(6) Average daily vessel operating expenses is defined as vessel
operating expenses divided by ownership days.
During the six months ended 2012 the Company, through its
subsidiaries, operated 4.8 vessels which earned on average US$8,338
per day compared to 5.0 vessels and average earnings of US$21,397
per day in H1 2011.
Earnings before Tax, Interest, Depreciation and Amortisation
(EBITDA) was reported at US$0.5 million for the six months ended 30
June 2012 compared to US$12.2 million for the same period of
2011.
The Company's general and administrative expenses for the six
months ended 30 June 2012 dropped by 30% to approximately US$0.7
million compared to US$1.0 million for the same period of 2011.
As a result of the decrease in ownership days, vessel operating
expenses dropped by US$0.2 million to a total of US$4.7 million.
However, daily operating expenses increased marginally to US$5,397
from US$5,370. This increase is partly attributed to higher
insurance costs, crew costs and lubricants.
Debt / Financing Activities & Capitalisation
Debt as of 30 June 2012 amounted to US$84.9 million compared to
US$88.2 million as of 31 December 2011.
In view of the prolonged market downturn affecting the fleet's
cash generation from operating activities, the Company and its
subsidiaries came into an agreement with their lenders to
restructure the debt obligation and lighten up the repayments
falling due in the forthcoming two years.
In relation to the first loan facility agreement the lender has
agreed to restructure the loan repayment schedule effective from 1
January 2012. The term of the loan was extended for 3 years, the
new maturity date being May 2018. In addition, we were provided the
option to transfer the proceeds from the sale of the M/V Hellenic
Sky towards the acquisition of a modern second hand bulk carrier,
within a period of 18 months from the vessel's delivery to its
buyers.
Subsequently to the reporting date, the second lender provided
the option to transfer the proceeds from the sale of the M/V
Hellenic Sea as bank financing towards the acquisition of a modern
second hand bulk carrier, to be acquired within a period of 12
months. Further to this agreement, if a new vessel is acquired
during the 12 month period, the tenor of the loan shall be extended
for 4 years with the new maturity being May 2020.
The principal debt repayment for the years 2012 and 2013 amounts
to US$5.7 and US$4.6, respectively and in case the options are not
exercised a prepayment equal to the proceeds from the sale of the
two vessels is due to be made to the Banks in late 2013.
An earnings recapture clause has been agreed under both loan
facilities based on which part of any excess earnings generated by
the vessels will be paid to the lending banks commencing from
financial year 2012.
Restricted cash reported at 30 June 2012 amounted to US$13.8
million. This amount consists of i) US$10.1 million being the
proceeds from the sale of M/V Hellenic Sky which are held in a
pledge account for the purpose described above, ii) US$0.3 million
being funds held in retention account for the repayment of the next
installment due under one of the existing loan agreements, and iii)
US$3.4 million retained against issuance of a bank guarantee of
US$3.1 million. This bank guarantee was provided as security to
Setsea SpA, the former charterers of the vessel M/V Hellenic Sea,
pending the outcome of arbitration proceedings already commenced in
London between the owners and charterers on the occasion of the
vessel's grounding in the Amazon River in July 2010. Input from
legal advisors is supportive to the owners' position therefore, as
at today, the Company has not recorded a provision in the interim
financial statements.
As of 30 June 2012, debt (debt, net of deferred financing fees)
to total capitalisation (debt and stockholders' equity) amounted to
50.1% compared to 48.7% as of 31 December 2011. Net debt (debt less
cash and cash equivalents) to total capitalisation amounted to
28.6% on 30 June 2012 compared to 30.2% on 31 December 2011.
Total cash, including restricted cash amounted to US$50.9
million as of 30 June 2012 and US$48.0 million as of 31 December
2011.
Post balance sheet events
On 23 August 2012, the M/V Hellenic Sea was sold and delivered
to her new owners as per details outlined above.
Dividend
In order to reinforce the Company's liquidity and optimize the
use of cash as market opportunities arise, the Directors of the
Company did not recommend an interim dividend payment.
Conference Call details
Participants should dial into the call 10 minutes prior to the
scheduled time using the following numbers: 0800-953-0329 (UK Toll
Free Dial-in), 00800-4413-1378 (Greece Toll Free Dial-in),
1-866-819-7111 (U.S. Toll Free Dial-in), or +44 (0)1452-542-301
(Standard International Dial-in). Please quote "Hellenic
Carriers".
A telephonic replay of the conference call will be available
until 13 September 2012 by dialling 0800-953-1533 (UK Toll Free
Dial-in), 1-866-247-4222 (US Toll Free Dial-in), or +44
(0)1452-550-000 (Standard International Dial-in). Access Code:
36347958#
Slides and audio webcast:
There will also be a live and then archived webcast of the
conference call, accessible through the Hellenic Carriers website
(www.hellenic-carriers.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7459 3600
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Eleni Theodoropoulou +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited manages through Hellenic
Shipmanagement Corp. a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina, and other
dry bulk cargoes worldwide. The fleet consists of three vessels,
comprising one Panamax, one Supramax and one Handymax with an
aggregate carrying capacity of 169,116 dwt and a weighted average
age of 15.2 years plus two new building vessels currently on order,
both Kamsarmaxes with an aggregate carrying capacity of about
164,000 dwt.
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
INTERIM CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2012
(Amounts expressed in thousands of U.S. Dollars, except share
and per share data)
30 June
------------------------
2012 2011
----------- -----------
Unaudited Unaudited
US$'000 US$'000
Revenue 8,909 20,825
----------- -----------
Expenses and other income
Voyage expenses (2,447) (2,124)
Vessel operating expenses (4,669) (4,860)
Management fees - related
party (627) (639)
Depreciation (4,400) (5,888)
Depreciation of dry-docking
costs (859) (903)
Impairment loss (4,130) -
Gain on sale of vessel 2,299 -
General and administrative
expenses (713) (957)
Operating (loss) / profit (6,637) 5,454
Finance expense (2,723) (2,712)
Finance income 176 313
Foreign currency gain,
net 13 15
(2,534) (2,384)
----------- -----------
(Loss) / Profit for
the period (9,171) 3,070
=========== ===========
(Loss) / Earnings per
share (US$):
Basic and diluted (LPS)
/ EPS for the period (0.20) 0.07
Weighted average number
of shares 45,616,851 45,616,851
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2012
(Amounts expressed in thousands of U.S. Dollars)
30 June
----------------------
2012 2011
---------- ----------
Unaudited Unaudited
US$'000 US$'000
(Loss) / Profit for the
period (9,171) 3,070
Net gain on cash flow
hedges 858 547
---------- ----------
Total comprehensive (loss)
/ income for the period (8,313) 3,617
========== ==========
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2012
Hellenic Carr. (LSE:HCL)
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