Capital Link Shipping activity in capital markets 24. February 2014
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Capital Link Shipping activity in capital markets
24. February 2014
OSE, 46% NYC, 54%
Source: Bloomberg, SEC, Company filings, RS Platou Markets AS
2
NYSE vs. OSE | Where has capital been raised in 2013-2014 YTD
NYC:
• Total raised: USD 4,322m
• Average raise: USD 131m
• Largest raise: USD 350m
• Smallest raise: USD 21m
• # of raises: 33
Oslo:
• Total raised: USD 3,700m
• Average raise: USD 168m
• Largest raise: USD 310m
• Smallest raise: USD 16m
• # of raises: 22
NYSE vs. OSE | Who has raised capital where 2013-2014 YTD
NYSE
• All US listed companies that have raised public equity during during 2013-2014 YTD have paid dividend (aside from Scorpio Bulkers)
• ~17% of equity raised for MLPs
OSE
• All equity raised on OSE has been growth capital for companies with no dividend yield
• Majority of capital raised in Oslo raised on the N-OTC (89%)
• SALT went public on NYSE in Dec 2013
• Dorian and FRNT targets listing on NYSE within 6-12 months
3
Source: Bloomberg, SEC, Company filings, RS Platou Markets AS
850
535 518
322 280
250 235
160 150 127
100 84 75
16
-
100
200
300
400
500
600
700
800
900
1,000
1,100
SALT
FRN
T
DO
RIA
N
EIG
HT
BW
LPG
TIL
HA
FNIA
BLU
E
AU
RLP
G
WB
ULK
AG
HL
GR
EE
EPIC
BEL
984
378 350 337
262 209 202
168 167 159 156 151 140 138 128 120 115 87
50 21
-
100
200
300
400
500
600
700
800
900
1,000
1,100
STN
G
NN
A
SALT
DH
T
NV
GS
GLO
G
CP
LP
TGP
NA
T
NM
M
KN
OP
SBLK
ASC SF
L
GM
LP
AM
SC
GA
SS
BA
LT SB
TEU
NYSE vs. OSE | Existing issuers vs. issuers new to market
NYSE OSE
4
OSE key exchange for growth capital to new issuers, NYSE follow-on offerings for listed entities
Source: Bloomberg, SEC, Company filings, RS Platou Markets AS
• ~85% of equity raised by existing issuers
―KNOP, ASC and SALT only IPOs on NYSE
• ~85% of equity raised for companies new to public markets during 2013-2014 YTD
―FRNT and BEL only follow-on issuers
―WBULK and BWLPG only IPOs on OSE
New issuers 2013-2014,
15%
Existing issuers, 85%
New issuers 2013-2014,
85%
Existing issuers, 15%
Equity raised by segment and exchange*
* Excluding USD 50m raised fro Euronav as listed on Euronext Source: Bloomberg, SEC, Company filings, RS Platou Markets AS
Product tankers has attracted most capital, closely followed by drybulk and LPG
5
Which segments has attracted most capital
2,178
1,873
1,500
1,070
504
21
340
0
500
1000
1500
2000
2500
Product DRY LPG Crude LNG Container Other
NYC Oslo
Size matters – investor support repeat issuers
# of issues per company
6
The market is receptive to issuers with growth ambition and clear plan to size and liquidity
Source: Bloomberg, SEC, Company filings, RS Platou Markets AS
4 4 4
3 3
2 2 2 2 2 2 2 2 2
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
NN
A
SALT
STN
G
DO
RIA
N
EIG
HT
BA
LT
CP
LP
DH
T
FRN
T
GR
EE
NA
T
SBLK
TGP
NM
M
AG
HL
AM
SC
ASC
AU
RLP
G
BEL
BLU
E
BW
LPG
EPIC
EUR
N
GA
SS
GLO
G
GM
LP
HA
FNIA
KN
OP
NV
GS
SB SFL
TEU
TIL
WB
ULK
250
300 300
350
101 120
100
58
310
225
110
227
230
235
300
219
168 250
100
64
95
7
128
21 75
127 156
115
23
64
16
138
280
262
80
71
140
142
30
150
40 128
127
235
100
94
73
50
61
23
120
160
209
75
50
250
150
0
200
400
600
800
1,000
1,200
1,400
1,600
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
Global Shipping Equity Issues: 2013 – 2014 YTD
7
Public Shipping ECM Transactions Globally 2013 - 2014 YTD
Source: Bloomberg, company information and RS Platou Markets.
RS Platou Markets is the global market leader in shipping equity issues
USD
m
RSPM: USD604m Total: USD611m
RS Platou Markets
RSPM: USD101m Total: USD229m
RSPM: USD235m Total: USD331m
Total: USD365m
RSPM: USD250m Total: USD465m
RSPM: USD420m Total: USD443m
RSPM: USD219m Total: USD647m
Total: USD269m
RSPM: USD400m Total: USD719m
RSPM: USD300m Total: USD776m
RSPM: USD110m Total: USD1,383m
RSPM: USD350m Total: USD630m
RSPM: USD511m Total: USD961m
RSPM: USD157m Total: USD157m
USDm Market share
RS Platou Markets 3,657 45%
Total 8,079
Total shipping ECM transactions 2013 - 2014 YTD
Which market to use | Key considerations
NYSE
Focus on return to shareholders
Liquidity
The largest stock exchange for shipping
equities globally
OSE
Focus on value and growth
Short time to market
The largest securities marketplace for
shipping in Europe, and the second
largest globally
8
OSE for growth at market trough, NYSE for dividend yield when fundamentals allow
Market value, world shipping and offshore fleet, year-end 2013
0
100
200
300
400
500
600
700
800
900
1,000
Ship ttl Bulk Tank Cont LNG LPG Other Offshore
USD
bn
Fleet Orderbook
9
Value of world shipping and offshore fleets
Despite recent newbuild ordering, fleet growth is still down
Orderbooks in % of fleet (quarterly 1979 – 2013) Net fleet growth estimates
10
2 years with lower fleet growth, newbuilds ordered today will not impact the market before 2016/17
Source: RS Platou Economic Research, RS Platou Markets
6%
7%
4%
2%
1%
15%
12%
8%
5%4%
8% 8%
6%6%
5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
2011 2012 2013e 2014e 2015e
Net
fle
et g
row
th i
n p
erce
nt
Tankers Drybulk Container
9.4
14.6
21.1
0
10
20
30
40
50
60
70
79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13
Per
cen
t
Tankers Bulk carriers Container ships
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Disclaimer
11
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