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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:0962Q
Global Oceanic Carriers Ltd
14 March 2008
Global Oceanic Carriers Ltd. Announces Preliminary Financial Results for the
Seven Months Ended December 31, 2007 and Recommends Dividend of 4.33 Pence Per
Share
ATHENS, GREECE - March 14, 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 seven months ended
December 31, 2007.
On December 5, 2007 the Company announced the change of its fiscal year end from
May 31 to December 31, in order to align with the majority of other publicly
listed shipping companies and make it easier for the investment community to
follow GOC's development and progress. Today's announcement is made pursuant to
this change in the fiscal year.
Seven Months Ended December 2007 Highlights:
* Time Charter Revenues of USD 26.3 million for the 7 months ended
December 31, 2007 (unaudited 7 months ended December 31, 2006: USD 11.5
million).
* EBITDA of USD 15.8 million for the 7 months ended December 31, 2007
(unaudited 7 months ended December 31, 2006: USD 5.5 million).
* Net Profit of USD 6.9 million for the 7 months ended December 31, 2007
(unaudited 7 months ended December 31, 2006: USD 0.9 million).
* Earnings per share (EPS) of USD 0.172 calculated on 40,032,792 shares
outstanding for the 7 months ended December 31, 2007.
* Final Dividend proposed of 4.33 pence per share for the period June 1,
2007 to December 31, 2007.
* Strong cash position with USD 14.8 million cash in bank, as of December
31, 2007.
* An average of 5.5 vessels were operated during the seven month period
ended December 31, 2007 earning an average time charter equivalent
(TCE) rate of USD 21,536 per day compared to an average of 3.4 vessels
earning an average TCE rate of USD 14,991 per day during 2006.
* Cash flow from operations of USD 18.9 million for the 7 months ended
December 31, 2007 (unaudited 7 months ended December 31, 2006: USD 6.9
million), a 174% increase from last year.
* Investment of USD 76 million for the acquisition of two handymax
vessels.
* Time charter forward coverage at 83.5% of our fleet operating days for
2008 and 48% for 2009.
Management Commentary
Commenting on the interim results, Michael Tartsinis, Chief Executive Officer of
Global Oceanic Carriers Limited, said: "We are pleased to report strong
financial and operational results for the seven months ended December 31, 2007.
Since current management took over in June 2006, our strategy has been to create
a solid foundation which will enable the company to continue growing prudently.
In this context, our fleet expansion strategy combined with the strength in the
dry bulk markets has resulted in increased revenues and profits. Our revenues
for the seven months ended December 31, 2007 increased by approximately 128%
over those in the relevant period of 2006, while EBITDA increased by 186%.
As we enter 2008, we believe that our company is strategically positioned to
benefit from the solid fundamentals of dry bulk shipping. In particular our time
charter forward coverage provides us with cash flow stability and upside
potential. We employ our vessels under medium-to-long term charters with
reputable charterers and have fixed 83.5% of our available days in 2008 and 48%
for 2009.
Focusing on long term share holder value, we are pleased to announce the
initiation of an attractive and sustainable dividend. This is a significant
milestone for our company as we continue to seek new ways for rewarding our
shareholders.
I want to conclude by stating that we are committed to efforts for expanding our
business and shareholders' value and we look forward to new opportunities
underlined by the sector's strong fundamentals and our Company's strategic
positioning in it."
Christina Anagnostara, Chief Financial Officer of Global Oceanic Carriers
Limited, added: "As of December 31, 2007, we had a net debt to book
capitalization of 55%, which includes the bank financing for the vessel
acquisitions we announced in June and July 2007. Our moderate leverage, strong
cash flow generation from operational activities as well as sufficient access to
bank financing, provides us with the flexibility to continue our fleet expansion
program and support our dividend payments. Subject to shareholders' approval,
the Board of Directors is recommending a final dividend of 50% of our net income
in respect of the period from June 1, 2007 to December 31, 2007.
"We also believe that the change of our fiscal year end from May 31 to December
31 aligns our Company with the majority of other publicly listed shipping
companies and makes it easier for the investment community to follow GOC's
development and progress."
Dividend
In line with our commitment to our dividend policy, the Board of Directors is
recommending a final dividend of GBP 4.33 pence per share or a final payout of
GBP 1.7 million in respect of the period from June 1, 2007 to December 31, 2007.
The final dividend, pending approval by the Company's shareholders at the Annual
General Meeting, will be paid on May 28, 2008 to shareholders on record as of
April 11, 2008. The ex-dividend date is April 9, 2008. This is the first
dividend proposed by the Company.
Review of Financial and Operational Results for the Seven Months Ended December
31, 2007
During the seven months ended December 2007 total revenues were USD 26.3 million
compared to USD 11.5 million in the relevant period in 2006, due to the increase
in prevailing time charter rates and fleet expansion.
The company had a total of 1,182 ownership days during the period ended December
31, 2007 and available days were 1,146 days. The 36 scheduled dry docking days
relate to the dry docking of M/V "GO Faith" which commenced late November and
was completed by the first days of January 2008.
The vessels were employed at an average rate of USD 21,536 per day, as compared
to the average rate of USD 14,991 in 2006.
Average vessel operating expenses increased by 9% or USD 496 per day per vessel
for the seven months ended December 2007 (from USD 5,344 per day to USD 5,840).
This is mainly attributable to the increased fleet and costs typically
associated with the delivery of new vessels, higher crew and lubricant costs,
repair and maintenance costs, appreciation of foreign currencies (such as the
Euro) versus the US Dollar as well as to the fact that the Company operates a
diversified fleet in terms of type and age. The Company's operating expenses mix
is: crew costs 41%, stores and spares 19%, lubricants 9%, repairs and
maintenance 14%, insurances 11% and sundry expenses 6%.
Management fees decreased by 33% or USD 281 per day per vessel for the period to
December 31, 2007 as compared to 2006 (from USD 860 per day to USD 579 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 seven months ended
December 2007 was USD 685,000 for management fees and USD 126,700 for
administrative fees.
General and Administrative expenses remained almost in line with the relevant
period in 2006 (2007: USD 1,237 per day 2006: USD 1,205 per day) due to
additional expenses incurred in the period relating to the change of the fiscal
year.
Vessels' depreciation charged increased for the seven months ended December 31,
2007 by USD 2.1 million to USD 5 million (unaudited 7 months ended December 31,
2006: USD 2.9 million) due to the new vessels' additional charges.
Dry dock amortization amounted to USD 587,855 for the seven months to December
31, 2007 (unaudited 7 months ended December 31, 2006: USD 366,000). The M/V "GO
Faith" undertook its scheduled dry docking in December 2007 while the M/V "GO
Public" and M/V "GO Pride" are scheduled for dry docking in the first and second
half of 2008 respectively.
Finance cost for the seven months period ended December 31, 2007 is USD 3.8
million, 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, November 19, 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 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.
Fleet Development
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 comprises of seven dry bulk carriers, including 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 $22,000 respectively. For purposes of revenue
recognition, the daily charter hire included in our consolidated financial
information is based on the average amount payable over the charter term.
Forward Charter Coverage
As of today, the percentage of available calendar days of the fleet already
fixed under contracts (assuming latest charter expiration and exercise of all
additional hire periods under charter) is as follows:
Total Fleet 2008 2009 2010
Charter Coverage 83.5% 48% 33%
Fleet Operating Data
7 Months Ended 7 Months Ended
December 31, 2007 December 31, 2006
Operating Data (unaudited)
Fleet data:
Average number of vessels (1) 5.5 3.4
Number of vessels at end of period 7 5
Number of vessels in operation at end of period 6 5
Ownership days (2) 1,182 719
Available days (3) 1,146 719
Operating days (4) 1,140 712
Fleet utilisation (5) 99.5% 99%
Average daily results (in US$):
Time Charter Equivalent (TCE) rate (6) 21,536 14,991
Average daily vessel operating expenses (7) 5,840 5,344
Average daily general and administrative expenses (8) 1,237 1,205
Average daily management fees (9) 579 860
Total Vessel Operating expenses (TVOE) (10) 7,656 7,409
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 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 December 31, 2007 and May 31, 2007
(Expressed in US Dollars)
December 31, 2007 May 31, 2007
Assets
Non current assets
Vessels 190,676,491 118,531,575
Other property, plant and equipment 146,039 34,069
Total non-current assets 190,822,530 118,565,644
Current assets
Inventories 585,798 413,270
Trade receivable 261,816 301,992
Prepaid expenses and other receivable 743,200 669,209
Due from related parties - 11,553
Restricted cash 11,945 1,927,961
Cash and cash equivalents 14,828,063 11,949,002
Total current assets 16,430,822 15,272,987
Total assets 207,253,352 133,838,631
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 14,579,816 7,772,865
Total shareholders' equity 83,937,201 77,130,250
Minority Interest 63,639 (16,095)
Total equity 84,000,840 77,114,155
Non current liabilities
Long term borrowings net of current portion 94,283,062 38,670,225
portion
Finance lease obligations net of current portion 88,998 -
Deferred revenue 944,138 -
Retirement benefit obligations 4,270 -
Total non current liabilities 95,320,468 38,670,225
Current liabilities
Trade payables 1,978,633 979,412
Due to related parties 176,681 58,273
Accrued liabilities and other payables 1,379,731 911,975
Current portion of long term borrowings 23,145,237 15,327,123
Current portion of finance lease obligations 17,609 -
Deferred revenue 1,234,153 777,467
Total current liabilities 27,932,044 18,054,251
Total liabilities 123,252,512 56,724,476
Total equity and liabilities 207,253,352 133,838,631
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Income Statement for the Seven Months Ended December 31, 2007 and
For The Twelve Months Ended May 31, 2007
(expressed in US Dollars except share and per share data)
7 months ended December 12 months ended May
31, 2007 31, 2007
Revenue 26,270,446 27,098,059
Operating Expenses and Other Income
Voyage Expenses (1,201,917) (1,670,100)
Vessels' Operating Expenses (6,903,032) (7,583,895)
Management fees (685,000) (1,034,137)
Administrative fees (126,700) (100,200)
Depreciation and amortisation (5,686,924) (6,674,004)
General and Administration expenses (1,336,092) (1,614,243)
Go Chartering brokers' fee on 3rd party comm. (196,447) -
Operating profit 10,134,334 8,421,480
Finance Income and Expenses:
Finance costs (3,758,268) (3,423,600)
Finance income 510,619 513,728
Profit for the period / year 6,886,685 5,511,608
Attributable to:
Equity holders of the parent company 6,806,951 5,527,703
Minority Interest 79,734 (16,095)
6,886,685 5,511,608
Earnings per share (US$): 0.1720 0.1739
Weighted average number of ordinary shares outstanding 40,032,792 31,692,627
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Statement of Changes in Equity for the Seven Months Ended December
31, 2007 and the Twelve Months Ended May 31, 2007
(expressed in US Dollars)
Issued
share Share Retained Minority
capital premium earnings Total Iinterest Total
US$ US$ US$ US$ US$ US$
As of 1 June 2006 106 44,832,697 2,245,162 47,077,965 - 47,077,965
Profit for the year - - 5,527,703 5,527,703 (16,095) 5,511,608
Proceeds from rights offer net 118 24,524,464 - 24,524,582 - 24,524,582
As of 31 May 2007 224 69,357,161 7,772,865 77,130,250 (16,095) 77,114,155
Profit for the period - - 6,806,951 6,806,951 79,734 6,886,685
As of 31 December 2007 224 69,357,161 14,579,816 83,937,201 63,639 84,000,840
GLOBAL OCEANIC CARRIERS LIMITED
Consolidated Cash Flow Statement for the Seven Months Ended December 31, 2007
and For
The Twelve Months Ended May 31, 2007
(Expressed in US Dollars)
7 months ended 12 months ended May
December 31, 2007 31, 2007
Operating Activities
Profit for the period / year 6,886,685 5,511,608
Adjustments to reconcile profit to net cash flows:
Depreciation 5,686,924 6,674,004
Amortization of backlog asset - (1,173,383)
Amortization of deferred loan charges 136,997 138,495
Interest expense 2,971,991 2,799,675
Interest income (510,619) (513,728)
Unrealized Exchange differences from lease obligation 8,533 -
Write off previous years deferred loan charges 498,713 418,921
Unrealized foreign currency losses 37,632 48,642
Operating profit before working capital changes 15,716,856 13,904,324
Movement in working capital balances
Increase in Inventories (172,528) (230,436)
(Increase)/Decrease in Trade receivables, (33,815) (921,157)
pre-paid expenses & other assets
Increase in Trade payables, accrued liabilities & other payables 1,930,912 169,220
Retirement benefit obligations 4,270
Deferred Revenue 1,400,824 616,104
Due from related parties 129,962 1,152,917
Foreign currency gain/(losses) from operating activities (36,114) (53,826)
Net cash flows generated from operating activities 18,940,367 14,637,056
Investing activities
Acquisition of vessels and vessel improvements (75,932,823) (62,973,738)
Payments for dry docking and special survey (1,875,261) (810,000)
Acquisition of other non-current assets (2,170) (37,172)
Interest received 510,619 513,728
Net cash flows used in investing activities (77,299,635) (63,307,182)
Financing activities
Proceeds from issue of long term debt 125,000,000 61,500,000
Repayment of long term debt (60,800,000) (25,375,000)
Repayment of finance lease instalments (35,482) -
Share Capital increase and Proceeds from rights offering - 24,524,582
Loan issuance costs (1,404,759) (691,147)
Restricted cash (deposits)/withdrawals 1,916,016 (1,298,441)
Interest lease expense paid (7,863) -
Interest paid (3,428,065) (2,435,542)
Net cash flows generated from financing activities 61,239,847 56,224,452
Net increase in cash and cash equivalents 2,880,579 7,554,326
Exchange gains/(losses) on cash and cash equivalents (1,518) 5,185
Cash and cash equivalents at 1st June 11,949,002 4,389,491
Cash and cash equivalents at 31st December/ 31st May 14,828,063 11,949,002
For further information please contact:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Christina Anagnostara, Chief Financial Officer
Registered office: 6 Britannia Place, Bath Street, St.Helier, Jersey JE2 4SU, UK
Channel Islands
Communications office: Antares Ship Management, 3 Xanthou st, 16674 Glyfada,
Greece
Tel: + 30 210 898 636 / Fax: +30 210 89 47 314
email: mail@gocarriers.com
www.gocarriers.com
Jefferies International Limited
Nick Davies
Schuyler Evans
Tel: +44 (0) 207 029 8000
Investor Relations / Media:
Capital Link Inc.
Paul Lampoutis
Tel. +1 212 661 7566 (New York)
Tel. +44 (0) 20 7614 2950 (London)
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 of the London Stock Exchange under the
stock code GOC.
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
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