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Knightsbridge Tankers Limited
FIRST QUARTER 2009 RESULTS
Klipp
Knightsbridge Tankers Limited (the “Company” or “Knightsbridge”) reports net income of $6.5 million and earnings per share of $0.38 for the first quarter of 2009.
This compares with a net income of $14.8 million and earnings per share of $0.87 for the first quarter of 2008. The average daily time charter equivalents (“TCEs”) earned by the Company’s four VLCCs was $40,700 compared with $43,900 in the preceding quarter. The first quarter earnings reflect a decrease in the profit share on the vessels Hampstead and Kensington. Net operating income was $6.9 million (2008 comparable quarter: $15.2 million).
The net increase in cash and cash equivalents in the quarter was $2.2 million. The Company generated cash from operating activities of $9.0 million, used $2.2 million to repay loans, invested $0.3 million in its newbuilding project and distributed $4.3 million in dividend payments. In May 2009, the Company has an average cash breakeven rate for its VLCCs of $19,200 per vessel per day compared to $19,100 in May 2008.
CORPORATE AND OUTLOOK
Three of the Company’s VLCCs are fixed on time charters expiring between 2010 and 2012. One of our VLCCs is trading in the spot market.
As previously announced, the Company has two Capesize bulk carriers under construction at Daehan Shipbuilding Co. Ltd (“Daehan”). The total contract price is $162 million of which the Company has paid $48.6 million at the end of the first quarter, $32.4 million of these installments have been financed through a bank facility, while the balance of $16.2 million has been financed by equity. We have entered into long-term time charters for employment of these vessels upon their delivery during the third and fourth quarter of 2009. We understand that the yard is participating in a restructuring program together with three local banks. This program has strengthened the yard’s ability to deliver vessels according to contract.
The Company is currently working to put in place financing for a portion of the remaining installments due on the two newbuildings. Due to the state of the financial markets, the level of debt financing available may not be as high as the Company would consider optimal. Pending clarification of the level of financing available for the newbuildings and despite the strong forward charter cover the Board has agreed to take a conservative stance and has decided not to distribute any dividend this quarter.
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De 2 nybygg er Capesize Belgravia & Capesize Battersea der skal være hos GOGL under Commercial Management
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Hele Raporten:
http://hugin.info/132879/R/1315040/305923.pdf
Website:
http://www.knightsbridgetankers.com/
Knightsbridge Tankers Limited
FIRST QUARTER 2009 RESULTS
Klipp
Knightsbridge Tankers Limited (the “Company” or “Knightsbridge”) reports net income of $6.5 million and earnings per share of $0.38 for the first quarter of 2009.
This compares with a net income of $14.8 million and earnings per share of $0.87 for the first quarter of 2008. The average daily time charter equivalents (“TCEs”) earned by the Company’s four VLCCs was $40,700 compared with $43,900 in the preceding quarter. The first quarter earnings reflect a decrease in the profit share on the vessels Hampstead and Kensington. Net operating income was $6.9 million (2008 comparable quarter: $15.2 million).
The net increase in cash and cash equivalents in the quarter was $2.2 million. The Company generated cash from operating activities of $9.0 million, used $2.2 million to repay loans, invested $0.3 million in its newbuilding project and distributed $4.3 million in dividend payments. In May 2009, the Company has an average cash breakeven rate for its VLCCs of $19,200 per vessel per day compared to $19,100 in May 2008.
CORPORATE AND OUTLOOK
Three of the Company’s VLCCs are fixed on time charters expiring between 2010 and 2012. One of our VLCCs is trading in the spot market.
As previously announced, the Company has two Capesize bulk carriers under construction at Daehan Shipbuilding Co. Ltd (“Daehan”). The total contract price is $162 million of which the Company has paid $48.6 million at the end of the first quarter, $32.4 million of these installments have been financed through a bank facility, while the balance of $16.2 million has been financed by equity. We have entered into long-term time charters for employment of these vessels upon their delivery during the third and fourth quarter of 2009. We understand that the yard is participating in a restructuring program together with three local banks. This program has strengthened the yard’s ability to deliver vessels according to contract.
The Company is currently working to put in place financing for a portion of the remaining installments due on the two newbuildings. Due to the state of the financial markets, the level of debt financing available may not be as high as the Company would consider optimal. Pending clarification of the level of financing available for the newbuildings and despite the strong forward charter cover the Board has agreed to take a conservative stance and has decided not to distribute any dividend this quarter.
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De 2 nybygg er Capesize Belgravia & Capesize Battersea der skal være hos GOGL under Commercial Management
-----------------------------------------
Hele Raporten:
http://hugin.info/132879/R/1315040/305923.pdf
Website:
http://www.knightsbridgetankers.com/
