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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Global Oceanic | LSE:GOC | London | Ordinary Share | GB00B079WL45 | ORD 0.0003P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 168.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4388O
Global Oceanic Carriers Ltd
21 February 2008
Global Oceanic Carriers Ltd. Announces Interim Results for the Six Months Ended
November 30, 2007 and Initiates Dividend
ATHENS, GREECE - February 21, 2008 - Global Oceanic Carriers Limited (AIM:GOC),
a global provider of marine transportation services for dry bulk cargoes,
announces today its financial and operational results for the six months ended
November 30, 2007.
The Company's management has scheduled a conference call today, February 21,
2008, at 4:00 P.M. GMT, 11:00 A.M. EST, 6:00 P.M. Athens time to discuss the
results. Details of the conference call are available further in this release.
Interim November 2007 Highlights
* EBITDA of USD 14.2 million in 2007 (2006: USD 3.9 million).
* Net profit of USD 6.9 million in 2007 on revenue from operations of USD
22.5 million compared to 2006 net profit of USD 160,355 on revenue from
operations of USD 8.9 million.
* Earnings per share (EPS) of USD 0.17 calculated on 40,032,792 shares
outstanding for the period versus USD 0.0069 per share calculated on
23,352,462 shares outstanding for the relevant period last year.
* Strong cash position with USD 18.8 million cash in bank* as of November 30,
2007.
* An average of 5.3 vessels were operated during 2007 earning an average time
charter equivalent (TCE) rate of USD 21,750 per day compared to an average
of 3.2 vessels earning an average TCE rate of USD 14,373 per day during 2006.
* Cash flow from operations of USD 15.9 million compared to USD 5 million
in 2006, a 218% increase from last year.
* Time charter forward coverage at 83.5% of our fleet operating days for
2008 and 48% for 2009.
* Change of fiscal year end. In December 2007, the Company announced that it
has changed its fiscal year end from May 31 to December 31. The Company will
publish audited results for the seven month period ended December 31, 2007
in March 2008.
(*) Includes restricted cash
Management Commentary
Commenting on the interim results, Michael Tartsinis, Chief Executive Officer of
Global Oceanic Carriers Limited, said: "Our Company reported strong results for
the six months ended November 2007. We have made significant progress on all
fronts. We expanded our fleet to seven vessels with the acquisition of two dry
bulk carriers, increased our revenues and profits and decreased our operating
expenses. In addition, our time charter forward coverage is very strong
providing us with cash flow stability with upside potential. We will continue
expanding our business and we look forward to exploiting new opportunities
underlined by the sector's strong fundamentals and our company's strategic
positioning in it.
Our revenues for the six months period to November 2007 increased by
approximately 152 % over those of 2006, while EBITDA increased by 262%.
Daily total vessel operating expenses have been reduced by 6%, daily fleet
management fees by 38% and daily general and administrative expenses by 22%.
Our subsidiary, Global Oceanic Chartering Limited (which commenced operations in
March 2007) is indicative of our ongoing focus on pursuing new business
opportunities. This new subsidiary has streamlined our chartering operations,
lowered the chartering commission charges on our fleet and created a new profit
center for chartering activities.
Our fleet deployment strategy has been in line with the Board's expectations.
GOC employs its vessels under long term period charters with reputable
charterers and has fixed 83.5% of its available days in 2008 and 48% for 2009.
We continue to benefit from the stability of our cash flows due to our
medium-to-long term charter agreements and our fixed rate management agreement
with our related technical management affiliate, while at the same time we are
also able to take advantage of the market's upside through the rechartering of
the vessels which are expected to be redelivered back to us within 2008.
I am also pleased that we initiate on schedule our stated dividend policy.
We believe that our company is strategically positioned to benefit from the
solid fundamentals of dry bulk shipping and take advantage of market
opportunities as they arise."
Christina Anagnostara, Chief Financial Officer of Global Oceanic Carriers
Limited, added: "On November 30, 2007, our net debt to book capitalization was
45%, a moderate level for industry standards. Our moderate leverage, coupled
with sufficient access to bank financing, enabled us to finance the two vessel
acquisitions we announced in June/July 2007 entirely with bank financing.
The high charter coverage of our fleet enables us to reward our shareholders
with the initiation of an attractive and sustainable dividend.
Furthermore, the Company has changed its accounting year end to December in
order to align with the majority of other publicly listed shipping companies
therefore making it easier for the investment community to follow GOC's
development and progress.
Dividend
In line with our commitment to our dividend policy and given the recent change
of our fiscal year end, the Board of Directors will recommend a final dividend
of 50% of our net income in respect of the period from June 1, 2007 to December
31, 2007. This final dividend, will be proposed on March 14, 2008 at the release
of the "7 months period ending December 2007" results.
Review of Results for Interim Ended November 30, 2007
During the six month period ended November 2007 total revenues were USD 22.5
million compared to USD 8.9 million in the relevant period in 2006.
The vessels were employed at an average rate of USD 21,750 per day, as compared
to the average rate of USD 14,373 in 2006.
Average vessel operating expenses increased by 6% or USD 184 per day per vessel
for the six months ended November 2007 (from USD 5,437 per day to USD 5,621).
This is mainly attributable to the increase in the number of vessels and costs
typically associated with the delivery of new vessels, as well as appreciation
of foreign currencies (such as the Euro) versus the US Dollar.
Management fees decreased by 38% or USD 359 per day per vessel for the period to
November 30, 2007 as compared to 2006 (from USD 934 per day to USD 575 per
day) reflecting the change of the previous ship management agreements. As of
September 2006, the Company receives technical and operational management
services and administrative support from Antares Ship Management SA, a related
party. The amount paid to Antares Ship Management SA for the six months ended
November 2007 was USD 562,600 for management fees and USD 108,600 for
administrative fees.
General and administrative expenses (inclusive of administrative fees paid to
Antares Ship Management SA) decreased by 22% or USD 316 per day for the period
to November 30, 2007 as compared to 2006 (from USD of 1,387 per day to USD 1,071
per day). This decrease in general and administrative expenses reflects the
management change, cost control measures and renegotiation of management
agreements for the provision of professional, administrative and other services.
Vessels' depreciation charged increased for the 6 months period ended November
30, 2007 by USD 1.9 million to USD 4.6 million (2006: USD 2.7 million) due to
the new vessels additional charges.
Finance cost increased by USD 1.8 million to USD 3 million for the six months
ended November 30, 2007 mainly due to the finance of the increased fleet,
amortization of deferred loan charges and the write off of previous loan
arrangement and legal fees.
Change in Shareholder Structure
Global Oceanic carriers was informed on Monday, 19 November 2007, that Solstice
International Investments Inc. and Tildough Holding Inc. sold their entire
portfolio, of 26,020,815 and 5,737,477 ordinary shares in GOC respectively, at
£1.65 per share to Kaylee Maritime Limited. Both Solstice International
Investments Inc. and Tildough Holding Inc. were associated with Mr. Michael
Tartsinis, the Company's Chief Executive Officer and Mr. Antonis Nikolaou, an
Executive Director of the Company.
Mr. Michael Tartsinis and Mr. Antonis Nikolaou are both directors of Kaylee
Maritime Limited. Furthermore, both Mr. Tartsinis and Mr. Nikolaou along with
Mr. Kriton Lentoudis, are shareholders of Kaylee Maritime Limited.
Mr. Kriton Lentoudis is a well established Greek ship owner. He has been
involved with shipping for more than 25 years and he is associated with Evalend
Shipping, a private company based in Greece.
As a result of these transactions Kaylee Maritime Limited holds 31,758,292
ordinary shares in GOC representing 79.3% of the issued share capital of the
Company. Out of this holding 40% is owned by Mr. Michael Tartsinis and Mr.
Antonis Nikolaou. Both executives along with Mr.Lentoudis represent a
controlling interest in Kaylee Maritime Limited.
Conference Call details:
Participants should dial into the call 10 minutes prior to the scheduled time
using the following numbers: 0800 953 0329 (from the UK), 1 866 819 7111 (from
the US), or +44 1452 542 301 (all other callers). Please quote "Global Oceanic
Carriers".
In case of any problem with the above numbers, please dial 0800 694 1503 (from
the UK) 1 866 223 0615 (from the US), or +44 1452 586 513 (all other callers).
Quote "Global Oceanic Carriers".
A telephonic replay of the conference call will be available until February 28,
2008 by dialing 0800 953 1533 (from the UK), 1 866 247 4222 (from the US), or
+44 1452 550 000 (all other callers). Access Code: 6478074#
Slides and audio webcast:
There will also be a live -and then archived- webcast of the conference call,
accessible through the Global Oceanic Carriers website (www.gocarriers.com).
Participants to the live webcast should register on the website approximately 10
minutes prior to the start of the webcast.
Fleet Developments
Fleet expansion and renewal program. Since October 2006 the company has acquired
four dry bulk carriers expanding the fleet to seven vessels with a total
carrying capacity of 456,273 dwt. As of the date of this release the average age
of the fleet is 17 years.
In September 2007, the Company took delivery of its sixth dry bulk vessel the M/
V "GO Friendship," a Handymax bulk carrier, which the company had previously
agreed to acquire for USD 37 million. The M/V "GO Friendship" was built in Korea
in 1994 and has a carrying capacity of 44,875 dwt. As announced on July 10,
2007, the vessel has been secured under a fixed-rate period time charter for 3
years with SAMSUN CORPORATION at the gross rate of USD 26,850 per day.
In December 2007, the Company took delivery of its seventh dry bulk vessel the M
/V "GO Star", a Handymax bulk carrier, which the Company had previously agreed
to acquire for USD 38.3 million. The M/V "GO Star" was built in Japan in 1994
and has a carrying capacity of 43,656 dwt. As announced on June 22, 2007, the
vessel has been secured under a fixed-rate period time charter for 3 years with
Breakbulk Marine Services, an established Belgian operator, at the gross rate of
USD 27,000 per day.
The company's current fleet includes seven dry bulk carriers, comprised of one
Capesize, two Panamax, three Handymax and one Handysize vessel, with an
aggregate carrying capacity of 456,273 dwt.
Fleet profile
As of today, the composition and employment of our fleet is as follows:
Vessel Name Type DWT Year Charter Charter Period Expected Daily
Built Commencement Redelivery Charter Hire
(Minimum (US$)
Period)
GO Patoro Capesize 150,108 1991 Jun-07 36 months Jun-10 32,000 (1)
GO Public Panamax 71,761 1993 Dec-06 23-25 months Nov-08 21,000
GO Faith Panamax 65,125 1984 May-07 12-14 months May-08 28,000
GO Trader Handymax 45,693 1996 Jan-07 26-29 months Mar-09 19,250
GO Pride Handysize 35,055 1982 Jun-07 12 months Jun-08 18,500
GO Friendship Handymax 44,875 1994 Sept-07 36 months Sept-10 26,850
Go Star Handymax 43,656 1994 Dec-07 36 months Dec-10 27,000
Grand Total:
7 Vessels 456,273
(1) The M/V "GO Patoro" is currently employed under a Time Charter until
June 2010. For the first year of the time charter ending June 2008, the
daily charter rate is $32,000. The rate for the second and third years
ending June 2009 and 2010 will be $27,000 and $22,000 respectively.
Forward Charter Coverage
As of today, the percentage of available calendar days of the fleet already
fixed under contracts (assuming latest charter expiration and exercise of all
additional hire periods under charter) is as follows:
Total Fleet 2008 2009 2010
Charter Coverage 83.5% 48% 33%
Fleet Operating Data
6 Months Ended 6 Months Ended
November 30, 2007 November 30, 2006
Operating Data
Fleet data:
Average number of vessels (1) 5.3 3.2
Number of vessels at end of period 6 4
Number of vessels in operation at end of period 6 4
Ownership days (2) 979 582
Available days (3) 975 582
Operating days (4) 970 575
Fleet utilisation (5) 99.5% 99%
Average daily results (in US$):
Time Charter Equivalent (TCE) rate (6) 21,750 14,373
Average daily vessel operating expenses (7) 5,621 5,437
Average daily general and administrative expenses (8) 1,071 1,387
Average daily management fees (9) 575 934
Total Vessel Operating expenses (TVOE) (10) 7,267 7,758
Explanatory Notes
(1) Average number of vessels is the number of vessels that comprised our fleet
for the relevant period, measured by the sum of the number of days each vessel
was a part of our fleet during the period divided by the number of period
calendar days.
(2) Ownership days are the cumulative number of days in a period during which
each vessel in our fleet has been owned by us. Ownership days are an indicator
of the size of our fleet over a period and affect both the amount of revenues
and the amount of expenses that we record during a period.
(3) Available days are the number of our ownership days less the cumulative
number of days that our vessels are off-hire due to scheduled repairs or repairs
under guarantee, vessel upgrades or special surveys and the cumulative amount of
time that we spend positioning our vessels. Available days are used to measure
the number of days in a period during which vessels should be capable of
generating revenues.
(4) Operating days are the number of available days in a period less the
cumulative number of days that our vessels are off-hire due to any reason,
including unforeseen circumstances. Operating days are used to measure the
cumulative number of days in a period during which vessels actually generate
revenues.
(5) Fleet utilization is measured by dividing the number of our operating days
during a period by the number of our available days during the period. The
shipping industry uses fleet utilization to measure a company's efficiency in
obtaining suitable employment for its vessels and minimizing the amount of days
that its vessels are off-hire for reasons other than scheduled repairs or
repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
(6) TCE rates are defined as our time and voyage charter revenues less voyage
expenses during a period divided by the number of our available days during the
period, which is consistent with industry standards. Voyage expenses include
port charges, bunker (fuel oil and diesel oil) expenses, canal charges and
commissions.
(7) Daily vessel operating expenses are calculated by dividing vessel operating
expenses by fleet ownership days for the relevant period (Operating expenses
include crew wages and related costs, the cost of insurance, expenses relating
to repairs and maintenance, the costs of spares and consumable stores, tonnage
taxes and other expenses).
(8) Daily general and administrative expenses are calculated by dividing general
and administrative expenses by fleet ownership days for the relevant time
period. General and administrative expenses include administrative fees paid to
Antares Shipmanagement.
(9) Daily management fees are calculated by dividing actual management fees by
fleet ownership days.
(10) Total vessel operating expenses or TVOE is a measurement of total expenses
associated with fleet operation. TVOE is the sum of vessel operating expenses,
management fees and general & administrative expenses. Daily TVOE is calculated
by dividing TVOE by fleet ownership days for the relevant time period.
(11) Net debt to book capitalization is a measurement of total net debt divided
by net debt plus total equity. As total net debt we consider total borrowings
(short & long term portion) less cash and cash equivalents and restricted
cash.
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Balance Sheet as at November 30, 2007
(Expressed in US Dollars)
November 30, 2007 May 31, 2007
Assets
Non current assets
Vessels 151,468,059 118,531,575
Other non - current assets 149,647 34,069
Total non-current assets 151,617,706 118,565,644
Current assets
Inventories 520,942 413,270
Trade receivable 212,142 301,992
Prepaid expenses and other receivable 861,803 669,209
Advances for vessels acquisition 4,020,544 -
Due from related parties - 11,553
Restricted cash 4,120,344 1,927,961
Cash and cash equivalents 14,723,264 11,949,002
Total current assets 24,459,039 15,272,987
Total assets 176,076,745 133,838,631
Equity and liabilities
Capital and Reserves attributable to the
equity holders of the Company
Issued share capital 224 224
Share premium 69,357,161 69,357,161
Retained earnings 14,560,813 7,772,865
Total shareholders' equity 83,918,198 77,130,250
Minority Interest 48,004 (16,095)
Total equity 83,966,202 77,114,155
Non current liabilities
Long term borrowings net of current portion 69,214,276 38,670,225
Finance lease net of current portion 91,854 -
Retirement benefit obligations 3,800 -
Total non current liabilities 69,309,930 38,670,225
Current liabilities
Trade accounts payable 1,290,850 979,413
Due to related parties 53,075 58,273
Accrued liabilities and other payable 2,199,234 911,975
Current portion of long term borrowings 17,268,870 15,327,123
Current portion of finance lease 19,160 -
obligations
Deferred revenue 1,969,424 777,467
Total current liabilities 22,800,613 18,054,251
Total liabilities 92,110,543 56,724,476
Total equity and liabilities 176,076,745 133,838,631
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Income Statement For The Six Months Ended November 30, 2007
(Expressed in US Dollars)
6 months ended November 6 months ended
30, 2007 November 30, 2006
Revenue 22,500,512 8,941,851
Operating Expenses and Other Income
Voyage Expenses (996,618) (576,573)
Vessels' Operating Expenses (5,502,953) (3,164,390)
Management fees (562,600) (543,537)
Administrative fees (108,600) -
Depreciation and amortisation (4,641,785) (2,657,545)
General and Administration expenses (939,777) (807,296)
Go Chartering brokers' fee on 3rd party comm. (158,257) -
Other Income - 77,764
Operating profit 9,589,922 1,270,274
Finance Income and Expenses:
Finance costs (3,077,579) (1,194,969)
Finance income 339,704 85,050
Profit for the period 6,852,047 160,355
Attributable to:
Equity holders of the parent company 6,787,948 160,355
Minority Interest 64,099 -
-
6,852,047 160,355
Earnings per share (US$): 0.1712 0.0069
Weighted average number of ordinary shares outstanding 40,032,792 23,352,462
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Cash Flow Statement For The Six Months Period Ended November 30,
2007
Expressed in US Dollars)
6 months ended 6 months ended
November 30, 2007 November 30, 2006
Operating Activities
Profit/(loss) for the year 6,852,047 160,355
Adjustments to reconcile profit to net cash flows:
Depreciation 4,641,785 2,657,545
Amortization of deferred loan charges 109,010 -
Interest expense 2,322,509 884,641
Interest income (339,704) (85,050)
Unrealized Exchange differences from lease obligation 9,958 -
Write off deferred loan charges 498,713 -
Foreign currency 30,538 4,661
Operating profit before working capital changes 14,124,856 3,622,152
Movement in working capital balances
Increase in Inventories (107,672) (129,057)
(Increase)/Decrease in Trade receivables, (102,744) 773,854
pre-paid expenses & other assets
Increase in Trade payables, accrued liabilities & other payables 809,147 345,521
Retirement benefit obligations 3,800
Deferred Revenue 1,191,957 415,301
Due from related parties 6,355 27,317
Foreign currency gain/(losses) from operating activities (32,538) (5,109)
Net cash flows generated from operating activities 15,893,161 5,049,979
Investing activities
Acquisition of vessels and vessel improvements (37,401,906) (34,707,019)
Payments for dry docking and special survey (156,215) (1,557,501)
Prepayments for vessel acquisition (4,020,544) (2,750,000)
Acquisition of other non-current assets (2,170) -
Interest received 339,704 85,050
Net cash flows used in investing activities (41,241,131) (38,929,470)
Financing activities
Proceeds from issue of long term debt 87,832,834 45,000,000
Repayment of long term debt (54,550,000) (18,425,000)
Repayment of finance lease instalments (32,500) -
Proceeds from rights offering - 24,602,521
Loan issuance costs (1,404,759) (194,026)
Restricted cash (deposits)/withdrawals (2,192,383) (1,291,093)
Interest lease expense paid (6,568) -
Interest paid (1,526,392) (690,262)
Net cash flows generated from financing activities 28,120,232 49,002,140
Net increase in cash and cash equivalents 2,772,262 15,122,649
Cash and cash equivalents at 1st June 11,949,002 5,019,009
Exchange gains/(losses) on cash and cash equivalents 2,000 448
Cash and cash equivalents at 30 November 14,723,264 20,142,106
Financial Statements and notes to the accounts will be available on the
Company's website under Investor Relations Section - Latest Results
For further information please contact:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Christina Anagnostara, Chief Financial Officer
Tel: + 30 210 898 636
www.gocarriers.com
Jefferies International Limited
Nick Davies
Schuyler Evans
Tel: +44 (0) 207 029 8000
Investor Relations / Media:
Capital Link (London)
Natassa Markopoulou
Tel. +44 (0) 20 7614 2950
Email: gocarriers@capitallink.com
Capital Link (New York)
Paul Lampoutis
Tel. +1 212 661 7566
E-mail: gocarriersus@capitallink.com
www.capitallink.com
Further Information - Notes to Editors
About the Company
Global Oceanic Carriers Limited is a global provider of marine transportation
services for dry bulk cargoes through the ownership, management and chartering
of dry bulk carriers. The company is incorporated in Jersey and has its
principal executive offices in Athens, Greece.
The company's current fleet includes seven dry bulk carriers, comprised of one
Capesize, two Panamax, three Handymax and one Handysize vessel with an aggregate
carrying capacity of 456,273 dwt.
GO Carriers is listed on the AIM market and its stock code is GOC.L
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect the current views of Global Oceanic Carriers
Limited ("the Company") with respect to future events and financial performance
and may include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although the Company believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charter hire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes in the Company's operating expenses, including bunker prices,
dry-docking and insurance costs, or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due
to accidents and political events or acts by terrorists. The Company does not
assume, and expressly disclaims, any obligation to update these forward-looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IFFIIFDIIFIT
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