VLCCF - Third Quarter 2014 and Nine Months results
HIGHLIGHTS
-
Knightsbridge reports a net loss of $6.2 million and a loss per share of $0.11 for the third quarter of 2014.
-
Knightsbridge reports EBITDA of $1.2 million and EBITDA per share of $0.02 for the third quarter of 2014.
THIRD QUARTER 2014 AND NINE MONTHS RESULTS
The Company reports a net loss of $6.2 million and a loss per share of $0.11 for the third quarter compared with net income of $6.3 million and earnings per share of $0.14 for the preceding
quarter. Net income in the second quarter includes a receipt of $3.3 million as partial settlements for a claim for damages and unpaid charter hire. Net income in the second quarter also includes a
receipt of $2.6 million upon the early termination of the time charter of the Belgravia. The net loss in the third quarter includes dry docking costs of $2.0 million in
connection with the Belgravia and the Golden Future. The Company received $3.3 million as partial settlement for a claim for damages and unpaid charter
hire in October 2014 and this will be recorded as income in the fourth quarter. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the third quarter was $10,200
compared with $15,000 in the preceding quarter. In November 2014, the Company estimates an approximately average cash cost breakeven rate for the remainder of 2014 on a TCE basis for its Capesize
vessels of $13,000 per vessel per day.
Cash and cash equivalents increased by $78.1 million in the third quarter. The Company generated cash from operating activities of $6.8 million, paid $120.5 million in respect of its newbuilding
program, received $25.1 million in connection with the purchase of 13 SPCs from Frontline 2012 Ltd ("Frontline 2012"), paid $9.8 million to shareholders and borrowed $176.5 million from the banks
(net of fees paid).
Lesen Sie auch
For the nine months ended September 30, 2014, the Company reports net income of $10.8 million and earnings per share of $0.25 compared with a net loss of $6.9 million and a loss per share of $0.28 in the nine months ended September 30, 2013. The net income in the nine months ended September 30, 2014 includes aggregate receipts of $13.2 million as partial settlements for claims for damages and unpaid charter hire and a receipt of $2.6 million upon the early termination of the time charter of the Belgravia The net loss in the nine months ended September 30, 2013 includes a net loss from discontinued operations of $7.0 million. The average daily TCE earned by the Capesize vessels in the nine months ended September 30, 2014 is $15,500 compared with $18,600 in the nine months ended September 30, 2013.