TIDMHCL
RNS Number : 1762P
Hellenic Carriers Limited
30 September 2013
HELLENIC CARRIERS LIMITED
H1 2013 Financial Results
Press Release 30 September 2013
HELLENIC CARRIERS REPORTS 2013 INTERIM UNAUDITED RESULTS
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM:
HCL), an international provider of marine transportation services,
which owns and operates through its wholly owned subsidiaries a
fleet of five dry bulk vessels that transport iron ore, grain,
steel products and minor bulk cargoes, reports today its Interim
Unaudited Results for the six months ended 30 June 2013.
The Company's management team will be holding a conference call
and webcast on Monday 7 October 2013, at 1pm (London), 3pm (Athens)
and 8am (New York) to discuss the results.
H1 2013 FINANCIAL HIGHLIGHTS
Þ Revenue US$3.9 million (H1 2012: US$8.9 million)
Þ EBITDA([1]) negative US$0.5 million (H1 2012: US$0.5 million EBITDA positive)
Þ Operating Loss US$4.6 million before non-cash items (H1 2012: US$4.8 million)
Þ Net Loss US$6.8 million (H1 2012: US$9.2 million which
included non-cash impairment charge US$4.1 million and non-cash
gain on sale of vessel US$2.3 million)
Þ Gearing ratio([2]) at 36.9% as of 30 June 2013 (31.9% as of 31
December 2012)
Þ Total cash including restricted cash US$40.3 million as of 30
June 2013 (US$47.7 million as of 31 December 2012)
Þ Reduction of Gross debt from US$82.3 million on 31 December
2012 to US$80.0 million on 30 June 2013 resulting in a net debt
position of US$39.8 million from US$34.6 million on 31 December
2012
H1 2013 OPERATIONAL HIGHLIGHTS
Þ Operation of 3.0 vessels on average compared to 4.8 vessels in
H1 2012
Þ Time Charter Equivalent rate of US$7,038 (H1 2012:
US$8,338)
SUBSEQUENT TRANSACTIONS
Þ Delivery of twonewbuildingsister Kamsarmax vessels at US$26.28 million each
Þ Signing of a MOA for the acquisition of a 2004-built Supramax vessel at US$16.16 million
([1])
EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessel
([2])
Gearing ratio is defined as Net Debt to total capitalisation
(debt, net of deferred financing fees less cash and
cash equivalents to net debt and stockholders' equity)
Management Commentary
Our aim during 2012 was to steer through a very challenging
market and ensure that our Company benefits from the eventual
market turnaround.
We believe that the time of a turnaround is now approaching. We
have already witnessed the first signs of recovery and, although
these signs have been more evident in the cape size sector, we know
that the sub capesize segments will also follow the trend.
The upward trend may not be straight line and we may continue to
experience seasonal volatility. Furthermore, any rapid improvement
in rates may be followed by a downward correction. However, overall
we consider that the lows experienced in 2012 and the first half of
2013 are now behind us.
The steps taken in the last two years position our Company
advantageously in the context of a gradually improving freight
environment. We sold two of the older vessels and ensured that the
sale proceeds would be used for fleet renewal. This is now
materialising and in times of restricted sources of finance for
shipping, we have managed to replace the older vessels with modern
ones. The incorporation of new vessels in two of the existing loan
facilities has resulted in the amelioration of repayment terms and
the extension of their maturities and will therefore help towards
cash preservation and possible further investments.
We have also taken delivery of the two new building Kamsarmax
vessels (which were ordered back in 2010) at an adjusted price
level and during a period of improved freight rates. These two
brand new vessels will improve the fleet profile and enhance the
earnings generation capacity of the Company.
In times of raising uncertainty in other sectors of the economy,
shipping offers a solid investment proposal backed by hard assets
as well as the growing trade amongst the mature and the developing
economies. With an expanded, renewed fleet, which we avoided to
commit for the longer run at low freight levels we face the near
and medium term future with moderate yet increased optimism.
Fleet Developments
For the six months ended 30 June 2013, the Company operated
through its subsidiaries a fleet of 3.0 vessels on average,
compared to 4.8 vessels for the six months ended 30 June 2012.
Following the sale of two older units in 2012, the operating fleet
in H1 2013 includes one Panamax, one Supramax and one Handymax with
an aggregate carrying capacity of 169,116 dwt and a weighted
average age of 16.0 years as of 30 June 2013.
The two sister Kamsarmax vessels on order at Zhejiang Ouhua
Shipbuilding Co. Ltd., in China were delivered subsequent to the
reporting date, in August and September 2013.
In particular, M/V Odysseas, a 81,662 dwt Kamsarmax vessel was
delivered on 12 August 2013 at an adjusted contract price of
US$26.28 million. The respective order was placed in June 2010 at a
contract price of US$34.2 million for a scheduled delivery in
January 2013.
M/V Konstantinos II, the second Kamsarmax vessel, was delivered
on 25 September 2013 at the adjusted contract price of US$26.28
million. The order for this vessel was placed in June 2010 at a
contract price of US$34.2 million for a scheduled delivery in March
2013.
Fleet details as on the date of the announcement:
Fleet
-------------------------------------------------------------------------------------------
Carrying
Year Capacity
Vessel Type Yard Built (dwt)
------------------ ----------- ------------------------------------ -------- ----------
M/V Hellenic Tsuneishi Shipbuilding,
Wind Panamax Japan 1997 73,981
------------------ ----------- ------------------------------------ -------- ----------
M/V Konstantinos Mitsui Engineering & Shipbuilding,
D Supramax Japan 2000 50,326
------------------ ----------- ------------------------------------ -------- ----------
M/V Hellenic Halla Engineering & Heavy
Horizon Handymax Industries, Korea 1995 44,809
------------------ ----------- ------------------------------------ -------- ----------
M/V Odysseas
(ex Ulysses Zhejiang Ouhua Shipbuilding,
1) Kamsarmax China 2013 81,662
------------------ ----------- ------------------------------------ -------- ----------
M/V Konstantinos Zhejiang Ouhua Shipbuilding,
II Kamsarmax China 2013 81,698
------------------ ----------- ------------------------------------ -------- ----------
Total Operating Fleet: 5 Vessels 332,476
------------------------------------------------------------------------------- ----------
Following the delivery of the two sister Kamsarmax vessels, the
Company through its subsidiaries owns and trades a fleet of five
dry bulk vessels with an aggregate carrying capacity of 332,476 dwt
and a weighted average age of 9.8 years.
In August 2013, one of the Company's subsidiaries agreed to
purchase from an unaffiliated third party the M/V Ocean Alliance, a
geared 52,388 dwt Supramax vessel built at Tsuneishi Shipbuilding
Corporation, Japan in 2004, at the price of US$16.16 million in
cash. The vessel is expected to be delivered in Q4 2013.
In early August, the vessels' management agreements entered into
with Hellenic Shipmanagement Corp., and the respective
sub-management agreements with Mantinia Shipping Co. S.A. were
terminated (at no cost / without compensation) and Hellenic
Carriers Corporation S.A., ("HC Corp"), a related company
ultimately controlled by the controlling shareholders of Hellenic,
was appointed as manager of the vessels. HC Corp charges for the
full management of the vessels US$30,000 per month per vessel as
well as 1% brokerage commission on revenue earned and 1% on each
Sale & Purchase transaction concluded. We expect that the
transfer of the full management of the vessels to HC Corp will have
neutral effect to the net result of the Company and its
subsidiaries but will streamline the management procedures and
achieve economies of scale.
Debt / Financing Activities
A loan facility secured in March 2011 from a major European
lender was used for the financing of M/V Odysseas. The amount of
US$17.1 million, representing 65% of the adjusted contract price of
the vessel, was drawn down upon delivery in i) settlement of the
lastinstalmentin the amount of US$12.7 million payable to the yard
under the amended shipbuilding contract and ii) replenishment of
part of the Company's equity contribution paid in 2010 from the
Company's cash reserves. The loan is payable in 12
semi-annualinstalmentsof US$0.46 million and a balloon instalment
in the amount of US$11.6 million falling due together with the
final repayment instalment in August 2019.
Following the sale of M/V Hellenic Sky and M/V Hellenic Sea in
2012, their respective lenders agreed to transfer the sale proceeds
as debt finance towards new acquisitions replacing the sold
vessels, instead of repayment of the respective loan facilities.
Consequently the proceeds from the sale of the M/V Hellenic Sky and
interest accrued thereon (amounting in total to US$10.4 million)
together with new debt of US$2.2 million were used to finance the
second Kamsarmax vessel, M/V Konstantinos II. As a result of the
incorporation of the M/V Konstantinos II into this loan facility
(together with the M/V Hellenic Horizon) the maturity has been
further extended to May 2023 (from an initial maturity in May
2015). Furthermore the debt repayment schedule has been adjusted
and the current outstanding loan balance is repayable in 9
quarterly instalments of US$0.22 million, followed by 30 quarterly
instalments of US$0.43 million and a final balloon in the amount of
US$12.34 million falling due together with the lastinstalmentin May
2023. An interim balloon in the amount of US$4.8 million is payable
in May 2018 and an earnings recapture clause has been agreed
providing that part of the excess earnings (meaning part of EBITDA
after settlement debt service) generated by the vessels will be
paid to the Bank.
Furthermore, the proceeds from the sale of M/V Hellenic Sea and
interest accrued thereon (in total amounting to US$5.3 million)
together with new debt of US$2.5 million shall be used towards the
financing of M/V Ocean Alliance, the 2004 built Supramax vessel the
acquisition of which was agreed in August 2013. Following the
incorporation of the newly acquired vessel into the respective loan
facility (together with M/V Hellenic Wind and M/V Konstantinos D)
the outstanding loan balance is repayable in 9 instalments of
US$0.42 million, followed by 4 instalments of US$0.70 million, 4
instalments of US$0.75 million, 8 instalments of US$1.12 million
and 2 instalments of US$2.0 million. Interim balloon instalments in
the amount of US$1.4 million, US$1.25 million and US$1.25 million
fall due together with the last instalment payable in November of
each of the years from 2017 until 2020, respectively, and a final
balloon instalment in the amount of US$26.0 million is payable in
May 2020. An earnings recapture clause has been agreed based on
which part of any excess earnings (meaning part of EBITDA after
settlement of debt service) generated by the vessels will be paid
to the Bank.
Fleet Deployment
The deterioration of the dry bulk freight market continued
during H1 2013 during which lower averages were recorded compared
to H1 2012. This was mainly due to the cumulative increase in
tonnage supply over the recent years coupled with weak economic
growth of the OECD countries. However, throughout the period,
seaborne trade demand has continued to grow supported by the need
for raw materials from the developing countries.
In this environment, the chartering strategy focused on
combining employing the vessels either in the spot market or under
short term period fixtures avoiding longer term commitments at low
levels.
Taking advantage of the mild market upswings during Q4 2012 and
Q2 2012 the vessels were fixed under medium term time charters. In
particular, the M/V Hellenic Wind was employed from October 2012
under a time charter agreement at a gross daily rate of US$7,350.
This charter was terminated in June 2013. The M/V Konstantinos D
was employed from March 2013 until August 2013 under a period time
charter agreement at a gross daily rate of US$8,900. The M/V
Hellenic Horizon was employed from January 2013 until July 2013
under a time charter agreement at a gross daily rate of US$8,100.
For the remainder of H1 2013 and until today the vessels are
trading in the spot market for the performance of single or
consecutive laden legs or under short term time charter
agreements.
In light of the recent meaningful improvement of the freight
market, our strategy to avoid long term employment at depressed
levels was proven correct, since both the new vessels added to the
fleet and the existing vessels may well benefit from the increased
freight levels.
H1 2013 Results
For the six months ended 30 June 2013, Hellenic reported total
revenues of US$3.9 million compared to US$8.9 million for the same
period of 2012. The fleet utilisation during the period was
reported at 98.6% compared to 90.8% in H1 2012. The decrease in
revenues is mainly attributed to the reduction in the number of
vessels operated during the period (following the sale of the M/V
Hellenic Sky in May 2012 and M/V Hellenic Sea in August 2012), in
conjunction with the prolonged depression of the dry bulk freight
rates.
Operating loss before non-cash items amounted to US$4.6 million
for the period ended 30 June 2013 compared to an operating loss of
US$4.8 million for the same period of 2012.
The net loss for the period ended 30 June 2013 amounted to
US$6.8 million representing a loss per share of US$0.15 calculated
on 45,616,851 weighted average number of shares, whereas, the net
loss for the period ended 30 June 2012 amounted to US$9.2 million
representing a US$0.20 loss per share (the net loss as of June 2012
included non-cash impairment charge and non-cash gain on sale of
vessel in the amount of US$4.1 and US$2.3 million,
respectively).
During the six months ended 2013 the Company, through its
subsidiaries, operated 3 vessels which earned on average US$7,038
per day compared to 4.8 vessels and average earnings of US$8,338
per day in H1 2012.
Earnings before Tax, Interest, Depreciation
andAmortisation(EBITDA) was reported negative at US$0.5 million for
the six months ended 30 June 2013 compared to US$0.5 million
positive for the same period of 2012.
As a result of the reduction in the number of vessels operated
for the six months ended 30 June 2013, vessel operating expenses
dropped by US$1.8 million to a total of US$2.9 million. Daily
operating expenses decreased to US$5,260 from US$5,397. This
decrease is partly attributed to the disposal of the older
vessels.
Selected Financial Data:
(US$ in 000's except per share data) 30.06.2013 30.06.2012
------------------------------------------- ----------- -----------
Revenue 3,937 8,909
------------------------------------------- ----------- -----------
EBITDA (1) (502) 453
------------------------------------------- ----------- -----------
Operating loss (4,597) (6,637)
------------------------------------------- ----------- -----------
Non-cash Impairment loss (4,130)
------------------------------------------- ----------- -----------
Non-cash Gain on sale of vessel 2,299
------------------------------------------- ----------- -----------
Operating loss before non-cash items (4,597) (4,806)
------------------------------------------- ----------- -----------
Net Loss before non-cash items (6,780) (7,340)
------------------------------------------- ----------- -----------
Net Loss Profit (6,780) (9,171)
------------------------------------------- ----------- -----------
Weighted average shares (basic & diluted) 45,616,851 45,616,851
------------------------------------------- ----------- -----------
Loss per share (basic & diluted) (0.15) (0.20)
------------------------------------------- ----------- -----------
(US$ in 000's except per share data) 30.06.2013 31.12.2012
-------------------------------------- ----------- -----------
Total assets 150,760 159,781
-------------------------------------- ----------- -----------
Long-term debt, net of unamortised
arrangement fees 80,046 82,324
-------------------------------------- ----------- -----------
Total equity 68,094 73,916
-------------------------------------- ----------- -----------
(US$ in 000's except per share data) 30.06.2013 30.06.2012
----------------------------------------- ----------- -----------
Cash flows (used in) / provided by
operating activities (836) 526
----------------------------------------- ----------- -----------
Cash flows (used in) / provided by
investing activities (1,784) 8,341
----------------------------------------- ----------- -----------
Cash flows used in financing activities (4,943) (15,791)
----------------------------------------- ----------- -----------
(1) EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessel
Fleet Operating Data:
H1 2013 H1 2012
----------------------------------------- -------- --------
Fleet data:
----------------------------------------- -------- --------
Average number of operating vessels 3.0 4.8
----------------------------------------- -------- --------
Number of operating vessels at period
end 3.0 4.0
----------------------------------------- -------- --------
Number of vessels under construction
at period end 2.0 2.0
----------------------------------------- -------- --------
Total dwt at period end 169,116 234,550
----------------------------------------- -------- --------
Ownership days ((1) () 543 865
----------------------------------------- -------- --------
Available days ((2) () 509 775
----------------------------------------- -------- --------
Operating days ((3) () 502 704
----------------------------------------- -------- --------
Fleet utilisation ((4) () 98.6% 90.8%
----------------------------------------- -------- --------
Average daily results (in US$):
----------------------------------------- -------- --------
Time Charter Equivalent (TCE) rate
((5) () 7,038 8,338
----------------------------------------- -------- --------
Average daily vessel operating expenses
((6) () 5,260 5,397
----------------------------------------- -------- --------
(1) Ownership days are the cumulative days in a period during
which each vessel is owned by the respective vessel owning
company.
(2) Available days are ownership days less the days that the
vessels are at scheduled off-hire for maintenance or vessel
repositioning.
(3) Operating days are the available days less all unforeseen
off-hires.
(4) Fleet utilisation is measured by dividing the vessels'
operating days by the vessels' available days.
(5) TCE is defined as vessels' total revenues less voyage
expenses divided by the number of the available days for the
period.
(6) Average daily vessel operating expenses is defined as vessel
operating expenses divided by ownership days.
H1 2013 Financial Position / Capitalisation
Debt as of 30 June 2013 amounted to US$80.0 million compared to
US$82.3 million as of 31 December 2012.
As of 30 June 2013, debt (debt, net of deferred financing fees)
to total capitalisation (debt and stockholders' equity) amounted to
54% compared to 52.7% as of 31 December 2012. Net debt (debt less
cash and cash equivalents) to total capitalisation amounted to
36.9% on 30 June 2013 compared to 31.9% on 31 December 2012.
Total cash, including restricted cash amounted to US$40.3
million as of 30 June 2013 and US$47.7 million as of 31 December
2012. Restricted cash as of 30 June 2013 amounted to US$19.4
million, slightly increased from 31 December 2012 due to interest
earned on pledged deposits. The amount of US$10.4 million was
transferred as debt towards the acquisition of M/V Konstantinos II
as stated above and the amount of US$5.3 million is expected to be
transferred as debt towards the acquisition of a 2004 built
Supramax (refer to Debt / Financing Activities above).
Subsequent Events
Subsequently to 30 June 2013, the Company and its subsidiaries
took delivery of the two sister Kamsarmax vessels on order since
June 2010 and entered into an agreement for the acquisition of a
2004 built Supramax vessel. For the details of the transactions
refer to Fleet Developments and Debt/Financing Activities.
Dividend
In order to reinforce the Company's liquidity and optimize the
use of cash as market opportunities arise, the Directors of the
Company did not recommend payment of an interim dividend.
Conference Call details
Participants should dial into the call 10 minutes prior to the
scheduled time using the following numbers: 0800-953-0329 (UK Toll
Free Dial-in), 00800-4413-1378 (Greece Toll Free Dial-in),
1-866-819-7111 (U.S. Toll Free Dial-in), or +44 (0)1452-542-301
(Standard International Dial-in). Please quote "Hellenic
Carriers".
A telephonic replay of the conference call will be available
until 17 October 2013 by dialling 0800-953-1533 (UK Toll Free
Dial-in), 1-866-247-4222 (US Toll Free Dial-in), or +44
(0)1452-550-000 (Standard International Dial-in). Access Code:
36347958#
Slides and audio webcast:
There will also be a live and then archived webcast of the
conference call, accessible through the Hellenic Carriers website
(www.hellenic-carriers.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7886 2500
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Ioanna Messini +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited owns and trades through its
subsidiaries a fleet of dry bulk vessels that transport iron ore,
coal, grain, steel products, cement, alumina, and other dry bulk
cargoes worldwide. The fleet consists of five vessels, comprising
one Panamax, one Supramax, one Handymax and two sister Kamsarmax
vessels with an aggregate carrying capacity of 332,476 dwt and a
weighted average age of 9.8 years.
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
INTERIM CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2013
(Amounts expressed in thousands of U.S. Dollars, except share
and per share data)
30 June
------------------------
2013 2012
----------- -----------
Unaudited Unaudited
US$'000 US$'000
Revenue 3,937 8,909
----------- -----------
Expenses and other income
Voyage expenses (355) (2,447)
Vessel operating expenses (2,856) (4,669)
Management fees - related
party (396) (627)
Depreciation (3,376) (4,400)
Depreciation of dry-docking
costs (719) (859)
Impairment loss - (4,130)
Gain on sale of vessel - 2,299
General and administrative
expenses (832) (713)
Operating loss (4,597) (6,637)
Finance expense (2,485) (2,723)
Finance income 295 176
Foreign currency gain, net 7 13
(2,183) (2,534)
----------- -----------
Loss for the period (6,780) (9,171)
=========== ===========
Loss per share (US$):
Basic and diluted LPS for
the period (0.15) (0.20)
Weighted average number of
shares 45,616,851 45,616,851
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2013
(Amounts expressed in thousands of U.S. Dollars)
30 June
----------------------
2013 2012
---------- ----------
Unaudited Unaudited
US$'000 US$'000
Loss for the period (6,780) (9,171)
Net gain on cash flow hedges 958 858
---------- ----------
Total comprehensive loss for
the period (5,822) (8,313)
========== ==========
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2013
(Amounts expressed in thousands of U.S. Dollars)
30 June 31 December
---------- ------------
2013 2012
---------- ------------
Unaudited Audited
US$'000 US$'000
ASSETS
Non-current assets
Vessels, net 74,061 77,028
Vessels under construction 29,869 28,877
Deferred charges 714 714
Office furniture and equipment 1 3
---------- ------------
104,645 106,622
---------- ------------
Current assets
Inventories 325 264
Trade receivables, net 1,198 878
Claims receivable 228 251
Available for sale investments,
net of impairment - -
Due from related parties 3,655 3,711
Prepaid expenses and other assets 413 355
Restricted cash 19,391 19,232
Cash and cash equivalents 20,905 28,468
---------- ------------
46,115 53,159
---------- ------------
TOTAL ASSETS 150,760 159,781
========== ============
EQUITY AND LIABILITIES
Shareholders' equity
Issued share capital 46 46
Share premium 54,355 54,355
Capital contributions 10,826 10,826
Other reserves (200) (1,158)
Retained earnings 3,067 9,847
---------- ------------
Total equity 68,094 73,916
---------- ------------
Non-current liabilities
Long-term debt 60,026 62,331
---------- ------------
60,026 62,331
---------- ------------
Current liabilities
Trade payables 1,214 1,055
Current portion of long-term debt 20,020 19,993
Current portion of other non-current
financial liabilities 200 1,158
Accrued liabilities and other payables 1,203 1,328
Deferred revenue 3 -
22,640 23,534
---------- ------------
Total Liabilities 82,666 85,865
---------- ------------
TOTAL EQUITY AND LIABILITIES 150,760 159,781
========== ============
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2013
(Amounts expressed in thousands of U.S. Dollars, except share
and per share data)
Issued
Par share Share Capital Other Retained Total
Number value capital premium Contributions reserves earnings equity
of shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------- ---------- --------- ---------- --------------- ----------- ----------- ----------
As at 1
January 2012 45,616,851 0.001 46 54,355 10,826 (2,959) 30,578 92,846
=========== ========== ========= ========== =============== =========== =========== ==========
Loss for the
period - - - - - - (9,171) (9,171)
Other
comprehensive
income - - - - - 858 - 858
Total
comprehensive
loss - - - - - 858 (9,171) (8,313)
At 30 June
2012 45,616,851 0.001 46 54,355 10,826 (2,101) 21,407 84,533
=========== ========== ========= ========== =============== =========== =========== ==========
As at 1
January 2013 45,616,851 0.001 46 54,355 10,826 (1,158) 9,847 73,916
=========== ========== ========= ========== =============== =========== =========== ==========
Loss for the
period - - - - - - (6,780) (6,780)
Other
comprehensive
income - - - - - 958 - 958
----------- ---------- --------- ---------- --------------- ----------- ----------- ----------
Total
comprehensive
loss - - - - - 958 (6,780) (5,822)
At 30 June
2013 45,616,851 0.001 46 54,355 10,826 (200) 3,067 68,094
=========== ========== ========= ========== =============== =========== =========== ==========
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2013
(Amounts expressed in thousands of U.S. Dollars)
30 June
----------------------
2013 2012
---------- ----------
Unaudited Unaudited
----------
US$'000 US$'000
Operating activities
Loss for the period (6,780) (9,171)
Adjustments to reconcile loss to net
cash flows:
Depreciation 3,376 4,400
Depreciation of dry-docking costs 719 859
Impairment loss - 4,130
Gain on sale of vessel - (2,299)
Finance expense 2,485 2,723
Finance income (295) (176)
---------- ----------
(495) 466
(Increase) / Decrease in inventories (61) 1,431
(Increase) / Decrease in trade receivables,
claims receivable, prepaid expenses
and other assets (394) 91
Decrease / (Increase) in due from related
parties 56 (560)
Increase / (Decrease) in trade payables,
accrued liabilities and other payables 55 (982)
Increase in deferred revenue 3 80
---------- ----------
Net cash flows (used in) / provided
by operating activities (836) 526
---------- ----------
Investing activities
Advances for vessels under construction (992) (284)
Dry-docking costs (1,126) (941)
Proceeds from sale of vessels - 9,401
Office furniture and equipment - (1)
Interest received 334 166
---------- ----------
Net cash flows (used in) / provided
by investing activities (1,784) 8,341
---------- ----------
Financing activities
Repayment of long-term debt (2,300) (3,170)
Restricted cash (159) (9,824)
Interest paid (2,484) (2,797)
Net cash flows used in financing activities (4,943) (15,791)
---------- ----------
Net decrease in cash and cash equivalents (7,563) (6,924)
Cash and cash equivalents at 1 January 28,468 44,064
---------- ----------
Cash and cash equivalents at 30 June 20,905 37,140
========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
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