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Shipping stocks mostly lower during February |
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Monday, 08 March 2010 |
 Shipping stocks were mostly lower during February, according to the latest monthly report prepared by XRTC on behalf of Hellenic Shipping News Worldwide. The latest report covers the previous month of February, when most listed shipping companies announced their fourth quarter and full 2009 year results.
As expected by analysts most reports were lower than 2008, but at a
better pace than most would have thought. Still, as it turns out some
investors preferred to limit their exposure to the sector. But, with the
Baltic Dry Index back on track, almost from the start of the previous
week, the tide could yet again turn around.
AEGEAN MARINE PETROLEUM NETWORK INC
The company took delivery of the Zakynthos, a 6,272 dwt double-hull
bunkering tanker newbuilding from Qingdao Hyundai Shipyard in China. The
vessel is expected to be deployed to the Company's market located in
Gibraltar.
The Company also announced financial and operating results for the
fourth quarter and the year ended December 31, 2009.
Highlights
• Increased sales volumes to 1,748,308 metric tons in Q4 2009 and
6,192,755 metric tons for the full year.
• Expanded net revenues to $58.6 million in Q4 2009 and $198.0
million for the full year.
• Recorded operating income of $16.1 million in Q4 2009 and $59.2
million for the full year.
• Reported EBITDA (as defined in Note 2) of $22.2 million in Q4 2009
and $80.6 million for the full year.
• Reported net income of $13.7 million, or $0.32 basic and diluted
earnings per share, in Q4 2009 and $48.5 million, or $1.13 basic and
diluted earnings per share, for the full year.
• Adjusted net income, which excludes $0.7 million in due diligence
acquisition costs and $0.4 million related to other non-recurring
expenses, was $14.8 million, or $0.35 basic and diluted earnings per
share for Q4 2009.
• Continued expanding global presence and infrastructure:
- Launched operations in Tangiers, Morocco and Trinidad and Tobago
during 2009.
- Expanded Greek operations into Patras market.
- Entered into an agreement to acquire Verbeke Bunkering N.V.
- Took delivery of seven double-hull bunkering tanker newbuildings in
2009 and year-to-date in 2010.
- Acquired three double-hull bunkering tankers and one double-hull
bunkering barge in the secondary market in 2009.
• Signed a new $100 million credit facility in Q4 2009, increasing
total access to $420 million in working capital credit facilities.
• Completed share offering of $147.1 million gross proceeds in Q1
2010.
CAPITAL PRODUCT PARTNERS L.P.
The company has priced its public offering of 5,800,000 common units
representing limited partnership interests at a public offering price of
$8.85 per common unit. The Partnership has granted the underwriters a
30-day option to purchase an additional 870,000 common units to cover
over-allotments, if any. The Partnership expects to use the net proceeds
from the public offering to acquire the M/T Atrotos (renamed M/T El
Pipila), a medium range product tanker vessel built in 2007 at Hyundai
MIPO Dockyard Co., Ltd. in South Korea, from its sponsor Capital
Maritime & Trading Corp. (Capital Maritime) for $43 million and for
general partnership purposes. The vessel has been chartered to Petróleos
Mexicanos (PEMEX), the state-owned Mexican petroleum company, through
Arrendadora Ocean Mexicana, S.A. de C.V., under a charter expected to
expire in March 2014. The net base rate under the charter is $19,900 per
day. The vessel's operating expenses are fixed until the expiration of
the charter at a daily rate of $3,575.
DIANA SHIPPING INC
Diana Shipping announced on February 16th, that it has agreed to invest
US$50 million in the previously announced new project involving a
company formed for the purpose of investing in containerships. The
investment by Diana Shipping is equivalent to an interest of
approximately 38% of the common shares of the new company. The balance
of the new company’s common shares is being purchased by institutional
and accredited investors in a private transaction.
The proceeds raised in the private transaction from Diana Shipping and
the other investors are expected to be used primarily to invest in
containerships over the next 12-18 months.
The company also reported net income of $27.6 million for the fourth
quarter of 2009. This compared to net income of $54.2 million reported
in the fourth quarter of 2008.
Voyage and time charter revenues were $58.6 million for the fourth
quarter of 2009, compared to $84.3 million for the same period of 2008,
due to a decrease in prevailing time charter rates and increased
off-hire and drydock days.
Net income for the year ended December 31, 2009 amounted to $121.5
million, compared to net income of $221.7 million for 2008. Voyage and
time charter revenues were $239.3 million for the year ended December
31, 2009, compared to $337.4 million for 2008.
DRYSHIPS INC
The following sale and purchase developments have been announced:
• The Company sold the 70,349 DWT Panamax bulker M.V. Iguana (built
in 1996) for a price of $23.4 million resulting in a book loss of $2.3
million. Delivery of the vessel took place on 19 January 2010
• The Company sold the 71,862 DWT Panamax bulker M.V. Delray (built
in 1994) for a price of $20.1 million resulting in a book gain of $11.5
million. Delivery of the vessel took place on 5 February 2010.
• The loan amount for the two above-mentioned vessels will remain
available to the Company for replacement vessels.
• The Company has placed an order for two (2) 76,000 dwt Panamax dry
bulk vessels, with a top quality Chinese shipyard, for a price of $32.25
million each. Delivery of the two vessels is expected to take place in
Q4 of 2011 and Q1 of 2012, respectively.
Dryships also announced its unaudited financial and operating results
for the fourth quarter 2009.
Fourth Quarter 2009 Financial Highlights
• For the fourth quarter of 2009, the Company reported net income of
$1.4 million or $0.01 basic and diluted loss per share. Included in the
fourth quarter 2009 results are various items, totalling $64.4 million
or $0.24 per share which are described below. Excluding these items, net
income would amount to $65.8 million or $0.23 per share.
• Basic loss per share for the fourth quarter of 2009 includes a
non-cash accrual for the cumulative payment-in-kind dividends on the
Series A Convertible Preferred Stock, amounting to $4.1 million, which
reduces the income available to common shareholders (basic earnings per
share is calculated as net income less accrued dividends on preferred
stock divided by weighted average number of common shares outstanding).
EAGLE BULK SHIPPING INC
On February 10th, the company announced that it has taken delivery of
two additional vessels, Thrasher and Avocet, from its newbuilding
program. The addition of these two vessels brings Eagle Bulk's total
on-the-water fleet to 32 vessels.
The Thrasher and Avocet have each entered into nine year time charters.
The rate for each charter is $18,400 per day through February 2016 and
March 2016 respectively; thereafter the contracts convert to a
profit-sharing charter with a base rate of $18,000 per day. In
aggregate, the Thrasher and Avocet will each contribute approximately
$59 million in minimum contracted revenue.
EXCEL MARITIME
Fourth Quarter 2009 Highlights:
• Revenue from operations for the quarter amounted to $186.2 million
as compared to $189.2 million in the fourth quarter of 2008.
• Net profit for the quarter was $81.8 million or $1.00 per weighted
average diluted share compared to a loss of $332.1 million or $7.56 per
weighted average diluted share in the fourth quarter of 2008.
• Adjusted EBITDA for the fourth quarter of 2009 was $62.0 million
compared to $54.9 million for the fourth quarter of 2008 (A
reconciliation of adjusted EBITDA to Net Income is included in a
subsequent section of this release).
• An average of 47 and 47.1 vessels were operated during the fourth
quarters of 2009 and 2008, respectively, earning a blended average time
charter equivalent rate of $22,686 and $23,207 per day, respectively.
Year ended December 31, 2009 Highlights:
• Revenue from operations for the year ended December 31, 2009
amounted to $756.6 million from $696.1 million in the year ended
December 31, 2008.
• Net profit for year ended December 31, 2009 was $339.8 million or
$4.85 per weighted average diluted share compared to a loss of $55.9
million or $1.53 per weighted average diluted share in the respective
period of 2008.
• The twelve months 2009 results include a non-cash unrealized
interest-rate swap gain of $27.2 million compared to an unrealized
interest rate swap loss of $25.8 million in the corresponding period in
2008.
• Adjusted EBITDA for the year ended December 31, 2009 was $231.7
million compared to $308.0 million for the respective period of 2008
FREESEAS INC
The company having a fleet of eight Handysize vessels and two Handymax
vessels announced new charters for six of its vessels.
GLOBUS MARITIME LTD
The company concluded the sale of the last two of its vessels built in
the mid-1990s, the Handymax vessels "Coral Globe" (built in 1994) and
"Sea Globe" (built in 1995)
NAVIOS MARITIME HOLDINGS INC
The Navios Antares, a 169,059 dwt Capesize vessel, was delivered to
Navios Holdings' owned fleet on January 20, 2010 from a South Korean
Shipyard.
The company also agreed to acquire a new building Capesize vessel of
180,000 dwt, under construction with a South Korean Shipyard. The vessel
is scheduled for delivery in the second quarter of 2011 and is secured
by a 12-year charter to a quality counter party for $27,431 (net) daily
rate.
The acquisition price for the vessel is nominally $55.5 million, payable
as follows:
• $52.5 million in cash; and
• $3.0 million payable in the form of Convertible Preferred Stock.
The terms of the convertible preferred stock are set forth below.
Navios Maritime Holdings Inc. Reported Financial Results for the Fourth
Quarter and Year Ended December 31, 2009 according to which there is a
99.4% increase in quarterly adjusted EBITDA to $51.3 million, a 39.2%
increase in annual adjusted EBITDA to $193.7 million, a 350.9% increase
in quarterly adjusted net income to $10.5 million.
Angeliki Frangou, Chairman and CEO of Navios Holdings, stated, "Our
industry entered 2009 facing challenges virtually without precedent. The
economic crisis required that Navios focus on its balance sheet, which
we did by raising more than $1.3 billion in a mix of equity and
long-term debt from the capital markets and commercial banks. Part of
these proceeds was used to acquire seven capesize vessels, delivering in
2010, with secured cash flows for the next ten years. With our capital
expenditures fully funded and less than $60 million of debt maturing in
2010, Navios is well capitalized and positioned to take advantage of
opportunities that may develop."
NEWLEAD HOLDINGS LTD
On February 8, 2010 the Company received written notification from The
Nasdaq Stock Market, LLC indicating that because the closing bid price
of the Company's common stock for the previous 30 consecutive business
days was below the minimum $1.00 per share bid price requirement for
continued listing on The Nasdaq Global Select Market, the Company is not
in compliance with Nasdaq Listing Rule 5450(a)(1). NewLead's common
stock will continue to be listed and traded on The Nasdaq Global Select
Market during the applicable grace period of 180 calendar days. During
the grace period, the Company may regain compliance with the minimum bid
price requirement by maintaining a closing bid price at or above $1.00
per share for at least ten consecutive business days pursuant to Listing
Rule 5810(c)(3)(A). Beyond this 180-day period ending August 9, 2010,
the Company may also be eligible for an additional grace period provided
it demonstrates compliance with all the initial standards for listing
on The Nasdaq Capital Market as set forth in Listing Rule 5505, with the
exception of the minimum bid price.
The Company continues to monitor its closing bid price and is
considering its options in order to regain compliance with the bid price
requirement.
The company has signed a Stock Purchase Agreement providing for the
purchase of two Kamsarmaxes for an aggregate purchase price of $112.7
million and signed a Memorandum of Agreement for the sale of the product
tanker Chinook for $8.5 million. The two geared, 80,000 DWT Kamsarmaxes
from COSCO Dalian Shipyard Co. Ltd. will be delivered in the fourth
quarter of 2010 and 2011, respectively. The charter for the first vessel
is for a five-year initial term at $28,710 (net) a day. The charter for
the second vessel is for a seven-year term at $27,300 (net) a day.
OCEANFREIGHT
Financial Highlights for the three months period ended December 31, 2009
For the three-month period ended December 31, 2009, the Company reported
Voyage Revenues amounted to $28.2 million, Operating Loss amounted to
$132.7 million which includes the effect of the loss from the sale of
vessels of $18.2 million and impairment loss of $116.4 million. Net Loss
amounted to $135.9 or $(0.98) per share. Included in these results are:
• A book loss of approximately $18.2 million associated with the sale
of the M/V Pierre and M/V Juneau.
• An impairment loss of $116.4 million associated with the write down
of the Company’s tanker vessels to their fair market values.
• A gain of $1.3 million associated with the change in the fair value
of the interest rate swaps.
• Excluding the above items Net loss for the fourth quarter of 2009
would be $2.6 million or $0.02 per share.
• EBITDA for the fourth quarter of 2009 was $11.4 million as adjusted
for the effect of the loss from the sale of vessels and impairment
loss.
• An average of 12.3 vessels were owned and operated during the
fourth quarter of 2009, earning an average Time Charter Equivalent, or
TCE rate, of $25,172 per day.
Year Ended December 31, 2009 Results
For the year ended December 31, 2009, Gross Revenue amounted to $118.5
million. Operating Loss was $164.9 million, which includes the effect of
the loss from the sale of vessels of $69.3 million and impairment loss
of $116.4 million. Net Loss amounted to $179.4 million or $(2.28) per
share.EBITDAfor the year was $55.5 million as adjusted for the effect of
the loss from the sale of vessels and impairment loss.
An average of 12.7 vessels were owned and operated during the year 2009,
earning an average Time Charter Equivalent, or TCE, rate of $28,523 per
day.
PARAGON SHIPPING INC
Fourth Quarter 2009 Financial Results:
Time charter revenue for the fourth quarter of 2009 was $37.1 million,
compared to $44.3 million for the fourth quarter of 2008. The Company
reported net income of $12.7 million, or $0.26 per basic and diluted
share for the fourth quarter of 2009, calculated on 47,547,627 weighted
average number of basic and diluted shares outstanding for the period
and reflecting the impact of the non-cash items discussed below. For the
fourth quarter of 2008, the Company reported net income of $10.0
million, or $0.37 per basic and diluted share, calculated on 27,038,015
weighted average number of basic and diluted shares. Excluding all
non-cash items described below, adjusted net income for the fourth
quarter of 2009 was $8.6 million, or $0.17 per basic and diluted share.
This compares to adjusted net income of $14.0 million, or $0.52 per
basic and diluted share for the fourth quarter of 2008.
EBITDA was $22.4 million for the fourth quarter of 2009, compared to
$22.7 million for the fourth quarter of 2008. This was calculated by
adding to net income of $12.7 million for the fourth quarter of 2009,
net interest expense and depreciation that in the aggregate amounted to
$9.7 million for the fourth quarter of 2009. Adjusted EBITDA, excluding
all non-cash items described below, was $17.6 million for the fourth
quarter of 2009, compared to $26.0 million for the fourth quarter of
2008.
The Company operated 12 vessels during the fourth quarter of 2009,
earning an average time charter equivalent rate, or TCE rate, of $32,350
per day, compared to an average of 12 vessels during the fourth quarter
of 2008, earning an average TCE rate of $39,077 per day.
Year ended December 30, 2009 Financial Results:
Time charter revenue for the year ended December 31, 2009 was $161.1
million, compared to $169.3 million for the year ended December 31,
2008. The Company reported net income of $65.7 million, or $1.69 per
basic and diluted share for the year ended December 31, 2009, calculated
on 38,026,523 weighted average number of basic and diluted shares
outstanding for the period and reflecting the impact of the non-cash
items discussed below. For the year ended December 31, 2008, the Company
reported net income of $69.2 million, or $2.58 and $2.56 per basic and
diluted share, respectively, calculated on 26,819,923 weighted average
number of basic shares and on 27,010,013 weighted average number of
diluted shares.
Excluding all non-cash items described below, adjusted net income for
the year ended December 31, 2009 was $55.0 million, or $1.42 per basic
and diluted share. This compares to adjusted net income of $56.2
million, or $2.10 and $2.08 per basic and diluted share, respectively,
for the year ended December 31, 2008.
EBITDA was $109.8 million for the year ended December 31, 2009, compared
to $116.1 million for the year ended December 31, 2008. This was
calculated by adding to net income of $65.7 million for the year ended
December 31, 2009, net interest expense and depreciation that in the
aggregate amounted to $44.1 million for the year ended December 31,
2009. Adjusted EBITDA, excluding all non-cash items described below, was
$96.4 million for the year ended December 31, 2009, compared to $100.3
million for the year ended December 31, 2008.
The Company operated 12 vessels during the year ended December 31, 2009,
earning an average TCE rate of $35,250 per day, compared to an average
of 11.4 vessels during the year ended December 31, 2008, earning an
average TCE rate of $39,439 per day.
SAFE BULKERS INC
Summary of Fourth Quarter 2009 Results
• Net revenue for the fourth quarter of 2009 decreased by 21% to
$36.6 million from $46.6 million for the same period in 2008. The
Company operated 14 vessels on average during the fourth quarter of 2009
earning a Time Charter Equivalent (“TCE”) rate of $28,605 compared to
11.53 vessels and a TCE rate of $44,276 during the fourth quarter of
2008. The decrease in the TCE rate is a result mainly of lower period
time charter rates earned during the fourth quarter 2009 compared to the
same period in 2008.
• Net income was $23.2 million, or earnings per share of $0.42, in
the fourth quarter of 2009, an increase of 95% from net income of $11.9
million, or earnings per share of $0.22, in the fourth quarter of 2008.
The increase in net income of $11.3 million reflects mainly: (i) net
revenue of $36.6 million compared to $46.6 million, (ii) interest
expense of $1.5 million compared to $4.0 million and (iii) loss on
derivatives of $1.2 million compared to $21.0 million, for the fourth
quarters ended December 31, 2009 and 2008, respectively.
• EBITDA was $28.4 million in the fourth quarter of 2009, an increase
of 56% from $18.2 million in the fourth quarter of 2008, mainly due to
higher net income.
• A dividend of $0.15 per share was declared for the fourth quarter
of 2009.
Summary of Full Year 2009 Results
• Net revenue for the year ended December 31, 2009 decreased by 18%
to $164.6 million from $200.8 million for the year ended December 31,
2008. The Company operated 13.20 vessels on average during the year
ended December 31, 2009, earning a TCE rate of $34,208, compared to an
average of 11.13 vessels and a TCE rate of $49,626 during the year ended
December 31, 2008. The decrease in the TCE rate is mainly a result of
lower period time charter rates earned during the year ended December
31, 2009, including lower period time charter rates associated with
vessels subject to early redelivery which entered into new charter
contracts with lower rates compared to those previously contracted.
• Net income was $165.4 million, or earnings per share of $3.03, for
the year ended December 31, 2009 compared to $119.2 million, or earnings
per share of $2.19, for the year ended December 31, 2008. The increase
in net income of $46.2 million reflects mainly: (i) net revenue of
$164.6 million compared to $200.8 million, (ii) early redelivery income
of $75.0 million compared to early redelivery cost of $0.6 million,
(iii) loss on asset cancellations of $20.7 million compared to none,
(iv) loss on derivatives of $4.4 million compared to $19.5 million, (v)
foreign currency gain of $0.8 million compared to foreign currency loss
of $9.5 million and (vi) interest expense of $10.3 million compared to
$16.4 million, for the years ended December 31, 2009 and 2008,
respectively.
• EBITDA was $187.6 million for the year ended December 31, 2009, an
increase of 29% from $144.9 million for the year ended December 31,
2008.
SEANERGY MARITIME HOLDINGS CORP
The company completed the previously announced public offering of
20,833,333 shares of common stock and the sale of an additional
4,166,667 shares of common stock to four of the Company's major
shareholders affiliated with the Restis Group. The public offering and
sale to the Company's four major shareholders resulted in gross proceeds
of approximately $30 million. The Company intends to use the proceeds
from the offering for a new vessel acquisition. In connection with the
offering, the Company has granted the underwriters a 45-day option to
purchase up to 3,125,000 additional shares of common stock to cover
over-allotments, if any.
It was also announced that, due to market conditions, the Company’s
Board of Directors has determined to terminate the memorandum of
agreement for the intended acquisition of a 2009 Capesize vessel as
described in the Company’s prospectus dated January 28, 2010.
STAR BULK CARRIERS CORP.
The company has entered into an agreement to sell the Star Beta, a
174,691 dwt Capesize vessel, built 1993, to a third party for a
contracted sale price of $22 million. The company expects to deliver the
vessel to the buyers in the second quarter of 2010 upon its redelivery
from the current time charter.
The company has also entered into a definitive agreement to acquire a
Capesize bulk carrier of approximately 171,000 dwt, built in 2000 in
Japan, for approximately $42.5 million from a third party. The vessel
will be financed through a combination of company cash and bank debt.
The vessel, to be renamed the M/V Star Aurora, is currently expected to
be delivered charter-free to Star Bulk within October/November 2010.
Star Bulk intends to secure period time-charter employment for the
vessel prior to its delivery to the Company. The Company acquired the
vessel to replace the Capesize Star Alpha which was sold and delivered
to its buyers in the fourth quarter of 2009. This acquisition will bring
Star Bulk's fleet to twelve vessels of approximately 1.1 million dwt
and an average age of approximately 10.2 years.
Fourth Quarter 2009 and 2008 Results
For the quarter ended December 31, 2009, total revenues amounted to
$31.2 million compared to $72.8 million for the quarter ended December
31, 2008. This was mainly due to lower charter rates imposed by the
market for most of our vessels and the decreased amortization of fair
value of below/above market acquired time charters amounting $0.3
million for the three-month period ended December 31, 2009 compared to
$28.7 million for the three-month period ended December 31,
2008.Operating loss amounted to $2.8 million for the quarter ended
December 31, 2009 compared to operating income of $54.3 million for the
quarter ended December 31, 2008. Net loss for the fourth quarter of 2009
amounted to $4.6 million or $0.07 loss per share calculated on
61,049,760 weighted average number of shares, basic and diluted. Net
income for the fourth quarter of 2008 amounting to $50.2 million or
$0.89 per basic and diluted shares calculated on 56,278,511 weighted
average numbers of shares.
Years ended December 31, 2009 and 2008 Results
For the year ended December 31, 2009, total revenues amounted to $142.4
million compared to $238.8 million for the year ended December 31, 2008.
This decrease is mainly due to lower charter rates earned for most of
our vessels during 2009 and the decreased amortization of fair value of
below/above market acquired time charters to $5.7 million for the year
ended December 31, 2009 compared to $80.5 million for the year ended
December 31, 2008. Operating loss amounted to $49.3 million for the year
ended December 31, 2009 compared to operating income of $142.8 million
for the year ended December 31, 2008. Net loss for the year ended
December 31, 2009 amounted to $58.4 million representing $0.96 loss per
basic and diluted share calculated on 60,873,421 weighted average number
of basic and diluted shares. Net income for the year ended December 31,
2008 amounted to $133.7 million or $2.55 per basic share calculated on
52,477,947 weighted average number of shares, and $2.46 per diluted
share calculated on 54,280,472 weighted average number of shares.
Source: XRTC as arranged for Hellenic Shipping News Worldwide
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