The New Year 2016 was not a good start for the dry bulk division where the baltic dry index slipped to a record low. The Baltic Dry Index dropped every day where media claimed that record-low every day.
The order books are still new where the Korean shipyards are yet to open their account. On the other end, as the Baltic Dry Index tumbled, the scrapyards contracted more business than the shipyards.
With that being said, MFAME brings an exclusive update on various shipping companies and their recent brags.
Hyundai Heavy Industries (HHI) Opens the Order Book for the first time in 2016.
South Korea’s shipbuilding giant Hyundai Heavy Industries (HHI) has signed an agreement to build two 158,000 dwt Suezmax crude tankers for a Turkey-based shipping company Ditas Shipping. By this, HHI has contracted this deal which is worth between USD 120 to 140 million where the ships are expected to be delivered by 2018.
HHI recently reported a net loss of USD 1.13 billion for 2015, a 38.2% drop from a year earlier when it posted a USD 1.84 billion loss. HHI’s sales were down by 12.1% compared to a year earlier, while operating loss decreased by 52.6% year-on-year.
“2015 was a tough year for us due to unfavorable market conditions such as prolonged low oil prices and global economic downturn,” HHI said.
Epic Gas and its Epic Story.
Epic Gas, headquartered in Singapore, owns and operates a fleet of fully pressurized gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The Company today announced its unaudited financial and operating results for the fiscal year ended December 31, 2015.
Fiscal Year 2015 Highlights
- Vessel Calendar days up 19% year over year
- Revenue of $130.3 million, up 11% year over year
- Time charter equivalent revenues of $8,682 per vessel calendar day, up 2% year over year
- General & administrative expenses of $1,150 per vessel calendar day, down 22% year over year
- Adjusted EBITDA of $29.8 million, up 25% year over year
- Net Loss of $5.9 million before an impairment charge of $10.4 million
- Charter cover of 40% of 2016 days
- $50.0 million Private Placement of common equity and a US$120 million term loan in place,
- with an average hedge of Yen/US$ on newbuild contracts concluded at 118.85.
- Delivery of 3 new buildings from shipyards in Japan, sale of 2 older vessels and redelivery of 1
- the chartered-in ship upon charter expiry bringing the Company’s on the water fleet to 36 vessels
- Remaining newbuilding program of seven owned vessels, plus one chartered-in vessel
Source: Epic Gas
Maersk – Tankers at its Best in 2015!
Maersk Tankers emerges from 2015 with its best result in many years. Increasing rates and results from the Taking Lead Strategy mean that Maersk Tankers has achieved an underlying result of USD 156 m, USD 150 m of which came from the product tanker segment, which Maersk Tankers chose to focus on a couple of years ago. Maersk Tankers leaves 2015 with a highly satisfying result of USD 160 m (USD 132 m in 2014) and a return on invested capital of 9.9% (6.8% in 2014).
Navig8 – Navigates through Profit with Product Tankers
Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, announced its unaudited financial and operating results for the three and twelve months ended December 31, 2015.
Highlights
- Reported revenue of $9.1 million and net income of $0.2 million, or $0.003 per share, for the three months ended December 31, 2015.
- Entered into $64.3 million secured commercial loan facility to finance the first two of the Company’s eight 74,000 DWT LR1 product tanker newbuilding under construction at STX Offshore & Shipbuilding Co., Ltd. (“STX”) in November 2015.
- Increased secured commercial loan facility to $128.5 million in January 2016 to provide incremental financing for two additional 74,000 DWT LR1 product tankers being built at STX.
- Accepted delivery of the first LR1 new building from STX as well as one 110,000 DWT LR2 product tanker newbuilding from Sungdong Shipbuilding & Marine Engineering Co.
- Accepted delivery of an incremental two LR1 and two LR2 product tankers in January 2016.
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