14.02.2017 18:57:25

Belships ASA : Rapport 4. kvartal 2016

HIGHLIGHTS

·             Operating income of USD 6.6 m (Q3 2016: USD 6.4 m)

·             EBITDA of USD 3.1 m (USD 2.6 m)

·             Net result of USD 1.2 m (USD 0.3 m)

·             All ships operating normally - modern fleet - average age 4.4 years

·             Contract coverage 100% for delivered ships - around USD 63 million fixed charter

 

Fourth quarter 2016 results

Belships operating income in 4th quarter 2016 was USD 6.6 million (Q3 2016: USD 6.4 million), while EBITDA amounted to USD 3.1 million (USD 2.60 million). The Group's operating result amounted to USD 2.4 million (USD 1.5 million), while net result for 4th quarter 2016 was USD 1.2 million (USD 0.3 million). Net result for 2016 was USD -14.6 million (USD -30.2 million), explained by impairment of the fleet.

Impairment tests of the company's assets were performed in accordance with IAS 36. Based on an assessment of broker values and long-term charters, no impairment has been recorded in 4th quarter.

 

Fleet status

M/S Belstar, M/S Belnor and M/S Belisland have continued the long-term contracts to Canpotex of Canada. Canpotex is one of the world's largest exporters of potash, a fertilizer product imported in large volumes by countries such as China, India and Brazil. M/S Belocean and M/S Belforest are both on time charter to Cargill. The first open position will be for M/S Belocean in May 2017.

All ships have sailed without significant off-hire. Technical management is handled by Belships Management (Singapore), with a total fleet of 20 ships under technical management.

 

Newbuilding program

Belships' remaining newbuilding program with Imabari Shipbuilding in Japan includes one 63.000 dwt eco-design Ultramax bulk carrier on a long-term T/C-in agreement incl. purchase option for delivery in January 2018.

 

Financial and corporate matters

As per 31 December the Group's cash totaled USD 7.9 million compared to USD 8.4 million as per 30 September 2016.

The mortgage debt balance as per 31 December USD was 36.3 million. Net lease obligation as at 31 December was USD 44.6 million. In addition Belships has a long-term loan facility of SGD 2 million, secured by the lease agreement for our Singapore office. Net lease obligation and mortgage debt were reduced by USD 1.7 million in 4th quarter. In order to improve the Group's liquidity and financial flexiblity, Belships received an adjusted waiver from ship mortgage lender in November 2016. Main revised terms in the waiver period until 1 January 2018 are as follows: Minimum cash USD 5.0 million including restricted cash of USD 3.0 mill, minimum value 100% incl. restricted cash, minimum value adjusted equity of 20% and on-demand guarantee from main shareholder of USD 5 million. All the covenants were fulfilled as at 31 December 2016.

Hedging the Group's interest exposure on bank loan is considered on an ongoing basis. The hedging level of interest rate exposure is currently around 80%. The long-term interest rate is still at a historical low level.

At the end of the 4th quarter of 2016, the book value per share amounted to NOK 3.71 (USD 0.43), while the equity ratio was 19.1%. Added value related to the long-term charter party for M/S Belisland is not reflected in the balance sheet.

 

Market highlights

The Capesize-index ended the 4th quarter at USD 10,078 per day, whereas the Panamax-index ended at USD 6,826 per day. The Supramax-index ended the quarter at USD 9,445 per day. As per today the Cape index stands at USD 4,808 per day, Panamax-index at USD 7,563 per day and Supramax-index at USD 7,065 per day. The weakening spot market in February has been the norm the last couple of years following the Chinese New Year celebration.

In 2016 more than 400 dry cargo ships changed hands in transactions close to USD 4 bn. According to the Baltic S&P Assessment the latest valuation of a 5-year old Supramax is USD 14.1 m, which is an increase of about 40% since March 2016.

Growing demand from China has pushed up the international prices for both iron ore and coal. It is believed that China will continue to shut down loss-making and high pollution domestic production of iron ore and coal and import more, helping to absorb the tonnage overcapacity. The smaller sized ships like Supramax/Ultramax with cranes should benefit from growing Chinese exports of steel products and imports of minor bulks like bauxite, fertilizer, soya beans and grains.

 

Strategy

Belships concentrates on the dry bulk market, with 5 x modern Supramax/Ultramax in service. In addition, a 63,000 dwt Ultramax is scheduled for delivery from Imabari Shipbuilding in January 2018 for long term lease incl. purchase option.

 

Outlook

Iron ore import to China in 2017 is expected to grow only moderately from current level of about 1 bn tons, but the imported volumes of coal may surprise on the upside. Import of grain products to China is also expected to grow. The prognosis for the aggregate dry bulk market in 2017 is a growth in seaborne trade in the region of 2.0-2.5%.

Ordering of new ships is down to almost zero and the high scrapping activity continues, although at a slower pace than during Q1-Q2 in 2016. The scrapping activity this year may outbalance the expected deliveries of new ships adjusted for slippage, delays and cancellations. From troubled Chinese shipyards we expect non-deliveries of a significant number of dry bulkers. Fearnresearch believes that the tonnage supply during 2017-2020 may even shrink by 2% due to limited ordering activity in combination with high scrapping of older tonnage following IMO's new regulations for ballast water treatment systems and scrubbers gradually to be installed on all vessels.

Belships' ships are chartered out on fixed rates to reputable counterparts, representing a future nominal gross hire of around USD 63 million.

Focus will be to further develop Belships as an owner and operator of modern bulk carriers to reputable counterparts. Our ambition is to build a portfolio of quality ships and robust charter parties that will generate distributable cash flows.

 

Oslo, 14 February 2017

THE BOARD OF BELSHIPS ASA

 

Questions may be directed to:

CEO Ulrich Müller

Phone: +47 22 52 76 15

Email: um@belships.no 

 

 

Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12

Rapport 4 kvartal 2016


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Belships ASA via Globenewswire

Send kommentar

Related debate

  • 1 uke
  • 1 måned
  • 1 år
14 apr
BAVA
Som det nok er mange bekendt, er kursen på Bavarians aktie faldet meget betydeligt, ca. 30%, over de..
31
15 apr
OMXC25
Virkelig intelligent indlæg. En masse om at markedet er på vej til nedtur, men sjovt nok ikke så meg..
24
18 apr
 
LÆS NU FOR HELVEDE NOGEN AF DE 38000 indlæg som siger at børsen er nede!   Det er kraftstejleme da u..
21
15:58
 
Et opgør med Finanstilsynet er tvingende nødvendigt, hvis tilliden til markedet ikke skal lægges øde..
17
14 apr
OMXC25
Følgende er oplæg til debat, om aktiernes udviklign de kommende måneder ud fra handelskrig og naturl..
17
11:32
BAVA
      Vedr. shortsqeeze mm. og den ekstreme kursmanipulation der dagligt foregår på Nasdaq Kbhvn. T..
16
18 apr
 
Det er en katastrofe ! Hvis det fortsætter ret meget længere er vi allesammen nødt til at gå ud og l..
16
13 apr
BAVA
DER ER ET KÆMPE PROBLEM... med alle de indlæg som kommer på Bavarian iøjeblikket...  Der kommer INTE..
15
17 apr
LAUR
An aktie man aldrig skal eje. Ejerne trækker store summer ud, at en virksomhed der kæmper for overle..
14
09:54
 
Hej alle,   Jeg lavede et lille indlæg på Stolt-Nielsen for nylig hvor jeg desværre – og det beklage..
13

*Wilson ASA: Kvartalsrapport 4Q 2017

22.02.2018 09:03:06
  Wilson Asa rapporterer økt inntjening og driftsresultat for fjerde kvartal 2017. Konsernet oppnådde i fjerde kvartal 2017 brutto fraktinntekter på MEUR 71,4, opp fra  MEUR 62,5 i fjerde kvartal 2016. Konsernet har i samme periode oppnådd lav kostnadsvekst fra MEUR 26,0 i fjerde kvartal 2016 til MEUR 26,4 i fjerde kvartal 2017. Konsernet leverer således et driftsresultat før avskrivninger (E..

Statoils aksjespareprogram viderefordeler aksjer

20.02.2018 07:41:19
Aksjene som DNB kjøpte på vegne av Statoil ASA (OSE:STL, NYSE:STO) 15. februar 2018 til bruk i Statoils aksjespareprogram, er 20. februar 2018 viderefordelt til de ansatte i henhold til deres sparebeløp. Etter viderefordeling har aksjespareprogrammet 8.220.120 aksjer. Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12 This announcement is distr..

Statoil ASA: Meldepliktig handel

16.02.2018 07:23:11
På vegne av Statoil (OSE:STL, NYSE:STO) har DNB 15. februar 2018 kjøpt 530.143 aksjer til bruk i Statoils aksjespareprogram. Aksjene er kjøpt til kurs 174,67 kroner. Før viderefordeling til ansatte har Aksjespareprogrammet 8.492.494 aksjer. Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12 This announcement is distributed by Nasdaq Corporate S..

Mest leste nyheter

  • 24 timer
  • 48 timer
  • 1 uke
1
StrongPoint ASA: Presentasjon av resultat for 1. kvartal 2018
2
Havila Shipping ASA: Kontrakter med Total E&P UK for PSV fartøy
3
Grieg Seafood ASA: Årsrapport 2017
4
Lerøy Seafood Group ASA : STYREGODKJENNING AV ENDELIG ÅRSREGNSKAP 2017
5
Aqua Bio Technology har signert distribusjonsavtale med ny partner i Midtøsten

Buy and sell signals

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2018   Betingelser og vilkår
Kursinformasjon leveres av Morningstar.
Alle kurser er 15-20 minutter forsinket som følge av distribusjonsavtaler satt av de forskjellige børserne.
 
torsdag 19. april 2018 20:55:47
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: ReleaseBuild_20180417.1 - EUROWEB3 - 2018-04-19 20:55:47 - 2018-04-19 20:55:47 - 8 - Website: OKAY