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SinOceanic Shipping: ASA : Q4 2011

Sunday, 19 February 2012 | 00:00
4th Quarter 2011 • Consolidated EBITDA was USD - 0.2 million in the 4th quarter 2011 versus USD 0.3 million last year. • As of 31 December 2011 the consolidated cash position was USD 10 million, including restricted cash with USD 1.5 million.
• In December, SinOceanic Shipping ASA (Sinoceanic) refinanced a USD 25 million loan with a new 8 years USD 29.5 million loan facility provided by a US based bank as lender and China Exim Bank as guarantor. The loan refinances YM Portland, a 2003 built 4,414 TEU container vessel delivered to SinOceanic's wholly owned subsidiary Oceanus Shipping AS in November 2010.
• In December, due to the turbulence in the world's equity markets, the Board of SinOceanic decided to postpone raising equity capital to finance the delivery of "MSC Vega", "MSC Altair" and "MSC Regulus". Consequently, USD 0.5 million in legal and advisory fees accrued has been expensed in the 4th quarter.
• In January, 2012 SinOceanic's wholly owned subsidiary SinOceanic I AS entered into a USD 80 million eight years senior secured loan with Deutsche Bank which was guaranteed by SinOceanic, and a USD 80 million eight years second priority secured loan with Oceanus International Investment for the financing of "MSC Vega".
• On 11 January, 2012 SinOceanic I AS took delivery of "MSC Vega" and she is placed on a 15 year time charter with Mediterranean Shipping Company (MSC), the second largest container line in the world.
• On 8 February, 2012 SinOceanic's wholly owned subsidiary SinOceanic II AS successfully secured commitment for a USD 100 million senior secured bond issue with maturity date 17 February 2015. The bonds are guaranteed by SinOceanic for an amount of USD 120 million. The net proceeds from the new bond issue will be used to finance its 13,100 TEU containership "MSC Altair.
• On 16 February, 2012 an Extraordinary General Meeting in SinOceanic elected Tone Bjørnov as new member of the Board.
Source: SinOceanic Shipping
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