Hellenic Carr. Share Discussion Threads

[stemis] 04/9/2009 08:58

Baltic Freight Index




Backround data

Company web site: -
Research:-
Interim presentation:-

Data on shipping market




Financial performance 2008 2009 2010 2011
Sales 85,007 58,038 57,531
EBITDA 68,171 38,929 38,448
Earnings 50,042 18,103 27,536
EPS 68c 40c 60c -2.35p{Note actuals are in dollars and forecasts in sterling. Forecasts are those of Panmure Gordon dated 10-10-11.]

Shareholdings

Total number of shares = 45,616,851
CEO Karamanlis and her brother own 70.0%
Jupiter Asset Management own 5.6%

[foodcritic] 03/9/2009 20:36

Hi eelanguilla,

They have more cash now.

The figures you need are:

Long-term debt, net of unamortized arrangement fees = 140,525 - (Cash and equiv of 63,932 + Restricted Cash 207) = 76,386 net debt.

Hope this helps.

[eelanguilla] 03/9/2009 19:22

I might have missed something but ....

Long-term debt 132,926 = more this year than last ?

I thought they were going to use some of the cash to reduce this figure ?

[g2am] 03/9/2009 11:02

a nice 160k volume buy just gone through :)

[foodcritic] 03/9/2009 10:36

Yep good strengthening of the balance sheet and ahead of forecasts, looks good long term hold to me.

[g2am] 03/9/2009 09:22

Decent results and at least they've got a good debt reduction. I would have expected some action from the share price but more to come in the future hopefully

[kinbasket] 03/9/2009 08:49

Wasn't far off..:-)

It's good to see the charter profile at 83%. That makes the year end number a lot more predictable. Barring another total meltdown in global trade there ought to be some money made here.

[lonrho] 03/9/2009 07:51

shame about the dividend but on a p/e of about 2 and a strengthened balance sheet with net borrowing less than shareholder funds and net debt less than two years first six months annualised cash flow.

[stemis] 03/9/2009 07:41

Results out:-



A little better than I expected, but seems much better than the analyst forecast.

Using $/£ exchange rate of 1.6

Profit before tax = £7.8 million ($12.5 million) - analyst forecast for full year is £8.6 million
EPS = 16.9p (27c) - analyst forecast for full year is 18.86p
Debt = £47.8 million ($76.4 million)

Debt was the key factor for me and the reduction from $92.9 million to $76.4 million in just six months is very welcome. I was looking for under $80 million. Passing the dividend was the right move.

If you read my article on



I was looking for $50 million debt reduction in 2009/2010 so $16.5 million n the first 6 months is a very good start.

[g2am] 02/9/2009 12:48

A small rise today but still a rise. Let's hope tomorrow it can continue, even if a modest climb

[kinbasket] 28/8/2009 13:59

Based on the last set of accounts and the most recent charter update I make the 6 month revenue figure just short of $30m and the expenses close to $20m. Which should beat the estimate by a reasonable amount. However, there is the significant possibility of non cash impairments on ship values which could render any guesses irrelevent.

As long as they are cashflow positive and the debt is under control that's all I need to hear.

[g2am] 28/8/2009 12:22

Hi Stemis, is this their forecast? Also you are equating that to a full year pre-tax profit of $12.6 million? If so that is way shorter than last year, but it all depends on what was "expected".

I would agree on the debt level, if that can be brought into line it will be a positive step

[stemis] 28/8/2009 10:50

The current forecast for 2009 is an EPS of 18.86p. Assuming no tax, that equates to a profit of £8.6 million or about $12.6 million - about $6.3 million for the half year. Personally I'd have thought it would be a bit higher, because of existing charters, but no need to be too aggressive.

The key for me is the debt level.

As at 31 December it was $93.5 million. Based on the above profits I'd be hoping for something around $80 million.

[g2am] 28/8/2009 09:28

Let's hope it's good news. GL

[foodcritic] 28/8/2009 07:47

RNS Number : 1456Y
Hellenic Carriers Limited
28 August 2009

NOTIFICATION OF 2009 INTERIM RESULTS

Hellenic Carriers Limited, ('Hellenic' or the 'Company') (AIM: HCL), an international provider of marine transportation services for dry bulk cargoes, announces that they will declare their Interim Results for the six months ended 30 June 2009, on 3 September, 2009.

On the same day, at 3.00pm (BST), 5.00pm (Athens) and 10.00am (EDT), the Company's management will host a conference call to discuss the Results.

[g2am] 21/8/2009 15:12

I'd agree, hopefully the cash is put to good use, but time will tell

[g2am] 21/8/2009 15:11

Loving the puns on a Friday afternoon :)

For a company that made a pre-tax profit of around £33m, then having debt of around £78 million doesn't worry me. As long as it doesn't go any higher I'd be comfortable.

My concern is the downturn this year and how it has affected prices but even them I'm still confident.

[stemis] 21/8/2009 15:06

Blimey 5 posts in a day. Calm down everyone. The interims were released on 1 September last year so not long to go. I wonder if there will be a dividend. The 2.3p final was a bit of a surprise but to be honest I'd rather they kept the cash to pay down the debt.

[eelanguilla] 21/8/2009 14:50

in here as well ... think this ship might be sailing soon :)

the debt is a concern but once that is dealt with .. should be plain sailing :)

[g2am] 21/8/2009 14:09

Haha of course. I would agree and even though shipping is a cyclical industry I think they are on course to grow steadily, not quickly though. Like you, I'm in it for the longer haul (no pun intended).

[foodcritic] 21/8/2009 11:25

Yes, only being silly really. World trade has got to pick up from here. May take some time (years) but I am a patient person. As the TMF article points out buy them when they are cheap.

[g2am] 21/8/2009 11:12

I just got in also. Not so much of a big ship lover but the financials look good on this one. Not sure what the outlook on dry bulk/shipping is but I feel these guys could prosper

[foodcritic] 21/8/2009 10:10

I've picked up a few of these, I love big ships!

[ntv] 06/8/2009 08:27

goc thread for bdi chart