United Maritime: Απέκτησε 2 Kamsarmax και 1 Panamax έναντι 63 εκατ. δολαρίων
Η United Maritime Corporation ανακοίνωσε σήμερα τη συμφωνία αγοράς δύο φορτηγών πλοίων τύπου Kamsarmax, με άμεση παράδοση. Η Εταιρεία ανακοίνωσε επίσης ότι έχει συνάψει συμφωνία bareboat ναύλωσης ενός σύγχρονου φορτηγού πλοίου τύπου Panamax, ιαπωνικής κατασκευής, με δικαίωμα αγοράς στο τέλος της περιόδου.
Το πρώτο πλοίο κατασκευάστηκε στο ναυπηγείο Universal Shipbuilding της Ιαπωνίας το 2009, έχει μεταφορική ικανότητα 81.508 dwt και θα μετονομαστεί σε M/V Cretansea. Το πλοίο αναμένεται να παραδοθεί στη United έως τα τέλη Απριλίου 2023.
Το δεύτερο πλοίο κατασκευάστηκε στο ναυπηγείο Tsuneishi Zhoushan Shipbuilding το 2010, έχει μεταφορική ικανότητα 82.217 dwt και θα μετονομαστεί σε M/V Oasea. Το πλοίο αναμένεται να παραδοθεί στη United έως τα μέσα Απριλίου 2023.
Το τρίτο πλοίο αφορά ένα φορτηγό πλοίο τύπου Panamax, κατασκευής του 2013 στην Ιαπωνία με χωρητικότητα 78.173 dwt. Το πλοίο θα αποκτηθεί με 18-μηνη συμφωνία bareboat ναύλωσης, στο τέλος της οποίας η United αναμένεται να ασκήσει το δικαίωμα αγοράς του. Το πλοίο εκτιμάται να παραδοθεί στη Εταιρεία εντός του Φεβρουαρίου 2023.
Ο κ. Σταμάτης Τσαντάνης, Ιδρυτής, Πρόεδρος και Διευθύνων Σύμβουλος της Εταιρείας, δήλωσε: «Μετά την πρόσφατη κερδοφόρα πώληση τριών δεξαμενόπλοιών μας, επεκτείνουμε περαιτέρω τον στόλο της United με την απόκτηση αυτών των τριών πλοίων, μια επένδυση ύψους περίπου 63 εκατ. δολαρίων.
Η συνολική επένδυση που έκανε πρόσφατα η United για την απόκτηση πέντε φορτηγών πλοίων θα ξεπεράσει τα 98 εκατ. δολάρια, καθώς πιστεύουμε ότι είναι η κατάλληλη στιγμή να επενδύσουμε στον συγκεκριμένο τομέα. Οι ελκυστικές αξίες των επενδύσεων αναμένεται να παράγουν για ακόμα μία φορά υψηλές αποδόσεις στους μετόχους μας χωρίς την αραίωση της συμμετοχής τους στην Εταιρεία.
Παρά την εποχική αδυναμία της ναυλαγοράς, οι προοπτικές παραμένουν ισχυρές λόγω της μειωμένης προσφοράς πλοίων, των πολύ περιορισμένων παραγγελιών νεότευκτων πλοίων και τη σταδιακή βελτίωση της παγκόσμιας οικονομίας. Ως εκ τούτου, οι συναλλαγές αυτές συνάδουν με το διαφοροποιημένο επιχειρηματικό μας μοντέλο, το οποίο επικεντρώνεται σε ελκυστικές ευκαιρίες σε τομείς με ισχυρά θεμελιώδη μεγέθη και προοπτικές ανόδου».
Άλλες ενημερώσεις για τον στόλο της United
Στις 10 Φεβρουαρίου 2023, η Εταιρεία παρέλαβε το M/V Goodship, ένα Capesize πλοίο μεταφοράς ξηρού χύδην φορτίου, χωρητικότητας 177.536 dwt, το οποίο κατασκευάστηκε στο ιαπωνικό ναυπηγείο Mitsui Engineering & Shipbuilding Co. Ltd. το 2005. Όπως είχε ανακοινωθεί προηγουμένως, το πλοίο είναι χρονοναυλωμένο σε διεθνή ναυλωτή με μέγιστη διάρκεια έως τον Δεκέμβριο του 2023 και με ημερήσιο ναύλο συνδεδεμένο με τον δείκτη BCI. Η απόκτηση του M/V Goodship χρηματοδοτήθηκε μέσω ενός συνδυασμού ιδίων κεφαλαίων και υφιστάμενου τραπεζικού δανεισμού.
EuroDry Ltd. Looking To Weather The Dry Bulk “Storm”, as Panamax Rates Retreat 50% Compared to the Fourth Quarter of 2019
EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three-month period ended March 31, 2020.
First Quarter 2020 Highlights:
Total net revenues of $5.1 million; net loss of $2.3 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $2.6 million or $1.17 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $2.1 million or $0.91 per share basic and diluted.
Adjusted EBITDA1 was $0.6 million.
An average of 7.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $7,885 per day.
The Company declared its fifth cash dividend of $0.4 million on its Series B Preferred Shares.
Aristides Pittas, Chairman and CEO of EuroDry commented:
“Year 2020 to-date has been marked by the dramatic effects on the global economy and seaborne trade of the COVID-19 pandemic. Drybulk seaborne trade, in particular, declined dramatically causing charter rates for Panamax vessels to drop to levels of about 50% lower compared to fourth quarter of 2019, a period that already had shown signs of a weakening market. By mid-May 2020, countries have only timidly started reopening their economies and as a result, we anticipate that we will continue experiencing low charter rates and low demand well into the next few months.”
“A positive effect of the depressed market and the prevailing uncertainty is the extremely low level of newbuilding orders placed. This development, in combination with the already low orderbook and delays in completing existing newbuilding contracts set the stage for a quick recovery of rates when, of course, drybulk seaborne trade recovers. We try to position ourselves to benefit from such a development and we continuously evaluate opportunities for investment in vessels or pursue combination with other fleets, especially, focusing on using our status as a public company to provide a consolidation platform.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented:
“Our net revenues for the first quarter of 2020 were lower by 12.5% as compared to the first quarter of 2019. This was the result of lower average charter rates by 16.8% earned during the quarter as compared to the first quarter of 2019 and 36.6% lower when compared to the fourth quarter of 2019, the latter decline being partly moderated by our fixed rate charter contracts.”
“Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 3.5% during the first quarter of 2020 compared to the same quarter of last year.”
“Adjusted EBITDA during the first quarter of 2020 was $0.6 million compared to $2.5 million achieved for the first quarter of last year. As of March 31, 2020, our outstanding debt (excluding the unamortized loan fees) was $54.9 million versus restricted and unrestricted cash of approximately $6.4 million.”
First Quarter 2020 Results:
For the first quarter of 2020, the Company reported total net revenues of $5.1 million representing a 12.5% decrease over total net revenues of $5.8 million during the first quarter of 2019, which was the result of the lower time charter rates our vessels earned during the first quarter of 2020. The Company reported net loss for the period of $2.3 million and net loss attributable to common shareholders of $2.6 million, as compared to net income and net income attributable to common shareholders of $0.9 million and $0.4 million, respectively, for the same period of 2019. Depreciation expenses for the first quarter of 2020 were $1.6 million remaining unchanged compared to the same period of 2019. Vessel operating expenses and management fees were $3.3 million for the first quarter of 2020 compared to $3.1 million in the same period of 2019 while general and administrative expenses remained unchanged at $0.6 million for the first quarter of 2020 as compared to the same period of last year.
Interest and other financing costs for the first quarter of 2020 amounted to $0.7 million compared to $1.0 million for the same period of 2019. Interest during the first quarter of 2020 was lower due to the lower average outstanding debt and the decreased Libor rates of our loans during the period as compared to the same period of last year. For the three months ended March 31, 2020, the Company recognized a $0.3 million loss on two interest rate swaps as compared to a gain on derivatives of $1.5 million, comprised of a $1.6 million gain on forward freight agreements and a $0.1 million loss on two interest rate swaps, for the same period of 2019.
On average, 7.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $7,885 per day compared to 7.0 vessels in the same period of 2019 earning on average $9,472 per day.
Adjusted EBITDA for the first quarter of 2020 was $0.6 million compared to $2.5 million achieved during the first quarter of 2019.
Basic and diluted loss per share attributable to common shareholders for the first quarter of 2020 was $1.17 calculated on 2,267,375 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.18 for the first quarter of 2019, calculated on 2,244,803 basic and 2,252,427 diluted weighted average number of shares outstanding.
Excluding the effect on the loss attributable to common shareholders for the quarter of the unrealized gain / loss on derivatives and loss on write-down of inventory, the adjusted loss attributable to common shareholders for the quarter ended March 31, 2020 would have been $0.91 per share basic and diluted, compared to an adjusted loss of $0.21 per share basic and diluted for the quarter ended March 31, 2019. Usually, security analysts do not include the above item in their published estimates of earnings per share.
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Diana Shipping Sells Panamax Duo
Greece-based Diana Shipping has agreed to sell the 2001-built Panamax dry bulk vessels Danae and Dione.
The two vessels were sold for USD 7.2 million each, according to the company.
“The sale of the vessels was approved by disinterested directors of the company and were sold at a price equal to the higher of two independent broker valuations,” Diana Shipping said.
The 75,106 dwt Danae is expected to be delivered to unidentified buyers by June 28, 2019. The 75,172 dwt Dione is to be delivered to its new owners by April 15, 2019.
Diana Shipping further disclosed that it has entered into a time charter contract with Dutch Glencore Agriculture for the 2014-built dry bulk vessel Crystalia and the 2013-built Maera.
The 77,525 dwt Ice Class Panamax Crystalia will be chartered at a rate of USD 10,500 per day for a period of fourteen to seventeen months. The charter is expected to start on February 23, 2019.
The 75,403 dwt Maera will operate for the same time period at a gross rate of USD 7,000 per day for the first forty-five days of the charter period and USD 9,450 per day for the balance period of the time charter. The vessel started operations with Glencore on February 10, 2019.
Diana Shipping’s agreement with Glencore Agriculture is expected to generate around USD 8.27 million of gross revenue for the minimum scheduled period of the time charters.
With the sale of Dione and Danae, Diana Shipping’s fleet will consist of 46 dry bulk vessels, including 4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 18 Panamax.