Rights Issue Presentation d’Amico International...
36
Rights Issue Presentation d’Amico International Shipping November/December 2012
Transcript of Rights Issue Presentation d’Amico International...
Rights Issue Presentation
d’Amico International Shipping
November/December 2012
AGENDA.
Company Overview
Future Strategy & Investment Plan
Product Tanker Market & Outlook
Share Capital Increase Details
Appendix
Executive Summary
d’Amico Group Overview
Executive Summary
4
EXECUTIVE SUMMARY.
• d’Amico International Shipping S.A. (DIS) is one of the ten world main owners in its
industry segment with a long history of over 60 years, and one of the few pure
Product Tankers players
• DIS firmly believes in the positive medium term prospects and opportunities of the
product tankers industry, supported also by several leading market researches
• DIS wants to consolidate its leadership in the industry and its strong
competitiveness on the market by keeping a very young fleet and by investing in a
new generation of highly efficient vessels
• DIS aims to reach its strategic goals by keeping at the same time a very solid
financial structure and creating value for its shareholders
d’Amico Group Overview
6
d’AMICO GROUP. Worldwide Shipping Company
1936:
1950s – 2000s:
Expansion
2000s:
Establishment
of d’Amico
Tankers
2007: Establishment of d’Amico International Shipping
2010s
• Maritime transportation activity start date
• Invested in and grew presence in the product tanker
business
• Committed presence in product tankers, controlling 5
vessels
• Developed presence in the bulk and container segments
• Further focused in product tankers. Established and
incorporated d‘Amico Tankers Ltd., Ireland
- Sold its interests in the container business
• Expanded internationally - Strategic alliances: Handytankers Pool, High Pool and
Glenda International Management
• Incorporated d’Amico International Shipping S.A.
(Luxembourg)
• Listing of DIS on the “Star” segment of Milan Stock
Exchange
• Business growth and worldwide geographical expansion
100%
65.94%1
d’Amico
Società di
Navigazione S.p.A.
(Italy)
d’Amico International S.A.
(Luxembourg)
d’Amico International Shipping
S.A. (Luxembourg)
d’Amico Group History d’Amico Group Structure
Shipping company
Holding company
Listed entity
1. The remaining 34.12% of DIS is owned by the Company for 3.39% and by the market for 30.73%
7
d’AMICO GROUP. Geographic Presence
Monaco
Chartering/Operations/
Finance
Dublin
Finance/Operations
Singapore
Chartering/Operation/ Shipping
Agency/Ship Mgmt.
Vancouver
Shipping Agency/
Forest products line
Luxembourg
Finance
Mumbai
Crew Mgmt.
Stamford,
Connecticut
Chartering
Casablanca
Damighreb
Liner Service
London
Chartering/Operations
Genova
Liner service/
Crew Mgmt.
Rome – Holding HQ
Technical Mgmt./SQE/
Legal & Insurance
d’Amico Group presence
d’Amico Group/DIS presence
d’Amico Group has a direct presence in all relevant shipping centres, in Italy and
abroad
98.9
157.9
206.4
463.1
0
100
200
300
400
500
2009 2010 2011 Tot. 3 yrs
€/m
ln
8
N.Ships Controlled
d’AMICO GROUP. Key Financials at a glance1
Capex
81.0 89.8 92.0
0
20
40
60
80
100
2009 2010 2011
Nu
mb
. of
Ve
sse
ls
Numb. of Vessels
Net Worth
NFP & NAV2
57.5 49.8
(106.0)
706.4
914.7
700.2
0
200
400
600
800
1,000
-120
-90
-60
-30
0
30
60
90
120
2009 2010 2011€/m
ln
NFP NAV
797.3
916.4 928.4
0
200
400
600
800
1,000
2009 2010 2011
€/m
ln
Net Worth
1. Source: d’Amico Group audited financials
2. NAV: Fleet Market Value less Net Financial Position
Company Overview
10
d’AMICO INTERNATIONAL SHIPPING. Highlights
d’Amico International Shipping controls a modern fleet of 40 product tankers
Flexible and double-hull fleet – 67% IMO classed, with an average age of 6.2 years (industry average 8.9 years1)
Fully in compliance with very stringent international industry rules
Long term vetting approvals from the main Oil Majors
4 Newbuildings ECO Vessels already ordered and expected to be delivered in 2014
September 30th, 2012
MR Handy Total %
Owned 19.0 3.0 22.0 55%
Time chartered-in 15.0 3.0 18.0 45%
TOTAL 34.0 6.0 40.0 100%
DIS Fleet2
Well-balanced and flexible business model to properly face the current uncertain
macro-economic scenario and to take full advantage of any potential market upside
1. Source: Clarkson as at Sept.’12
2. Actual number of vessels at the end of the quarter
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d’AMICO INTERNATIONAL SHIPPING. Key Financials1
(US$ million) 9M ‘12 FY ‘11 FY ‘10
TCE Earnings 135.7 187.0 199.3
EBITDA 13.8 31.0 30.4
Net Profit (Loss) (107.0) (21.0) (20.5)
Of which
Fixed Assets write-down (85.0) - -
(US$ million) Sept.30th,
2012
Dec. 31st,
2011
Dec. 31st,
2010
Gross debt (361.9) (305.0) (307.5)
Cash/ Current
fin.assets 41.6 65.5 76.5
NFP (320.3) (239.6) (231.0)
Fleet market value of US$ 443m at the end of Sept.’12 and change in NFP
mainly due to vessels delivered and/or purchased in 2012
P&L main figures
Net financial position
Capex
84.9
56.6
64.7
70.6
276.7
0
100
200
300
2009 2010 2011 9M 2012 Tot. from '09
$/m
ln
1. Source: DIS audited financials
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d’AMICO INTERNATIONAL SHIPPING. Strengths & Opportunities
• Strong d’Amico Group reputation, brand and shipping expertise;
• Young and flexible fleet (67% IMOII/III);
• Strong and consolidated customer base with main Oil Majors/Oil
Traders: ExxonMobil, Shell, Total, BP, Petrobras, Glencore, Vitol;
• Very long-term partnerships with key market players;
• Strong relationships with Banks and financial institutions willing to
provide financial support for new investment projects;
• In house Ship management maintaining highest technical
standards.
Strengths
• Clear strategy going forward;
• Fleet renewal strategy focused on new generation of ECO
efficient vessels;
• Proven track records in riding different shipping cycles and timing
of delivery of last new-building vessels perfectly matches DIS
positive market outlook on the medium/long term;
• Strong partnerships with key market players give DIS further
support on long-term projects, both commercially and financially.
Opportunities
DIS is among the top-ten1 major owners of the world in the MR segment with a strong
historical performance in all market cycles for over 60 years
1. Source: Clarkson as at Sept.’12
Product Tanker Market & Outlook
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What is going on
PRODUCT TANKERS. Market
What happened Global energy trends
Impact
Crude oil tanker
End uses
(Consumer)
Refinery
Oil reserves
(Well head)
Product tanker
End uses
(Consumer)
Oil reserves
(Well head)
New Refineries
Source: Clarkson Research Services Limited as of March 1, 2007
From 2001 to 2011, seaborne transportation of refined petroleum grew at a CAGR of 4.8%
1. Source: BP Statistical review 2012
• New refinery capacity at the well head has developed
a long haul product tanker trade
• Consuming regions constrained by no new refinery
capacity expansion
• Older refineries are generally unable to alter product
types
• Increased ton-mile demand for product tankers
• Increased trade between regions as a result of
regional supply/demand imbalances
• “Arbitrage” trade taking advantage of differences in
prices between refining centers
15
MARKET OVERVIEW. Earnings & vessels price
Average Rates for MR1 Product
Tankers (US$)
Spot market average returns for MR product tankers declined sharply as soon as the Economic crisis took hold and
stabilized in the last couple of years
New building and second hand prices also followed and have maintained their level since 2009 indicating we should be
close to the bottom of the cycle
1. Source: Clarkson as at Sept.’12
New-building/secondhand values 2001 - 2012
2,000
7,000
12,000
17,000
22,000
27,000
32,000
0
10
20
30
40
50
60
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012ytd
$/d
ay
mill
$
MR Newbuilding Prices 1 year T/C rate
0
3,000
6,000
9,000
12,000
15,000
18,000
US
$/d
ay
Spot 1 Year 3 Year 5 year
M/L term
strong
upside
Close to the bottom of the cycle and strong potential upside
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DEMAND / SUPPLY. Balance
Tonne mile demand %1 New Refinery capacity additions 2012-2017
DEMAND - Total net additional refinery capacity by 2017 (close to 7 mbpd) mainly in the Asia Pacific region and the
Middle East. Over next 5y2 China and India to become leading products exporting countries; USA to export more
products; EU to shut down many refineries (poor margins). Substantial increase in long-haul journeys for product tankers
SUPPLY - Estimation of no substantial increase in new-building orders and potential increase of scrapping of old tonnage
The fundamental shift of crude runs from the Western to the Eastern Hemisphere to
structurally support Product Tanker utilisation and positive tonne-mile growth
1. Source: Odin Marine, Banchero Costa SSY, Icap, d’Amico
2. Source: International Energy Agency Medium-Term Oil Market Report, Oct.’12
Thousand barrels p/d
-4
-2
0
2
4
6
8
10
12
14
Tonne mile growth MR growth
-600
-400
-200
0
200
400
600
800
2012 2013 2014 2015 2016 2017
thousand b
arr
els
per
day
OECD North America OECD Europe OECD Pacific
FSU Non-OECD Europe China
Other Asia Latin America Middle East
Africa
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DEMAND. Growth
Global consumption growth decelerated in 2011, as did total energy consumption for all regions. Oil remains the
world’s leading fuel, at 33.1% of global energy consumption
Global growth in consumption of Oil Product has grown but a little under 20% since 1997 – 2011
Future growth in Oil Product demand is almost entirely driven by NON OECD countries
1. Source: International Energy Agency Medium-Term Oil Market Report, Oct. ‘12
Global Oil Demand1 2012 – 2017 Global Oil Demand Growth1 2000 - 2017
mbp/d
60
65
70
75
80
85
90
95
100
40
42
44
46
48
50
52
Total OECD Total non-OECD
2012 2013 2014 2015 2016 2017
mbp/d
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SUPPLY. Slippage & net fleet growth
Net fleet growth is being eroded and should be limited to only about 4% this year, and is expected to slow down
further in the coming years
In the MR segment there are more ships of 15 years of age or older than the total number on order - So the
forward order book should be infinitely more manageable
Under Marpol phase there are still 86 Product Tankers that have to be removed by 20152
1. MR product tankers ranging from 25,000 to 55,000 dwt. Source: Clarkson, ICAP, SSY, Braemar and Gibson search
2. Entire product tanker fleet
Net MR1 fleet growth 2007 - 2015 Order book vs. deliveries - MR1 Tankers
0 20 40 60 80 100 120 140 160
YTD'12 Scrapped
FY'12 Exp.Removals
YTD'12 Deliveries
FY'12 Exp.Deliveries
Orderbook
0
50
100
150
200
250
300
2007 2008 2009 2010 2011 2012 2013 2014 2015
Order Book Delivered Scrapped
19
1. Source: RS Platou, Clarkson, Gibson
DIS MARKET OPPORTUNITIES.
• Strong trend of refineries shifting towards oil production areas, especially in Asia and
the Middle East, will lead to a strong increase in product tankers demand
• According to several market researches1, spot rates will increase in the medium
term and asset values expected to follow the same trend
• Tonne-mile demand is rapidly increasing
• Steady increase of world oil demand supported mainly by non-OECD countries
• Diminishing supply of new-building and potential increase of scrapping of old
tonnage
Product tanker market very well balanced and well placed to improve and DIS
perfectly positioned to catch all current & future market opportunities
In order to summarize:
Future Strategy & Investment Plan
21
INVESTMENT PLAN. New-building project
New-Building Project
2 Handy new-building vessels ordered in Jul.’12:
Price – US$ 30.7 mln each / Tot. US$ 61.3 mln
Exp. delivery – Q1 2014
Employment – TC-Out to one of the main world
Oil-majors for 5 years fixed period at an average
daily rate of $ 15,800/day
2 MR new-building vessels ordered in Sept.’12:
Price – US$ 33 mln each / Tot. US$ 66 mln
Exp. delivery – Q1 2014
~ US$ 1mln1 of
voyage costs saving
per year per ECO
vessel
The timing of delivery perfectly matches DIS positive market outlook on the
medium/long term. These ships incorporate the latest technologies to optimize speed
and consumption proving DIS constant effort to offer the most advanced vessels to its
customers
1. Based on September 2012 YTD average bunker price for IFO 380cst in Singapore, Rotterdam and Fujairah and considering around 75% days of navigation per year
22
CONCLUSION. Our successful business model
• Modern and young fleet with the most advanced vessels
• Flexible and double-hull fleet
• Fully in compliance with very stringent industry rules
• Long term vetting approvals from the main Oil Majors
• Growing product tankers market perspectives and relevant profitability
• Strong financial ratios
• Strong access to credit market
DIS is one of the ten world main owners in its industry segment with a long history of
over 60 years
Share Capital Increase Details
24
SHARE CAPITAL INCREASE. Main data of capital increase
Amount
Issuance price
Allotment ratio
Maximum nr. of new
shares
Warrants allocation
ratio
Use of proceeds
EUR 65,078,259 - (US$ 83,163,507)
EUR 0.3100 - (US$ 0.3961)
7 new shares every 5 ordinary shares owned
209,929,867 (not including Warrant Shares deriving from the exercise of Warrants)
No. 1 Warrant each no. 1 new share subscribed
Financing Capex Plan and strengthening Equity
25
SHARE CAPITAL INCREASE. Main data of the warrants
Warrants allocation
ratio
Max. nr. of Warrants
to be issued
Warrant ratio
Max. nr. of Warrant
shares
1st Warrants
Exercise Period
2nd Warrants
Exercise Period
3rd Warrants
Exercise Period
1 Warrant each 1 new share subscribed
209,929,867
1 Warrant share for every 3 Warrants exercised
69,976,622
• Exercise period: 1 month from Jan.1st, 2014 – Jan.31st 2014
• Strike price:EUR 0.36000 (+14.3% vs TERP)
• Exercise period: 1 month from Jan.1st, 2015 – Jan.31st 2015
• Strike price:EUR 0.4000 (+27.0% vs TERP)
• Exercise period: 1 month from Jan.1st, 2016 – Jan.31st 2016
• Strike price:EUR 0.4600 (+46.0% vs TERP)
26
SHARE CAPITAL INCREASE. Pro’s
• Strong commitment of Major Shareholder to remain fully invested in the Company, by underwriting
the share capital increase for its pro-rata as a demonstration of the firm belief that DIS’ current stock
price does not reflect in full the Company’s underlying asset value and strong potentials;
• New shares issued at a significant discount vs NAV of DIS (the current mkt price of DIS already
takes into account a significant discount (c.a. –58.0%) compared to NAV1 per share)
• Issuing of warrants that allow to subscribe shares for 3 years at very attractive prices
• Free warrants represent an added value for investors
• Resources collected could boost growth and value of DIS
1. Not including the 4 new vessels acquired from July 2012 to current date
27
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OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION
WHERE THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
Disclaimer
This communication does not constitute an offer to sell securities, nor a solicitation to make an offer to purchase or acquire any securities in d’Amico
International Shipping S.A. under Italian law, Luxembourg law and/or the law of any other jurisdiction. This communication does not constitute a document
of offer or prospectus regarding an offering of securities by d’Amico International Shipping S.A. and cannot be the basis for any agreement or decision to
invest. Investors may not subscribe to any of the securities referred to in this communication on the basis of the information contained in this
communication. A prospectus with detailed information about d’Amico International Shipping S.A. is available free of charge on the website of d’Amico
International Shipping S.A. and on the Luxembourg Stock Exchange’s website. An investment decision with respect to the securities of d’Amico
International Shipping S.A. must only be made on the basis of the prospectus published in accordance with Luxembourg and Italian securities laws.
This document and the information contained herein is not intended to be accessed, published or distributed outside of Luxembourg or Italy, and in
particular may not be, directly or indirectly, accessed by, or distributed or disseminated to, persons resident or physically present in the United States of
America, Canada, Australia or Japan or any jurisdiction where doing so would be unlawful or where prior registration or approval is required for such
purpose.
There shall be no offering or sale of any securities of d’Amico International Shipping S.A. in the United States of America, Canada, Australia or Japan or
any jurisdiction in which such offer, solicitation or sale would be unlawful prior to its registration or qualification under the laws of such jurisdiction or to or
for the benefit of any person to whom it is unlawful to make such offer, solicitation or sale. No steps have been taken or will be taken regarding the offering
of securities of d’Amico International Shipping S.A. outside Luxembourg and Italy in any jurisdiction where such steps would be required. The issuance,
exercise, or sale of securities of d’Amico International Shipping S.A. and the subscription to or purchase of such securities are subject to specific legal or
regulatory restrictions in certain jurisdictions. d’Amico International Shipping S.A. is not liable in case these restrictions are infringed by any person.
This communication is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the
United States and the District of Columbia). This communication does not constitute or form a part of any offer or solicitation to purchase or subscribe for
securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933
(the “Securities Act”). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements
of the Securities Act. There will be no public offer of securities in the United States. It may be unlawful to distribute these materials in certain jurisdictions.
The information contained herein is not for publication or distribution in Canada, Japan or Australia and does not constitute an offer of securities for sale in
Canada, Japan or Australia.
D’AMICO INTERNATIONAL SHIPPING
Appendix
29
DIS’SHAREHOLDINGS STRUCTURE.
Key Information on DIS’ Shares
1
2
3
4
1 d'Amico International SA 65.94 %
2 d'Amico International Shipping S.A. 3.39 %
3 Others 28.44 %
4 Kairos Partners SGR SpA 2.23 %
Listing Market Borsa Italiana, STAR
No. of shares 149,949,907
Market Cap1 € 47,4 million
Shares Repurchased / % of share capital 5,090,495 / 3.39%
1. Based on DIS’ Share price on November 05th , 2012, of € 0.3275
30
D’AMICO’S GROUP STRUCTURE
DIS benefits from the support of d’Amico Società di Navigazione S.p.A.
65.9%
55.1%
31
31
FINANCIAL RESULTS. Income Statement
Q3 2012 Q3 2011 (US$ million) 9M 2012 9M 2011
46.8 45.6 TCE EARNINGS 135.7 141.8
(23.4) (21.4) Time charter hire costs (69.1) (68.9)
(15.2) (13.5) Other direct operating costs (42.3) (40.1)
(4.1) (4.8) General and administrative costs (12.0) (14.8)
0.5 0.8 Other operating Income 1.5 2.7
4.6 6.8 EBITDA 13.8 20.7
(10.0) (9.9) Depreciation and write down (114.3) (27.8)
(5.4) (3.1) EBIT (100.5) (7.1)
(4.2) (6.4) Net financial income (charges) (6.0) (12.3)
(0.1) (0.1) Income taxes (0.4) (0.4)
(9.7) (9.6) NET PROFIT (LOSS) (107.0) (19.8)
32
FINANCIAL RESULTS. Statement of financial position
(US$ thousand) As at 30 Sept. ‘12 As at 30 Jun. ‘12 As at 31 Dec. ’11
ASSETS
Non current assets 510,928 513,726 547,634
Current assets 102,497 109,098 122,603
Total assets 613,425 622,824 670,237
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity 208,180 218,202 315,481
Non current liabilities 316,269 322,774 286,527
Current liabilities 88,976 81,848 68,229
Total liabilities and shareholders’ equity 613,425 622,824 670,237
33
Owned Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified
High Tide 51,768 2012 Hyundai MIPO, South Korea 100% IMO II/IMO III
High Seas 51,678 2012 Hyundai MIPO, South Korea 100% IMO II/IMO III
GLENDA Melissa3 47,203 2011 Hyundai MIPO, South Korea 50% IMO II/IMO III
GLENDA Meryl3 47,251 2011 Hyundai MIPO, South Korea 50% IMO II/IMO III
GLENDA Melody3 47,238 2011 Hyundai MIPO, South Korea 50% IMO II/IMO III
GLENDA Melanie3 47,162 2010 Hyundai MIPO, South Korea 50% IMO II/IMO III
GLENDA Meredith3 46,147 2010 Hyundai MIPO, South Korea 50% IMO II/IMO III
High Strength2 46,800 2009 Nakai Zosen, Japan 100% -
GLENDA Megan3 47,147 2009 Hyundai MIPO, South Korea 50% IMO II/IMO III
High Efficiency2 46,547 2009 Nakai Zosen, Japan 100% -
High Venture 51,087 2006 STX, South Korea 100% IMO II/IMO III
High Prosperity 48,711 2006 Imabari, Japan 100% -
High Presence 48,700 2005 Imabari, Japan 100% -
High Priority 46,847 2005 Nakai Zosen, Japan 100% -
High Progress 51,303 2005 STX, South Korea 100% IMO II/IMO III
High Performance 51,303 2005 STX, South Korea 100% IMO II/IMO III
High Valor 46,975 2005 STX, South Korea 100% IMO II/IMO III
High Courage 46,975 2005 STX, South Korea 100% IMO II/IMO III
High Endurance 46,992 2004 STX, South Korea 100% IMO II/IMO III
High Endeavour 46,992 2004 STX, South Korea 100% IMO II/IMO III
High Challenge 46,475 1999 STX, South Korea 100% IMO II/IMO III
High Spirit 46,473 1999 STX, South Korea 100% IMO II/IMO III
Time charter with purchase option Year Built Builder, Country Interest1 IMO Classified
High Enterprise 45,800 2009 Shin Kurushima, Japan 100% -
High Pearl 48,023 2009 Imabari, Japan 100% -
Time charter without purchase option Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified
High Force 53,603 2009 Shin Kurushima, Japan 100% -
Eastern Force 48,056 2009 Imabari, Japan 100% -
High Saturn 51,149 2008 STX, South Korea 100% IMO II/IMO III
High Mars 51,149 2008 STX, South Korea 100% IMO II/IMO III
High Mercury 51,149 2008 STX, South Korea 100% IMO II/IMO III
High Jupiter 51,149 2008 STX, South Korea 100% IMO II/IMO III
Torm Hellerup 45,990 2008 Shin Kurushima, Japan 100% -
Freja Hafnia 53,700 2006 Shin Kurushima, Japan 100% -
High Glow 46,846 2006 Nakai Zosen, Japan 100% -
High Energy 46,874 2004 Nakai Zosen, Japan 100% -
High Power 46,874 2004 Nakai Zosen, Japan 100% -
High Nefeli 45,976 2003 STX, South Korea 100% IMO II/IMO III
DIS’CURRENT FLEET OVERVIEW.
1. DIS’ economical interest
2. Vessels on TC from JV Company DM shipping (d’Amico/Mitsubishi) to d’Amico Tankers 100%
3. Vessel owned by JV Company GLENDA Shipping (50% owned by d’Amico)
MR Fleet
34
Owned Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified
Cielo di Salerno 36,032 2002 STX, South Korea 100% IMO II/IMO III
Cielo di Parigi 36,032 2001 STX, South Korea 100% IMO II/IMO III
Cielo di Londra 35,985 2001 STX, South Korea 100% IMO II/IMO III
Time charter with purchase option Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified
Malbec 38,499 2008 Guangzhou, China 100% IMO II/IMO III
Marvel 38,435 2008 Guangzhou, China 100% IMO II/IMO III
Time charter without purchase option Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified
Cielo di Guangzhou2 38,877 2006 Guangzhou, China 100% IMO II
DIS’CURRENT FLEET OVERVIEW. (CONT’D)
Handy Fleet
1. DIS’ economic interest
2. Bare Boat vessel
35
DIS’NEW BUILDING PROGRAM.
1. DIS’ economical interest
Name of vessel / Hull Number Estimated tonnage (dwt) MR/Handysize Estimated delivery date Builder, Country Interest1
Owned
2014
2385 - Tbn 40,000 Handysize Early-2014 Hyundai MIPO, South Korea 100%
2386 - Tbn 40,000 Handysize Early-2014 Hyundai MIPO, South Korea 100%
2407 - Tbn 50,000 MR Early-2014 Hyundai MIPO, South Korea 100%
2408 - Tbn 50,000 MR Early-2014 Hyundai MIPO, South Korea 100%
Thank you!
