This document contains the earnings presentation from Tsakos Energy Navigation Ltd's Q2 & 6 Months 2013 Earnings Conference Call. The summary includes:
- For the six months ended June 30, 2013 TEN reported revenues of $205.8 million, EBITDA of $68.1 million (a 10.7% increase over 2012), and a net loss of $0.5 million compared to a $14.5 million loss in 2012.
- As of July 31, 2013 TEN had secured employment for 32 vessels under time charters, representing $316 million in minimum secured revenues through the end of 2013 and into 2014.
- Since listing on the NYSE in 2002, T
- Prosafe reported financial results for Q2 2013 with operating revenues of USD 143.5 million and net profit of USD 54.9 million.
- The company has a high quality North Sea fleet of 7 vessels and is building two new vessels, Safe Boreas and Safe Zephyrus, with deliveries in 2014 and 2015.
- Prosafe has a record high order backlog of USD 1.425 billion due to strong contract inflow, with high visibility through 2019.
Ocean Rig UDW Inc. reported financial results for the first quarter of 2014, with net revenue of $360.8 million and adjusted EBITDA of $172.2 million. The company has a fleet of 11 drillships and semisubmersibles with an average contract length of 2.4 years. Ocean Rig also ordered two new advanced drillships from Samsung Heavy Industries for delivery in 2017. The presentation discusses the company's financial results, contracted fleet status, growth capital expenditures, and positive long-term outlook for the ultra-deepwater drilling industry.
This document summarizes a proposed $3.7 billion Chad-Cameroon petroleum development and pipeline project. It would involve extracting oil from fields in Chad and transporting it via a 1070 km pipeline through Cameroon to the coast for export. Major oil companies like Exxon, Petronas and Chevron would finance the majority of the project costs. The project could generate billions in revenues for Chad and Cameroon but also faces risks like political instability, corruption, and environmental issues that would require oversight and management. There is debate around whether the World Bank should approve financing and involvement given the risks and challenges of ensuring revenues are used effectively to benefit local populations.
1) The document discusses whether the deal for a proposed oil pipeline project between Chad and Cameroon is fair to all parties in terms of returns and risks.
2) It finds that the World Bank's 10% discount rate used to calculate the net present value of the project does not fully account for political, environmental, and other risks and may underestimate the risks.
3) Private sponsors bear most of the risks related to uncertain oil reserves and prices but stand to gain the largest returns, while Cameroon takes on significant environmental risks but receives appropriate returns given the risks.
The QSE Index in Qatar gained 0.1% on the day. Gains were led by the Real Estate and Banks & Financial Services indices. QNB Group and Barwa Real Estate Co. were the top gainers while Qatar Islamic Bank fell the most. Overall trading activity was lower than the 30-day average. In other GCC markets, indices fell in Saudi Arabia, Dubai, Abu Dhabi, Kuwait, Oman and Bahrain. Global economic data showed mixed results with UK public finances improving but foreign direct investment into China declining more than expected.
This document provides a quarterly outlook on global sukuk markets from Research Institute. It discusses factors impacting the Middle East sukuk space, compares market characteristics of Malaysian and global sukuk, and provides investment strategies for global sukuk markets. Geopolitical issues in Iraq and their impact on oil prices are expected to keep sukuk returns resilient. Total global sukuk issuance is forecast to reach $60-70 billion in 2014, with Q4 historically being the busiest quarter.
Detour Gold is Canada's next intermediate gold producer with its core asset being the Detour Lake mine in Ontario. The mine began production in early 2013 and is expected to produce between 260,000-320,000 ounces of gold in 2013. Detour Gold plans to optimize operations at Detour Lake and pursue organic growth opportunities to expand reserves beyond 20 million ounces through exploration and potential mine expansions. The company's vision is to become a leading intermediate gold producer and premier investment opportunity.
Kirkland Lake Gold is a Canadian gold mining company with operations focused on the Macassa Mine Complex located in Kirkland Lake, Ontario. The document discusses Kirkland Lake Gold's:
1) Updated mineral reserves of 1.5 million ounces at a grade of 0.56 ounces per ton and inferred resources of 1.2 million ounces.
2) Strong financial position with $76.6 million in cash and $120 million in convertible debentures.
3) Q3 2015 production results showing improved mining conditions and 39,722 tons milled at a grade of 0.44 ounces per ton, producing over 91,000 ounces year-to-date.
4) Expectations for
- Prosafe reported financial results for Q2 2013 with operating revenues of USD 143.5 million and net profit of USD 54.9 million.
- The company has a high quality North Sea fleet of 7 vessels and is building two new vessels, Safe Boreas and Safe Zephyrus, with deliveries in 2014 and 2015.
- Prosafe has a record high order backlog of USD 1.425 billion due to strong contract inflow, with high visibility through 2019.
Ocean Rig UDW Inc. reported financial results for the first quarter of 2014, with net revenue of $360.8 million and adjusted EBITDA of $172.2 million. The company has a fleet of 11 drillships and semisubmersibles with an average contract length of 2.4 years. Ocean Rig also ordered two new advanced drillships from Samsung Heavy Industries for delivery in 2017. The presentation discusses the company's financial results, contracted fleet status, growth capital expenditures, and positive long-term outlook for the ultra-deepwater drilling industry.
This document summarizes a proposed $3.7 billion Chad-Cameroon petroleum development and pipeline project. It would involve extracting oil from fields in Chad and transporting it via a 1070 km pipeline through Cameroon to the coast for export. Major oil companies like Exxon, Petronas and Chevron would finance the majority of the project costs. The project could generate billions in revenues for Chad and Cameroon but also faces risks like political instability, corruption, and environmental issues that would require oversight and management. There is debate around whether the World Bank should approve financing and involvement given the risks and challenges of ensuring revenues are used effectively to benefit local populations.
1) The document discusses whether the deal for a proposed oil pipeline project between Chad and Cameroon is fair to all parties in terms of returns and risks.
2) It finds that the World Bank's 10% discount rate used to calculate the net present value of the project does not fully account for political, environmental, and other risks and may underestimate the risks.
3) Private sponsors bear most of the risks related to uncertain oil reserves and prices but stand to gain the largest returns, while Cameroon takes on significant environmental risks but receives appropriate returns given the risks.
The QSE Index in Qatar gained 0.1% on the day. Gains were led by the Real Estate and Banks & Financial Services indices. QNB Group and Barwa Real Estate Co. were the top gainers while Qatar Islamic Bank fell the most. Overall trading activity was lower than the 30-day average. In other GCC markets, indices fell in Saudi Arabia, Dubai, Abu Dhabi, Kuwait, Oman and Bahrain. Global economic data showed mixed results with UK public finances improving but foreign direct investment into China declining more than expected.
This document provides a quarterly outlook on global sukuk markets from Research Institute. It discusses factors impacting the Middle East sukuk space, compares market characteristics of Malaysian and global sukuk, and provides investment strategies for global sukuk markets. Geopolitical issues in Iraq and their impact on oil prices are expected to keep sukuk returns resilient. Total global sukuk issuance is forecast to reach $60-70 billion in 2014, with Q4 historically being the busiest quarter.
Detour Gold is Canada's next intermediate gold producer with its core asset being the Detour Lake mine in Ontario. The mine began production in early 2013 and is expected to produce between 260,000-320,000 ounces of gold in 2013. Detour Gold plans to optimize operations at Detour Lake and pursue organic growth opportunities to expand reserves beyond 20 million ounces through exploration and potential mine expansions. The company's vision is to become a leading intermediate gold producer and premier investment opportunity.
Kirkland Lake Gold is a Canadian gold mining company with operations focused on the Macassa Mine Complex located in Kirkland Lake, Ontario. The document discusses Kirkland Lake Gold's:
1) Updated mineral reserves of 1.5 million ounces at a grade of 0.56 ounces per ton and inferred resources of 1.2 million ounces.
2) Strong financial position with $76.6 million in cash and $120 million in convertible debentures.
3) Q3 2015 production results showing improved mining conditions and 39,722 tons milled at a grade of 0.44 ounces per ton, producing over 91,000 ounces year-to-date.
4) Expectations for
- The Qatar Stock Exchange (QSE) Index declined 0.88% over the week, with trading value and volume decreasing as well. The biggest decliners were Gulf International Services, Ezdan Holding Group, and Qatar Islamic Bank.
- Foreign and Qatari retail investors were net buyers during the week, while Qatari and foreign institutions were net sellers.
- Several companies reported financial results, with Nakilat and United Development Company reporting profits in line with estimates. Qatar's banking sector loan book declined slightly in January while deposits also decreased.
The QE Index rose 1.0% to close at 13,525.0. Gains were led by the Industrials and Banks & Financial Services indices, gaining 1.8% and 0.8%, respectively.
QNBFS Weekly Market Report March 24, 2022QNB Group
The weekly market report provides an overview of market performance and activity in Qatar and other Gulf markets for the week ending March 24, 2022. Key points include:
- The Qatar Stock Exchange index increased 1.75% to close at 13,631.97 points. Trading value declined 23.7% while volume dropped 29.9%.
- Regional indices were mixed for the week, with Qatar, Kuwait and Bahrain up while Dubai and Oman declined.
- Qatar Central Bank raised its repo rate by 25 basis points to 1.25% in response to domestic and international economic developments.
- Qatar provided 24% of Europe's LNG supply in 2021 and is seen as a key
The QE Index declined 2.27% over the week to close at 11,343.38 points. Trading volume increased 11.9% while value traded rose 7.61%. Two real estate companies, BRES and ERES, announced financial results. BRES reported a net profit of QR1.37bn for 2013 and recommended a dividend of QR2.00 per share. ERES reported a net profit of QR1.1bn for 2013 and recommended a dividend of QR0.31 per share, and also acquired over 20% of IHGS shares. Foreign and Qatari institutions remained net buyers during the week.
Royal Dutch Shell plc socially responsible investors briefing in London, Apri...Shell plc
- The document discusses Royal Dutch Shell's investments and strategy for sustainable growth. It covers topics such as safety, asset integrity, sustainability reporting, climate change, gas, biofuels, and operations in Nigeria.
- Shell aims to invest in priority areas like deepwater, integrated gas, and resource plays while optimizing its downstream portfolio. It is also focusing on growing gas, biofuels, and technologies like carbon capture and storage.
- Updates on Nigeria operations discuss progress on reducing spills, clearing remediation backlogs, and plans to reduce gas flaring through new gas gathering projects.
The document discusses oil and gas exploration activities in various regions. Some key points:
- 13 new oil and gas discoveries have been made in 2014 so far, including 7 in the North Sea, 3 in the Norwegian Sea, and 3 in the Barents Sea.
- Exploration is ongoing with 8 wells currently being drilled as of June 24th. A total of 33 exploration wells have been started so far in 2014.
- Notable discoveries include several small oil finds by Statoil and Total near existing fields in the central North Sea, as well as multiple discoveries by Statoil in the Gullfaks area of the northern North Sea estimated to contain 3-12 million barrels of oil.
Ezion is a leading provider of Self-Elevating Units (SEUs) such as liftboats and service rigs for offshore oil and gas maintenance work in the Asia Pacific (APAC) region, with a 66% market share. While lower oil prices pose challenges, Ezion may be sheltered compared to other regions due to its focus on shallow-water operations with lower production costs. The SEU market is also expected to continue growing in coming years. Ezion has a strong financial position with improving debt levels and customer contracts remaining in place despite oil price declines. However, some risks include an aging fleet that may be difficult to replace and increased competition in its core APAC markets.
Shell Socially responsible investors briefing in London, April 10, 2014Shell plc
1. The document provides definitions and cautionary notes regarding Royal Dutch Shell's use of terms like reserves, resources, organic, and resources plays in presentations.
2. It summarizes Shell's approach to sustainability, which includes helping shape a more sustainable energy future, sharing wider benefits where they operate, and running a safe, efficient, responsible and profitable business.
3. The document outlines Shell's agenda for an SRI event, including panels on topics like carbon management, North America operations, international upstream assets and Nigeria, and health and environmental performance.
The QSE Index in Qatar rose 0.4% led by gains in the transportation and telecom indices. Gulf Warehousing Co. and Qatar Navigation were the top gainers while Al Khalij Commercial Bank fell the most. Trading volume increased compared to the previous day. Regional indices were mixed with Saudi Arabia and Kuwait up while Abu Dhabi fell. Nakilat raised its foreign ownership limit and Qatar will continue major infrastructure projects despite falling oil prices on the back of strong finances.
The key is to create more productive habits, generate momentum and focus on results. If you want to maximize your investment profits, Michael Bowen Oil and Gas consultancy here to help you.
1) AWSA won the concession to build and operate 254km of the A2 motorway in Poland, the country's first private toll road.
2) The project's total cost was €934 million and Gebicki was hired to secure €242 million in bank financing by July 29, 2000 or the concession would expire.
3) Major risks included political risk from potential changes in government, market risk from uncertainty in estimating traffic, and currency risk from fluctuations in the zloty/euro exchange rate.
Lion One Metals Limited presented on its Tuvatu Gold Project in Fiji. The project has one of the highest grade new gold deposits in the world, with an average head grade of 11.3 g/t gold. An underground mine plan targets 1.1 million tonnes of ore over a 6 year mine life, producing an average of 57,320 ounces of gold annually. At a gold price of $1,200/ounce, the project has an after-tax NPV of $86 million and IRR of 52%. The project is fully permitted for production.
The QSE Index in Qatar declined 2.4% led by losses in the Industrials and Insurance indices. Industries Qatar and Qatar General Insurance and Reinsurance were the top losers, falling 10.0% and 9.4% respectively. Other GCC markets rose, with Saudi Arabia and Oman indices increasing nearly 2%. Regional company earnings reports were mixed with some cement and cable companies posting higher profits and others seeing declines. Qatar's international reserves reached a record high and major projects are being accelerated through new ministerial groups.
QNBFS Weekly Market Report January 27, 2022QNB Group
- The Qatar Stock Exchange index dipped slightly by 0.03% during the week to close at 12,508.64 points. Trading value and volume both declined compared to the previous week.
- Qatar is in talks to supply liquid natural gas to Europe if Russia cuts gas exports, aiming to help replace supplies in the short term and expand exports long term.
- Two Qatari banks, Qatar International Islamic Bank and Gulf Warehousing Company, reported higher annual profits in 2021 compared to 2020, while reporting quarterly profits that were lower or higher than the previous quarter.
- Ratings agency S&P Global affirmed its credit ratings on three major Qatari banks. Nakilat took delivery of a
StealthGas reported its 2013 second quarter results, with revenues of $30.3 million. While revenues were flat, net income declined to $5.1 million due to higher voyage costs and drydocking expenses. The company took delivery of 3 secondhand vessels and has 6 newbuildings on order as part of its fleet expansion plan. For the full year, StealthGas expects to invest $375 million to grow its fleet to approximately 50-55 vessels. The presentation outlines the company's business strategy and the positive fundamentals of the LPG shipping sector.
- The presentation summarizes Euroseas' financial results for the first quarter of 2013, including a net loss of $4.6 million and adjusted EBITDA of -$0.1 million. It declares a dividend of $0.015 per share.
- It provides an overview of the dry bulk and container shipping markets, noting slowing global economic growth while Asian economies continue to be the largest contributor to growth. The dry bulk fleet remains relatively young while the container and large dry bulk orderbooks are dominated by panamaxes and capesizes.
This document discusses Frontline's Q2 2013 results and provides an outlook. Some key points:
- Frontline reported a net loss of $120.3 million for Q2 2013, which included a $81.3 million vessel impairment loss. Excluding impairment, the net loss was $39 million.
- Average VLCC spot rates increased to $8,000 per day in Q2 from $1,250 in Q1, while average Suezmax spot rates fell slightly to $11,500 from $12,500.
- Frontline's fleet consists of 48 vessels, including two Suezmax newbuildings with remaining payments of $87.9 million. The company expects VLCC cash breake
- The Qatar Stock Exchange (QSE) Index declined 0.88% over the week, with trading value and volume decreasing as well. The biggest decliners were Gulf International Services, Ezdan Holding Group, and Qatar Islamic Bank.
- Foreign and Qatari retail investors were net buyers during the week, while Qatari and foreign institutions were net sellers.
- Several companies reported financial results, with Nakilat and United Development Company reporting profits in line with estimates. Qatar's banking sector loan book declined slightly in January while deposits also decreased.
The QE Index rose 1.0% to close at 13,525.0. Gains were led by the Industrials and Banks & Financial Services indices, gaining 1.8% and 0.8%, respectively.
QNBFS Weekly Market Report March 24, 2022QNB Group
The weekly market report provides an overview of market performance and activity in Qatar and other Gulf markets for the week ending March 24, 2022. Key points include:
- The Qatar Stock Exchange index increased 1.75% to close at 13,631.97 points. Trading value declined 23.7% while volume dropped 29.9%.
- Regional indices were mixed for the week, with Qatar, Kuwait and Bahrain up while Dubai and Oman declined.
- Qatar Central Bank raised its repo rate by 25 basis points to 1.25% in response to domestic and international economic developments.
- Qatar provided 24% of Europe's LNG supply in 2021 and is seen as a key
The QE Index declined 2.27% over the week to close at 11,343.38 points. Trading volume increased 11.9% while value traded rose 7.61%. Two real estate companies, BRES and ERES, announced financial results. BRES reported a net profit of QR1.37bn for 2013 and recommended a dividend of QR2.00 per share. ERES reported a net profit of QR1.1bn for 2013 and recommended a dividend of QR0.31 per share, and also acquired over 20% of IHGS shares. Foreign and Qatari institutions remained net buyers during the week.
Royal Dutch Shell plc socially responsible investors briefing in London, Apri...Shell plc
- The document discusses Royal Dutch Shell's investments and strategy for sustainable growth. It covers topics such as safety, asset integrity, sustainability reporting, climate change, gas, biofuels, and operations in Nigeria.
- Shell aims to invest in priority areas like deepwater, integrated gas, and resource plays while optimizing its downstream portfolio. It is also focusing on growing gas, biofuels, and technologies like carbon capture and storage.
- Updates on Nigeria operations discuss progress on reducing spills, clearing remediation backlogs, and plans to reduce gas flaring through new gas gathering projects.
The document discusses oil and gas exploration activities in various regions. Some key points:
- 13 new oil and gas discoveries have been made in 2014 so far, including 7 in the North Sea, 3 in the Norwegian Sea, and 3 in the Barents Sea.
- Exploration is ongoing with 8 wells currently being drilled as of June 24th. A total of 33 exploration wells have been started so far in 2014.
- Notable discoveries include several small oil finds by Statoil and Total near existing fields in the central North Sea, as well as multiple discoveries by Statoil in the Gullfaks area of the northern North Sea estimated to contain 3-12 million barrels of oil.
Ezion is a leading provider of Self-Elevating Units (SEUs) such as liftboats and service rigs for offshore oil and gas maintenance work in the Asia Pacific (APAC) region, with a 66% market share. While lower oil prices pose challenges, Ezion may be sheltered compared to other regions due to its focus on shallow-water operations with lower production costs. The SEU market is also expected to continue growing in coming years. Ezion has a strong financial position with improving debt levels and customer contracts remaining in place despite oil price declines. However, some risks include an aging fleet that may be difficult to replace and increased competition in its core APAC markets.
Shell Socially responsible investors briefing in London, April 10, 2014Shell plc
1. The document provides definitions and cautionary notes regarding Royal Dutch Shell's use of terms like reserves, resources, organic, and resources plays in presentations.
2. It summarizes Shell's approach to sustainability, which includes helping shape a more sustainable energy future, sharing wider benefits where they operate, and running a safe, efficient, responsible and profitable business.
3. The document outlines Shell's agenda for an SRI event, including panels on topics like carbon management, North America operations, international upstream assets and Nigeria, and health and environmental performance.
The QSE Index in Qatar rose 0.4% led by gains in the transportation and telecom indices. Gulf Warehousing Co. and Qatar Navigation were the top gainers while Al Khalij Commercial Bank fell the most. Trading volume increased compared to the previous day. Regional indices were mixed with Saudi Arabia and Kuwait up while Abu Dhabi fell. Nakilat raised its foreign ownership limit and Qatar will continue major infrastructure projects despite falling oil prices on the back of strong finances.
The key is to create more productive habits, generate momentum and focus on results. If you want to maximize your investment profits, Michael Bowen Oil and Gas consultancy here to help you.
1) AWSA won the concession to build and operate 254km of the A2 motorway in Poland, the country's first private toll road.
2) The project's total cost was €934 million and Gebicki was hired to secure €242 million in bank financing by July 29, 2000 or the concession would expire.
3) Major risks included political risk from potential changes in government, market risk from uncertainty in estimating traffic, and currency risk from fluctuations in the zloty/euro exchange rate.
Lion One Metals Limited presented on its Tuvatu Gold Project in Fiji. The project has one of the highest grade new gold deposits in the world, with an average head grade of 11.3 g/t gold. An underground mine plan targets 1.1 million tonnes of ore over a 6 year mine life, producing an average of 57,320 ounces of gold annually. At a gold price of $1,200/ounce, the project has an after-tax NPV of $86 million and IRR of 52%. The project is fully permitted for production.
The QSE Index in Qatar declined 2.4% led by losses in the Industrials and Insurance indices. Industries Qatar and Qatar General Insurance and Reinsurance were the top losers, falling 10.0% and 9.4% respectively. Other GCC markets rose, with Saudi Arabia and Oman indices increasing nearly 2%. Regional company earnings reports were mixed with some cement and cable companies posting higher profits and others seeing declines. Qatar's international reserves reached a record high and major projects are being accelerated through new ministerial groups.
QNBFS Weekly Market Report January 27, 2022QNB Group
- The Qatar Stock Exchange index dipped slightly by 0.03% during the week to close at 12,508.64 points. Trading value and volume both declined compared to the previous week.
- Qatar is in talks to supply liquid natural gas to Europe if Russia cuts gas exports, aiming to help replace supplies in the short term and expand exports long term.
- Two Qatari banks, Qatar International Islamic Bank and Gulf Warehousing Company, reported higher annual profits in 2021 compared to 2020, while reporting quarterly profits that were lower or higher than the previous quarter.
- Ratings agency S&P Global affirmed its credit ratings on three major Qatari banks. Nakilat took delivery of a
StealthGas reported its 2013 second quarter results, with revenues of $30.3 million. While revenues were flat, net income declined to $5.1 million due to higher voyage costs and drydocking expenses. The company took delivery of 3 secondhand vessels and has 6 newbuildings on order as part of its fleet expansion plan. For the full year, StealthGas expects to invest $375 million to grow its fleet to approximately 50-55 vessels. The presentation outlines the company's business strategy and the positive fundamentals of the LPG shipping sector.
- The presentation summarizes Euroseas' financial results for the first quarter of 2013, including a net loss of $4.6 million and adjusted EBITDA of -$0.1 million. It declares a dividend of $0.015 per share.
- It provides an overview of the dry bulk and container shipping markets, noting slowing global economic growth while Asian economies continue to be the largest contributor to growth. The dry bulk fleet remains relatively young while the container and large dry bulk orderbooks are dominated by panamaxes and capesizes.
This document discusses Frontline's Q2 2013 results and provides an outlook. Some key points:
- Frontline reported a net loss of $120.3 million for Q2 2013, which included a $81.3 million vessel impairment loss. Excluding impairment, the net loss was $39 million.
- Average VLCC spot rates increased to $8,000 per day in Q2 from $1,250 in Q1, while average Suezmax spot rates fell slightly to $11,500 from $12,500.
- Frontline's fleet consists of 48 vessels, including two Suezmax newbuildings with remaining payments of $87.9 million. The company expects VLCC cash breake
TGI is Colombia's largest natural gas transportation company with a network of 3,957 km of pipelines. It held a market share of 47.6% as of 3Q 2013. TGI is undertaking several expansion projects to increase capacity, such as the Cusiana-Apiay-San Fernando expansion and the La Sabana compression plant. TGI has a stable revenue stream under long-term contracts and a strong financial position. The regulatory framework for the natural gas sector in Colombia is undergoing changes aimed at developing a competitive market.
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.
TGI is the largest natural gas transportation company in Colombia with a network of 3,957 km of pipelines. It has several expansion projects underway to increase capacity, such as the La Sabana compression plant and increasing capacity on the Cusiana-Apiay pipeline. TGI has a stable business model with 98% of revenues coming from long-term regulated tariffs. It maintains strong financial metrics with low leverage and interest coverage of nearly 6 times.
This document provides an overview and summary of TGI's 1H 2013 results. It discusses TGI's history, financial and operating highlights, and expansion projects. TGI has a stable and growing business as the largest natural gas pipeline system in Colombia. It has a dominant market position and generates stable cash flow from long-term regulated contracts. Sizeable expansion projects are underway to increase capacity and meet growing demand.
This document provides an overview and summary of TGI's 1H 2013 results. It discusses TGI's history, financial and operating highlights, and expansion projects. TGI has a stable and growing business transporting natural gas through Colombia's largest pipeline network. It has experienced strong financial performance with predictable cash flows from long-term regulated contracts. Sizeable expansion projects are underway to increase capacity and serve new regions.
Legacy Reserves LP is an oil and natural gas MLP that owns producing properties focused in the Permian Basin, Mid-Continent, and Rocky Mountain regions. It has grown through acquisitions, completing over $1.6 billion in deals since 2006. It aims to reduce cash flow volatility and protect its borrowing base through hedging approximately 85% of estimated production over the next 18-24 months on a rolling basis. Key highlights include a high-quality, liquids-rich asset portfolio with 12.4 years of proved reserves to production, a track record of distribution growth, and a conservative financial and hedging policy.
The document discusses Frontline's Q1 2013 results and provides an outlook for the tanker market. Key points include:
- Frontline reported a net loss of $18.8 million for Q1 2013 compared to a net loss of $0.8 million in Q1 2012.
- Spot earnings for VLCCs and Suezmax tankers were well below previous quarters due to weak oil demand and high fleet growth.
- Frontline sold one vessel and terminated two charter contracts in Q1, recognizing a net gain.
- The tanker orderbook remains high which could continue to pressure day rates if deliveries exceed demand growth in 2013.
Company website presentation (c) october 2014AnteroResources
- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales.
- As of June 30, 2014, Antero reported net proved reserves of 9.1 Tcfe and net 3P reserves of 37.5 Tcfe across its acreage positions.
- Antero has invested over $1.6 billion in midstream infrastructure including gathering lines, compressor stations, and fresh water distribution systems to support its production and operations.
Company website presentation (c) october 2014AnteroResources
- The company overview document discusses Antero Resources, a natural gas exploration and production company focused on the Marcellus and Utica Shale plays.
- Antero has significant reserves of 37.5 trillion cubic feet of gas equivalents across its acreage, along with high growth production that increased 91% year-over-year in the third quarter of 2014.
- The company has invested heavily in midstream infrastructure like processing plants and pipelines to efficiently develop its production and access favorable gas markets.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
This document provides an overview of Antero Resources Corporation. It states that Antero has significant natural gas and oil reserves located in the Marcellus and Utica Shales of Appalachia. Antero has over 28 trillion cubic feet equivalent of 3P reserves across its acreage and over 800 undrilled drilling locations that are expected to provide economic returns even at low natural gas prices. The company has demonstrated strong production and reserve growth over time through active development of its multi-year inventory of drilling opportunities.
This document provides a summary of key oil and gas companies in Asia for the first quarter of 2012. The main points are:
1) Upstream oil and gas production performed strongly for PetroChina and Sinopec in China, while CNOOC's offshore production declined again.
2) PetroChina and CNOOC were clear winners based on their first quarter earnings results, while Sinopec's shares grew less due to its more integrated operations.
3) The analyst maintains a preference for upstream-focused companies and upgrades their rating for CNOOC while lowering it for Sinopec.
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.
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
- Kuzbasskaya Toplivnaya Company OJSC (KTK) is a major Russian thermal coal producer and supplier. In 2013, KTK produced 10.15 million tonnes of coal.
- KTK reported revenue of $715 million in 2013, a 4% decrease from 2012. EBITDA declined 31% to $77 million and net income decreased 65% to $20 million.
- Production cash costs per tonne declined 12% to $19 in 2013. Domestic sales performed strongly while export sales declined as a percentage of total revenue and gross profit.
- 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.
Similar to Tsakos Energy Navigation Q2 2013 results presentation (20)
Olympic Shipping investor presentation 27 May 2014TradeWindsnews
Olympic Ship AS is contemplating a NOK 500 million bond issue to partly refinance existing bonds and for general corporate purposes. It is a leading provider of high-end offshore vessels with a fleet value of NOK 8.1 billion and a contract backlog of NOK 4.9 billion. The bond terms include a 5-year tenor, quarterly coupon payments of 3M NIBOR + 4.75-5.00%, and senior unsecured status. The market outlook is positive for Olympic Ship AS's core offshore segments, with projected strong growth in global E&P spending and deepwater production through 2020.
Ship Finance International Q1 2014 results presentationTradeWindsnews
Ship Finance International reported net income of $40.7 million for 1Q 2014 with EBITDA of $129.7 million including associated companies. Key highlights included an increased quarterly dividend of $0.41 per share, equivalent to a 9% dividend yield, and the successful delivery of 10 vessels and rigs so far in 2014. The company also has investment opportunities planned across multiple segments for the remainder of 2014 and into 2015.
Höegh LNG reported financial results for the first quarter of 2014, with an EBITDA of -$1.0 million and loss before tax of $4.5 million. Two FSRU projects were completed on time and on budget, with the PGN FSRU Lampung delivered in April and the Independence delivered in May. A letter of intent was also signed for a 5-year FSRU contract with Egas of Egypt. Global LNG demand is expected to continue strong growth in Asia and other markets. Höegh LNG aims to further expand its fleet of FSRUs and pursue FLNG opportunities.
Siem Offshore Inc. presented in March 2014. The presentation covered the company's financial results for 2013, future vessel construction plans, and the offshore vessel market. Key points included:
- Revenue for 2013 was $364 million with a 34% operating margin, an improvement over 2012.
- The company has 41 vessels currently in operation and 15 more under construction through 2016 with a total contract backlog value of $395 million.
- New orders in 2013 and 2014 include platform supply vessels, offshore subsea construction vessels, and well intervention vessels.
This document is a registration statement filed by Dorian LPG Ltd. with the U.S. Securities and Exchange Commission for an initial public offering of its common shares in the United States. Dorian LPG Ltd. is registering an unspecified number of its common shares. The filing includes basic company information, biographical details of officers and directors, descriptions of the company's capital stock, plan of distribution for the offering, financial statements and other standard disclosures required in such filings. The company intends to apply to list its common shares on the New York Stock Exchange.
This document provides a summary of Jinhui Shipping and Transportation Limited's Q4 2013 and full year 2013 results presentation. It highlights the following key points:
1) For 2013, revenue decreased 7% to $218 million while net profit decreased 29% to $25 million compared to 2012.
2) For Q4 2013, revenue increased 2% while the company reported a net loss of $3 million compared to a net profit in Q4 2012.
3) The company owns 38 dry bulk carriers with a total capacity of 2.2 million DWT and an average age of 7 years.
4) Average daily time charter equivalent rates were $14,092 for 2013, down from $15
Maersk Drilling reported strong financial results for 2013, with profits increasing from USD 347M in 2012 to USD 528M in 2013. Operational uptime also increased, from 92% in 2012 to 97% in 2013. For 2014, Maersk Drilling expects results to be below 2013 due to planned rig maintenance and start-up costs for new rigs. Maersk Drilling secured several new contracts in 2013 and has high contract coverage for 2014-2016, with a revenue backlog of USD 7.9B. The company continues expanding through its newbuild program but some rig deliveries will be delayed 2-4 months. Maersk Drilling's priorities for 2014 include successful rig deliveries and maintenance
Teekay Corp group presentation September 2013TradeWindsnews
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.
GasLog investor day presentation September 2013TradeWindsnews
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- 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
Siem Offshore is an offshore vessel owner and operator with 38 vessels in operation and 10 under construction. The company provides offshore support vessels and has expanded into subsea vessels and offshore renewable energy. Siem Offshore reported operating revenue of $172 million for the first half of 2013 and has a contract backlog of $806 million for vessels and $180 million for submarine power cable activities. The company has a strong financial position with a book equity ratio of 44% and has secured financing for its newbuilding program through 2014.
SeaBird Exploration provides marine 2D and 3D seismic data to the oil and gas industry. It has a global presence and leading operational excellence. The company focuses on core business segments like 2D acquisition and niche 3D acquisition. It has a diversified fleet and blue-chip client base. SeaBird aims to optimize fleet utilization through a mix of long and short-term contracts while also pursuing multi-client projects to capitalize on opportunities. Historical data shows high vessel utilization and revenues, though repositioning can impact utilization. Market pricing remains strong with high tender activity in 2D and 3D segments.
The document provides an agenda and materials for a Polarcus Limited investor presentation covering highlights, financials, operations, and market updates. Key points include revenues of USD 275.3 million for the first half of 2013, up 28% from the prior year. The balance sheet was strengthened through refinancing at a reduced average interest rate of 7.1%. Operational performance showed technical downtime below 5% and completion of a large multi-client project. The company also discussed ongoing legal matters and shareholder information.
Oceanteam Shipping ASA is an Oslo Stock Exchange listed shipping company that operates a fleet of large construction support vessels and provides engineering services. The company's CEO is Haico Halbesma and CFO is Torbjørn Skulstad. Oceanteam presented at the Pareto Conference in Oslo on September 4, 2013, providing an overview of the company, its finance structure, recent financial performance, and positive market outlook for large deep-water vessels.
BW Offshore is an experienced FPSO (floating production, storage and offloading vessel) operator with 16 FPSOs and 1 FSO currently in operation. It has a global production of 700,000 barrels of oil equivalent per day and a strong safety record with a low lost time injury rate. BW Offshore has a $7.8 billion contract portfolio and significant potential for growth through existing assets and new projects. It aims to create value through contract extensions, redeployments of existing FPSOs, and potential new contracts.
This document provides an overview and summary of Atwood Oceanics for investors attending the 20th Annual Oil & Offshore Conference. It summarizes Atwood's strategy of modernizing and expanding its fleet through newbuild rig deliveries from 2011-2015. This will provide a younger fleet of ultra-deepwater floaters and high-spec jackups. The summary also outlines Atwood's strong safety and operating performance, revenue efficiency, and focus on superior shareholder returns. Key details include $3.9 billion in contracted backlog through 2016 and funding for remaining capital expenditures of $1.4 billion through operating cash flows and credit facilities.
The document reports Globus Maritime's financial and operating results for the second quarter and first half of 2013, showing improvements in adjusted EBITDA and average daily TCE rates compared to the same periods in 2012, along with details on fleet deployment and market conditions. It also provides statements of comprehensive income, financial position, cash flows, and bank debt developments.
Golar reported net income of $59.0 million for Q2 2013, including a non-cash gain of $47.9 million. EBITDA was $8.2 million for the quarter. Underlying dividends received from Golar LNG Partners increased to $16.0 million from $14.4 million in Q1. Two vessels entered layup due to volatile spot market conditions. Golar has secured $1.1 billion in funding for 8 newbuilds and concluded two 10-year FSRU charters. Cash flow from operations and dividends from Partners will help fund the remaining $720 million of the $2.74 billion newbuild program. The LNG shipping market outlook remains supported by
Golar LNG Partners reported second quarter 2013 results with net income of $28.0 million and operating income of $44.4 million. They generated distributable cash flow of $26.4 million for the quarter and declared a quarterly distribution of $0.515 per unit. Recent events included completing drydockings and refinancing two vessels. Near and medium term growth opportunities include potential acquisitions of the FSRU vessels Igloo and Eskimo which have been awarded long term contracts by Golar LNG in Kuwait and Jordan respectively.
The document summarizes Seadrill's second quarter 2013 conference call. Key highlights include:
- Seadrill generated a record $665 million in EBITDA for Q2 2013.
- Economic utilization of floaters increased to 94% from 92% last quarter.
- Net income was $1.75 billion and earnings per share was $3.68.
- The quarterly cash dividend was increased to $0.91 per share.
Lamprell reported interim results for the first half of 2013, showing a return to profitability. Revenue was broadly flat at $521 million compared to the first half of 2012. Profit before tax was $10.1 million, compared to a loss before tax of $50.8 million in the same period last year. The company secured a new $181 million refinancing facility that matures in 2016. Operationally, several key projects were successfully delivered in the first half and the company's order book stands at $1.1 billion with a bid pipeline of $4.6 billion.
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Tsakos Energy Navigation Q2 2013 results presentation
1. 1
August 2, 2013
Q2 & 6 Months 2013 Earnings Conference Call
Tsakos Energy Navigation
TEN Ltd
2. 2
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation,
statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions.
Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could
cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking
statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd’s (TEN) filings with the
Securities and Exchange Commission, including, without limitation, the risks described in TEN’s most recent Annual Report on Form
20-F on file with the Securities and Exchange Commission. These factors should be considered carefully and you are cautioned not
to place undue reliance on such forward-looking statements. All information is current as of the date of this presentation, and TEN
undertakes no duty to update this information.
2
4. 4
0
100
200
300
400
500
600
700
Handy Panamax Aframax Suezmax VLCC
2008 2009 2010 2011 2012 2013 (July)
85
87
86
85
88
89
90
91
92
80
82
84
86
88
90
92
94
2006 2007 2008 2009 2010 2011 2012 2013E 2014E
Global Oil Demand (in mbpd)Global Demand
Strong potential of China and India with a combined population of 2.5
billion in a world of 7.0 billion. Their per capita oil consumption is at
extremely low levels and have already embarked on an aggressive
industrialization program
If China reaches the same levels of consumption per capita
as Thailand, Chinese oil demand (based on existing
population) would rise to 18 mbpd, an increase of 10 mbpd
from current levels
China and India remain the main drivers behind worldwide oil demand
growth. China expected growth in 2013 +4% to 10mbpd. India expected
growth for 2013 +2.7% to 3.7mbpd
Oil demand expected to remain positive in the non-OECD (forecasted
up 3.0% from 2012) and may become positive in the OECD when the
economy recovers
IEA expects demand for oil to continue growing in 2013 and 2014 =>
90.8mbpd +0.9 mbpd over 2012 and 92.0 mbpd +1.2 mbpd over 2013
Product tanker demand will grow faster than crude oil demand in 2013
IMF expects the world GDP growth in 2013 to remain the same as in
2012 at 3.1% before advancing to 3.8% in 2014
Newbuilding Orderbook
The newbuilding orderbook continues to shrink as orders get delayed
and/or canceled
In 2010 the orderbook stood at 22% of the existing fleet but by July
2013 it stood at only 10.7%
Source: International Energy Agency, Oil Market Report, January 2013; Clarkson Research
Studies, Oil & Tanker Trades Outlook - July 2013
Newbuild Orderbook (number of ships)
Positive Long-term Outlook
20 Years in the
Capital Markets
5. 5
Fleet utilization in Q2 2013 at 97.9%
74% of remaining 2013 (at end of Q2) and 60% of 2014
available days in secured revenue contracts (including
CoAs / Pools)
Accumulated income since 2002 NYSE listing close to $1
billion
Total capital gains since 2002 NYSE listing close to $280
million
Total dividend payments since 2002 NYSE listing,
including September 2013 payment, total $9.675/share
($7.50 issue price, split adjusted)
Strengthening LNG / Shuttle tanker foothold
=> Early mover advantage attained and favorable market
conditions
Exploring opportunities in conventional tankers and
offshore sectors
49 vessels (pro forma)
48 in operation
1x LNG under construction (plus
one option)
100% double hull vs. 95% of world fleet
Average fleet age: 6.6 years vs. 8.8 of world fleet
21 vessels with ice-class capabilities
Over $4 billion investment in 65 newbuildings since
1997 (initiation of newbuilding program)
32 vessels in fixed employment
Corporate Facts
20 Years in the
Capital Markets
6. 6
6-Months 2013 Highlights
Voyage revenues of $205.8 million
EBITDA of $68.1 million (10.7% increase from 6Mo 2012)
$18.3 million in operating income vs. $11.1 million in 6Mo 2012, (65% increase)
Net Income / (Loss) of $(0.5) million vs. $(14.5) million loss in 6Mo 2012
Maintained strong balance sheet
Delivery of DP2 shuttle tankers, Rio 2016 & Brasil 2014 and commencement of 15-year charters
32 vessels out of a pro-forma fleet of 49 on fixed employment utilization
11 fixtures with an average 2.4 years with approximately $135 million in minimum revenues
Constant dividend payments - $9.675/share in total dividends since NYSE listing in 2002 (including distribution for
September 2013 payment)
Issuance of 8% Series B Cumulative Redeemable Perpetual Preferred Shares – First (pro-rated) dividend of $0.44444 per
preferred share paid on July 30, 2013
Active fleet utilization of 98% - Maintenance of tight cost control
Fleet average age 6.6 years
Expansion in LNG and shuttle sectors
20 Years in the
Capital Markets
8. 8
Top Customers Rating (1) % of 2012A
Revenue
Petrobras A3 / BBB 16.70%
Exxon Aaa / AAA 13.81%
Flopec NR / NR 9.54%
Shell Aa1 / AA 8.19%
HMM A- / A- 6.64%
BG A2 / A 6.18%
BP A2 / A 5.41%
Long-term, blue-chip, recurring customer base consisting of major global energy companies
(1) Ratings sourced from Bloomberg on 4/18/2013 and are Moody’s / Standard & Poor’s except for HMM which is KIS / Korea Ratings
Repeat Customers – Blue Chip Clientele
20 Years in the
Capital Markets
9. 9
Employment Details (as of July 31, 2013)
22
2 8
4
1
11
TC (Fixed) TC (Fixed) - Shuttles TC (P/S) CoA (Spot Related) Pool (Spot Related) Spot
Secured Employment Flexible Employment
20 Years in the
Capital Markets
10. 10
As of July 31, 2013 32 vessels with time-charter employment ONLY
(profit-share vessels at min. rates) have secured until end of respective employments:
1,182 months forward coverage - 2.9 years average TC - $0.975bl in expected min. revenues
74%
Fixed
Minimum Revenues
(Expected)
$106m
Minimum Revenues
(Expected)
$210m
60%
Fixed
Remaining 2013 (end of Q2) 2014
Based on employable dates and includes vessels under time charter, time charter with profit share (only minimum rate)
and Pool/CoAs (Subject to deliveries and potential changes in TEN’s chartering policy )
$316m
Secured Revenues (including TC, TC w/PS, Pool)
20 Years in the
Capital Markets
11. 11
Sale & Purchase Activity – Capital Gains
Sale & Purchase activity integral to operations – Close to 100
transactions - realizing actual value
Since 2003 TEN has generated capital gains from its sale &
purchase activity close to $280 million
$28 million average per year in capital gains since NYSE
listing in 2002
Unprecedented fleet growth
Maintain fleet modernity
Sale & Purchase activity integral to operations
On average approximately 26% of net income in capital gains
20 Years in the
Capital Markets
12. 12
On June 4th, 2010 the Board of Directors declared a change in TEN’s dividend policy from semi-annual to
quarterly payments
Dividend payments far in excess of original IPO price of $7.50/share
Today investors have gotten $9.675/share in dividends, 29.0% higher over their original $7.50 IPO investment plus….
….Current exposure in product, crude, LNG and shuttle tankers… for free!
Continuous Dividend Payments
20 Years in the
Capital Markets
Stock Price
(08/01/13)
DIVIDEND GROWTH HISTORY VS. IPO AND CURRENT PRICE
$9.675
$7.50
$5.14
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Div Payments IPO Price
13. 13
Income Statement
20 Years in the
Capital Markets
STATEMENT OF OPERATIONS DATA 2013 2012 2013 2012
Voyage revenues $ 108,091 $ 99,046 $ 205,785 $ 201,276
Commissions 4,088 1,503 7,852 5,172
Voyage expenses 32,417 25,576 56,944 57,888
Vessel operating expenses 32,907 32,110 64,232 67,650
Depreciation 23,925 23,685 46,196 47,369
Amortization of deferred dry-docking costs 1,220 1,211 2,410 2,268
Management fees 3,886 3,967 7,826 7,959
General and administrative expenses 964 952 2,101 1,784
Stock compensation expense - 14 - 168
Foreign currency (gains)/losses 35 (69) (123) (119)
Total expenses 99,442 88,949 187,438 190,139
Operating income 8,649 10,097 18,347 11,137
Interest and finance costs, net (10,394) (16,111) (20,019) (26,409)
Interest income 73 395 158 878
Other, net (698) (38) 303 (19)
Total other expenses, net (11,019) (15,754) (19,558) (25,550)
Net loss (2,370) (5,657) (1,211) (14,413)
Less: Net loss/(income) attributable to the noncontrolling interest 845 (42) 706 (91)
Net loss attributable to Tsakos Energy Navigation Limited $ (1,525) $ (5,699) $ (505) $ (14,504)
Loss per share, basic* $ (0.04) $ (0.10) $ (0.02) $ (0.29)
Loss per share, diluted* $ (0.04) $ (0.10) $ (0.02) $ (0.29)
Weighted average number of shares
Basic 56,443,237 54,341,534 56,443,237 50,275,135
Diluted 56,443,237 54,341,534 56,443,237 50,275,135
June 30 June 30
Three months ended Six months ended
14. 14
Balance Sheet
20 Years in the
Capital Markets
BALANCE SHEET DATA June 30 December 31 June 30
2013 2012 2012
Cash, restricted cash and marketable securities 148,518 162,153 221,257
Other assets 83,874 80,889 70,803
Vessels, net 2,246,992 2,088,358 2,190,004
Advances for vessels under construction 41,920 119,484 38,591
Total assets $ 2,521,304 $ 2,450,884 $ 2,520,655
Debt 1,438,651 1,442,427 1,474,166
Other liabilities 109,328 81,617 84,766
Stockholders' equity 973,325 926,840 961,723
Total liabilities and stockholders' equity $ 2,521,304 $ 2,450,884 $ 2,520,655
15. 15
Other Financial / Fleet Data
20 Years in the
Capital Markets
OTHER FINANCIAL DATA
2013 2012 2013 2012
Net cash from operating activities $ 32,751 $ 16,356 $ 72,561 $ 34,633
Net cash used in investing activities $ (69,022) $ (1,556) $ (127,200) $ (2,482)
Net cash from financing activities $ 44,908 $ 12,256 $ 51,461 $ 4,820
TCE per ship per day $ 18,007 $ 17,714 $ 18,090 $ 17,424
Operating expenses per ship per day $ 7,728 $ 7,505 $ 7,710 $ 7,906
Vessel overhead costs per ship per day $ 1,116 $ 1,129 $ 1,167 $ 1,135
8,844 8,634 8,877 9,041
FLEET DATA
Average number of vessels during period 47.8 48.0 47.0 48.0
Number of vessels at end of period 48.0 48.0 48.0 48.0
Average age of fleet at end of period Years 6.6 7.5 6.6 7.5
Dwt at end of period (in thousands) 4,785 5,073 4,785 5,073
Time charter employment - fixed rate Days 1,554 1,222 3,029 2,364
Time charter employment - variable rate Days 967 1,456 2,103 2,797
Period employment (pool and coa) at market rates Days 91 526 275 1,070
Spot voyage employment at market rates Days 1,641 995 2,921 2,103
Total operating days 4,253 4,199 8,328 8,334
Total available days 4,346 4,368 8,507 8,736
Utilization 97.9% 96.1% 97.9% 95.4%
Utilization (excluding La Prudencia) N/A 98.2% N/A 97.4%
TCE represents voyage revenue less voyage expenses. Commission is not deducted.
Operating expenses per ship per day exclude the vessel bare-boat chartered out.
Vessel overhead costs include Management fees, General & Administrative expenses and Stock compensation expense.
EBITDA (earnings before interest, taxes, net gain on sale of vessels, depreciation and amortization) is a non-GAAP metric used within the financial community for evaluating and comparing the performance of companies.
The Company does not incur corporation tax.
*Accrued preferred dividends are included in the calculation of the loss per common share.
Three months ended Six months ended
June 30 June 30