Transcript PowerPoint 프레젠테이션 - Wang Jing & Co. Law Firm

2008/9 HULL RENEWAL
Overview of HMM
■ Hyundai Merchant Marine Co., Ltd.
(“HMM”) was established in 1976 and is
■ 2007 Revenue Breakdown
one of the leading global logistics
company
Dry Bulk
15.6%
Others
0.2%
■ “HMM” has a highly diversified and
stable revenue ; Container, Tanker, LNG
carrier and Ore/Coal carrier
Wet Bulk
18.5%
USD 5,480 Mil.
Container
65.6%
■ HMM is a member of The New World
Alliance (TNWA) with APL&MOL, and
Grand Alliance(GA) with OOCL, NYK,
MISC and HLC
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Revenue
■ 2007 USD revenue rose by 11% YoY to USD 5,480 Mil. from USD 4,955 Mil.
■ Reasons for change in revenue
① Addition of container capacity (mainly in Asia-Europe)
② Increase in container freight rates (Asia-Europe & Intra Asia)
③ Strong Baltic Dry Index (BDI)
■
Revenue
Quarterly
(USD Mil.)
2,000
Dry Bulk
Wet Bulk
Container
1,500
1,251
176
1,000
Accumulative
(USD Mil.)
6,000
5,480
1,444
225
231
1,527
248
5,000
4,955
4,000
265
1,169
3,000
271
865
705
3,938
617
731
2,000
500
804
988
3,081
1,015
995
1,000
3,619
2,590
-
4Q06
3Q07
4Q07
4Q06
3Q07
4Q07
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Operating Profit
■ 2007 Operating Profit grew by 231% to USD 338 Mil. from USD 102 Mil. in the same
period of 2006
■ What caused the strong OP?
① Better than expected Asia-Europe and Intra-Asia market, resulting in multiple GRIs
② Super cycle in dry bulk market caused BDI to record all time high
■
Operating Profit
Quarterly
130
Dry Bulk
Wet Bulk
Container
111
101
25
11
80
-20
36
41
-6
30
250
34
3Q07
102
206
-44
4Q06
227
150
66
40
338
350
50
-50
-92
-150
-13
4Q06
-2
-70
Accumulative
(USD Mil.)
(USD Mil.)
4Q07
55
90
136
95
77
112
3Q07
4Q07
4
Business Result in 2007
(USD Mil.)
2005
2006
2007
YoY growth
4,686
4,955
5,480
11%
Operating profit
451
102
338
232%
OP margin
9.6%
2.1%
6.2%
4.11%P
Total revenue
1
■
8000
2008 Guidance
6000
4000
0 .5
2000
0
0
0
0
0
2002
2003
(USD Mil.)
2007
2008E
Grow th
Total revenue
5,480
6,941
+27%
Operating profit
338
423
+25%
OP m argin
6.2%
6.1%
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Container – volume continues to rise
■ Thanks to increasing new container ships to the fleet, 2007 volume increased by 9.8% YoY
to 2.37 Mil. Teu; Transpacific, Asia-Europe and Intra-Asia volume increased by 8.1%, 10.2%
and 12.9% YoY respectively
■ 2008 expected container capacity increase 29.6% YoY, and expected volume increase to
2.94 Mil. TEU (24% ↑)
■
Container volume breakdown
2006
2007
26%
51%
27%
50%
2.15 Mil. Teu
23%
Asia
2.37 Mil. Teu
23%
Europe
US
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Tanker – drastic index movement continues
■ The market WS averaged 82 in 2007 vs. 99 of same period 2006
■ 175 new VLCCs are to be delivered between 2007-2012, this is about 36% of existing
VLCCs operating in the market
■ Psychological factors pushed up the WS, however, due to relatively mild winter season
and lack of spot activity resulted in a sharp decline of WS.
■
VLCC deliveries
66
53
38
35
29
2004
2005
18
17
2006
2007
2008
2009
2010
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Dry bulk – slowing down but still high
■ BDI averaged 7,106 in 2007 vs. 2,951 of 2006
■ BDI is recovering
- Iron-ore negotiation closed by Korean, Japanese and Chinese steel producers
- Australian coal exports resume
- Queue increases due to port congestion in New Castle, Australia
- Delays in deliveries of bulk vessels by Chinese ship yards
Baltic Dry Index (BDI)
Jan-07
Dec-07
Oct-07
Jul-07
Apr-07
Apr-06
4,462
Oct-06
2,465
4,028
6,572
7,170
6,874
3,050
Jul-06
2,262
Jan-06
5,754
9,742
Feb-08
10,425
Jan-08
■
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HMM fleet profile
Type
Container
Ownership
Own
Charter
Tanker
Container total (teu)
Own
Charter
LNGC
LPGC
Chemical tanker
Dry bulk
Tanker total (dwt)
Own
Charter
LNGC total (cbm)
Charter (dwt)
Charter (dwt)
Own
Charter
Dry bulk total (dwt)
Total
Size
>5,000 Teu
<5,000 Teu
Subtotal
>5,000 Teu
<5,000 Teu
Subtotal
VLCC
Otehrs
Subtotal
VLCC
Otehrs
Subtotal
125,000~135,000 cbm
126,000 cbm
Subtotal
51,000
12,000~14,000
Cape size
Others
Subtotal
Cape size
Others
Subtotal
No. of vessels
7
7
14
13
15
28
42
8
3
11
12
12
24
35
6
1
7
1
4
10
1
11
3
18
21
32
121
(As of December 2007)
Gross Tonage
45,049
25,366
70,415
80,439
44,985
125,424
195,839
2,319,289
205,462
2,524,751
3,454,077
1,154,947
4,609,024
7,133,775
1,040,000
126,000
1,166,000
50,743
53,408
1,593,484
37,450
1,630,934
485,876
922,280
1,408,156
3,039,090
※ Owned & chartered over two years
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New Vessel Delivery in 2008
CAPACITY
TYPE
CONTAINER
LNG
VESSEL
DELIVERY DATE
TEU
GRT
HYUNDAI BRAVE
8,600
94,511
10 January 2008
HYUNDAI COURAGE
8,600
94,511
15 February 2008
HYUNDAI FAITH
8,600
94,511
28 February 2008
HYUNDAI FORCE
8,600
94,511
25 March 2008
HYUNDAI DYNASTY
4,700
52,581
11 April 2008
HYUNDAI VOYAGER
4,700
52,581
18 April 2008
HYUNDAI GOODWILL
4,700
52,581
30 April 2008
HYUNDAI INTEGRAL
4,700
52,581
20 June 2008
HYUNDAI SUPREME
4,700
52,581
27 June 2008
150,000 CBM
100,200
28 November 2008
HYUNDAI ECOPIA
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Fleet Expansion Plan (Owned)
Fixed
Type
Size
Container
2007
2008
2,200 teu
3
-3
4,700 teu
4
5
5,500 teu
4
6,800 teu
3
8,600 teu
Tanker
2009
2010
2011
4
17
Bulk
Projecting
9
H-Coil
1
Capesize
12
Handymax
3
4
Panamax
Heavy MPC
2
2
Box Type
2
1
4
(102,012)
17
(1,183,716)
LNG
6
Total no. of vessels
(G/T)
Total in Dec 2007 :
1
7
(676,316)
52
(4,751,056)
0
Grand Total in Dec 2011 :
80
(6,713,100)
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Fleet Expansion Plan (Chartered)
Fixed
Type
Size
Container
2007
2008
2009
3,500 teu
15
-3
5
4,500 teu
8
-1
5,500 teu
3
-1
6,800 teu
10
2
1
4
10,000 teu
Tanker
5
19
Bulk
Capesize
LNG
7
1
3
1
1
4
3
1
3
3
1
2
1
2
6
25
10
13
Total no. of vessels
Total in Dec 2007 :
4
1
Panamax
Handymax
2011
3
4
8,600 teu
2010
Projecting
9
64
(3,251,968)
Grand Total in Dec 2011 :
121
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HMM Vessel List
(As of May 2008)
VESSEL
VESSEL
GRT
GRT
VESSEL
GRT
VESSEL
GRT
HYUNDAI OCEANIA
74,052
HYUNDAI STAR
151,592
HYUNDAI GLORY
53,352
HYUNDAI UTOPIA
103,764
HYUNDAI ISLAND
67,897
HYUNDAI BANNER
151,977
HYUNDAI FREEDOM
64,054
HYUNDAI GREENPIA
103,764
HYUNDAI COSMOS
85,678
HYUNDAI SUN
156,692
HYUNDAI GENERAL
64,054
HYUNDAI TECHNOPIA
113,988
HYUNDAI OLYMPIA
93,005
MILLENNIUM
156,692
HYUNDAI HIGHNESS
64,054
HYUNDAI COSMOPIA
113,998
HYUNDAI CONTINENTAL
101,466
PACIFIC COURAGE
145,403
HYUNDAI CONFIDENCE
64,845
HYUNDAI AQUAPIA
113,998
HYUNDAI UNIVERSAL
101,604
VL MALIBU
137,024
HYUNDAI FORWARD
52,581
HYUNDAI OCEANPIA
113,998
HYUNDAI PROSPEPITY
77,650
EL JUNIOR
149,896
HYUNDAI UNITY
52,581
PACIFIC SUCCESS
24,790
LA ESPERANZA
158,475
HYUNDAI GRACE
52,581
HYUNDAI SPIRIT
68,093
LA PAZ
158,475
HYUNDAI COLOMBO
74,651
HYUNDAI ATLAS
76,068
UNIVERSAL HOPE
158,475
HYUNDAI BANGKOK
74,651
HYUNDAI POWER
76,068
UNIVERSAL PEACE
158,475
HYUNDAI JAKARTA
74,651
GLOBAL VICTORY
76,068
PACIFIC SUPERIOR
146,849
HYUNDAI BRAVE
94,511
GLOBAL WINNER
81,152
ASIAN JADE
57,164
HYUNDAI COURAGE
94,511
PACIFIC CHAMP
25,503
ORIENTAL EMERALD
30,971
HYUNDAI FAITH
94,511
PACIFIC ROYAL
25,503
ORIENTAL RUBY
30,971
HYUNDAI FORCE
94,511
163,465
HYUNDAI DYNASTY
52,581
163,465
HYUNDAI VOYAGER
52,581
HYUNDAI GOODWILL
52,581
BULK (15 VSL)
1,054,597
UNIVERSAL QUEEN
UNIVERSAL CROWN
TANKER (17 VSL)
2,276,061
COANTAINER (18 VSL)
LNG (6 VSL)
341,994
HYUNDAI ECOPIA (28 Nov) 100,200
1,227,842
HYUNDAI INTEGRAL (20 Jun)
52,581
HYUNDAI SUPREME (27 Jun)
52,581
* Total : 56 Vessel / 4,900,494 GRT
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HMM Legal Affairs & Insurance Team
.
General Manager
D B Park
AHQ (Denver)
Manager
S H Park
EHQ (London)
Manager
Shane Kweon
Cargo Claim
Manager
Y S Roh
Legal Part
Manager
S C Hwang
Chris Paik
Jason Lee
Seti Min
Justin Roh
Kevin Kang
Rachel Hong
Joanna Kim
Yulia Hwang
- C/P Disputes
- CNTR Cargo Claim
- Hull Insurance
- Litigation
- Bulk Cargo Claim
- P&I Insurance
- Casualties
- CNTR Box Claim
- TT Club
- Contract / Legal Matters
- Recovery Claim
- Terminal Insurance
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What would shipping companies want its lawyers?
■ Little information on Chinese Maritime Law and Practice
■ Little information on Chinese Law Firm’s evaluation & Costs
■ Still depend on P&I Club’s recommendation
■ Shipping companies’ concerns
- Difficulties to prepare evidences, when filed in court.
- Huge (Overestimated) deposit or guarantee without presentation of claim breakdown
- MSA (government authorities) involvement and slow progression
- Quick response from the lawyers
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