Transworld Shipping Lines Ltd Q4 FY19 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
N/A
Order
N/A
Capex
Yes
1 of 3 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 3- The company expects volume growth of about 10-12% for FY20 compared to FY19, including both domestic and EXIM volumes. (Page 11)
- Growth will be supported by introducing new sectors and increasing capacity, including acquiring two larger vessels (4250 TEUs each) to add 8500 TEUs capacity. (Page 9)
- Excess smaller vessels will be chartered out to achieve economies of scale. (Page 9)
- Volume growth is anticipated due to expansion into new sectors like connectivity between the east coast of India and Bangladesh. (Page 6)
- Domestic volume growth for FY19 was nearly 11%, outperforming overall volume growth of about 7%. (Page 8)
- The company expects revival and growth in volume following the easing of market volatility and improvement in trade sectors such as tiles and food grains. (Pages 12, 6)
See what Transworld Shipping Lines Ltd management said on margin guidance — free account, 30 seconds.
Fundraise plans
- There is an ongoing process of awaiting a better market opportunity for fundraising.
- Regulatory approvals and Board approvals for the fundraising are already in place.
- The company is waiting for the right time to proceed with the fundraising.
- Specific details on whether the fundraising will be through debt or equity were not disclosed.
- This information was shared by Capt. V.K. Singh in response to a query about the IPO of Avana and other fundraising activities.
See what Transworld Shipping Lines Ltd management said on order book — free account, 30 seconds.
Capex plans
Yes- Shreyas Shipping plans to acquire two larger tonnage vessels of 4,250 TEUs each during FY20, adding a total of 8,500 TEUs capacity to operations.
- Excess smaller vessels (1,700 to 2,500 TEUs capacity) will be chartered out to achieve economies of scale.
- No specific CAPEX on IMO compliance related to low sulfur fuel; however, operational expenses (OPEX) are expected to increase due to fuel cost rise (~$60 to $70 per ton) with adjustments passed on to customers.
- No clarity yet on exact cost related to IMO compliance; waiting on government/fuel company declarations.
- No immediate indication of capacity addition by competitors or partners like CONCOR; Shreyas is focusing on rationalizing tonnage with suitable vessels and chartering out excess.
- Plans to expand operations toward connectivity between east coast India and Bangladesh, including adding new sectors to drive volume growth.
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