TBS International Limited Q3 2008 Earnings Call Transcript

TBS International Limited (TBSI)

Q3 2008 Earnings Conference Call

November 07, 2008; 10:00 am ET

Executives

Joseph Royce - Chairman, President and Chief Executive Officer

Fred Lepere - Executive Vice President and Chief Financial Officer

Analyst

Doug Mavrinac - Jefferies & Company

Michael Pak - Banc of America Securities

Omar Nokta - Dahlman Rose & Co.

Julius Sanders - Quest Capital

Presentation

Operator

Welcome to the TBS International Limited third quarter and nine month results, ended September 30, 2008 financial results conference call. We have with us Mr. Joseph Royce, Chairman, President and CEO; and Mr. Fred Lepere, Executive Vice President and Chief Financial Officer of the company. At this time all participants are in a listen-only mode.

(Operator Instructions)

This conference call will also be webcast live, audio and slide show on the Investor Relations section of the company’s website at www.tbsship.com by clicking on the webcast banner. I must advise you that this conference is being recorded today Friday, November 07, 2008.

We now pass the floor to one of your speakers today, Mr. Fred Lepere; please go ahead, Mr. Lepere.

Fred Lepere

Good morning and thank you for joining TBS International Limited’s quarterly conference call. The purpose of today’s call is to discuss the results of TBS’s third quarter and nine months ended September 30, 2008. Yesterday, we issued a press release after the close of the stock market in New York with financial and operational information for the third quarter and nine months of 2008.

If you have not received this release, you may log on to our website at www.tbsship.com and navigate to the investor relations page or you can call Capital Link at 212-661-7566. We will also post the transcript of this call on our website once it has been prepared. Our remarks today will be followed by a question-and-answer session.

For those of you, who want to follow our slide presentation please go to the TBS website, which is www.tbsship.com and click on the webcast link, note that the slides are user controlled. Those of you who want to follow the webcast please click on the arrow at the bottom of the webcast screen to make the slides turn. Also, please note that the webcast will be archived on our website.

Now please turn to slide one. This slide refers to forward-looking statements. During the course of this conference call, we may make forward-looking statements. Such statements are just predictions and involve risks and uncertainties such that actual results may differ materially. I’d like to refer you to our filings with the Securities and Exchange Commission, in particular our quarterly reports on Form 10-Q and our annual reports on Form 10-K.

These documents contain and identify important factors that could cause the actual results to differ materially from those expressed in these forward-looking statements and with that, I’d like to introduce Joseph Royce, our Chairman, CEO and President.

Joseph Royce

Good morning everyone, and welcome to TBS International’s conference call for the results of the third quarter and nine months ended September 30, 2008. We will begin our presentation with slide number two, TBS at a Glance.

The core of the TBS business model emphasizes our TBS Five Star service; Ocean Transportation, Logistics, Portside Services, Operations and Strategic Planning. It is through the professionalism and dedication of the approximately 300 worldwide employees of TBS, and our affiliated agencies who deliver a TBS Five Star service that we cement customer relationships.

This foundation of direct customer relationships sets our company apart from the traditional dry bulk cargo companies, who focus on chartering their vessels to other companies.

As this slide indicates, TBS has a track record of growth in terms of total revenue and tons of cargo shipped. Now, times have changed and we are taking a conservative approach. We are evaluating our entire cost matrix to identify potential savings.

Now, let’s look at slide number three, the TBS Five Star Service. Service is the essence of our business. Our goal is to build long-term relationships. Our customers rely on us to be their shipping arm in the markets we serve. We add value by offering our customers a menu of services, including Ocean Transportation, Operations, Logistics, Port Services and Strategic Planning.

Our Five Star Service is a strong barrier of entry. We are a critical component in the global supply chain of our customers who rely on us for reliable and efficient transportation solutions.

Now, I’d like to show you some examples of our Five Star Service in action. As you can see, this is a complex logistical operation that requires a high level of cargo expertise. Our 18 full time port captains around the world are constantly working with the shippers and receivers to coordinate cargo movements within the ports.

As you can see in these slides we have moved cargoes, heavy lift pieces anywhere from 150 tons up to 300 tons. We also use our parcel services, where we supply different spare parts and materials for our customers throughout the markets in South America and finally, on page six you can see the different types of projects and logistics cargoes that we move.

Now I’d like to turn to slide seven, our third quarter and nine months 2008 overview. For the third quarter and nine months of 2008, we are pleased to have achieved very strong results in terms of revenue, EBITDA, net income and earnings per share. We will elaborate in more detail shortly.

As you can also see, we are continuing with our accelerated drydocking and maintenance program and have drydocked nine vessels, with 229 drydocking days in the third quarter 2008. Now, let’s look at slide eight, where we talk about TBS net income as compared to the Baltic Dry Index. As you can see on this slide, we have now entered times of a global economic slowdown and this has affected the dry bulk shipping industry as well.

The stagnation caused due to the credit crisis has temporarily disrupted normal trade and cargo movements. We usually trail the Baltic Dry Index in both directions. We do not achieve spot market highs or lows, because of our customer relationships and repeat business.

We are currently affected by the credit crisis and lack of cargoes, which will negatively impact EBITDA and net income. In this environment, our loyal and diverse customer base, our diverse trade lanes with a strong franchise position in our core markets, as well as our strong financial condition help us to position the company to take advantage of opportunities that may present themselves.

We are taking a cautious approach, and in this respect have delayed our program to build additional Roymar Class Multipurpose Tweendeckers. Our existing newbuilding program of six Roymar Class tweendeckers is progressing and we have in place fixed term financing with The Royal Bank of Scotland for all remaining installments to the shipyard, including the delivery of the vessels.

We would also like to mention here that we own our vessels, deal directly with our customer base and presently have no vessels on long-term time charter. Also, we have never participated in freight forward agreements.

Now, I’d like to turn the floor over to Fred Lepere, our Executive Vice President and Chief Financial Officer.

Fred Lepere

We should all now be on slide number nine, third quarter operating and financial highlights. As a result of our Five Star service, our third quarter 2008 operating and financial highlights improved significantly as compared to the third quarter of 2007.

For the third quarter ended September 30, 2008, total revenues were $183.3 million, an increase of 100% over the same period in 2007. Voyage revenues in the third quarter of 2008 were $161.4 million, an increase of 128% from the $70.9 million during the same period in 2007. We’d like to make a note here that we have intentionally separated the logistics revenue of our business from our other revenues.

TBS Logistics Incorporated, which is a wholly-owned cargo and transport management subsidiary, started during the fourth quarter of 2007, to focus on project transportation logistics, a growth area of strategic interest for TBS.

Now, the time charter revenues in the third quarter of 2008 decreased by $1.3 million or 6%, to $19.3 million from $20.6 million for the three months ended September 30, 2007. This reflects the increased number of our vessels utilized in our core voyage business.

Our net income was $59.1 million, an increase of 119% over the same period in 2007. Earnings per share on a diluted basis for the third quarter of 2008 were $1.96, an increase of 104% from the earnings per share of $0.96 for the third quarter last year.

We also experienced improved margins in the third quarter of 2008. EBITDA, which is a non-GAAP measure, was $83.9 million for the third quarter of 2008, an increase of 118% over the same period in 2007. I will provide a reconciliation of EBITDA in another slide.

Please now turn to slide 10. This slide demonstrates the revenue metrics of our business for the third quarter of 2008. We begin with our voyage revenue metrics, on the top of the slide.

During the third quarter of 2008, we operated 36 vessels in our freight voyage business, and had 3,296 freight voyage days as compared to 23 vessels and 2,157 freight voyage days in the third quarter of 2007, reflecting the growth of our business.

Our average daily voyage time charter equivalent was $33,143 per day in the third quarter of 2008, an increase of 47% from the $22,527 per day during the same period in 2007 and an increase of 6% from the $31,212 per day during the second quarter of 2008.

During the third quarter of 2008, we had a considerable increase in tons of cargo shipped and freight rates per ton. The tons of cargo shipped excluding aggregates, accounted for slightly more than half of the significant increase in total tons of cargo shipped during the third quarter.

We now turn to our time charter revenue metrics on the same slide. Time charter days in the third quarter 2008 decreased to 577 days from 807 days, reflecting the increased number of vessels utilized in our core voyage business. Our average daily time charter equivalent was $32,206 per day in the third quarter of 2008, an increase of 31% from the $24,656 per day during the same period in 2007.

Slides 11 and 12 depict our operating and financial highlights, as well as key metrics for the nine months of 2008. These slides are self-explanatory and the information is presented in more detail in our third quarter and nine months 2008 earnings press release we issued yesterday, as well as in our 10-Q for the period. I’ll answer any questions you may have during the question-and-answer session of the conference call.

Please now turn to slide 13. This slide provides the highlights of our consolidated balance sheet. As of September 30, 2008 our net debt to capitalization ratio stood at 29.9%, which is moderate for industry standards and affords a significant flexibility for further growth.

Now, please turn to slide 14. This slide shows our EBITDA reconciliation. EBITDA is a non-GAAP financial measure. For the three months ended September 30, 2008 we realized net income of $59.1 million, with EBITDA of $83.9 million. While, in the three months ended September 30, 2007 we realized net income of $27 million, with EBITDA of $38.5 million.

During the nine months of this year, net income was $157.2 million, with EBITDA of $221 million, as compared to net income of $63.1 million, with EBITDA of $96.2 million during the same period last year.

We now turn to slide 15. This slide shows the reconciliation of net income and earnings per share before nonrecurring items. We have now reached the end of our presentation. The slides and the appendix provide some more information on our business model, our trade routes, our fleet and our global network.

Please take a look at them at your convenience. I thank you for your interest and support of our company and I’d like to open the conference call to questions from our investors.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Doug Mavrinac - Jefferies & Company.

Doug Mavrinac - Jefferies & Company

Great third quarter, just had a handful of questions for you all. Joe, you mentioned briefly in your commentary, but I was hoping you could maybe provide a little bit more color as far as how the issue of banks not issuing letters of credit has specifically impacted TBS’s business as it relates to the types of customers that you service and the cargoes that you transport.

Joseph Royce

As we all know, we are in very, very uncharted times and this is having a blanket effect across the marketplace, including TBS. Nevertheless we see, for example our business at Asia on our liner parcel service, outside of the steel volumes which are off, staying pretty solid.

Again, on our backlog cargo, the concentrates our of metals and minerals out of west coast South America back into Asia, again that in volumes is steady. Where we’re starting to see a real impact is out of the east coast of South America, because the heart of our trade is based around the steel industry and the team just came back from a Latin American steel conference in Mexico, and right now between a combination of credit problems and the fact that people can’t open letters of credit and inventory build-up which we have been told is starting to come down, the volumes have been off dramatically.

I think that pretty much across the board, in a lot of other areas where we usually trade volumes are coming off and we attribute it directly to the fact that these letters of credit have just stopped business.

Doug Mavrinac - Jefferies & Company

That’s what we are seeing kind of across the board. Just switching topics a little bit, you guys have a lot of your business already contracted out for a certain period of time. One other thing that we are hearing kind of across the board is that most of the bigger companies that we look at haven’t had much in the way of customers renegotiating contract terms, although we have heard sporadic reports of that in certain sub-sectors of the industry.

What is your customer base looking like? Are you having many customers coming to you asking to potentially renegotiate contracts that you have and, if so kind of how are you approaching that, or has that not been an issue for you all?

Joseph Royce

We have such a diverse customer mix. In fact, we have close to about 350 customers in 20 different countries throughout the world, and we deal with people at all industries and all levels and all volumes. In general, our business has remained intact, but as timing is very important in life this is the time of the year where we sit down and we talk to our customers on the upcoming year and we are looking at them and they are looking at us.

They are waiting to see exactly how this credit situation unfolds and how the smoke clears, but the one thing that we have been told by our customers is that we are their shipping line and this has been a result of over the years of our high level of service, the solid relationships that we build.

I think that we just in this period of uncertainty that people just are not quite sure of how 2009 is going to unfold and once we get past that point, we feel that we’ll have more solid dialogue on scheduling, but in the meantime what the majority of our customers is doing is they’re talking to us on a month-by-month, 30 days, sometimes 60 days instead of planning over the course of an entire year.

Doug Mavrinac - Jefferies & Company

That’s what I was going to actually ask you. As the end of November is approaching, do you take a shorter term view from your standpoint given the uncertainties of the market, and are you more willing to do a shorter-term type of employment arrangement versus, in the past maybe having preferred a longer-term arrangement or how do you approach that? Given the timing and given the current uncertainty in the market?

Joseph Royce

First of all we have to be flexible, there’s no doubt about it. We are talking to our customers, people that we’ve been dealing with, in some cases in excess of 15 years and we understand they have problems and we’re trying to be as flexible as we can with them, but the one thing is that volumes in the past 30 days have really come to a halt in many instances.

Now, I like it to the fact that, if tomorrow we were told that we couldn’t use our credit cards, the whole system just comes to a halt. Until that is rectified, until the flow of credit in the trade, these letters of credit comes back and we are starting to see slow signs of this there has been really a major disruption in world business and what we’re doing is that we’re just taking the ships that have fallen out and just placing them in voyage by voyage by voyage until we see this disruption clarified.

Operator

(Operator Instructions) Your next question comes from Michael Pak - Banc of America Securities.

Michael Pak - Banc of America Securities

Just a couple questions here. Joe, you’ve seen past shipping cycles. Can you kind of characterize for us what kind of cargo flows you typically see in your business given the fact that a lot of the emerging economies are slowing down and U.S. and Europe is possibly tripping into recession here? Can you kind of give us a sense of cargo flows for your business?

Joseph Royce

From the TBS point of view we feel confident that our liner parcel business especially out of Asia will stay solid, and volumes if they do drop, will drop not by much. Again we are waiting for this credit situation and the situation regarding the steel, especially the steel parcels to improve. We feel in our business, especially the type of business that we are in with these small steel parcels, with the ability to be flexible with our scheduling and our ships.

The fact that we can move ships from one part of the world to another part of the world, especially our multipurpose tweendeckers, that we’ll be able to make the adjustments necessary to support whatever type of movement we might see in total overall volume, but the one area that we feel that is going to be very interesting for TBS next year is in the overall project business and we are presently in discussions with a series of people on some large projects.

I agree that the overall volume, if you look at it on a macro basis is going to come off and certainly there will be scaling back on some projects, but other projects are going forward and you’re talking about some significant volumes here and again, I see TBS participating in it as a result of our Five Star Service our logistics, but more important today our expertise.

One underlining fact that I’d like to reinforce about our company, our relationships, the company’s reputation and brand within our markets. Even though we are experiencing a very, very difficult time in the marketplace, charters also are looking to people that they feel confident that they can work with and we fit that bill.

In fact, just recently in a few of the ships that have been dislocated and had to be placed in the market, charters have come to us knowing that we are the owners of the ship and that we have a solid reputation in the market to perform, and I really can’t overestimate the importance of that factor going forward.

TBS is a company that can perform, has the reputation to perform and in these uncertain times where you have many operators out there, time charter operators and daisy chains are involved in some of these ships that they have on time charter. People look to TBS with confidence and security that we can do the job.

Michael Pak - Banc of America Securities

Just a follow-up on that, it sounds like you’re expressing some confidence that as credit thaws, your cargoes possibly come back. I just want to get a sense -- your nine month to-date cargo gross has been quite strong. I think X aggregates, you guys are like up 50%.

I would think that’s kind of hard to repeat next year. So are you expecting volumes to be growing next year? I’m just trying to get an understanding of how you’re viewing your business going forward.

Joseph Royce

First of all, I agree with you. It’s going to be a tremendous task to repeat what we’ve done in the first nine months of this year, but after saying that we also see that there are going to be opportunities for the company to grow. Even though our volumes will be scaled back and the volumes will be softer in our established trades and the freight rates will also be softer, there are opportunities to again grow TBS in these uncertain times.

As I said earlier, people will look at a company like TBS with it being a direct ship owner, having the expertise, having the people on the ground as being a major candidate to carry their business.

The one thing I see this year is that the project business and our general cargo business will probably be the engine that is really going to pull this train going through 2009 until the overall market stabilizes, especially regarding the credit situation.

Michael Pak - Banc of America Securities

Just a couple of more balance sheet related questions, Joe and Fred. Do you have any principal payments due in 2009 or in the next 12 months?

Fred Lepere

Principal payments on our debt?

Michael Pak - Banc of America Securities

Yes.

Fred Lepere

Yes, definitely.

Michael Pak - Banc of America Securities

How much would that be?

Fred Lepere

Exactly, I don’t have the number in front of me Michael, but we do have a very strong cash position as we speak right now and we are confident in our banking relationships as well as in the strength of our balance sheet. It’s a conservative balance sheet. We are only a little shy of 30% of net debt to equity to total cap, I mean.

We’re confident that we should be able to make all our obligations. It’s roughly $20 million a quarter, however and on the newbuilding side in total this year, net out of pocket is only about $16 million.

Michael Pak - Banc of America Securities

I just want to understand a little bit on the debt agreement side. For your loan-to-value covenant, given that tweendeckers are a bit of an obscure vessel class, how do valuations get determined on your tweendecker side and when is your next measurement or how often are your covenants measured? Is it quarterly, twice a year? If you can give me a sense of that, that would be great.

Fred Lepere

Let me speak towards the covenant measurement issue. It’s basically an annual event and of course it’s based on when the credit agreement was signed that determines when each anniversary comes up. The banks do have in the loan agreement the ability to ask for the valuations when they think reasonable. Having said that, you’re right the tweendecker market is a different market and those ships are a specialized brand of vessels though.

Michael Pak - Banc of America Securities

Can you give us a sense of valuation in terms of where you guys are at relative to the covenant?

Fred Lepere

I can tell you that as of September 30, 2008, we were in compliance with all of our covenants and speculation about the value of ships or covenants going forward, I don’t think is something that we should get into right now.

Michael Pak - Banc of America Securities

How does your agreement work? Let’s say there is a technical default on one of your covenants. Does the bank have the right to not lend out future draw downs as your vessels deliver?

Fred Lepere

In that extraordinary case or in that case where there would be a violation of a covenant, to the extent that there are additional draw downs available under the facility, the bank would of course be within its rights to not allow further draw downs.

Having said that certain of the covenants also have cure periods, whereby if you violate a loan to value covenant, there are cures available for the company that we can take before the violation is technically tripped or before the covenant is technically tripped.

Operator

Your next question comes from the line of Omar Nokta - Dahlman Rose & Co.

Omar Nokta - Dahlman Rose & Co.

Most of my questions have been answered actually, but I just had a couple. One was to follow-up on Michael’s question with respect to the loans, with the agreement that the banks can request valuation ahead of the annual pricing. Have they approached you at all recently to get an updated value?

Fred Lepere

No. We haven’t had any questions about the value of the ships from our bankers so far.

Omar Nokta - Dahlman Rose & Co.

On a different topic, I know in your earnings release you did discuss some cost-cutting measures or potential for that. Can you give me a sense of as a percentage, what you think you can bring down costs by where you’re looking and how soon it could happen?

Fred Lepere

We’re looking totally across the board at everything. We have been talking to our worldwide staff and basically under the concept to plan for the worst and hope for the best. We have been attacking costs at every level of the company, ashore and on the ships.

So we put a group together, we have a committee within the TBS worldwide group and their job is to attack and analyze all areas, I don’t want to give a percentage because I haven’t given them a percentage. I’ve told them to go in and see where we can make progress and we have started that about a month ago.

Omar Nokta - Dahlman Rose & Co.

So probably, I would guess next quarter I will have more information, probably a better sense for that.

Fred Lepere

Absolutely.

Operator

Your final question comes from [Julius Sanders - Quest Capital]

Julius Sanders - Quest Capital

I have just one quick question based on your earnings report or your earnings release. Wall Street, do they understand your business? You beat by a substantial number and also, my other question would be do you believe that today’s price even in these circumstances justify trading where it’s at today?

Are we planning any type of road show to try to educate people on this is a long-term investment, this is a company that has true value and should not be traded at today’s prices even under these circumstances?

Joseph Royce

First of all, I think that you’ve really hit on one of the biggest challenges that we’ve had in TBS and that is that in general people understanding the type of business that we run here. I think that we have been always painted with the other companies and our model is certainly much, much different than the majority of the public companies that we see in today’s market and where they basically would buy a ship and trade it in the spot market or charter it out to other companies.

We are the direct end user; we can add a tremendous amount of value to our customers. We’ve always strived to get service pricing as opposed to commodity pricing and our Five Star Service has really been the cornerstone of our business going forward. I really have always tried to make the point that we’re more like a UPS and a FedEx than a traditional, either tramp shipping company or a company that just concentrates on the ships.

Our ships are tools that we use. We’ve always worked along the line that, we have a business first, fleet second strategy and we’ve always, wherever we went either on financial conferences, on non-deal road shows, even in our road shows have pushed the point that TBS is a different company. It’s a company that has a staff of people around the world dealing directly with customers, working on projects, doing many, many things that others don’t do.

Hopefully, time again will bring this service element of our business to the surface and people will start to see the real value in TBS and the TBS organization. Now, regarding where the share prices are, I really can’t comment. Obviously, I think that it doesn’t reflect what the company is and what the company does, but again in these uncertain times, it’s really hard to separate ourselves when people are really focusing on much, much bigger issues.

Julius Sanders - Quest Capital

Would you agree that, we are in a global recession but the whole world is talking infrastructure, which means there’s going to be a lot of heavy equipment, difficult type equipment to move around the world, that you will definitely benefit from this infrastructure spending around the global economy?

Joseph Royce

Yes. In fact, the infrastructure will either have to be built or it will have to be renewed, and this is what we do. We’ve outlined on the presentation in some of the photos and in fact on one of our slides, if I can just quickly get back to slide number four where we have these heavy lift cargoes. I mean each one of these pieces and if you look on the bottom right-hand side one piece is 125 tons, one is 175 tons and we have a huge piece there of 275 tons.

This brings expertise, this brings people that know this business, how to move this type of cargo and this is what we do at TBS and as I said earlier I really feel that looking into 2009 that TBS or at least our project logistics side of our business will be a very important part for the TBS company through 2009.

Julius Sanders - Quest Capital

I appreciate you doing a great job. I just hope our analysts understand that we invest for the future and the future prospects are very, very bright. I believe a six-month indicator would show that a lot of these problems we have today will be past us. So hopefully they’ll understand, as well. Again, thanks for a great job.

Joseph Royce

Thank you very much and hopefully one day you can join us on the road show to support us in our efforts.

Operator

There are no further questions at this time. I would like to turn the presentation back over to Mr. Royce for closing remarks.

Joseph Royce

Thank you very much. Again, I would like to thank you for your interest and support and look forward to our next conference call for the fourth quarter and full year 2008 results. I hope everybody has a nice day. Thanks again.

Operator

Ladies and gentlemen, the replay for this all can be accessed at 1-866-286-8010. We thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect.

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Comments

[sculptor:]

POSITIVE! Seems earning are good and growing, debt is mangeable and obligation will all be met, TBSi is big but flexible and seems well mananged as is reinforced by this communication.

I think TBSI is one of the gems in shipping..no so for lots of other hipping lines, there are a lot foundering in the tough times now and ahead. TBSI will sail on through

2008 Nov 25 04:55 PM