenCEO, American Shipping Company ASA8 October 2014
TradeWinds Jones Act Forum
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A Bit of Vision, Capital – and Lots of Hard Work
1859 ...OIL!
Jones Act 1920
Export Ban on Crude 1975
OPA 90
We had a Dream...
The Shale Oil revolution 2012 –
The Players
AMSC
The Consolidation Jingle
Vision, Capital, Good Partners and Lots of Hard Work
3
1859... OIL!
4
The Jones Act The Merchant Marine Act of 1920
“To foster a maritime industry in the interest of national security and domestic and international trade”
Sen Wesley Jones (R-WA)
5
The Oil Crisis of 1973
To foster the development of domestic oil industry to stifle the impact of future oil embargos energy independence
The Oil Crisis of 1973 Energy Policy and Conservation Act of 1975The Oil Crisis of 1973 Energy Policy and Conservation Act of 1975 export ban on crude
6
Oil Pollution Act of 1990 (OPA 90)
2015
Another Jones…
Rep. Walter B. Jones (D-NC)
7
2005 – A Marriage made in Heaven, We had a Dream…
8
The Shale Oil Revolution 2012 -
9
The Players 2014
Numerous players, agendas
10
American Shipping Company
Overseas Houston
Overseas Long Beach
Overseas Los Angeles
Overseas New York
Overseas Texas City
Overseas Boston
Overseas Nikiski
Overseas Martinez
Overseas Anacortes
Overseas Tampa
10 modern product tankers
All on evergreen bareboat charter with OSG
Solid base of BBC revenues + upside in profit share with OSG
Serious amounts of NOLs
20% stake in Philly Tankers
Creating value through optimal capital and financial engineering- Refinancing- YieldCo / USA listing- M&A
11
0
5
10
15
20
25
30
35
OSG
0
5
10
15
20
25
30
35
OSG + AMSC
0
5
10
15
20
25
30
35
OSG + AMSC + PT
0
5
10
15
20
25
30
35
OSG + AMSC + PT + OTHER
The Consolidation Jingle
Other Jones Act players
Go MLP
0
5
10
15
20
25
30
35
OSG + AMSC + PT + OTHER + AKPS VESSELS
Number of vessels
US Flag
12
PARTNERS LP
A Bit of Vision, Capital, Good Partners – and Lots of Hard Work
MLP Investors
49%
49% + 2%
P
Other Jones Act Players?
US FlagUS Flag
13
Q&A
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