The document summarizes Hellenic Carriers' financial results for the six months ended 30 June 2013. It notes a revenue of $3.9 million compared to $8.9 million in the same period in 2012 due to a smaller average fleet size. The net loss was $6.8 million compared to $9.2 million in 2012. It highlights fleet expansion activities including the delivery of two new Kamsarmax vessels and the planned acquisition of a Supramax. This larger, more modern fleet is expected to benefit from improving freight market conditions. Cash balances decreased to $40.3 million from $47.7 million at the end of 2012 due to fleet investment activities.
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
This document provides a market summary and outlook for the global shipping industry in mid-2015. It discusses trends in key shipping segments including containerships, tankers, bulk carriers and offshore vessels. For containerships, demand is expected to remain high for large vessels above 12,000 TEU due to cost savings. Newbuilding contracting is forecast to reach 1.9 million TEU in 2015 with a focus on vessels over 16,000 TEU. Overall containership fleet growth is projected to be around 7% in 2015 and 5.5% in 2016.
Tankerska Next Generation - Annual report 2016Ivan Malik
Tankerska Next Generation (TNG) is a shipping company that operates a fleet of 6 medium range (MR) product tankers. In 2016, TNG achieved revenues of 272 million kn (approximately $39.9 million USD), EBITDA of 128 million kn (approximately $18.8 million USD), EBIT of 72.4 million kn (approximately $10.6 million USD), and net profit of 40.6 million kn (approximately $5.9 million USD). The positive financial results were driven by the stable employment of the fleet including time charter contracts and spot market operations.
Golden Ocean reported financial results for Q2 2013 with earnings highlights including EBITDA of $49.5 million and net profit of $43.5 million. Key events were taking delivery of a new capesize vessel called Golden Pearl in Q2, reclassifying two ice-class panamaxes, and making a joint venture investment in Golden Magnum. The company also received a $30 million settlement related to a past charter dispute. Operationally, GOGL has open positions of around 30-80% for 2013-2015 depending on vessel type and is working to refinance debt facilities coming due in early 2014. The macro outlook presentation discussed trends of ongoing but slowing fleet growth being supported by strong demand growth from China
This presentation discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including its fleet of 22 VLGC vessels with an average age of 4.1 years. It also discusses the Helios LPG Pool partnership between Dorian LPG and Phoenix Tankers. Finally, it covers topics like the global LPG market dynamics, increasing US exports and market share, evolving US trade flows, and future LPG expansion capacity.
The document discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including its fleet of 22 vessels with an average age of 3.3 years. It also describes the Helios LPG Pool, a joint venture between Dorian LPG and Phoenix Tankers comprising 27 vessels. The document summarizes LPG fundamentals and supply dynamics, highlighting increased US exports and resilient US production volumes.
Teekay Corporation's Q4-2016 earnings presentation highlights recent financial results across its subsidiaries Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. It also outlines key priorities for 2017/2018, which include completing newbuild financings, delivering growth projects on-time and on-budget, and strengthening financial and operational positions. The presentation provides an overview of Teekay Group's major growth projects through 2020, demonstrating its role in developing oil and gas fields and expanding global LNG and LPG transportation.
The document provides an overview of the global LNG fleet market from 2010-2030. It analyzes market size and trends in LNG carriers, FSRUs, and FLNGs. The global LNG fleet has grown significantly due to increasing LNG trade and production. At the end of 2014, the fleet included over 500 vessels totaling over 70 million cubic meters in capacity. The LNG orderbook currently represents 40% of the existing fleet. The report also profiles major companies in the LNG fleet industry such as GTT, Höegh LNG Holdings, and Teekay LNG Partners.
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
This document provides a market summary and outlook for the global shipping industry in mid-2015. It discusses trends in key shipping segments including containerships, tankers, bulk carriers and offshore vessels. For containerships, demand is expected to remain high for large vessels above 12,000 TEU due to cost savings. Newbuilding contracting is forecast to reach 1.9 million TEU in 2015 with a focus on vessels over 16,000 TEU. Overall containership fleet growth is projected to be around 7% in 2015 and 5.5% in 2016.
Tankerska Next Generation - Annual report 2016Ivan Malik
Tankerska Next Generation (TNG) is a shipping company that operates a fleet of 6 medium range (MR) product tankers. In 2016, TNG achieved revenues of 272 million kn (approximately $39.9 million USD), EBITDA of 128 million kn (approximately $18.8 million USD), EBIT of 72.4 million kn (approximately $10.6 million USD), and net profit of 40.6 million kn (approximately $5.9 million USD). The positive financial results were driven by the stable employment of the fleet including time charter contracts and spot market operations.
Golden Ocean reported financial results for Q2 2013 with earnings highlights including EBITDA of $49.5 million and net profit of $43.5 million. Key events were taking delivery of a new capesize vessel called Golden Pearl in Q2, reclassifying two ice-class panamaxes, and making a joint venture investment in Golden Magnum. The company also received a $30 million settlement related to a past charter dispute. Operationally, GOGL has open positions of around 30-80% for 2013-2015 depending on vessel type and is working to refinance debt facilities coming due in early 2014. The macro outlook presentation discussed trends of ongoing but slowing fleet growth being supported by strong demand growth from China
This presentation discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including its fleet of 22 VLGC vessels with an average age of 4.1 years. It also discusses the Helios LPG Pool partnership between Dorian LPG and Phoenix Tankers. Finally, it covers topics like the global LPG market dynamics, increasing US exports and market share, evolving US trade flows, and future LPG expansion capacity.
The document discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including its fleet of 22 vessels with an average age of 3.3 years. It also describes the Helios LPG Pool, a joint venture between Dorian LPG and Phoenix Tankers comprising 27 vessels. The document summarizes LPG fundamentals and supply dynamics, highlighting increased US exports and resilient US production volumes.
Teekay Corporation's Q4-2016 earnings presentation highlights recent financial results across its subsidiaries Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. It also outlines key priorities for 2017/2018, which include completing newbuild financings, delivering growth projects on-time and on-budget, and strengthening financial and operational positions. The presentation provides an overview of Teekay Group's major growth projects through 2020, demonstrating its role in developing oil and gas fields and expanding global LNG and LPG transportation.
The document provides an overview of the global LNG fleet market from 2010-2030. It analyzes market size and trends in LNG carriers, FSRUs, and FLNGs. The global LNG fleet has grown significantly due to increasing LNG trade and production. At the end of 2014, the fleet included over 500 vessels totaling over 70 million cubic meters in capacity. The LNG orderbook currently represents 40% of the existing fleet. The report also profiles major companies in the LNG fleet industry such as GTT, Höegh LNG Holdings, and Teekay LNG Partners.
Teekay Tankers reported adjusted net loss of $1.5 million for Q3-2016. Spot tanker rates reached 3-year lows in Q3 due to seasonal factors but have improved in Q4 with stronger oil demand and returning oil supply. While fleet growth remains elevated in 2017, fundamentals point to a more positive tanker market in 2018 with moderating fleet growth and increasing oil supply and demand.
GAO Report 14-667 on Need for Possible Federal Regulation of Small Natural Ga...Marcellus Drilling News
A report from the U.S. Government Accountability Office titled "OIL AND GAS TRANSPORTATION: Department of Transportation Is Taking Actions to Address Rail Safety, but Additional Actions Are Needed to Improve Pipeline Safety." The report recommends the federal government get involved with regulating smaller gathering pipelines used to connect natural gas and oil wells to larger pipelines. Those lines are now either not regulated, or regulated by the individual states.
Teekay Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
- Teekay LNG Partners generated distributable cash flow of $60.1 million in Q1-2014, an increase of 12% from Q1-2013. It declared a quarterly cash distribution of $0.6918 per unit.
- Teekay LNG signed a letter of intent for a new 50/50 joint venture to provide six icebreaker LNG carriers for the Yamal LNG project in Russia for a total investment of $1 billion.
- LNG shipping rates have declined due to a growing fleet size outpacing new LNG supply, though the market is expected to tighten again from 2016 as new export projects come online.
- Teekay LNG Partners presented its Q4-2016 earnings and provided an outlook for 2017.
- In Q4-2016, Teekay LNG generated distributable cash flow of $50.2 million and cash flow from vessel operations of $114.5 million.
- Teekay LNG completed $1.7 billion in debt and equity financings in Q4-2016 to fund its growth projects, increasing its pro forma liquidity to $446 million.
The document discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including that it has a fleet of 22 vessels with an average age of 4.1 years. 18 of the vessels participate in the Helios LPG Pool, a joint venture with Phoenix Tankers. The document also outlines Dorian LPG's experienced management team and premium very large gas carrier fleet.
The document discusses Shell's support for developing an International Standard for Maritime Pilot Organizations (ISPO). It notes that maritime pilots play an important role in safe passage and that their role has evolved with technology changes. Shell values both the tradition of pilots and their integral role in safety. It believes collaboration can drive positive change. A consistent, transparent global standard for maritime pilotage activities would further embed pilots as a critical element in the reliable maritime industry. Developing an ISPO could help achieve this.
- Teekay LNG Partners generated $43.2 million in distributable cash flow and $109.2 million in cash flow from vessel operations in Q1 2017.
- They took delivery of their third MEGI LNG carrier and a 50% owned mid-size gas carrier. They also recently acquired two additional mid-size gas carriers.
- Financing is on track for their remaining growth projects, with $1.3 billion in debt financing already secured or in process for projects delivering through 2018.
An introduction to the maritime economics 2017Abdulla Wanis
1) The document provides an introduction to shipping economics, describing key ship types including bulk carriers, general cargo ships, tankers, and specialized vessels. It also outlines the four shipping markets of new buildings, freight, sale and purchase, and demolition.
2) Bulk cargo and general cargo trades are discussed, including characteristics of each. Common chartering terms like time charter and voyage charter are also introduced.
3) The shipping cycle and its relationship to the broader business cycle are summarized, with the four stages of the shipping cycle being peak-up, peak, downturn, and trough. Freight rates link supply and demand in the shipping markets over time.
Teekay Tankers First Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported improved financial results in Q1 2014 compared to Q1 2013, with adjusted net income of $0.20 per share versus a net loss of $0.04 per share previously. The company benefited from the highest Suezmax and Aframax spot tanker rates since 2010. In other developments, Teekay Tankers sold two VLCCs it had acquired for $154 million, realizing a 12% annual return on its original investment. Additionally, it agreed to acquire a 50% stake in Teekay Corporation's commercial and technical management operations for $15.6 million to expand its tanker services platform.
This document provides an overview of Teekay LNG Partners' investor day presentation. It highlights the company's $11 billion in forward fee-based revenues from its LNG and LPG shipping businesses. It also discusses growth opportunities from new LNG export projects in the US and other regions, underpinned by strong Asian demand. The presentation outlines Teekay LNG's competitive advantages including its scale, innovative MEGI LNG carriers, strategic partnerships, and reliable operational performance.
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
The document provides an earnings presentation for Q2 2013 by Navios Maritime Acquisition Corporation (NNA). It discusses NNA's recent acquisitions totaling $342 million which added 12 vessels to its fleet. It also outlines NNA's growth strategy, strong liquidity position, and low cost structure providing a cash flow cushion. Recent fleet developments include the delivery of 10 vessels in 2013 including chartering arrangements which provide stable cash flow.
Linux is a fully-featured open source operating system based on Unix. It was created by Linus Torvalds in 1991 and has since grown in popularity. Linux uses a kernel to manage hardware resources and runs on multiple hardware platforms. Users interact with Linux through a shell and can execute commands, manage files and directories, and perform other tasks. Common Linux commands include ls, cd, pwd, cp, and more.
La Unión Europea ha anunciado nuevas sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen prohibiciones de viaje y congelamiento de activos para más funcionarios rusos, así como restricciones a las importaciones de productos rusos de acero y tecnología. Los líderes de la UE esperan que estas medidas adicionales aumenten la presión económica sobre Rusia y la disuadan de continuar su guerra contra Ucrania.
Navios Maritime Holdings Inc. presented its Q2 2013 earnings and growth strategy. The presentation discussed Navios Holdings' fleet of drybulk carriers and tankers, as well as its subsidiaries Navios Maritime Acquisition Corp. and Navios Maritime Partners L.P. It provided financial details on revenues, expenses, and dividends. The presentation also outlined Navios Holdings' chartering strategy of balancing fixed period charters and profit sharing to generate stable cash flow while allowing upside from rising market rates. Plans for vessel acquisitions through Navios Asia LLC and the formation of Navios Europe Inc. in partnership with HSH Nordbank AG were also summarized.
The document provides guidance on welding preparation, execution, quality control, and avoiding mistakes for site welding. Key points include:
- Properly prepare the welding area with the necessary equipment arranged and work space cleaned.
- Follow welding standards for preparation such as grinding edges, electrode heating and storage, and allowing proper space between parts.
- Control welding parameters like current levels based on material thickness and welding process.
- Inspect welds visually and through non-destructive testing to check for defects and ensure quality meets standards.
- Common mistakes involve poor preparation, incorrect welding techniques, and connection errors that can be avoided by taking time and following guidelines.
This document discusses various types of weld discontinuities and defects including misalignment, undercut, insufficient fill, excessive reinforcement, overlap, burn-through, incomplete penetration, incomplete fusion, arc strikes, and inclusions such as slag, wagontracks, and tungsten. Each discontinuity or defect is defined, potential causes are identified, methods for prevention are provided, and repair techniques are described. The document serves as a reference for identifying and addressing common weld problems and defects.
The document discusses Japan's national initiatives to reduce ship emissions and meet global emission challenges. It outlines 19 research projects led by ClassNK involving industry and government partners, aimed at developing technologies to reduce CO2 emissions from ships by 30%. Key areas of focus include optimizing hull design, reducing hull and propeller friction, improving engine and propulsion efficiencies, capturing waste heat, and utilizing hybrid and renewable energy systems. It provides examples of technologies under development and estimates their potential impacts on fuel consumption and emissions reductions.
The document discusses various types of discontinuities and defects that can occur in welding, including cracks, porosity, inclusions, insufficient penetration, and more. It defines discontinuities as interruptions in material structure that are not necessarily defects, while defects render a part unable to meet standards. Causes, preventions, and potential repairs are provided for each issue. Engineering problems can arise from design mistakes, while weld process issues relate to techniques and metallurgy.
Teekay Tankers reported adjusted net loss of $1.5 million for Q3-2016. Spot tanker rates reached 3-year lows in Q3 due to seasonal factors but have improved in Q4 with stronger oil demand and returning oil supply. While fleet growth remains elevated in 2017, fundamentals point to a more positive tanker market in 2018 with moderating fleet growth and increasing oil supply and demand.
GAO Report 14-667 on Need for Possible Federal Regulation of Small Natural Ga...Marcellus Drilling News
A report from the U.S. Government Accountability Office titled "OIL AND GAS TRANSPORTATION: Department of Transportation Is Taking Actions to Address Rail Safety, but Additional Actions Are Needed to Improve Pipeline Safety." The report recommends the federal government get involved with regulating smaller gathering pipelines used to connect natural gas and oil wells to larger pipelines. Those lines are now either not regulated, or regulated by the individual states.
Teekay Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
- Teekay LNG Partners generated distributable cash flow of $60.1 million in Q1-2014, an increase of 12% from Q1-2013. It declared a quarterly cash distribution of $0.6918 per unit.
- Teekay LNG signed a letter of intent for a new 50/50 joint venture to provide six icebreaker LNG carriers for the Yamal LNG project in Russia for a total investment of $1 billion.
- LNG shipping rates have declined due to a growing fleet size outpacing new LNG supply, though the market is expected to tighten again from 2016 as new export projects come online.
- Teekay LNG Partners presented its Q4-2016 earnings and provided an outlook for 2017.
- In Q4-2016, Teekay LNG generated distributable cash flow of $50.2 million and cash flow from vessel operations of $114.5 million.
- Teekay LNG completed $1.7 billion in debt and equity financings in Q4-2016 to fund its growth projects, increasing its pro forma liquidity to $446 million.
The document discusses Dorian LPG, a liquefied petroleum gas shipping company. It provides an overview of the company, including that it has a fleet of 22 vessels with an average age of 4.1 years. 18 of the vessels participate in the Helios LPG Pool, a joint venture with Phoenix Tankers. The document also outlines Dorian LPG's experienced management team and premium very large gas carrier fleet.
The document discusses Shell's support for developing an International Standard for Maritime Pilot Organizations (ISPO). It notes that maritime pilots play an important role in safe passage and that their role has evolved with technology changes. Shell values both the tradition of pilots and their integral role in safety. It believes collaboration can drive positive change. A consistent, transparent global standard for maritime pilotage activities would further embed pilots as a critical element in the reliable maritime industry. Developing an ISPO could help achieve this.
- Teekay LNG Partners generated $43.2 million in distributable cash flow and $109.2 million in cash flow from vessel operations in Q1 2017.
- They took delivery of their third MEGI LNG carrier and a 50% owned mid-size gas carrier. They also recently acquired two additional mid-size gas carriers.
- Financing is on track for their remaining growth projects, with $1.3 billion in debt financing already secured or in process for projects delivering through 2018.
An introduction to the maritime economics 2017Abdulla Wanis
1) The document provides an introduction to shipping economics, describing key ship types including bulk carriers, general cargo ships, tankers, and specialized vessels. It also outlines the four shipping markets of new buildings, freight, sale and purchase, and demolition.
2) Bulk cargo and general cargo trades are discussed, including characteristics of each. Common chartering terms like time charter and voyage charter are also introduced.
3) The shipping cycle and its relationship to the broader business cycle are summarized, with the four stages of the shipping cycle being peak-up, peak, downturn, and trough. Freight rates link supply and demand in the shipping markets over time.
Teekay Tankers First Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported improved financial results in Q1 2014 compared to Q1 2013, with adjusted net income of $0.20 per share versus a net loss of $0.04 per share previously. The company benefited from the highest Suezmax and Aframax spot tanker rates since 2010. In other developments, Teekay Tankers sold two VLCCs it had acquired for $154 million, realizing a 12% annual return on its original investment. Additionally, it agreed to acquire a 50% stake in Teekay Corporation's commercial and technical management operations for $15.6 million to expand its tanker services platform.
This document provides an overview of Teekay LNG Partners' investor day presentation. It highlights the company's $11 billion in forward fee-based revenues from its LNG and LPG shipping businesses. It also discusses growth opportunities from new LNG export projects in the US and other regions, underpinned by strong Asian demand. The presentation outlines Teekay LNG's competitive advantages including its scale, innovative MEGI LNG carriers, strategic partnerships, and reliable operational performance.
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
The document provides an earnings presentation for Q2 2013 by Navios Maritime Acquisition Corporation (NNA). It discusses NNA's recent acquisitions totaling $342 million which added 12 vessels to its fleet. It also outlines NNA's growth strategy, strong liquidity position, and low cost structure providing a cash flow cushion. Recent fleet developments include the delivery of 10 vessels in 2013 including chartering arrangements which provide stable cash flow.
Linux is a fully-featured open source operating system based on Unix. It was created by Linus Torvalds in 1991 and has since grown in popularity. Linux uses a kernel to manage hardware resources and runs on multiple hardware platforms. Users interact with Linux through a shell and can execute commands, manage files and directories, and perform other tasks. Common Linux commands include ls, cd, pwd, cp, and more.
La Unión Europea ha anunciado nuevas sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen prohibiciones de viaje y congelamiento de activos para más funcionarios rusos, así como restricciones a las importaciones de productos rusos de acero y tecnología. Los líderes de la UE esperan que estas medidas adicionales aumenten la presión económica sobre Rusia y la disuadan de continuar su guerra contra Ucrania.
Navios Maritime Holdings Inc. presented its Q2 2013 earnings and growth strategy. The presentation discussed Navios Holdings' fleet of drybulk carriers and tankers, as well as its subsidiaries Navios Maritime Acquisition Corp. and Navios Maritime Partners L.P. It provided financial details on revenues, expenses, and dividends. The presentation also outlined Navios Holdings' chartering strategy of balancing fixed period charters and profit sharing to generate stable cash flow while allowing upside from rising market rates. Plans for vessel acquisitions through Navios Asia LLC and the formation of Navios Europe Inc. in partnership with HSH Nordbank AG were also summarized.
The document provides guidance on welding preparation, execution, quality control, and avoiding mistakes for site welding. Key points include:
- Properly prepare the welding area with the necessary equipment arranged and work space cleaned.
- Follow welding standards for preparation such as grinding edges, electrode heating and storage, and allowing proper space between parts.
- Control welding parameters like current levels based on material thickness and welding process.
- Inspect welds visually and through non-destructive testing to check for defects and ensure quality meets standards.
- Common mistakes involve poor preparation, incorrect welding techniques, and connection errors that can be avoided by taking time and following guidelines.
This document discusses various types of weld discontinuities and defects including misalignment, undercut, insufficient fill, excessive reinforcement, overlap, burn-through, incomplete penetration, incomplete fusion, arc strikes, and inclusions such as slag, wagontracks, and tungsten. Each discontinuity or defect is defined, potential causes are identified, methods for prevention are provided, and repair techniques are described. The document serves as a reference for identifying and addressing common weld problems and defects.
The document discusses Japan's national initiatives to reduce ship emissions and meet global emission challenges. It outlines 19 research projects led by ClassNK involving industry and government partners, aimed at developing technologies to reduce CO2 emissions from ships by 30%. Key areas of focus include optimizing hull design, reducing hull and propeller friction, improving engine and propulsion efficiencies, capturing waste heat, and utilizing hybrid and renewable energy systems. It provides examples of technologies under development and estimates their potential impacts on fuel consumption and emissions reductions.
The document discusses various types of discontinuities and defects that can occur in welding, including cracks, porosity, inclusions, insufficient penetration, and more. It defines discontinuities as interruptions in material structure that are not necessarily defects, while defects render a part unable to meet standards. Causes, preventions, and potential repairs are provided for each issue. Engineering problems can arise from design mistakes, while weld process issues relate to techniques and metallurgy.
Defectos y discontinuidades de la soldadura (Ensayo no destructivos )Gabriel Ortiz Gallardo
Las imperfecciones pueden existir tanto en el metal
de soldadura como en el metal base; son
generalmente descritas como discontinuidades. Las
discontinuidades existen en un número de formas
diferentes, incluyendo fisuras, falta de fusión, falta
de penetración, inclusiones, porosidad, socavación y
otras... conociendo como pueden formarse estas
discontinuidades, el inspector de soldadura puede
tener éxito en detectar estas causas y prevenir
problemas
The document provides an overview of TIG (GTAW) welding. It involves using a tungsten electrode to generate an electric arc that melts the materials to be welded. The welding area is shielded with an inert gas like argon to prevent contamination. TIG welding allows for good control and produces high quality welds, making it suitable for thin metals. However, it is more complex and difficult to learn than other welding techniques. It requires maintaining a small arc gap and feeding a filler rod with one hand while operating the torch with the other.
The document discusses different types of welding processes including arc welding, TIG welding, and MIG welding. Arc welding uses an electric arc to melt metals and is also known as stick welding. TIG welding uses a nonconsumable tungsten electrode and inert gas and is suitable for high quality welding. MIG welding uses wire fed from a spool and is a semiautomatic process commonly used for steel. The document also provides safety tips for each process such as protective clothing, eyewear, and avoiding breathing in fumes.
The document discusses Hellenic Carriers Limited's financial results for 2013 and outlook. It notes that while revenue and earnings declined from 2012, utilization increased. The company recently expanded its fleet through acquisitions of two new Kamsarmax vessels and one Supramax vessel. It believes the dry bulk market is showing signs of sustained recovery as demand growth outpaces supply additions. With its expanded fleet trading on the spot market, Hellenic is well positioned to benefit from an expected market turnaround in 2014.
Goldenport Holdings Inc presented results for the full year 2013. Key points include:
- Revenue decreased 19.6% to $62.9 million due to lower charter rates. EBITDA fell 13.6% to $21 million.
- The company acquired a 1998-built container vessel for $6 million and sold older vessels, using proceeds to repay debt.
- Short-term time charters of 3-6 months were employed in anticipation of a market recovery.
- The dry bulk carrier market showed early signs of recovery in late 2013 and fundamentals point to improving rates in 2014.
- The company is positioned to benefit from an expected market upturn by rebalancing its fleet toward dry bulk
The document summarizes the company's second quarter 2013 financial results conference call.
1) The company took delivery of two new container ships in the quarter and extended charter agreements for three existing ships.
2) The company reported a 44.4% increase in net income compared to the same quarter last year, and declared a dividend.
3) Under a framework agreement, the company acquired three secondhand ships which were chartered out for periods of 1-2 years.
- The presentation summarizes Paragon Shipping's Q1 2013 earnings conference call. It discusses financial highlights such as revenues, EBITDA, and losses. It also provides an operational update and industry outlook.
- Paragon delivered its third Handysize newbuilding and completed a debt restructuring during Q1 2013. It transitioned to NASDAQ and has a contracted revenue backlog of $26.1 million.
- The drybulk market conditions remained challenging in Q1 2013 but signs of a recovery are expected in the future as the orderbook shrinks and demand growth continues. Paragon is well positioned to benefit from an improving market.
Goldenport Holdings Inc. reported financial results for the first quarter of 2014, with revenue decreasing 16.2% to $12.4 million and a net loss of $1.8 million. The company plans to increase its exposure to small and medium dry bulk carriers while reducing its containership fleet. For the dry bulk market, fundamentals indicate demand growth outpacing supply growth, supporting rate increases. The company will employ short-term time charters and maintain a young, fuel efficient fleet to position itself for recovery in dry bulk and container markets.
This presentation summarizes Paragon Shipping Inc.'s earnings conference call for the second quarter and first six months of 2013. It includes highlights such as net revenue of $13.9 million for Q2 2013, EBITDA of $6.2 million for Q2 2013, and signing a $69 million credit facility with China Development Bank. It also provides an agenda, drybulk market overview, financial updates, and an investment summary emphasizing Paragon's financing, fleet growth, diversification, and positioning to take advantage of an expected market recovery in 2014.
GasLog investor day presentation September 2013TradeWindsnews
- The presentation provides an overview of GasLog Ltd. and their investor day activities
- It discusses GasLog's business strategy, growth trajectory, and portfolio of LNG shipping vessels
- An external speaker then provides context on the growing LNG market and shipping demand outlook
Bumi Armada reported higher revenue and earnings for the first half of 2013 compared to the same period in 2012. Revenue increased 22% to RM970 million driven by growth across all business segments, including higher FPSO client volumes and new OSV vessels. EBITDA rose 34.8% to RM221.6 million due to revenue growth and lower finance costs. The order backlog remains strong at RM7.5 billion in firm contracts and RM4.3 billion in optional extensions, positioning Bumi Armada for continued growth.
This document provides an earnings presentation for Teekay LNG Partners L.P. for the second quarter of 2013. Some key highlights include:
- Generated $55.4 million in distributable cash flow for Q2 2013 and declared a quarterly distribution of $0.675 per unit.
- Entered into an agreement to acquire an LNG carrier newbuilding from Awilco LNG, with options for a second vessel, under long-term bareboat charter contracts.
- Secured 5-year time charters for two new MEGI LNG carriers with Cheniere Marketing commencing in 2016.
- Exercised options to order two additional MEGI LNG carriers and options remain
This document provides an earnings presentation for Teekay LNG Partners L.P. for the second quarter of 2013. Some key highlights include:
- The partnership generated $55.4 million in distributable cash flow for Q2 2013 and declared a quarterly cash distribution of $0.675 per unit.
- They entered into an accretive purchase-leaseback transaction with Awilco LNG for up to two LNG carriers.
- Several new LNG and LPG projects were announced that will contribute to growth.
- Two new MEGI LNG carriers were chartered to Cheniere Marketing LLC commencing delivery in 2016.
- The partnership continues to diversify its sources of
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution and reported an adjusted net loss of $0.08 per share. Crude tanker rates weakened in Q2 due to seasonal and structural factors, while LR2 product tanker rates also softened. However, Suezmax rates have firmed in early Q3. The period of rapid crude tanker fleet growth is coming to an end, which sets up a better supply/demand balance in 2014. Teekay Tankers' financial position remains strong with $256 million in total liquidity.
This presentation by the University of Piraeus discusses crisis management in the shipping industry. It notes that the current industry downturn is driven by high supply growth and may last until supply and demand are back in equilibrium in 2013 or beyond. Many shipping companies have no equity left due to declining asset values and insufficient charter rates to cover costs. The presentation examines options for companies including paying down debt, selling assets, and restructuring with banks. It also looks at sources of funding such as private equity and capital markets. In conclusion, it emphasizes the importance of maintaining cash flow during the difficult market conditions.
- The company reported financial results for the second quarter of 2013 with increases in revenue, adjusted net income, adjusted EBITDA, and daily vessel operating expenses compared to the same period in 2012.
- Net revenue increased to $26.6 million from $23.7 million year-over-year due to higher charter rates and vessel utilization. Adjusted EBITDA rose to $15.1 million from $11.4 million.
- Daily vessel operating expenses increased slightly to $4,414 per day compared to $4,350 per day in the second quarter of 2012.
- The company reported solid results for Q1 2013, with good performance in several regions offset by some planned dry-docking and lower vessel utilization.
- 2013 guidance was re-iterated, with revenue and earnings expected to show progress despite some project delays and seasonal utilization patterns.
- The company has a record backlog above $10 billion and sees growth opportunities across all its markets, though some industry projects have been postponed.
Ocean Carriers Inc. is evaluating commissioning a new capesize vessel to meet a potential charterer's needs. They must decide whether to accept the 3-year charter, register the ship in New York or Hong Kong, and operate it for 15 or 25 years. Registering in Hong Kong and operating for 25 years yields the highest NPV and IRR due to no taxation in Hong Kong. The company's current policy of operating ships for only 15 years results in significant capital losses, so operating for the full 25 years is recommended.
This document provides a summary of Safe Bulkers' 2013 first quarter financial results and industry conditions. It notes that Safe Bulkers currently has a fleet of 26 vessels transporting dry bulk commodities on both long-term charters and in the spot market. The document reviews positive market conditions including growing iron ore and grain demand and a stabilizing secondhand vessel market. It also summarizes Safe Bulkers' strategy of opportunistic fleet expansion and maintaining low operating expenses.
This document provides an annual report and management discussion and analysis for Claude Resources Inc. for the year ending December 31, 2012. Key highlights include:
- Gold production of 49,570 ounces at the Seabee Gold Operation, a 10% increase over 2011.
- Proven and probable reserves of 311,100 ounces of gold and measured and indicated resources of 344,200 ounces as of December 31, 2012.
- Revenue of $80.8 million from the sale of 48,672 ounces of gold at an average price of $1,660 per ounce.
- Net profit of $5.6 million and cash flow from operations of $25.8 million.
- Ongo
This document summarizes a newsletter from the China-Europe Commercial Collaboration Association (CECCA) that includes the following articles:
1. An analysis questioning the usefulness of long-term shipping forecasts, using a 10-year forecast from Lloyd's List Intelligence as an example.
2. An interview with Professor Proshanto K. Mukherjee on issues in Chinese Maritime Law.
3. An article on third-party funding in arbitration and its potential trends and implications for China.
4. Two articles on academic topics: blockchain and smart contracts in shipping, and utmost good faith in English and Chinese law.
5. Brief news items on dry bulk shipping, LNG
The document is the interim financial report of Victoria Oil & Gas PLC for the six months ended 30 November 2013. It includes the Chairman's statement which discusses operational improvements at the Logbaba gas field in Cameroon, including increased production and new customer connections. It also notes a visit by the President of Cameroon and a favorable arbitration ruling. The financial review summarizes the income statement, balance sheet, and cash flows. It shows increased revenue and profitability compared to the prior period. Key investments were made expanding the pipeline network in Cameroon.
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
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MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
2. Disclaimer
Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements reflect
the current views of Hellenic 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 presentation 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 dry-docking, 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 presentation release is not an offer of securities for sale in the United States. The Company's securities have
not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United
States or to a U.S. person absent registration pursuant to, or an applicable exemption from, the registration
requirements under U.S. securities laws.
2
3. 1H 2013 Highlights
2013 Highlights to Date
3
Fleet Expansion
Delivery of two new building Kamsarmax vessels contracted in 2010
Acquisition of a modern Supramax to be delivered in Q4 2013
Improved Fleet Profile
By end 2013 the Company will operate a fleet of 6 vessels of 384,864dwt
capacity and average age of 9.9 years compared to 3 vessels of 169,116 dwt
capacity and average age of 15.5 years in December 2012
Increased Earning Capacity
With an operating fleet of 6 ships by year end 2013, the Company is well
positioned to benefit from the earnings generation capacity of a bigger and
more modern fleet
Stronger Freight Market
Addition of the 3 new ships1
during the strong Q4
None of the ships are committed under long term charters and can benefit from
the improved freight rates
Secured Financing
Utilization of funds from the sale of two older Panamaxes in 2012 and
improvement of terms of the existing loan facilities through the replacement of
the sold vessels by one of the Kamsarmaxes and the acquired Supramax
(1)
The new ships are the two new building Kamsarmax vessels already delivered plus one modern second hand Supramax vessel.
4. Operational Highlights
4
Fleet Renewal and Expansion – Recent Events
1
Delivery of New Building M/V Odysseas
81,662dwt Kamsarmax, built 2013 China Delivered to Owners on 12 August 2013
Contracted in June 2010 at US$ 34.2 million Final adjusted purchase price of US$ 26.28 million
Delivery of New Building M/V Konstantinos II
81,698dwt Kamsarmax, built 2013 China Delivered to Owners on 25 September 2013
Contracted in June 2010 at US$ 34.2 million Final adjusted purchase price of US$ 26.28 million
Acquisition of Second Hand Supramax
52,388dwt Supramax Built 2004, Tsuneishi, Japan
Delivery expected during 4Q 2013 Purchase price of US$ 16.16 million
(1) These are events which occurred after the financial period in review.
5. Financial Highlights
5
Revenue of US$ 3.9 million with an average fleet of 3 vessels (H1 2012: US$ 8.9 million with an
average fleet of 4.8 vessels)
Operating loss before non-cash items of US$ 4.6 million (H1 2012: US$ 4.8 million)
Net loss of US$ 6.8 million (H1 2012: US$ 9.2 million)
Total cash1 of US$ 40.3 million (Year end 2012: US$ 47.7 million)
Net debt of US$ 39.8 million (Year end 2012: US$ 34.6 million)
1H 2013 Financial Highlights
Financing Activities
Secure Financing:
Transfer of the Hellenic Sky sale proceeds coupled with US$ 2.2 million new debt towards the
acquisition of one Kamsarmax vessel in September 2013
Transfer of the Hellenic Sea sale proceeds coupled with US$ 2.5 million new debt towards the
acquisition of a Supramax vessel to be delivered in Q4 2013
Amelioration of terms of the existing loan agreements:
Extension of two of the existing facilities’ tenor for 4 and 5 years respectively
Improved debt repayment due to the incorporation of younger vessels in the existing debt
profile
(1) Including restricted cash
6. Hellenic’s Fleet
6
Hellenic’s Fleet
Vessel Type Dwt Built Shipyard Flag
M/V Odysseas Kamsarmax 81,662 2013 Zhejiang Ouhua, China Liberia
M/V Konstantinos II Kamsarmax 81,698 2013 Zhejiang Ouhua, China Liberia
M/V Hellenic Wind Panamax 73,981 1997 Tsuneishi, Japan Liberia
M/V Konstantinos D Supramax 50,326 2000 Mitsui, Japan Liberia
M/V Hellenic Horizon Handymax 44,809 1995 Halla Engineering, Korea Greece
Hellenic Carriers currently operates a fleet of five vessels:
Two Kamsarmaxes, one Panamax, one Supramax, one Handymax
With an aggregate carrying capacity of 332,476 dwt and a weighted average age of 9.8 years
The Company, through one of its subsidiaries, has entered into an agreement to acquire one modern,
second hand Supramax (52,388 dwt, built 2004 at Tsuneishi, Japan)
The vessel is expected to be delivered during 4Q 2013 or latest January 2014
Upon delivery, Hellenic will operate a fleet of 6 vessels with an aggregate carrying capacity of 384,864
dwt and a weighted average age of 9.9 years
7. Hellenic’s Share Price
7
12 Month volume and share price6 Month volume and share price
Hellenic’s Share Price
From a level of 16.00p a year ago, Hellenic’s share price has risen to 46.00p at the end of September 2013,
marking a significant increase which outperforms all FTSE relevant indices (see graphs below)
9. Freight Markets
Baltic Dry Index (BDI)
Low High Average
1H 2013 698 02/01 1,171 28/06 842
1H 2012 647 03/02 1,624 03/01 943
Freight markets remained depressed during 1H 2013,
BDI averaged 842 points in 1H 2013, down 11% from
1H 2012
2012 was the weakest year for the BDI in 26 years
Source: Clarkson Research Services
9
Freight Markets during H1 2013
Average TC Rates remained in the single digit range during 1H
2013, improving during 3Q 2013
The Supramax sector has outperformed the Panamax and
Capesize sectors on average during 1H 2013
Average T/C Equivalent Rates (US$/day)
Capesize Panamax Supramax
1H 2013 6,087 7,412 8,711
1H 2012 6,616 8,797 9,946
10. Freight Markets continued
10
Freight Markets during Q3 2013
During Q3 2013, the BDI averaged 1,292 points
For the month of September 2013 the BDI averaged at
1,681 with a peak of 2,127 on 25.09.2013
Average TC rates have shown improvement during Q3 2013
539% up for Capesize, 92% up for Panamax and 23% up for
Supramax compared with H1 2013 averages
Average T/C Equivalent Rates (US$/day)
Capesize Panamax Supramax
3Q 2013 19,178 8,840 8,810
September 38,875 14,250 10,700
Baltic Dry Index (BDI)
Low High Average
3Q 2013 996 12/08 2,127 25/09 1,292
September 1,139 02/09 2,127 25/09 1,681
11. Dry Bulk Fleet Outlook
Sources: Clarkson Research Services, RS Platou
Dry Bulk Supply
11
Deliveries & Deletions
(mdwt) 1H 2013 1H 2012
NB Deliveries 36.15 61.9
Scrapping 13.21 17.6
3% net fleet growth in 1H 2013 (1H 2012: 7% net fleet growth)
42% decrease in new building deliveries (36.15mdwt) and 25%
decrease in scrapping levels (13.21mdwt) from 1H 2012
Preliminary forecast for around 8% net fleet growth in 2013 taking
into account slippage of new building deliveries and further
scrapping of existing tonnage (2012: 11% net fleet growth)
The orderbook for 2014 stands at around 48mdwt, assuming
scrapping of about 12mdwt, we estimate a net fleet growth of
around 5%
12. Dry Bulk Fleet Outlook continued
The orderbook at the end of 1H 2013 stood at a total of
124.5mdwt, representing about 18% of the current fleet,
scheduled for delivery until 2015
58.3mdwt are scheduled for delivery 2H 2013, and deliveries
are expected to start easing off significantly from 2014
70mdwt, approximately 10% of the current fleet, is over 20
years of age, while 371mdwt or about 53% of the current fleet
is up to 4 years of age
Source: Clarkson Research Services
12
The Orderbook
Orderbook as at end 1H 2013
Mdwt Handysize Handymax Panamax Capesize Total
2H 2013 5.1 13.4 20.4 19.4 58.3
2014 4.3 9.6 13.2 14.5 41.6
2015+ 2.7 5.5 3.5 12.8 24.5
Total 12.1 28.6 37.1 46.6 124.5
13. Dry Bulk Market Outlook
Cargo Demand Remains Strong
Iron ore trade expected to grow 6% in 2013 to
reach 1,176 million tonnes
Year to date Chinese imports rose 20% of which:
Thermal coal trade up 8% (868 million tonnes) Iron ore increased 9%
Bauxite / Alumina up 16% (125 million tonnes) Coal increased 20%
Minor bulks trade up 5% (1,472 million tonnes) Other bulk cargoes 11%
Global dry bulk seaborne trade remains strong with an expected growth in the region of 5 - 7% for 2013 (4.3 billion tonnes,
compared to 4.1 billion tonnes in 2012), dominated by the transport of iron ore and coal.
Source: Clarksons Research Services
13
15. Income Statement Highlights
15
Income Statement (US$’000) 30/06/2013 30/06/2012
Revenue 3,937 8,909
Voyage expenses (355) (2,447)
Vessel operating expenses (2,856) (4,669)
Management fees – related party (396) (627)
General and administrative expenses (832) (713)
EBITDA (502) 453
Depreciation (3,376) (4,400)
Depreciation of dry-docking costs (719) (859)
Operating loss before non-cash items (4,597) (4,806)
Gain on sale of vessel - 2,299
Impairment loss - (4,130)
Operating loss (4,597) (6,637)
Net Finance cost (2,183) (2,534)
Loss for the period (6,780) (9,171)
LPS (basic and diluted) (US$) (0.15) (0.20)
16. Operational Information
Operational Information 30/06/2013 30/06/2012
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 ownership days(1) 543 865
Total available days (2) 509 775
Total operating days (3) 502 704
Fleet Utilisation(4) 98.6% 90.8%
Average daily results in US$
TCE(5) 7,038 8,338
Average daily operating expenses(6) 5,260 5,397
(1) Ownership days are the aggregate number of days during a period which each vessel in the fleet has been owned by the respective shipowning companies
(2) Available days are Ownership days less days that vessels are off-hire due to scheduled repairs or upgrades and time spent positioning vessels
(3) Operating days are the Available days less all unforeseen off-hires
(4) Fleet utilisation is measured by dividing Operating days by Available days
(5) TCE is calculated as vessel revenues less voyage expenses during a period divided by the Available days during the period
(6) Average daily operating expenses is defined as vessel operating expenses divided by the Ownership days for the period
16
17. Financial Position and Cash Flow Statement Highlights
17
Period ended 30/06/2013 31/12/2012
Key Financials US$’000
Vessels 74,061 77,028
Vessels under construction 29,869 28,877
Cash and cash equivalents 20,905 28,468
Restricted Cash 19,391 19,232
Total Assets 150,760 159,781
Interest bearing bank debt 80,046 82,324
Net debt(1) 39,750 34,624
Total equity 68,094 73,916
Total equity and liabilities 150,760 159,781
Total bank debt / Total assets (Book value) 53.1% 51.5%
Net debt / Total assets (Book value) 26.4% 21.7%
Net debt / Book capitalisation(2) 36.9% 31.9%
Period ended 30/06/2013 30/06/2012
Key Financials US$’000
Cash flow (used in) / provided by operating activities (836) 526
Cash flow (used in) / provided by investing activities (1,784) 8,341
Cash flow used in financing activities (4,943) (15,791)
(1) Net debt is defined as total interest bearing bank debt (net of unamortised arrangement fees) less cash and cash equivalents less restricted cash
(2) Net debt / book capitalisation is defined as net debt divided by the sum of net debt and total equity
18. Hellenic’s Profile
Company History
Hellenic Carriers Limited is a dry bulk shipping company incorporated in Jersey and trading on AIM since
November 2007
Founders’ family involvement in shipping dates back to the early 1950s
First bulk carrier acquisition in 2000
Fleet
Current fleet of 5 vessels - total carrying capacity of 332,476dwt - trading along worldwide routes
transporting coal, iron ore, grains, steel products and other dry bulk cargoes
Diversified fleet - operating in Handymax, Panamax shipping sectors – reduced volatility and greater
flexibility in cargoes and trading routes
Going Forward
Successful steering of the Company through the shipping crisis and timely positioning for the market
upturn
Improved earnings potential with an expanded modern fleet
New vessels acquired at attractive price levels – potential for asset appreciation
Possibility of further growth should the right opportunities arise
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20. Organizational Chart
Audit Committee
Charlotte Stratos – Chairman
Graham Roberts
Dimos Kapouniaridis
Board of Directors
Graham Roberts – Non-executive Chairman
Fotini Karamanli – Chief Executive Officer
Elpida Kyriakopoulou – Chief Financial Officer
Charlotte Stratos – Non-executive Director
Dimos Kapouniaridis – Non-executive Director
Remuneration Committee
Dimos Kapouniaridis – Chairman
Graham Roberts
Charlotte Stratos
Nomination Committee
Graham Roberts – Chairman
Fotini Karamanli
Dimos Kapouniaridis
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21. Non-executive Directors
Name Position Experience
Graham Roberts
Chairman and
Non-executive Director
Previously Chief Executive Officer of PD Ports plc (2002 – 2006), where he directed its flotation
on AIM in 2004 and subsequent sale to Babcock & Brown Infrastructure Ltd in 2005
Previously Chief Executive Officer of London Luton Airport, MTL Ltd and Servisair plc
Held Senior Executive positions at NFC plc (later renamed Exel plc) and was a member of the
Board of Directors from 1989 to 1997
Currently Non-executive Director of Freight Transport Association Limited
Charlotte Stratos Non-executive Director
From 1976 until 1986, held various positions in London and New York with Bankers Trust
Company (now Deutsche Bank)
Established the Representative Office in Greece of Banque Indosuez (1987)
Managing Director and Head of Global Greek Shipping for CALYON Corporate and Investment
Bank of the Credit Agricole Group (1987 - 2007)
Independent Director for Costamare Inc. and of Gyroscopic Fund, a fund of hedge funds
Currently a Senior Advisor to Morgan Stanley’s Investment Banking Division – Global
Transportation Team
Dimos Kapouniaridis Non-executive Director
BA in Economics from Hamilton College, New York
Previously held positions at Dresdner Kleinwort Benson and Salomon Smith Barney
Currently a Senior Director and Co-Head of M&A at Eurobank EFG Equities in Athens
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22. Contacts
Company
Hellenic Carriers Limited
Tel.: +30 210 455 8900
Fax: +30 210 455 8829
info@hellenic-carriers.com
Management
Fotini Karamanli
Chief Executive Officer
fotini.karamanli@hellenic-carriers.com
Elpida Kyriakopoulou
Chief Financial Officer
finance@hellenic-carriers.com
Investor Relations
Capital Link
Nicolas Bornozis – New York - Tel: +1 212 661 7566
Ioanna Messini – London - Tel: +44 (0) 20 3206 1322
helleniccarriers@capitallink.com
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