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STAR ReefersSTAR Reefers
Preliminary Results 2004
3rd March 2005
Preliminary 2005
Recent Reefer Industry DevelopmentsRecent Reefer Industry Developments
Market growth expected to exceed 3% p.a.
Spot rates for larger ships up 27% in 2004
Fruit majors looking for longer contracts
Operators entering medium term charters
Aggressive competition amongst operators
Container lines remain focussed on dry cargo
Competition for quality 2nd hand ships
Scrapping of 25 vessels or 6 million cbft in 2004
Mature fleet with only 4 newbuilding orders placed in 2004
Star well positioned to take advantage of this period of change
Preliminary 2005
Larger Vessel Rates in 2004Larger Vessel Rates in 2004
Timecharter spot rates for larger vessels
0
20
40
60
80
100
120
JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC
USC / CBFT
2001
2002
2004
2003
Source: Orion Shipping AS, Oslo
Source: Orion Shipping
Rates for larger vessels up 27% YoY in 2004
Preliminary 2005
Smaller Vessel Rates in 2004Smaller Vessel Rates in 2004
Source: Orion Shipping
Timecharter spot rates for smaller vessels
0
20
40
60
80
100
120
140
J AN FEB MAR APR MAY J UN J UL AUG SEPT OCT NOV DEC
2001
2002
2004
2003
Source: Orion Shipping AS, Oslo
Rates for smaller vessels up 13% YoY in 2004
Preliminary 2005
Are Rates Returning to 1997 Levels?Are Rates Returning to 1997 Levels?
REEFER 12 MONTHS ESTIMATED EARNINGSSize: 350-550.000 cbft vessel
30
35
40
45
50
55
60
65
70
75
80
85
19851986
19871988
19891990
19911992
19931994
19951996
19971998
19992000
20012002
20032004
2005
US
Cen
ts p
er c
bft
Source: Orion Shipping AS, Oslo
---- Conventional type - "old / new" ---- Modern high quality vessels
12 month rates up approx. 15% entering 2005
Preliminary 2005
Box Ships Busy Earning Good Money in Dry Box Ships Busy Earning Good Money in Dry ContainersContainers
- text -
6 – 12 month TC rates container ships (Source Carl Boch)
Preliminary 2005
Age Distribution of Reefer Fleet Age Distribution of Reefer Fleet (over 250 000 cbft)(over 250 000 cbft)
REEFER FLEET - VESSEL EXCESS OF 250.000 CBFT (% IN CBFT)
Upto 5 years2,98 %
>=30 years3,74 %
26-30 years10,15 %
21-25 years18,74 %
16-20 years19,18 %
11-15 years31,58 %
6-10 years13,62 %
Source: Orion Shipping AS, Oslo
236 mill. cbft. (548 ships) over 250 000 cbft
Preliminary 2005
Net Scrapping continues in a strong market... Net Scrapping continues in a strong market...
0
1
2
3
4
5
6
7
8
Mill cbft
1999 2000 2001 2002 2003 '2004
...but most of it is the older ”frozen” vessels.
Source Orion Shipping
Preliminary 2005
Reefer capacity continues to decline...Reefer capacity continues to decline...
Only 4 orders placed in 2004
REEFER VESSELS ORDERBOOK -VS- SCRAP
0
5
10
15
20
25
30
35
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
MILL CBFT
0
10
20
30
40
50
60
70
80
NO VSLS
ON ORDER (CBFT) SCRAP (CBFT)
ON ORDER (NO VSLS) SCRAP (NO VSLS)
Source: Orion Shipping AS, Oslo
Preliminary 2005
STAR Reefers Highlights 2004STAR Reefers Highlights 2004
Freight rates up some 17% STAR fleet values up 35%Sale of 2 ships generating profit of $ 4.8 millionContract renewals 2005 at levels up 15+%Equity infusion at NOK 83 per shareStrenghening balance sheet. 10 year Time Charters for 2 newbuildingsAcquisition of Regal Star
Preliminary 2005
Employment of Star Reefers Fleet 2004.Employment of Star Reefers Fleet 2004.
Time Charters
COA
Liner
Spot
Focus on Customer Relationships
Preliminary 2005
Star Reefers Revenue by Goods Carried 2004 Star Reefers Revenue by Goods Carried 2004
Bananas
Decidious
Citrus
Other
Focus on bananas
Preliminary 2005
Time Charter for Two NewbuildingsTime Charter for Two Newbuildings
Vessels to be built at Shikoku Yard in Japan
Delivery Q1 2006 and Q4 2006
Specialised Reefers of 585,000 cbft.High Speed
High container intake
Low bunker consumption
10 year duration of charters
STAR Reefers is committed to the reefer market long term
Preliminary 2005
.
# of Ships Capacity Average Average
(mill cbft.) Age Size
1 000 cbft.
Owned 17 8.4 15 493
Bare Boat Charter 6 3.2 13 540
Time Charter 13 7.2 11 555
Total Fleet 36 18.8 13 523
STAR Core FleetSTAR Core Fleet
Preliminary 2005
.
31-Dec-04 31-Dec-03
Net operating revenues 28.1$ 24.4$ 130.1$ 112.3$ Ships operating expenses -13.2 -13.3 -44.1 -43.7 Time charter hire -12.8 -8.4 -54.6 -41.9 Administrative expenses -0.3 -1.3 -1.7 -3.7 EBITDAR 1.8 1.4 29.7 23.0Bare boat charter hire -2.3 -1.7 -9.3 -6.3 Depr. and amortization -2.0 -2.8 -8.9 -9.4 Gain sale ships/subsidiary 0.2 4.6 5.2 6.1Operating profit -2.3 1.5 16.7 13.4Interest expense -1.0 -2.0 -4.4 -7.1 Other financial items 0.2 -1.2 0.1 -1.1 Net income -3.1 $ -1.7 $ 12.4$ 5.2$
EPS -0.36 $ -0.22 $ 1.47$ 0.67$
Profit & Loss AccountProfit & Loss Account
Preliminary 2005
.
31-Dec-04 31-Dec-03
Vessels 157.5$ 168.0$ Other fixed assets 5.6 6.8 Other current assets 14.6 18.0 Bank deposits 21.5 20.2 Total assets 199.2$ 213.0$
Equity 82.6$ 60.5$ Provisions - 0.2 Interest-bearing debt 99.4 130.1 Short term liabilities 17.2 22.2 Total equity and liabilities 199.2$ 213.0$
Equity ratio 41% 28%
Equity per share $9.72 $7.91
Balance SheetBalance Sheet
Preliminary 2005
.
2004 2003 2002 2001
Net operating revenues 130.1$ 112.3$ 109.0$ 85.5$ Ships operating expenses -44.1 -43.7 -41.6 -35.9 Time charter hire -54.8 -43.6 -45.4 -29.3 Provisions taken to income 0.2 1.7 4.0 7.1Administrative expenses -1.7 -3.7 -3.5 -3.5 EBITDAR 29.7 23.0 22.5 23.9Bare boat charter hire -9.3 -6.3 -0.3 Depr. and amortization -8.9 -9.4 -11.0 -11.5 Gain sale ships subsidiary 5.2 6.1 1.7 0.4Operating profit 16.7 13.4 12.9 12.8Interest expense -4.4 -7.1 -7.8 -10.3 Other financial items 0.1 -1.1 0.2 -0.5 Net income 12.4$ 5.2$ 5.3$ 2.0$
Profit & Loss AccountProfit & Loss Account
Preliminary 2005
.
# of % of
shares shares
Siem Industries 6,252,534 73.6%KLP Forsikting 184,200 2.2%Dieselgården 155,000 1.8%Odin Maritim 152,500 1.8%Caiano Ship + Caiano AS 146,400 1.7%Enskilda Securities 132,500 1.6%Skips AS Tudor 121,000 1.4%First Nordic 117,500 1.4%Other sharehoders 1,238,185 14.6%
Total 8,499,819 100.0%
Star Reefers Shareholders Star Reefers Shareholders February 2005February 2005
Preliminary 2005
Share Price Star Reefers 2004 Share Price Star Reefers 2004
Shareprice up 75% 12 months