EX-99.3 4 d6250528_ex99-3.htm
 
 
 
 
 
 
 
 
 
 
Forward looking statements

 
The statements contained in this presentation that are not purely historical are forward-looking statements. The forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future of Knightsbridge Shipping Ltd. ("Knightsbridge"), Golden Ocean Group Limited ("Golden Ocean") and the shipping market in general. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "forecast", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation may include, for example, statements about: the shipping markets, sources of and demand for drybulk and other shipping cargo, and the performance of the shipping markets and the Chinese and global economy.
The forward-looking statements contained in this presentation are based on the current expectations and beliefs of Knightsbridge concerning future developments and their potential effects on Knightsbridge, Golden Ocean, the shipping markets and factors affecting supply and demand for drybulk and other shipping cargo, including, among other things, the expected merger between Golden Ocean and Knightsbridge. All statements and information in this presentation relating to the merger and the resulting combined company are based on the anticipated effectuation of the merger, which is subject to certain conditions precedent. There can be no assurance that future developments affecting any of them will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Golden Ocean's or Knightsbridge's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of Knightsbridge's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Neither Knightsbridge nor Golden Ocean undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Important Information For Investors And Shareholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction between Golden Ocean Group Limited ("Golden Ocean") and Knightsbridge Shipping Limited ("Knightsbridge"), Knightsbridge will file relevant materials with the Securities and Exchange Commission (the "SEC"), including a registration statement of Knightsbridge on Form F-4 that will include a joint proxy statement of Golden Ocean and Knightsbridge that also constitutes a prospectus of Knightsbridge, and the joint proxy statement/prospectus will be mailed to shareholders of Golden Ocean and Knightsbridge. INVESTORS AND SECURITY HOLDERS OF GOLDEN OCEAN AND KNIGHTSBRIDGE ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the registration statement and the joint proxy statement/prospectus (when available) and other documents filed with or furnished to the SEC by Knightsbridge through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with or furnished to the SEC by Knightsbridge will be available free of charge on Knightsbridge's website at http://www.knightsbridgeshipping.com. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with or furnished to the SEC when they become available.
 
 
Highlights

 

 
 
 
 
 
 
 
 
 
 
 
 
Profit & Loss

 
2013
 Jul-Sept
    
2014
 Jul-sept
  
INCOME STATEMENT
(in thousands of $)
  
2014 ]an-Sept
    
2013 ]an-Sept
    
2013 ]an-Dec
  
 
9,950
      
19,336
  
Operating revenues
    
60,034
      
24,079
      
37,546
  
             
Operating expenses
                        
 
2,232
      
11,257
  
Voyage expenses
    
18,499
      
3,884
      
6,809
  
 
2,022
      
6,598
  
Ship operating expenses
    
12,955
      
5,854
      
7,897
  
 
1,014
      
533
  
Administrative expenses
    
3,012
      
3,429
      
4,937
  
 
2,792
      
5,574
  
Depreciation
    
11,966
      
8,286
      
11,079
  
 
8,060
      
23,962
  
Total operating expenses
    
46,432
      
21,453
      
30,722
  
 
1,890
      
(4,626
)
Net operating income
    
13,602
      
2,626
      
6,824
  
             
Other income (expenses)
                        
 
6
      
3
  
Interest income
    
13
      
35
      
41
  
 
(682
)
    
(1,268
)
Interest expenses
    
(2,023
)
    
(2,235
)
    
(2,827
)
 
(113
)
    
(246
)
Other financial items
    
(501
)
    
(379
)
    
(508
)
 
(789
)
    
(1,511
)
Total other expenses
    
(2,511
)
    
(2,579
)
    
(3,294
)
 
1,101
      
(6,137
)
Net income (loss) from continuing operations
    
11,091
      
47
      
3,530
  
 
(93
)
    
(30
)
Net (loss) income from discontinued operations
    
(258
)
    
(6,961
)
    
(7,433
)
 
1,008
      
(6,167
)
Net (loss) income
    
10,833
      
(6,914
)
    
(3,903
)
 
0.04
      
(0.11
)
Basic earnings (loss) per share from continuing operations ($)
    
0.26
      
0.002
      
0.14
  
 
(0.004
)
    
-
  
Basic loss per share from discontinued operations($)
    
(0.01
)
    
(0.28
)
    
(0.29
)
 
0.04
      
(0.11
)
Basic earnings (loss) per share($)
    
0.25
      
(0.28
)
    
(0.15
)


 

Income on T/C basis and Opex
 

 

       
2014
        
2013
    
2013
  
     
Q3
      
Q2
      
Q1
    
FY
      
Q4
      
Q3
      
Q2
      
Q1
  
TCE Earnings Capesize
 ($ per day per vessel)
    
10,200
      
15,000
      
25,200
      
21,100
      
28,600
      
21,000
      
16,900
      
17,900
  
                                                                 
Ship operating expenses Capesize ($ per day per vessel excl drydock)
    
5,500
      
5,900
      
5,400
      
5,200
      
5,300
      
5,100
      
5,100
      
5,200
  
                                                                 



 
 
Balance Sheet
 
 
 
(in thousands of $)
  
2014 Sept 30
    
2013 Sept 30
    
2013 Dec 31
  
ASSETS
            
Short term
            
Cash and cash equivalents
    
96,182
      
57,340
      
98,250
  
Other Current assets
    
16,887
      
7,462
      
6,491
  
Long term
                        
Restricted cash
    
15,000
      
15,000
      
15,000
  
Vessels net
    
727,860
      
265,540
      
262,747
  
NewbuiIdings
    
345,704
      
15,590
      
26,706
  
Deferred charges
    
3,752
      
782
      
664
  
Total assets
    
1,205,385
      
361,714
      
409,858
  
LIABILITIES AND STOCKHOLDERS' EQUITY
                        
Short term
                        
Current portion of long-term debt
    
14,209
      
-
      
-
  
Other current liabilities
    
16,895
      
8,234
      
7,417
  
Long term
                        
Long term debt
    
290,791
      
95,000
      
95,000
  
Other long term liabilites
    
-
      
-
      
-
  
Stockholders' equity
    
883,490
      
258,480
      
307,441
  
Total liabilities and stockholders' equity
    
1,205,385
      
361,714
      
409,858
  
 
 

 
 
 
 
The Fleet
 
 
Vessel
Dwt
Built
Employment
Estimated Expiry
Belgravia
170 500
2009
Spot Market
Battersea
170 500
2009
Index related TC August 2015
Golden Future
170 500
2010
Index related TC January 2015
Golden Zhejiang
170 500
2010
Spot Market
KSL China
179 100
2013
Spot Market
KSL Seattle
180 000
2014
Spot Market
KSL Singapore
180 000
2014
Spot Market
KSL Sapporo
180 000
2014
Spot Market
KSL Sydney
180 000
2014
Spot Market
KSL Santiago
180 000
2014
Spot Market
KSL Salvador
180 000
2014
Spot Market
KSL San Francisco
180 000
2014
Spot Market
KSL Santos
180 000
2014
Spot Market
Newbuildings
Dwt
Built*
Yard
Newbuilding TBN
180 000
2015
SWS
Newbuilding TBN
180 000
2015
SWS
Newbuilding TBN
180 000
2015
SWS
Newbuilding TBN
180 000
2015
SWS
Newbuilding TBN
180 000
2015
SWS
Newbuilding TBN
180 000
2016
SWS
Newbuilding TBN
210 000
2015
Bohai
Newbuilding TBN
210 000
2015
Bohai
Newbuilding TBN
180 000
2015
JMU
Newbuilding TBN
180 000
2015
JMU
Newbuilding TBN
180 000
2015
JMU
Newbuilding TBN
180 000
2015
JMU
Newbuilding TBN
180 000
2015
Daehan
Newbuilding TBN
180 000
2015
Daehan
*Estimated delivery
 
 
 
 
 
Current Dry FFA Market

 

Source: NOS, Nov 2014
 
 
 
Existing Capesize fleet by year built and order book
 
 

 
 
 
 
Dry Bulk – Existing fleet and order book


Existing fleet and order book per end October 2014 (mill dwt)
 
 
Bulk Carriers
Existing fleet
On Order
Del. YTD
Rest 2014
2015
2016
2017+
Share of fleet
                 
Handysize
                
 
10-14,999 dwt
2.8
0.1
0.0
0.0
0.0
0.0
0.0
2.0%
 
15-19,999 dwt
4.9
0.1
0.1
0.0
0.1
0.0
0.0
2.8%
 
20-29,999 dwt
29.8
0.7
0.4
0.3
0.3
0.0
0.0
2.2%
 
30-39,999 dwt
50.4
13.4
3.7
1.2
7.7
3.3
1.1
26.6%
 
Total
87.9
14.3
4.3
1.5
8.2
3.4
1.1
16.2%
                 
Handymax/Supramax
                
 
40-52,999 dwt
54.2
1.8
1.9
0.2
1.0
0.5
0.1
3.4%
 
53-64,999 dwt (bit > 1999)
106.0
36.0
7.2
2.1
18.1
13.0
2.7
33.9%
 
Total
160.2
37.8
9.1
2.3
19.1
13.5
2.9
23.6%
Total
248.2
52.1
13.4
3.8
27.3
16.9
4.0
21.0%
                 
Panamax/Kamsarmax
                
 
65-84,999 dwt**
153.8
27.3
10.3
3.3
12.0
8.8
3.3
17.8%
                   
Post-Panamax
                
 
85-119,999 dwt
50.5
2.1
2.3
0.3
1.2
0.6
0.0
4.2%
                   
Capesize
                
 
120,000 dwt +
293.9
65.9
16.2
4.0
25.2
29.0
7.6
22.4%
                 
Grand total
746.4
147.4
42.1
11.5
65.7
55.3
14.9
19.8%
                 
No. of vessels
10,127
1,716
519.0
146
840
578
152
16.9%

** Includes 60,000 – 64,999 dwt built year 2000 and before
RS Platou Nov 2014