crudeoil24
3 years ago
For those looking to find strong Transportation stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Golar LNG (GLNG) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Golar LNG is one of 140 individual stocks in the Transportation sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Golar LNG is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for GLNG's full-year earnings has moved 72% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, GLNG has gained about 89.2% so far this year. In comparison, Transportation companies have returned an average of 1.7%. This shows that Golar LNG is outperforming its peers so far this year.
One other Transportation stock that has outperformed the sector so far this year is Matson (MATX). The stock is up 35.2% year-to-date.
For Matson, the consensus EPS estimate for the current year has increased 149.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Golar LNG is a member of the Transportation - Shipping industry, which includes 43 individual companies and currently sits at #90 in the Zacks Industry Rank. On average, this group has gained an average of 36% so far this year, meaning that GLNG is performing better in terms of year-to-date returns.
Matson, however, belongs to the Transportation - Services industry. Currently, this 30-stock industry is ranked #54. The industry has moved -5.7% so far this year.
Going forward, investors interested in Transportation stocks should continue to pay close attention to Golar LNG and Matson as they could maintain their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Golar LNG Limited (GLNG): Free Stock Analysis Report
Matson, Inc. (MATX): Free Stock Analysis Report
stocktrademan
9 years ago
$GLNG recent news/filings
bearish 14.31
## source: finance.yahoo.com
Thu, 17 Dec 2015 17:34:28 GMT ~ Why Are These Four Stocks Plunging Today?
read full: http://www.insidermonkey.com/blog/why-are-these-four-stocks-plunging-today-403735/
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Tue, 08 Dec 2015 18:09:50 GMT ~ GOLAR LNG LTD Financials
read full: http://finance.yahoo.com/q/is?s=glng&annual
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Fri, 04 Dec 2015 22:30:00 GMT ~ Final Trade: Twitter, Golar, Netflix & more
read full: http://finance.yahoo.com/video/final-trade-twitter-golar-netflix-223000276.html
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Fri, 04 Dec 2015 17:11:23 GMT ~ Notable option activity in equities
read full: http://finance.yahoo.com/news/notable-option-activity-equities-171123798.html
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Tue, 01 Dec 2015 17:25:56 GMT ~ How Does Golar LNG Compare to Its ETFs and Peers?
read full: http://finance.yahoo.com/news/does-golar-lng-compare-etfs-172556434.html
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$GLNG charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$GLNG company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/GLNG/company-info
Ticker: $GLNG
OTC Market Place: Not Available
CIK code: 0001207179
Company name: Golar LNG Ltd.
Incorporated In: Bermuda
$GLNG share structure
## source: otcmarkets.com
Market Value: $1,538,539,648 a/o Dec 16, 2015
Shares Outstanding: 93,414,672 a/o Dec 31, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$GLNG extra dd links
Company name: Golar LNG Ltd.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=GLNG+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=GLNG+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=GLNG+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/news - http://finance.yahoo.com/q/h?s=GLNG+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/GLNG/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=GLNG+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/GLNG
DTCC (dtcc.com): http://search2.dtcc.com/?q=Golar+LNG+Ltd.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Golar+LNG+Ltd.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Golar+LNG+Ltd.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/GLNG
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001207179&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=GLNG&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=GLNG
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=GLNG+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=GLNG+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=GLNG
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=GLNG
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=GLNG+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/GLNG/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=GLNG+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/GLNG.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=GLNG
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/GLNG/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/GLNG/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/GLNG
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/GLNG
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/GLNG:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=GLNG
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=GLNG
$GLNG DD Notes ~ http://www.ddnotesmaker.com/GLNG
stocktrademan
10 years ago
Golar LNG Ltd. [$GLNG] due diligence
bullish
$GLNG
DD Notes ~ http://www.ddnotesmaker.com/GLNG
##### recent news/filings ~ source: finance.yahoo.com
Thu, 26 Jun 2014 16:04:00 GMT ~ Options For Golar LNG Following Their Secondary Offering
read full: http://www.forbes.com/sites/joelkornblau/2014/06/26/options-for-golar-lng-following-their-secondary-offering/?partner=yahootix
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Thu, 26 Jun 2014 11:11:49 GMT ~ Golar LNG (GLNG) Jumps: Stock Moves 8.1% Higher
read full: http://finance.yahoo.com/news/golar-lng-glng-jumps-stock-111149447.html
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Wed, 25 Jun 2014 20:07:58 GMT ~ 3 LNG Shipping MLPs That Could Make You Rich
read full: http://www.fool.com/investing/general/2014/06/25/3-lng-shipping-mlps-profiting-from-the-lng-shippin.aspx?source=eogyholnk0000001
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Wed, 25 Jun 2014 15:40:00 GMT ~ Why Golar LNG Limited (GLNG) Stock Is Higher Today
read full: http://www.thestreet.com/story/12756627/1/why-golar-lng-limited-glng-stock-is-higher-today.html?puc=yahoo&cm_ven=YAHOO
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Wed, 25 Jun 2014 14:32:00 GMT ~ Trade-Ideas: Golar LNG (GLNG) Is Today's "Barbarian At The Gate" Stock
read full: http://www.thestreet.com/story/12756463/1/trade-ideas-golar-lng-glng-is-todays-barbarian-at-the-gate-stock.html?puc=yahoo&cm_ven=YAHOO
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##### chart ~ source: stockcharts.com
##### chart ~ source: eoddata.com
##### company info ~ source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/GLNG/company-info
Ticker: $GLNG
OTC Market Place: Not Available
CIK code: 0001207179
Company name: Golar LNG Ltd.
Incorporated In: Bermuda
##### extra dd links
Edgar filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001207179&owner=exclude&count=40
Latest filings: http://www.otcmarkets.com/stock/GLNG/filings
Latest financials: http://www.otcmarkets.com/stock/GLNG/financials
Latest news: http://www.otcmarkets.com/stock/GLNG/news - http://finance.yahoo.com/q/h?s=GLNG+Headlines
Major holdings: http://data.cnbc.com/quotes/GLNG/tab/8.1
Insider transactions (1): http://finance.yahoo.com/q/it?s=GLNG+Insider+Transactions
Insider transactions (2): http://www.secform4.com/insider-trading/GLNG.htm
Insider transactions (3): http://www.insidercow.com/history/company.jsp?company=GLNG
RegSho: http://www.regsho.com/tools/symbol_stats.php?sym=GLNG&search=search
DTCC: http://search2.dtcc.com/?q=Golar+LNG+Ltd.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information: http://www.spoke.com/search?utf8=%E2%9C%93&q=Golar+LNG+Ltd.
Corporation WIKI: http://www.corporationwiki.com/search/results?term=Golar+LNG+Ltd.&x=0&y=0
Short Sales: http://www.otcmarkets.com/stock/GLNG/short-sales
Insider Disclosure: http://www.otcmarkets.com/stock/GLNG/insider-transactions
Research Reports: http://www.otcmarkets.com/stock/GLNG/research
Historical Prices: http://finance.yahoo.com/q/hp?s=GLNG+Historical+Prices
Basic Tech. Analysis: http://finance.yahoo.com/q/ta?s=GLNG+Basic+Tech.+Analysis
Company Profile: http://finance.yahoo.com/q/pr?s=GLNG+Profile
Key Statistics: http://finance.yahoo.com/q/ks?s=GLNG+Key+Statistics
Industry: http://finance.yahoo.com/q/in?s=GLNG+Industry
Insider Roster: http://finance.yahoo.com/q/ir?s=GLNG+Insider+Roster
Income Statement: http://finance.yahoo.com/q/is?s=GLNG
Balance Sheet: http://finance.yahoo.com/q/bs?s=GLNG
Cash Flow: http://finance.yahoo.com/q/cf?s=GLNG+Cash+Flow&annual
Market Watch: http://www.marketwatch.com/investing/stock/GLNG
Bloomberg: http://www.bloomberg.com/quote/GLNG:US
Morningstar: http://quotes.morningstar.com/stock/s?t=GLNG
Bussinessweek: http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=GLNG
Barchart: http://www.barchart.com/quotes/stocks/GLNG
OTC Short Report: http://otcshortreport.com/index.php?index=GLNG
Investopedia: http://www.investopedia.com/markets/stocks/GLNG/?wa=0
http://www.pennystocktweets.com/stocks/profile/GLNG
##### last known share structure ~ source: otcmarkets.com
Market Value: $4,782,381,158 a/o Jun 26, 2014
Shares Outstanding: 80,579,295 a/o Dec 31, 2013
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
##### business description ~ source: otcmarkets.com
DD Notes ~ http://www.ddnotesmaker.com/GLNG
xlsc
eastunder
13 years ago
Shortsellers Down On Golar LNG and Its Limited Partner.EmailPrint
smaller Larger By Dimitra DeFotis
http://blogs.barrons.com/stockstowatchtoday/2012/03/12/shortsellers-down-on-golar-lng-and-its-limited-partner/?mod=yahoobarrons
An independent research outfit called Pandora’s Box Research recommended selling Golar LNG ( GLNG), a Bermuda-based shipping company engaged in the transport, re-gasification and liquefaction of natural gas, and a related entity, Golar LNG Partners (GMLP), which is a limited partnership that owns and leases floating storage, re-gasification and LNG carriers.
Pandora’s Box researchers, who are not named, have short positions in the stocks, according to its online report, in PDF format. The call got a lot of chatter after Muddy Waters Research, well known for its own short calls on Chinese smallcaps, mentioned it on Twitter.
Golar LNG, which has a number of affiliated shipping companies and management based in Norway, has a market cap of $3.1 billion and pays a nearly 3.3% yield; its shares fell 3.63% Monday, or $1.50, to $39.77.
Golar LNG Partners, pays a 4.54% yield; its shares fell 1%, or 39 cents, to $37.89. It fetched $22.50 in its April 2011 IPO.
In its summary of the sell recommendation, Pandora’s Box is critical of GLNG’s dividends as being based on one-time items, saying the “real” yield is 1.9% after accounting for vessel depreciation. It also says that GLNG has shifted vessels between companies at inflated prices, and the valuations on both names don’t support their current prices.
Shipping analyst Erik Nikolai Stavseth, with Arctic Securities in Oslo, Norway, has a Buy rating on Golar LNG, and says it is the leader in LNG ship owners, and is well positioned with new ships. Its capital spending is being funded in part by fresh convertible offerings.
Investors had shorted about 5% of Golar LNG shares outstanding at the end of February, and about 1.25% of Golar LNG Partners’. Not big short positions, in other words.
Muddy Waters is the outfit that crushed a handful of small, Chinese companies listed through reverse mergers in the United States. Its independent researchers dug up accounting exaggerations and fraud and issued short calls, while holding short short positions in the subject companies.
Carson Block, director of research at Muddy Waters, tells Barrons.com in an email that “we don’t have an opinion” on either Golar entity. But he said the report, also referenced on a site pushing democratized, online original research, represents an “interesting direction in the world of independent, open-distribution research.”
eastunder
13 years ago
LNG shipping boom not running out any time soon
Mon Mar 12, 2012 2:00am EDT
http://www.reuters.com/article/2012/03/12/lng-shipping-idUSL4E8E92F820120312?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43
* LNG shipping firm to run at or near full capacity for years
* Shipyards fully bookend through 2014
* Charter rates likely peaked but not big fall expected
By Balazs Koranyi and Rebekah Kebede
OSLO/PERTH, March 12 (Reuters) - Freight rates for liquefied natural gas, the super-cooled commodity in red hot demand as the world struggles to replace lost nuclear capacity, will stay elevated and volatile at least through 2014, shipping insiders said.
LNG is one of the few profitable sectors in the shipping industry, in contrast to dry bulk and tanker markets, which continue to suffer from oversupply and funding difficulties.
The LNG vessel fleet will be running near full capacity over the next several years as Asian demand soars, driving up tanker earnings after years of poor demand.
Many of the latest orders for new tankers are speculative punts designed to reap the benefits of increasingly fat chartering returns.
The handful of shipyards that can build the highly specialized LNG vessels are fully booked through 2014, and the new vessels on order will be barely enough to handle output from a slew of LNG production projects either coming on line or up for final investment decisions.
Close to a tenth of the LNG fleet is also ripe for scrapping, so shipping firms are bound to take capacity off the market if prices ease significantly.
"LNG is simply in high demand. and it's not just the consequence of Fukushima," said Jon Skule Storheill, chief executive officer of Norway LNG tanker operator Awilco LNG . "There's Korea, there's Taiwan, this market is just strong. Gas is clean, it's available and it's cheap."
Short-term charter rates reached a peak of $160,000 per day in recent months, due in great part to a jump of around 12 percent in Japanese gas demand as the country replaced nuclear capacity shut after last year's earthquake and tsunami.
Rates have since eased back to the $125,000-$140,000 range, still an astronomical figure compared with $37,000 in 2010.
"We may not see it going back to where it's been. The $150,000-$160,000 level was probably the peak, but that doesn't mean it will fall as the market will remain tight for at least the next 18 months," said Andy Flower, an independent energy consultant.
Newly built vessels will ease some of the price pressure but add to charter rate volatility.
Two-thirds of the vessels on order are uncommitted, a big change for an industry used to low-risk, long-term commitments, says Peter Illingworth, a managing director for DVB Bank SE.
"What's new is the ordering of the vessels on a flexible basis without any fixed route and many of those vessels which have been ordered without any fixed route also don't have charters yet," Illingworth said.
The rising popularity of short-term charters and the increasing role of brokers also force the rest of the sector to cut charter periods and move to shorter contracts, said Patrick De Brabandere, chief operating officer of Belgian natural gas shipping company Exmar.
Brokerage Carnegie estimates that LNG shipping capacity utilization will jump to 98 percent this year from last year's 90 percent and remain in the 96-98 percent range through 2015.
U.S. GAS GLUT
The market's longer-term outlook is clouded to a great extent by the U.S. gas glut, which pushed U.S. gas prices below $3 per mmBtu, a bargain compared with the Asian spot price of $15 per mmBtu .
That is pushing gas firms to find ways of getting the gas offshore. Seven export plants are proposed to come online within the next three to five years, a potential huge opportunity for LNG shipping firms.
"There's a huge potential in export from 2016 onward. Even just one or two (projects) would be a shift in the market," said Brian Tienzo, chief financial officer of Norway's Golar LNG .
In 2012, traded volumes are seen rising by 6 to 8 percent while shipping capacity is broadly unchanged as scrapping offsets new vessels coming on the market, although operators may be tempted to extend vessel lifespans.
Pareto Securities sees a need for an additional 175 vessels by 2020, while Fearnley Fonds, which specializes in the shipping sector, said at least this many would be needed by 2017, with the figure rising to 220 if all planned capacity comes online.
Newbuild orders total just over 60, so by any calculation, over a 100 more vessels must be ordered just to keep the market's precarious balance.
"Nine percent of the fleet is very old and ripe for scrapping, so if you see rates come down, many of those vessels will be pulled from service," Maria Bitri, an LNG shipbroker for Clarksons said.
The big risk to shipping firms is production delays.
"LNG carriers have always been delivered on time and on budget, and history shows liquefaction is always a bit late," Sveinung Stoehle, chief executive of Hoegh LNG said.
Indeed, the two big projects due to come on stream in 2012 - Australia's 5.7 bcm per year Pluto export terminal and Angola's 5.2 bcm per year terminal - have both faced or are expecting potential delays.
DocLee
13 years ago
GOLAR Is Positioning Itself Confidently for 2012/13
The company are sufficiently confident to be buying 2 "old" LNG carriers (one needing refurbishment)as interims until their newbuilds are complete.
[Published: 08:50 CET 23-01-2012 /Thomson Reuters /Source: Golar LNG /XOSL: GOL /ISIN: BMG9456A1009]
Golar purchase of Gandria and reactivation of Hilli
Golar LNG ("Golar" or "the Company") is pleased to announce that it has become 100% owner of the LNG Carrier Gandria. Golar has purchased the remaining 50% share interest in Bluewater Gandria N.V, the owning company of the vessel, from an affiliate of Bluewater Energy Services B.V. ("Bluewater"). The price has been agreed all-in at $19.5 million. Prior to the transaction, the company was owned by Golar (50%) and Bluewater (50%). The vessel which is a Moss type carrier and built in 1977 has been laid up since September 2008. The vessel is well maintained, and is a good trading vessel as well as a strong candidate for conversion to FSRU and storage. A firm decision will be made on the vessel reactivation within the next few weeks.
Golar has in addition made a firm to commitment to reactivate the LNG Carrier Hilli which is also a Moss type carrier built in 1975. The vessel has been brought to Keppel Shipyard for a $15 million upgrading project. The Company is targeting her readiness for service prior to the end of March 2012. Golar has already received proposals for chartering of the vessel.
Golar's CEO Doug Arnell said in a comment "Golar's focus remains to be a high quality operator of modern LNG vessels. However the purchase of 50% of Gandria was done as an opportunistic deal at a price level we find very attractive. The reintroduction of Gimi, Hilli, and Gandria in the market will secure additional earnings growth for our company in the next quarters while we are waiting for our first newbuildings to come out in 2013. Long term, these three Moss designed vessels are ideal candidates for storage, FSRUs and other LNG infrastructure projects.
Hamilton,
Bermuda
January 22, 2012
makesumgravy
16 years ago
PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2008 RESULTS
LONDON -- (Marketwire) -- 02/27/09 --
Highlights
* Golar reports operating income of $13.9 million and a net loss of $57.7 million, which includes Other Financial Items loss of $57 million largely relating to non cash interest rate swap valuation losses and foreign currency exchange retranslation losses
* Spot traded vessel earnings performance improved over the quarter although spot market softening moving into the first quarter 2009
* The FSRU Golar Spirit entered regasification service after smooth commissioning period
* Floating LNG cooperation with PTTEP now focusing on identified opportunities
* Golar signs Heads of Agreement with LNG Limited covering project participation in (40%) and sole LNG -off-take from the Gladstone LNG project
* Continued strong market inquiry for FSRUs
* Golar suspends dividend payment to strengthen balance sheet in advance of near term project opportunities
Financial Review
Results
Golar LNG Limited ("Golar" or the "Company") reports a net loss of $57.7 million and operating income of $13.9 million for the three months ended December 31, 2008 (the "fourth quarter"). Net income has been negatively impacted by other financial items loss of $57 million largely relating to non-cash interest rate swap valuation losses and foreign currency exchange retranslation losses.
Revenues in the fourth quarter were $59.5 million increased from $58.1 million for the third quarter of 2008 (the "third quarter").
Headline spot charter rates retained the improvement from the third quarter for the early part of the fourth quarter but began to fall toward the end of the fourth quarter. Average utilisation increased from 83% in the third quarter to 84% in the fourth quarter. Fourth quarter average daily time charter equivalent rates ("TCEs") improved to $46,407 per day compared to $43,443 per day during the third quarter.
The Golar Spirit was employed throughout the fourth quarter on charter to Petrobras, whilst the Golar Winter entered the shipyard for FSRU conversion at the end of the third quarter and will remain in the yard until the second quarter of 2009. The newly chartered in vessel Ebisu went on hire soon after delivery at the end of the third quarter and will remain on hire through the first quarter of 2009.
There were no dry dockings performed during the fourth quarter. The Hilli and the Gandria have not been employed throughout the fourth quarter and are not expected to have earnings throughout 2009.
Measures remain in place to minimise operating costs on these vessels until chartering or project opportunities arise.
Voyage expenses, which largely relate to fuel costs associated with commercial waiting time and vessel positioning, decreased marginally from $11.0 million in the third quarter to $10.2 million for the fourth quarter, aided by the decline in fuel costs and slightly improved utilisation. Vessel operating expenses were higher at $16.0 million for the fourth quarter as compared to $14.6 million for the third quarter whilst administrative expenses were lower at $4.1 million as compared to $4.7 million last quarter.
Net interest expense for the fourth quarter was $11.9 million, up slightly from $11.4 million for the third quarter.
Other financial items were a loss of $57.0 million in the fourth quarter compared to a loss of $23.1 million for the third quarter.
Long-term interest rates fell dramatically during the fourth quarter, although have recovered to some extent since December 31, 2008, and the US dollar has also strengthened significantly during the fourth quarter. Both these events, if sustained, are beneficial to the Company in the long-term but create non-cash accounting losses in the short-term.
The largest contribution to this loss relates to non-cash interest rate swap valuation losses which gave rise to a loss to the income statement of $23.4 million during the fourth quarter. In addition to the $23.4 million charge a realised loss of $9.0 million has been incurred as a result of refinancing a loan during the quarter that had a fixed rate of interest. However, the Company immediately entered into an interest rate swap for a similar amount of the new debt at an interest rate approximately 1.1% lower than the rate on the fixed rate debt. As of October 1, 2008 the Company commenced hedge accounting for some of its interest rate swaps and as a result a further $26.0 million loss, which would have been taken to the income statement, has been accounted for through other comprehensive income (reserves).
Foreign currency exchange losses, amounting to $12.8 million, relate to the retranslation of net lease obligations denominated in British Pounds, valuation losses in respect of foreign currency forward contracts associated with FSRU capital commitments and other foreign currency retranslation losses primarily relating to foreign currency deposits acquired under forward contracts to settle foreign currency capital commitments.
The balance of other financial items charge relates to equity swap valuation losses, investment impairment and the write off of various financing related expenses.
For the twelve months ended December 31, 2008 Golar reports a net loss of $10 million, operating income of $132 million and operating revenues of $229 million as compared to, net income of $136 million, operating income of $121 million and operating revenues of $225 million for the year ended December 31, 2007. The decrease in net income is largely accounted for by a $36 million decrease in the level of gains on sale of assets and investments in 2008 and an increase in other financial items loss in 2008 of $74 million.
Financing, corporate and other matters
The value of cash has significantly increased over recent months and the Board believes that market sentiment has shifted somewhat from giving full appreciation to dividend flow to focus on the strength of Company balance sheets. The Board also believes that the development of FSRU and FLNG project opportunities will lead to attractive near term investment opportunities for the Company.
Taking this into account and the current squeeze in credit markets the Board has decided to suspend the dividend payment for at least the next 2 quarters or until financial market conditions normalise.
As previously reported the Company drew-down on a new $285 million revolving credit facility during the fourth quarter. The facility refinanced the existing debt in respect of the Methane Princess and the Golar Spirit and provided additional financing of approximately $80 million. Golar's ability to complete this financing during the current turmoil in the debt markets demonstrates the continued good standing the Company has with its banks.
The Company's remaining un-financed capital commitments in respect of its FSRU conversion projects amount to approximately $80 million in respect of the Golar Freeze project. The current level of debt associated with the Golar Freeze is approximately $30 million and its charter as an FSRU will generate total revenues over 10 years of around $450 million. The Company has had positive discussions and responses from a number of banks in connection with the refinancing of the Golar Freeze and the Board therefore remains confident that the Company will be able to refinance the Golar Freeze and improve the company's liquidity position even in today's difficult market conditions. In the unlikely event that a refinancing is not achievable in the current credit market the Board believes that alternative sources of short-term financing will be available in order to meet capital commitments in respect of the Golar Freeze.
Currently approximately 67% of the Company's debt and net capital lease obligations are effectively swapped to a fixed rate. The Company's current total debt and net capital lease obligations are approximately $1 billion. The total current cost of this debt based on the Company's swap rates, 3 month Libor and average margin is approximately 4.5%.
Operational Review
Shipping
Trading performance of the Company's vessels operating in the spot/short term market was slightly improved over the quarter.
Rates held up for the early part of the quarter however began to soften toward year end. Further deterioration has occurred into the first quarter of 2009 although activity is just now beginning to again increase.
Granatina, now renamed Golar Arctic, was redelivered from a 12 month charter with Shell in January and the vessel's technical management has been transferred to Golar. The Golar Arctic will continue to maintain the Company's presence in the spot/short term market in the period following the delivery of Golar Frost in June 2009 to OLT-O for the Livorno FSRU project. Golar Frost was redelivered from its 4 month charter to Morgan Stanley in November 2008 and will continue to be available for short term charters until redelivery to OLT-O in June 2009.
The new-build in-charter, Ebisu, remained on hire to the North West Shelf project throughout the quarter at a profitable rate.
Vessel operations remained smooth and incident free throughout the quarter.
Regasification
Following the completion of construction by Petrobras of the shore side facilities in Pecem, Brazil, Golar Spirit completed final commissioning and start up activities associated with the floating storage and regasification ("FSRU") conversion project.
Commissioning was followed by a series of performance test runs which formed part of the delivery protocol for the vessel. The commissioning and start up was successfully concluded without incident and with Petrobras kindly acknowledging the high standard of professionalism provided by the Golar technical team involved in the delivery of the project. The Golar Spirit will soon sail to Rio to commence commissioning activities in advance of the arrival of Golar Winter.
Golar Winter arrived at Keppel ship yard in Singapore on September 29, 2008 to commence Golar's second FSRU conversion project. The FSRU is scheduled to deliver to Petrobras in Guanabara Bay, Rio de Janiero during Q2 2009. All major equipment items for the vessel conversion have now been installed onto the vessel and work continues to integrate the new equipment. The Company is satisfied with the progress being made with the project and pleased to see the experiences and learning from the Golar Spirit project transferred to the Golar Winter project.
Detailed engineering for the Golar Freeze FSRU project is continuing with major equipment items required for the vessel conversion being ordered consistent with the vessel's scheduled delivery. Discussions have commenced with shipyards to finalise the contract for the vessel conversion.
Discussions are continuing with the OLT-O (Livorno) joint venture in support of the Golar Frost conversion project and possible future roles for Golar within the project which includes amongst other things operation and maintenance of the terminal.
Petrobras advised during the quarter that due to the current economic environment it is not intending to continue with its tender to secure a third FSRU. The disappointment in this development is to a large extent offset by the continuing high level of interest in FSRUs from other parts of the world. This interest has been spurred on in recent months due to gas supply disruptions in Europe and an expected increase in the supply of LNG from producing projects.
Liquefaction
The Company was pleased to recently announce the signing of a Heads of Agreement ("HOA") with project developer Liquefied Natural Gas Ltd (LNG Ltd) formalising Golar's participation in the Gladstone LNG ("GLNG") project. GLNG, the project company, is intending to develop a mid-scale (1.5 million tonne per annum) liquefied natural gas plant in the Port of Gladstone, Australia. The plant will purify and liquefy coal seam gas sourced from gas fields, located in Central Queensland, north east Australia. The current estimated development cost for the LNG facility is approximately $500 million. First production is currently scheduled for 2012. The project also offers attractive expansion opportunities.
Final investment decision and financial close of the project is expected toward the end of 2009. Of key importance to this final decision will be successful financing of the project and funding of Golar's participation in a way that is accretive to shareholders.
Until a final investment decision is made there is minimal financial commitment required from Golar. The terms of the HOA include Golar's 40% equity participation in the project and the full LNG output from the project on an FOB basis. In parallel to the negotiations with LNG Ltd with respect to the purchase of the LNG, Golar has progressed discussions to sell its offtake on a delivered, long term basis to a credit worthy LNG buyer. Delivery of the LNG will utilise up to two of Golar's existing LNG Carriers.
Golar anticipates that, in addition to the financing to be raised at the project level, it will also be able to raise financing in connection with the offtake and shipping arrangements. The formalising of Golar's role in the project is a significant milestone in the achievement of the Company's midstream LNG strategy.
The Company continues to make good progress, working in partnership with PTTEP, in developing Floating LNG projects. Activity has progressed over the past quarter from screening stranded gas opportunities to maturing the most attractive of the identified opportunities. Detailed activity is now focused on 2 to 3 specific upstream assets. Of note is the recent acquisition by PTTEP of Coogee Resources with operations located in the Timor Sea, Western Australia. Both companies believe that Coogee may provide an attractive platform for the development of a FLNG project.
Market
The short supply of LNG to energy markets in 2008 is likely to turn into plentiful supply as four new LNG producing projects come on line amid a global financial crisis and recession in many LNG consuming economies. Predicting the outcome of this market mix is even more difficult than usual but some signs indicating the way forward are starting to emerge.
2009 will see the start of a capacity build provided by new plants that are currently under construction in Qatar, Yemen, Russia, Peru, Indonesia, Australia, Angola, and Algeria. The new capacity will form the backbone of an approximate 30% (40 million tonnes) rise in total global LNG production by the end of this year and an increase by some 60% in worldwide capacity over the next 4 to 5 years. Production will rise from approximately 175 million tonnes in 2008 to around 290 million tonnes by 2013. No other globally traded commodity can confidently anticipate this level of growth over the next few years.
What is perhaps less clear is the actual destination for this rise in LNG production. Early signs are that Far East markets may not provide the support once relied upon by LNG traders. The economic downturn is depressing demand for power generation in the established markets of Japan, Korea and Taiwan and the appetite for incremental LNG in the more recently opened markets of China and India is still to be fully tested. Interestingly there are signs of Pacific Basin production already starting to trickle into Europe. Should this trend continue as new Far East capacity comes on stream we might soon see more Pacific Basin produced cargoes head for the more liquid markets of the US and Europe. This would represent a complete reversal of the trading pattern that has characterised the LNG market in recent years from tradable cargoes produced in the Atlantic Basin being drawn East to a market where marginal production in the Pacific Basin is looking for a home in the Atlantic Basin - as previously existed in the period 2002 to 2004.
As new LNG capacity comes on stream, the length currently observed in the short term LNG shipping market is expected to rebalance, with ships finally entering employment on a long term basis with the intended projects. Additionally, conversion projects and scrapping of older vessels continue to gain momentum. The ratio of available spot vessels to worldwide LNG production is set to decline in the next few years with no expected reduction in long haul trades. Spot charter rates will stay depressed for the first half of 2009 but there is reason to expect steady improvement in the situation from mid year.
Outlook
The LNG shipping spot market continues to suffer from a delay in the start up of new LNG production capacity resulting in a surplus of shipping and more recently, the downturn in the global economy.
The first half of 2009 will be a difficult trading environment for the Company's spot trading ships with a reduction in earnings anticipated for the first quarter 2009. However, there is a realistic hope for improvement in the second half of 2009 as new capacity comes on stream and cargoes start trading west. The Board continues to believe that the long-term outlook for LNG demand in global markets remains strong and that production capacity currently under construction will progressively improve the situation.
The company's strategy of diversifying into FSRU's and over time into liquefaction is and will continue to deliver a more robust revenue profile as the broader LNG market moves through the different phases of the economic cycle. Furthermore, the company's committed FSRU contracts delivering over the next 18 months will add significantly to operating cash flow.
makesumgravy
16 years ago
Golar, LNG Ltd Ink Preliminary Deal For Gladstone CSG Plant
BEIJING -(Dow Jones)- Golar LNG Ltd. (GLNG) said Friday it has signed a preliminary deal to develop a $500 million plant at the port of Gladstone in Queensland, Australia, to turn coalbed methane into liquefied natural gas for export.
Golar said it would take a 40% stake in the plant, which has a planned capacity of 1.5 million metric tons a year, and buy all the LNG under the terms of a Heads of Agreement signed with Liquefied Natural Gas Ltd. (LNG.AU), or LNG Ltd.
First production is scheduled for 2012, and talks were underway to sell the LNG output to a customer, Bermuda-based Golar said, adding that cargoes would use up to two of its existing LNG carriers.
"The Gladstone project has the potential to materially enhance the earning capacity and profile of the company," Golar Chief Executive Gary Smith said in a statement.
A string of multibillion dollar deals over the past 18 months have ignited interest in Australia's coal seam gas sector, with up to five LNG processing plants earmarked for construction at Gladstone.
Among the companies vying to build plants at Gladstone are BG Group (BG.LN), Santos Ltd. (STO.AU), and Arrow Energy Ltd. (AOE.AU). Origin Energy Ltd. (ORG.AU) and U.S. oil producer ConocoPhillips (COP) also want to build an LNG plant at the port.
Analysts say consolidation of plants may be inevitable to enhance economies of scale, particularly given the tough environment for raising funds.
In its statement, Golar said coal seam gas for its proposed plant will be sourced from Arrow Energy's fields in central Queensland.
Arrow has the option to take a 20% equity stake in the project, with LNG Ltd. holding the remaining 40% interest.
"Golar anticipates that, in addition to financing to be raised at the project level, it will also be able to raise financing in connection with the offtake arrangements and thereby limit the requirement for new equity that may be required by Golar LNG," Golar said.
Maurice Brand, managing director of LNG Ltd., said Golar had been picked from a number of companies participating in the project tender.
"The benefits of the Golar LNG proposal were compelling and the company's directors considered that, in these challenging financial times, the Golar LNG proposal package would deliver the best outcome for the company and materially assist with first LNG delivery in late 2012," Brand said in the statement.
-By David Winning, Dow Jones Newswires; 8610-65885848; david.winning@dowjones.com
makesumgravy
16 years ago
Golar LNG Q3 2008 Results
LONDON -- (Marketwire) -- 11/26/08 -- Highlights
* Golar reports net income of $51.7 million.* The FSRU Golar Spirit now on hire in Brazil.* Continued good progress being made in developing Floating LNG
opportunities with PTTEP
* Positive developments to secure role as equity participant and LNG
buyer in LNG Ltd's Gladstone LNG project.* Continued strong market inquiry for FSRUs.* Signed new $285 million revolving credit facility
* Golar announces cash dividend of $0.25 per share
Results
Golar LNG Limited ("Golar") reports net income of $51.7 million and operating income of $89.7 million for the three months ended September 30, 2008 (the "third quarter"). Net income has been positively impacted by the gain on sale of the Golar Frost of $78.1 million and negatively impacted by non-cash losses on mark-to-market swap valuations totalling $21.8 million.
Revenues in the third quarter were $58.1 million as compared to $52.5 million for the second quarter of 2008. Headline spot charter rates increased over the quarter and aggregate utilisation also increased from 78% last quarter to 83% this quarter. Voyage expenses, which largely relate to fuel costs associated with commercial waiting time and vessel positioning, have increased marginally from $10.4 million in the second quarter to $11.0 million for the third quarter, remaining high due to very high fuel costs as well as the level of positioning time. Third quarter average daily time charter equivalent rates (TCE's) were $41,440 per day compared to $39,890 per day during the second quarter.
The vessels Methane Princess and the Granatina dry docked during the quarter, both dockings were completed as planned. No further dry dockings are scheduled for the remainder of this year. The Hilli and the Gandria have not been employed throughout the quarter and are not expected to have earnings during the fourth quarter.
Measures remain in place to minimise operating costs on these vessels until chartering opportunities arise.
The Golar Spirit arrived at Pecem in Brazil on July 22 with a LNG cargo loaded and immediately went on hire. The vessel has now undergone a comprehensive programme of testing and commissioning prior to going into service. Final testing and commissioning will take place once Petrobras are ready to receive the vessel at the facility currently being refurbished at Pecem.
Vessel operating expenses were slightly lower at $14.6 million for the third quarter as compared to $15.8 million for the second quarter. Moving forward a stronger US dollar is likely to reduce operating and administrative expenses, some of which the Company incurs in currencies other than US dollars.
Net interest expense for the third quarter was $11.4 million, down from $12.8 million for the second quarter. The decrease in interest expense is driven by lower interest rates on floating rate debt and lower debt levels due to the repayment of the Golar Frost loan at the beginning of the quarter. Other financial items were a loss of $23.1 million in the third quarter compared to a gain of $19.5 million for the second quarter. This has primarily resulted from mark-to-market derivative valuation losses in respect of interest rate swaps, foreign currency swaps and equity swaps.
Currently approximately 74% of the Company's debt and capital lease obligations are effectively swapped to a fixed rate. The Company's current total debt and net capital lease obligations are approximately $1.1 billion. The total current cost of this debt based on the Company's swap rates, 3 month Libor and average margin's is approximately 4.75%.
Net income per share for the third quarter was $0.77 as compared to a $0.17 per share for the second quarter.
Based on results for the quarter end ended September 30, 2008, and taking into consideration expectations for the next 12 months, the Board has again declared a dividend of $0.25 per share for the quarter. The Board has declared dividends in 2008 up to and including this dividend totalling $0.75 per share and is targeting to continue with a $0.25 per share per quarterly dividend in the long-term. This could potentially change however depending upon market conditions, capital requirements and financing.
The Company now only has unfinanced capital commitments in respect of the Golar Freeze which amount to approximately $80 million. The current level of debt associated with the Golar Freeze is approximately $30 million and its charter as an FSRU will generate total revenues over 10 years of around $450 million. The Board therefore expects to be able to refinance the Golar Freeze and improve the company's liquidity position even in today's difficult market conditions.
The record date for the dividend is December 5, 2008, ex dividend date is December 3, 2008 and the dividend will be paid on or about December 19, 2008.