precious shipping public company limited · precious shipping pcl 4 4.84 8.54 0 2 4 6 8 10 12 9m...

Precious Shipping Public Company Limited

SET Opportunity DayDate

18 November 2020

Precious Shipping PCL 2

0

500

1000

1500

2000

2500

3000

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Evolution Of The Baltic Dry Index Since 2016

Source Clarksons 13 Nov 2020


Q-O-Q Analysis Of The Baltic Dry Index

Source Clarksons 30 Sep 2020

0

500

1000

1500

2000

2500

3000

4-Jan 4-Feb 4-Mar 4-Apr 4-May 4-Jun 4-Jul 4-Aug 4-Sep

Q1-Q3 2016 Q1-Q3 2019 Q1-Q3 2020


484

854

0

2

4

6

8

10

12

9M 2019 9M 2020

Capesize Panamax SupraUltra Handysize

Drybulk Supply Side Improvements


In response to the COVID-19 outbreak drybulk scrapping has picked up significantly on a Y-O-Y basis

Most of the scrapping in 2020 has occurred in the Capesize sector

In response to an ease in scrapping in Q3 2020 scrap prices in the Indian subcontinent went up during Q3 2020

Despite lockdowns scrapping in the Subcontinent was robust in the nine months of 2020

Healthier recycling is expected for Q4

PSL estimates that the drybulk fleet will grow by 379 in 2020

Y-o-Y Scrapping 9M 2019 and 9M 2020 - MDWT

+88

increase

Scrap Prices ndash USDTon

591 M

DWT

1116 M

DWT$250

$300

$350

$400

$450

$500

Ja

n-1

7

Ju

l-1

7

Ja

n-1

8

Ju

l-1

8

Ja

n-1

9

Ju

l-1

9

Ja

n-2

0

Ju

l-2

0

India Scrap Price (HandymaxHandysize Bulkcarrier)

Bangladesh Scrap Price (HandymaxHandysize Bulkcarrier)


Latest available Data points on China for 9M 2020 as compared to 9M 2019

Chinarsquos Iron Ore imports till Q3 2020 was 8687 MMT an increase of 108 over the 7842 MMT for the same

period in 2019 (shippingnewscomchinas-iron-ore-copper-imports-rise-in-september-from-august)

Chinarsquos Coal imports till Q3 2020 was 2396 MMT a decrease of 39 over the 2493 MMT for the same

period in 2019 (httpswwwargusmediacomennews2149585-chinas-coal-imports-slump-in-September)

Chinarsquos Steel production till Q3 2020 was 7841 MMT an increase of 5 over the 7468 MMT for the same

period in 2019 (httpwwwstatsgovcnenglishPressRelease202010t20201020_1794926html)

Monthly average Steel inventory in the period Jan-Sep 2020 was 177 MMT an increase of 416 over the

monthly average of 125 MMT in 2019 (httpwww96369netindices117)

Steel imports in the period of Jan-Sep 2020 were 151 MMT an increase of 716 over the 88 MMT for the

same period in 2019 (httpswwwmetalbulletincomArticle3955648Chinas-steel-imports-rise-160-in-

Septemberhtml)

Steel exports till Q3 2020 down 1805 to 404 MMT as compared to the 493 MMT exported in Q3 2019

(httpswwwmysteelnetarticle5018911-0501Chinas-Sept-steel--raw-materials-importsexports-statisticshtml)

Steel consumption in H1 2020 up by 743 to 7588 MMT compared to 7063 MMT Q3 2019 likely due to

development of One Belt One Road project

Is Chinarsquos Import Growth Sustainable


Is Chinarsquos Drybulk Role Significant

China Commodity Trade Flows

Key Imports

All Units In Million Tonnes Sep 2020 MT M-o-M Y-o-Y Jan-Sep 2020 MT Y-o-Y

Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154

Grains (corn wheat barley sorghum) 366 401 1989 173 563

Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197

Source Bancosta Oct 2020


Historical Growth In Seaborne Drybulk Trade ndash Billion Tonne-Miles

age increase over the previous year

Source Clarksons as on 1 Oct 2020

Seaborne Drybulk Trade

All Units In Billion Tonne-Miles 2016 2017 2018 2019 2020 F 2021F

Iron Ore 7933 8180 8181 7943 7996 8242

Coal (includes Lignite) 4982 5250 5564 5537 5071 5339

Grains (includes Soybeans) 3209 3418 3267 3466 3613 3656

Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096

Total Change In Trade 21 47 26 03 -34 50

Total Change In Supply 240 293 282 442 379 13

37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021

Iron Ore Coal (includes Lignite) Grains (includes Soybeans) Minor Bulk


Historical Growth In Seaborne Minor Bulk Trade ndash Billion Tonne-Miles



Seaborne Minor Bulk Trade


Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472

Change In Minor Bulk 158 505 500 134 -598 733

Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021

Steel Products Forest Products Other Minor Bulk Total Minor Bulk 10-69999 M DWT Fleet


PSL Cargo Exposure 2016 ndash FY 2019

Bulk cargo in the aggregate amount of 123 MMT 117 MMT 127 MMT 1372 MMT was carried on PSL ships in 2016 2017 2018 and FY 2019 respectively

Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019


Source Clarksons as on 30 Sep 2020

Drybulk Fleet As Of 30 September 2020

Ship Type DWT Range (MT) Ships Av Age (yrs) Total DWT (m MT) Av DWT (MT) of DWT

Handysize 10000 ndash 39999 4015 1223 10929 27219 1211

SupraUltramax 40000 ndash 69999 3759 1017 21097 56125 2338

Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000

Ship Type DWT Range (MT) Ships No (age) DWT m MT (age)

Handysize 10000 ndash 39999 +26 (+065) +095 (+087)

SupraUltramax 40000 ndash 69999 +91 (+248) +589 (+287)

Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28

Handysize SupraUltramax Panamax Capesize

2020 2021 2022 2023


Confirmed Orders As Of 30 September 2020 (M DWT) ndash 31 Dec 2023

Total Confirmed Orders Until 2023

Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00

Total Orderbook 583 65

Geared 151 48

Gearless 432 76



Source Data from Clarksons as on 30 Sep 2020 Internal Estimates

Based on Q3 2020 data (annualized) PSL projects net fleet growth for 2020 at 379

Fleet as on 1Jan 2020

ActualDeliveries

Scrapping Net FleetGrowth

Slippage

183991

90218

4817

projected

deliveries

1116

87343

1 Jan 2020 ProjectedDeliveries

ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182

9M 2020 Net Fleet Growth ndash 2875 M DWT FY 2020 Net Fleet Growth ndash 3907 M DWT


286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020

Drybulk Fleet Capacity (M DWT) (LHS) Drybulk Fleet Growth (RHS)

Orderbook AS Fleet (RHS) Vessels Over 20 Yrs As Fleet (RHS)

Putting Orderbook Figures In Context ndash The Overall Drybulk Fleet


Drybulk Fleet

All Figures In M DWT Unless Otherwise Indicated (30 Sep 2020)

Total Fleet 90218

Total Orderbook 5825

Orderbook Fleet 654

Fleet Over 20yrs of Age Today

653

Fleet Over 20yrs of Age at End of 2023

1116


Putting Orderbook Figures In Context ndash Geared Vessels Only


Handysize Fleet

All Figures In M DWT Unless Otherwise Indicated

(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377

Fleet Over 20yrs of Age Today 1317

Fleet Over 20yrs of Age at End of 2023 1732

SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Orderbook of Fleet (Handy) Orderbook of Fleet (SuprasUltras)

of Fleet Over 20y (SuprasUltras) of Fleet Over 20y (Handy)


Impact of IMO 2020 On The Geared Segment

Source Internal Estimates Clarksons St Louis Federal Reserve 30 Sep 2020

bull Engines not designed for fuel economy

bull Vessels built in this era more than 20 years

of age will struggle to find employment in a

high fuel oil price environment

bull Engines designed for fuel economy

bull IMO 2020 will cause LSFO prices to increase thus rendering vessels with older

engines less competitive

bull Older engines will also have operational with LSFO

Era of Cheap Oil Era of Tight Oil

Impact of Scrubbers On The Geared Segment

All Units In Million DWT 9M 2020

Total Geared Fleet Capacity 3203

Of Geared Capacity 20-30 Years Of Age 101

Geared Capacity 3203

Potential Impact Of 05 Knots Slow Steaming - Basis 200 Sailing Days 42

Net Adjusted Geared Capacity 3069

Total Capacity Over 20 Years Of Age 322

Of Fleet Over 20 Years Of Age 101

197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

WTI Price $ Barrel 1989-1999 Avg 2000-YTD Avg


Covid-19rsquos Challenges amp PSLrsquoS Response

Challenges Demand has been curtailed due to lockdowns reducing revenues and profitability

Q2 was lost to recycling of ships at the worst possible time due to lockdowns in the Indian subcontinent

Crew repatriations were impossible due to travel restrictions and lockdowns in different parts of the world

Capital markets froze

Banks were no longer willing to lend to ship-owners

Bullet-portions of loans that became due were not being refinanced

Owners had to take drastic action to help themselves

Maersk is to make redundant 2000 employees despite declaring very strong results as one example

Response We have not let this pandemic go to waste by thinking outside the box to help ourselves

We have not laid off any staff at office or at sea despite suffering losses

We have not reduced compensation for anyone

We have diverted ships at our sole cost to complete crew changes incurring the ire instead of the

support of charterers

We brought the Sainty arbitration to an amicable end received net cash of USD 405m on 29th July

besides saving annual legal costs of about USD 3m

We have given discounts to close clients where ships on charter have been idled due to lockdowns

We amended both our outstanding bonds delaying final maturities by 18 months paying 20 principal up

front increasing the coupon by 150 bps and getting the option to redeem part or all the outstanding bonds at

any time prior final maturities

We have been assisted by our clients who have remitted one-year charter hire in advance a historic first in

shipping


Signs Of A Recovery

2021 forecast Tonne-MileSupply Growth rates

Clarksons = 500 130 DNB Markets = 670 150

Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile

20+ years of age end of Q3 2020 = 5891 MDWT 653 of existing fleet

Capes (Year) 2009 2016 2019 2020 (latest)

Start $1361 (2 Jan) $4811 (4 Jan) $15344 (2 Jan) $11976 (2 Jan)

Low $1361 (2 Jan) $1985 (17 Mar) $3460 (2 Apr) $1992 (14 May)

High $8243 (18 Nov) $19515 (17 Nov) $38012 (4 Sep) $34896 (6 Oct)

End $3733 (24 Dec) $10078 (23 Dec) $14337 (24 Dec) $12854 (12 Nov)

Demand (Tonne-mile) -336 +210 +030 -342

Orderbook Fleet ratio +8049 +1799 +1195 +654

Net Supply Growth +923 +240 +442 +389

Source Clarksons


Key Takeaways

The drybulk market is recovering along with the real economy albeit in a more volatile way

While China successfully reopened its economy the virus had a negative impact in Q2 and Q3 saw the

emergence of a second wave of infections in many countries

Countries around the world continue to engage in simulative measures to boost their economies

Q3 has seen rates firm considerably with rates in the Atlantic basin posting substantial gains

Global capital markets will remain frozen if the virus continues to poses a threat

Healthcare professionals globally have greatly improved their understanding of the virus and how to

treat it using existing medications Furthermore new diagnostic tools are in development that should

pave the way for economic activity to return to normal

Vaccine developments around the world are encouraging albeit with the occasional delay and may be

the first step towards resuming ldquonormal economic activityrdquo

Given the time lag from the moment of announcement and the time it generates demand we had

expected improvements in dry bulk demand and rate recovery in late Q3early Q4 and during 2021

Our expectations have been vindicated thus far


COVID-19rsquos Impact


Locations with Confirmed COVID-19 Cases by WHO Region

Source httpswwwcdcgov amp cnaasiacovid19

215 of the 237 countries

in the world have

reported COVID-19 cases

91 countries presently are

under fullpartial lock

down andor have travel

restrictions in place


Impact On Shipping ndash Cruise Lines amp Car Carriers

Source Yahoo Finance as in 20 Oct 2020 Various news sources

Monthly cash burn rates among the largest two players remains at very high levels ndash RCC USD250m CCL

USD10bn

Carnival Cruise Lines reported the largest quarterly loss in shipping history of USD44bn in Q1

Norwegian Cruise Line reported a USD19bn loss for Q1 2020 versus a profit of USD118m for the same

period last year

Up to end Q3 2020 there have been multiple bankruptcies in the cruise line space

Wallenius Wilhelmsen (owner of car carriers) also reported a USD285m loss in Q1 2020

Royal Caribbean Group posted $164bn loss for Q2 2020 (TradeWinds ndash 10 Aug 2020)

Carnival Corp posted a $29bn loss for the three month period ending 31 August 2020 (TradeWinds 15 Sep 2020)

Recovering auto volumes helped Wallenius Wilhelmsen to a $4m profit in Q3 (Lloydrsquos List ndash 12 Nov 2020)

$0

$50

$100

$150

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

RCL CCL


0

2

4

6

8

10

12

14

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Impact On Shipping ndash Container Line

Source Bloomberg DNB Markets Maritime Executive Reuters TradeWinds Yahoo Finance Clarksons as on 30 Sep 2020

Idle fleet capacity

surges due to COVID-19

Following good supply side discipline the Container sector could be set for a strong year

Sea Intelligence estimates that the sector could see between USD12-15 billion in profit However should

discipline break down profits could erode

For the first half of 2020 profits have surged 160 relative to the same period in 2019

Based on current estimates if container volumes were to decline 5 profits would still be at reasonable levels

Maersk is to make redundant 2000 employees despite declaring very strong results

Global container trade was up 27 in Q3 compared to Q3 2019

YTD volume to Q3 is just 3 behind the equivalent period in 2019


0

500

1000

1500

2000

2500

3000

Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20

Impact On Shipping ndash Drybulk

Source Bloomberg DNB Markets Maritime Executive Reuters TradeWinds Yahoo Finance Clarksons as on 12 Nov 2020

Compared to other bulk segments drybulk has shown a smaller loss in FH 2020

Chinarsquos emergence from the pandemic has led to a strong recovery in vessel earnings

A steel intensive stimulus of $667 (158 bigger than $578 after the GFC) in China will help demand

recover to healthier levels

Seasonal forces should also assist the market in the later part of Q4


The Recovery ndash Amazing Policy Response By Governments

Source Reuters Various news articles

Global Stimulus

All Figures In USDbn

Countries Stimulus Amount

US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967

2018 World GDP 89930

Share of Stimulus 1557

Countries across the globe have engaged in a

combination of monetary and fiscal stimulus

Policies are aimed at protecting household

consumption and ensuring businesses can

continue to pay staff

As of 30 September 2020 126 million people are

unemployed in the United States

According to the Bureau of Labour Statistics total

nonfarm payroll employment rose by 661000 while

the unemployment rate fell to 79 This indicates

that the US economy is recovering from the initial

coronavirus wave

St Louis Federal Reserve Bank puts the US

unemployment rate at 79 for September 2020

down from 84 in August 2020

Central banks around the world have issued

167 rate cuts and have pumped $84 trillion in

monetary support into the global economy

(Fortune ndash 12 Aug 2020)


PSLrsquos Strategy


PSL Fleet

As of 31st Dec 2016 31st Dec 2017 31st Dec 2018 31st Dec 2019 30th Sep 2020

Number of

Vessels 36 36 36 36 36

Average Age

(Simple Avg)58 years 63 years 73 years 83 years 90 years

Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050


Current and Rolling 4 Year Forward Book (30 Sep 2020)

Only vessels fixed on TC for a period of more than one year are considered for this analysis

Contract value

USD 302 m USD 297 m USD 280 m USD 266 m USD 266 m

2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024

Fixed TC days TC rate Total Days age Fixed


Market Segmentation Q3 2020

Notes

1 Basis eco-speed

2 Ultramax vessels are compared to the BSI as there is no appropriate Baltic Index

3 Our Handy ships are rated at a discount to the index ship of 35 due to size and fuel consumption Supras at a 20

discount and Ultras at a 7 premium

IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506

Ultramax NA NA 63126 NA8

UltramaxNA USD 9931 USD 9085 -852


Historical Performance Relative To Indices

Source Clarksons 24 Sep 2020 internal estimates

-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20

PSL Handysize Ship Vs BHSI PSL Supramax Ship Vs BSI PSL Ultramax Ship Vs BSI

Handysize

Supramax

Ultramax


Financials


PSL managed to get prepayment of 1-year worth of charter hire on 5 ships on long-term period

charter on 1st October 2020

The prepayment of gross hire equates to USD 2655 million

PSL was able to accomplish this due to an extremely close relationship with the client

This is a historic first within the shipping industry and has never been done before

PSL prepaid one year of outstanding principal on these ships to their respective mortgagee

banks amounting to USD 485 million

A large portion (USD 1971m) was used to partly redeem our bond PSL206A (see next slide)

The remaining proceeds will be used for general corporate purposes

Thinking Outside the Box Another Historic First for PSL


Amendment of two bonds

On 19th May 2020 and 30th July 2020 PSL managed to successfully amend both of our

outstanding bonds June bond (PSL206A) and January bond (PSL211A) on the following terms

1 Both bonds would have maturity dates extended by 18 months

2 Both bonds would have an increase in coupon of 150bps during the extended maturity

3 PSL206A was partly redeemed by Baht 392 million on 9th June 2020 Baht 6272 million on

22nd October 2020 The outstanding is Baht 9408 million with final maturity on 9th December

2021

4 PSL211A was partly redeemed by Baht 359 million on 22nd October 2020 Baht 359 million on

16th November 2020 The outstanding is Baht 2872 million with final maturity on 22nd July

2022

5 PSL has the right to buy back part or all the outstanding bond during the extended maturity

period for the June bond and from the 30th July 2020 till the end of the extended maturity period

for the January bond

These amendments have allowed us to extend our cash runway a step which makes us more

resilient and better equipped to weather the impact of Covid-19


Arbitration with Sainty

The arbitration with Sainty has come to an amicable end The result of this amicable settlement is

as follows

1 PSL have received net cash payment of USD 405m on 29th July 2020

2 Against the above sum USD 6790m was shown as an lsquoadvance to ship buildersrsquo on the

asset side of our balance sheet

3 That lsquoadvance to ship buildersrsquo will be removed and replaced by USD 405m in the cash

portion of our balance sheet

4 We took a non-cash loss of USD 274m in our Q2rsquo2020 PampL account

5 This non-cash loss would reduce our Equity by USD 274m

6 We did the above to get much needed cash into PSL as soon as possible

7 Savings of additional legal costs of about USD 3m per annum and management time


Operating Expenses

Particulars2019 Jan-Sep 2020

USD USD

Crew costs 2326 4868 2306 5030

Manning Expenses 177 371 93 203

Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726

RepairsMaintenance 127 266 116 253

StoresSpares 402 841 356 777

Dry-dockSpecial Surveys 597 1249 604 1318

Management Expenses 371 776 354 772

Misc expenses 106 222 97 212

Total 4778 10000 4584 10000

OPEX Target For 2020 USD 4650 per day per ship

These are the fixed costs required to run a ship and are evenly spread over 365 days

Our operating costs per ship per day for 2019 and Jan-Sep 2020 were USD 4778 and 4584

respectively

Breakdown of costs


Operating Expenses Comparison

For Years 2015 2016 2017 2018 2019

Particulars

US$ (Per Day)Industry PSL Industry PSL Industry PSL Industry PSL Industry PSL

Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376

Repairs amp Maintenance 702 259 683 328 659 326 661 360 639 340

Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477

Total Operating Costs 5108 4148 4995 4086 4929 4036 4841 4142 4725 4181

OPEX Comparison with Industry compiled by BDO LLP

OPEX excluding dry dock and special survey cost


Financial Profile

Calculated per Debt Facility Agreements

Jan-Sep 2020 2019 2018 2017 2016 2015

Cash amp Cash Equivalents $553m $392m $568m $567m $747m $126m

Total Assets $7353m $8311m $8579m $8823m $9019m $8994m

Gross Debt $3622m $3917m $4328m $4694m $4821m $4104m

Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m

Gross DebtEquity 107 102 111 124 126 090

Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

Net Profit (Loss) ($417)m ($72)m $141m ($38)m ($756)m ($694)m

Total Revenues $855m $1353m $1536m $1302m $1075m $1236m


Financial Highlights - Income Statement

Particulars Jan-Sep 2020 Jan-Sep 2019 Q3-2020 Q2-2020 Q3-2019

Total Revenues - US$ Million 8549 9702 3055 2086 3428

Gross Profit - US$ Million 3694 4904 1555 717 1828

Net Profit (loss) - US$ Million (4170) (811) (071) (3732) (096)

Gain on derivatives - US$ Million 055 000 000 055 000

Loss on settlement agreement with Sainty - US$ Million (2740) 000 000 (2740) 000

Exchange gain (loss) - US$ Million 049 (012) 040 (068) 002

Net Profit (loss) excluding non-recurring items and

exchange gain (loss) - US$ Million (1535) (800) (110) (979) (098)

EBITDA - US$ Million (Average per Ship) 2247 (062) 3119 (087) 1112 (031) 263 (008) 1208 (034)

Average TC Income per Ship per day (US$) 7765 9283 8786 6099 9617

Average Ship Running Cost per Ship per day (US$) 4584 4775 4617 4531 4576

Operating days (Average Number of Ships) 9864 (3600) 9828 (3600) 3312 (3600) 3276 (3600) 3312 (3600)

Earnings (loss) per share excluding non-recurring items

and exchange gain (loss) (Baht) (031) (016) (002) (020) (002)

Earnings (loss) per share (Baht) (085) (016) (001) (076) (002)

Gross Profit Margin () 4362 5110 5165 3345 5378

Net Profit Margin () (4878) (836) (231) (17888) (280)


Financial Highlights - Financial Position

Particulars 30-Sep-2020 31-Dec-2019

Liquidity (Cash amp Cash Equivalents + Undrawn Commitments) - US$ Million 6543 6717

Cash amp Cash Equivalents - US$ Million 5533 3917

Total Current Assets - US$ Million 6911 5573

Advances to Sainty - US$ Million - 6412

Ships Net - US$ Million 64229 66489

Fixed Assets Net - US$ Million 64398 66650

Total Assets - US$ Million 73531 83109

Total Current Liabilities - US$ Million 1212 2081

Total Long-Term Loans - US$ Million 21325 23709

Debentures - US$ Million ^ 16203 18282

Total Liabilities - US$ Million 39822 44776

Total Shareholdersrsquo Equity - US$ Million 33709 38333

Book Value per share (US$) 022 025

Book Value per share (Baht) 684 741

Return on Equity ^^ () -548 -182

Return on Total Assets ^^ () -252 -084

Total Liabilities Equity Ratio 118 117

Number of Ships 36 36

Excluding current portion of long-term loans and debentures

^ Net Debentures is US$ 14899 million after taking into account currency hedging instruments

^^ Excluding exchange gain (loss) and non-recurring items


Average OPEX TC Rates (1995 - Sep 2020)

31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

OPEX (USD) TC Rate (USD) Av Size (DWT)

Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90


Debt amp Debt Equity Ratio (upto Sep 2020)

22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year

Debt (Million USD) DebtEquity Ratio


Debt EBITDA (upto Sep 2020)


47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA


Cash Operating Profit Operating Profit (upto Sep 2020)

37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD

Cash Operating PampL(EBITDA-Interest) Operating PampL(EBITDA-Interest-Depreciation)


Net Profit Cash Profit

2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD

Net Profit(Loss) Cash Profit(Net Profit(Loss)+Depreciation+Loss on settlement agreement)


Dividends

Dividend Policy

Not less than 25 of net profit

2006 Final Dividend includes 11 bonus share at par

All dividends shown adjusted for 11 bonus shares at par

No Final Dividends for 2014 and No Dividends for 2015 - Seprsquo2020

03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t

Interim Dividends Final Dividends As of EPS


Shareholderrsquos returns


Total Return to Shareholders 1993 to 2020

-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t

InflowOutflow Net Cash Position before sale of investment No of Shares held

1 IPO share value after 27 years 540Baht share (as of 30th September 2020) adjusted for rights splits and bonus = 324 Baht

Total net cash position = 76400 Baht Returns = 899 times


Value of Investment to Shareholders

Investment

(Beginning of Year)1993(IPO) 1995 2000 2005 2010 2015 2020

Cost of Investment (THB) 1000 1000 1000 1000 1000 1000 1000

Share price (THB) 8500 30200 1000 3975 1860 1360 760

Shares Obtained (Nos) 1176 331 10000 2516 5376 7353 13158

Dividends Received (THB) 723529 200331 2950000 64654 13011 - -

Paid for Rights (THB) -105883 -29801 -400000 -10062 -10752 -14706 -

No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You

Precious Shipping Public Company LimitedWebsite wwwpreciousshippingcom | E-mail pslpreciousshippingcom irpreciousshippingcom


0

500

1000

1500

2000

2500

3000

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Evolution Of The Baltic Dry Index Since 2016

Source Clarksons 13 Nov 2020




0

500

1000

1500

2000

2500

3000


Q1-Q3 2016 Q1-Q3 2019 Q1-Q3 2020


484

854

0

2

4

6

8

10

12

9M 2019 9M 2020











+88

increase


591 M

DWT

1116 M

DWT$250

$300

$350

$400

$450

$500

Ja

n-1

7

Ju

l-1

7

Ja

n-1

8

Ju

l-1

8

Ja

n-1

9

Ju

l-1

9

Ja

n-2

0

Ju

l-2

0















Septemberhtml)









Key Imports


Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154


Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





0

500

1000

1500

2000

2500

3000


Q1-Q3 2016 Q1-Q3 2019 Q1-Q3 2020


484

854

0

2

4

6

8

10

12

9M 2019 9M 2020











+88

increase


591 M

DWT

1116 M

DWT$250

$300

$350

$400

$450

$500

Ja

n-1

7

Ju

l-1

7

Ja

n-1

8

Ju

l-1

8

Ja

n-1

9

Ju

l-1

9

Ja

n-2

0

Ju

l-2

0















Septemberhtml)









Key Imports


Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154


Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



484

854

0

2

4

6

8

10

12

9M 2019 9M 2020











+88

increase


591 M

DWT

1116 M

DWT$250

$300

$350

$400

$450

$500

Ja

n-1

7

Ju

l-1

7

Ja

n-1

8

Ju

l-1

8

Ja

n-1

9

Ju

l-1

9

Ja

n-2

0

Ju

l-2

0















Septemberhtml)









Key Imports


Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154


Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You














Septemberhtml)









Key Imports


Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154


Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





Key Imports


Iron ore 10855 82 93 8687 106

Steel products 288 288 1592 151 722

Coking coal 670 -63 -157 594 -26

Thermal coal 1870 -96 -163 2245 184

Bauxite 840 -190 239 880 127

Nickel ore 610 658 -129 273 -301

Soybeans 980 19 194 745 154


Sugar 054 -203 291 277 159

Key Exports

Steel products 383 41 -282 404 -197








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You








Iron Ore 7933 8180 8181 7943 7996 8242



Minor Bulk 11057 11615 12196 12359 11620 12472

Total 271810 284639 292080 293050 283002 297096



37 31

00

-29

07

31

06

54 60

-05

-84

53

25

65

-44

6143

1216

51 50

13

-60

73

-9

-6

-3

0

3

6

9

2016 2017 2018 2019 2020 2021








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You








Steel Products 1812 1759 1821 1673 1370 1519

Forest Products 2439 2492 2585 2668 2353 2527

Other Minor Bulk 6807 7364 7790 8018 7898 8426

Total Minor Bulk 11058 11615 12196 12359 11621 12472


Ships 10-69999 (MDWT) 2845 2929 2997 3134 3226 3269

Change In 10-69999 (MDWT) 31 30 23 46 29 13

-97

-29

35

-81

-182

109

5522

37 32

-118

7437

82 5829

-15

6716

51 5013

-60

73

3130 23

4629 13

-24

-18

-12

-6

0

6

12

2016 2017 2018 2019 2020 2021





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





Source PSL

00

05

10

15

20

25

30

Cem

ent

Agri

Pro

ds

Ore

C

on

c

Ste

el

Coal

Fe

rtili

ze

rs

Log

s

Salt

Oth

er

ca

rgo

es

Scra

p

Lim

esto

ne

Petc

oke

MM

T

2016 2017 2018 2019





Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You






Handysize 10000 ndash 39999 4015 1223 10929 27219 1211


Panamax 70000 ndash 89999 2437 1005 19335 79338 2143

Capesize 90000+ 2144 888 38857 181235 4307

Total Average 12355 1059 90218 73021 10000


Handysize 10000 ndash 39999 +26 (+065) +095 (+087)


Panamax 70000 ndash 89999 +121 (+522) +992 (+541)

Capesize 90000+ +59 (+283) +1198 (+318)

Total Average +297 (+246) +2874 (+329)

Changes in 2020

Fleet Overview


1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



1119

29

66

26

68

82

178

04

23 20

56

00 00 00 020

4

8

12

16

20

24

28


2020 2021 2022 2023




Year M DWT of Fleet

2020 125 14

2021 353 40

2022 103 12

2023 02 00


Geared 151 48

Gearless 432 76






ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You







ActualDeliveries


Slippage

183991

90218

4817

projected

deliveries

1116

87343


ProjectedScrapping

Net FleetGrowth

5003

6117

projected

deliveries

PSL

Assumptions

160

9074687343

Slippage

182



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



286 295 303 322349

372392

418459

535

609

677719

754 772 790814

841873

902

0

20

40

60

80

100

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD2020





Drybulk Fleet


Total Fleet 90218


Orderbook Fleet 654


653


1116




Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





Handysize Fleet


(30 Sep 2020)

Total Fleet 10929

Total Orderbook 412

Orderbook Fleet 377



SupramaxUltramax


(30 Sep 2020)

Total Fleet 21097


Orderbook Fleet 521



0

20

40

60

80

0

20

40

60

80

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You























197

609

$0

$25

$50

$75

$100

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You
























shipping


Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Signs Of A Recovery



Scrapping

30 Sep 19 = 591 MDWT 30 Sep 20 = 1116 MDWT (+880)

Old Age Profile










Source Clarksons


Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Key Takeaways





















in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You








in the world have










USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You






USD10bn



period last year






$0

$50

$100

$150


RCL CCL


0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



0

2

4

6

8

10

12

14




Idle fleet capacity











0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



0

500

1000

1500

2000

2500

3000












Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





Global Stimulus



US 5684

ECB 1875

Germany 818

France 376

Italy 487

Spain 361

UK 471

Canada 174

Japan 2178

China 667

India 282

South Korea 83

Australia 201

Brazil 280

New Zealand 30

South Africa 0

Total 13967














coronavirus wave









PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



PSLrsquos Strategy


PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



PSL Fleet


Number of

Vessels 36 36 36 36 36

Average Age


Insured Value

(US$ million)69510 67300 70030 65000 65000

Book Value

(US$ million)71555 71719 68937 66489 64229

Total DWT 1541244 1585805 1585805 1585805 1585805

Total LDT 343372 350989 350989 350989 350989

Average DWT

per Vessel42812 44050 44050 44050 44050




Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





Contract value


2196 2190 1992 1825 1830

13737 1357714062

14550 14550

13176 13140 13140 13140 13176

17 17 15 14 14

0

20

40

60

80

100

0

3500

7000

10500

14000

17500

2020 2021 2022 2023 2024




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




Notes

1 Basis eco-speed




IndexIndex

Ship DWT

Index

SpeedCon

(1)

PSL Avg

Ship DWT

PSL Avg

SpeedCon

(1)

PSL Ship

Number

Q3 2020

Average

Index

Market

Av TC

Rate (2)

PSL

Av TC

Rate

Performance

vs

Benchmark

BHSI

(Handysize)38000

Laden

12K18T

Ballast

12K17T

30496

Laden

12K20T

Ballast

12K20T

15 Handysize

4 Cement

Ships

508 USD 9136 USD 8826 -339

BSI

(Supramax)58000

Laden

12K24T

Ballast

13K23T

55707

Laden

12K26T

Ballast

13K24T

9 Supramax 903 USD 9931 USD 8435 -1506






-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





-45

-30

-15

0

15

30

45

60

75

Ma

r-16

Ju

n-1

6

Sep

-16

Dec-1

6

Ma

r-17

Ju

n-1

7

Sep

-17

Dec-1

7

Ma

r-18

Ju

n-1

8

Sep

-18

Dec-1

8

Ma

r-19

Ju

n-1

9

Sep

-19

Dec-1

9

Ma

r-20

Ju

n-2

0

Sep

-20


Handysize

Supramax

Ultramax


Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Financials




















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





















2021



2022









as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





as follows











Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Operating Expenses


USD USD

Crew costs 2326 4868 2306 5030


Victualing 156 327 160 349

Lube oils 187 391 165 360

Insurance 329 689 333 726






Total 4778 10000 4584 10000




respectively

Breakdown of costs



For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




For Years 2015 2016 2017 2018 2019

Particulars


Crew Cost 2641 2769 2621 2728 2639 2646 2637 2660 2606 2659

Stores 548 400 521 370 506 375 483 379 474 376


Insurance 432 378 411 302 391 298 357 295 334 329

Administration 785 342 759 358 734 391 703 448 672 477





Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Financial Profile


Jan-Sep 2020 2019 2018 2017 2016 2015




Net Debt $3069m $3525m $3760m $4126m $4074m $3978m

Equity $3371m $3833m $3912m $3775m $3812m $4568m


Net DebtEquity 091 092 096 109 107 087

No of Vessels 36 36 36 36 36 45

EBITDA $225m $445m $682m $532m $179m $140m

DebtEBITDA 89 83 61 85 203 169

Daily Earnings $7765 $9622 $11063 $9486 $6476 $6266

Daily Opex $4584 $4778 $4621 $4355 $4503 $4652

















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You
















































31

18

25

56

25

89

50

40

43

55

46

21

47

78

45

84

73

06

48

08

58

54

14

44

9

11

38

7 16

48

9

62

66

64

76 1

10

63

96

22

77

65

19

51

4 24

90

1

28

17

0

36

18

7

44

05

0

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20


Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Sep-20

Avg Age 160 162 142 146 156 156 157 158 166 174 190 200 196 206 171 154 142 114 114 105 98 58 63 73 83 90



22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




22

6

22

7 25

7

211

18

5

13

3

11

0

10

6

86

24

0

15

7

44

0 21

12

8

16

3

22

2

29

6

28

3

36

1

41

0

48

2

46

9

43

3

39

2

36

2

2524

38

2930

1513

12

09

11

03

00 00

0303

0506 06

0809

13 1211

10 11

0

100

200

300

400

500

00

08

16

24

32

401

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Deb

t (M

illi

on

US

D)

Rati

o

Year





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You





47 43

5965 64

36 34 33

1913

04 00 00 00 0310

25

62

48

83

169

203

85

61

8389

0

4

8

12

16

20

241

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Rati

o

Year

DebtEBITDA



37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




37 3626

15 13

25 26 24

40

145

196

135

162 164

102

50

3827

44

27

-2 -5

28

43

22

7

2114

3

-10 -13

1 5 5

23

110

154

93

125

149

88

36

23

4

16

-4

-38 -37

-2

12

-9

-16

-50

0

50

100

150

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




2114

-15

6-6

17

0

25

110

154

93

125

148

88

3624

4

17

-3

-69-76

-4

14

-7

-42

37 36

7

3119

25 2818

42

145

196

135

163 163

102

4939

27

46

29

-3 -2

27

44

23

9

-80

-40

0

40

80

120

160

2001

99

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Sep

-20

Mil

lio

n U

SD



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You



Dividends

Dividend Policy





03

05

08

10

15

20

12

07

04

03 0302

04

08 08

16

0808

06

02 0201 0142

28 25

7056 59 61

80 80

286

78

350

0

60

120

180

240

300

360

420

00

03

06

09

12

15

18

21

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Div

ide

nd

s a

s

of

EP

S

Div

ide

nd

s B

ah

t






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You






-85

4 6

-10

9 6 2551 61

822 90 11272

35 22 16 16 8

-80

0 0 0 0 0

-85 -81 -75 -85 -76-70

-45

6 67

1492

2392

3512

4232458 480

496 512 520

440 440 440 440 440 440

0

15

30

45

60

75

-150

0

150

300

450

600

Bah

t






Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You




Investment



Share price (THB) 8500 30200 1000 3975 1860 1360 760




No of Shares as at 30092020 70589 19868 300000 7547 8064 11029 13158

Value as at 30092020 (THB) 9988 2778 41700 953 458 449 711

Thank You


Thank You


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