RE: AGM Presentation30 Nov 2018 20:10
The points I noted down:
- spoke with Philip Snaith before the meeting who was keen to point out that Maersk and KSA had not gone away.
- all directors were there apart from Dilip Shah.
- about the same number of attendees as last year, maybe slightly less.
- MK and JM both spoke and appeared relaxed and confident, thought MK had put on a bit of weight!!
- Emphasised the great relationship with Freepoint and its CEO Dave Massey.
- fuel market dynamics very positive at the moment.
- KSA proved that QFI have the project management capability that Freepoint don't have - so QFI and Freepoint have perfectly complementary skills.
- Maersk face a huge increase in fuel costs if they go the LS route.
- MK and JM off to Japan next week to se JGC.
- European Oil Major will produce MSAR and its Marketing Dept. will look for users.
- can blend MSAR outputs from different refineries.
- Met David Messer from Freepoint earlier this week - Mk believes they will take the business to where it would have been in 5 years. Real focus on delivery and momentum.
- someone asked why nobody had yet taken MSAR. JM replied that it was to do with timing, shippers very busy with scrubber decisions, and the need for tank segregation had been an issue, but this would be needed anyway in the future so the reasons were fading away and they are obviously in discussions at the moment including with Maersk.
- Funding options were the same as had been mentioned at the last conference call, but cash management had been very effective. Directors are spending company money as if it were their own - the recent trip to the US had been Premium Economy!
- CEPSA MMU is still there - the other one is in Denmark.
- No commercial revenue expected in 2019, but would expect projects starting in 2019 to bring 2020 revenue.
- BOO model will increase risk but substantially improve profitability.
- Still no clarity on KSA energy policy. They are trying to position MSAR as a cleaner way to the future with significant financial benefits.
- Electricity Company are still keen, and the demand for fuel oil has increased.
- Lime tree bay depends on what Freepoint want to produce, JM did not seem particularly positive on this.
- Martin Verle no longer with us.
- PowerSeraya economics have changed.
- can serve a lot of the Marine market from 1 hub.
- No other competitor for oil in water emulsion - nobody can match us.
So,...…..a great deal of reassurance and potential opportunities. Yes, we've heard it all before but I for one think that we are better placed than ever before.
GLA shipmates.
.
Sign In
Follow the stocks
