Financial Highlights Include:
-- Strong revenue base creates platform for growth -- For the year ended
December 31, 2015, both Westport and Fuel Systems are reiterating their
respective revenue outlooks. Westport expects consolidated revenue to be
between $110 million and $125 million for the year, while Fuel Systems
expects consolidated revenue to be in the range of $270 to $280 million
for the year, resulting in a combined range from $380 to $405 million
projected for the year ended December 31, 2015.
-- Significant savings and merger synergy opportunities -- The companies
expect the transaction to be accretive to the combined company's adjusted
EBITDA and earnings in 2016, excluding one-time costs, through
approximately $30 million of annual pre-tax savings and merger synergies
fully realized by calendar year 2018. Included in the $30 million per
year is $15 million in annualized benefits expected to be generated by
Fuel Systems' restructuring program in 2016 and beyond and Westport's
initiatives to reach positive adjusted EBITDA by mid-2016 and through a
combination of reductions in corporate management costs, manufacturing
costs, and operating expenses as a result of the merger. Westport has a
publicly stated goal of reaching break even by the middle of 2016 and the
merger would only strengthen the company's ability to meet this goal.
-- Increased financial strength and flexibility -- The combined company will
also benefit from a strengthened balance sheet and enhanced liquidity and
will be positioned for continued investment and long-term financial
stability. The combined companies reported approximately $117 million in
cash and short term investments as of June 30, 2015.
Navios Maritime Acquisition Corporation Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2015
Tue August 18, 2015 6:53 AM|Marketwire | About: NNA
MONACO -- (Marketwired) -- 08/18/15 -- Navios Maritime Acquisition Corporation (NNA)
Revenue: 29.2% increase in Q2 to $80.4 million; 29.1% increase in first half 2015 to $159.0 million
Adjusted EBITDA: 58.1% increase in Q2 to $55.3 million; 54.1% increase in first half 2015 to $109.2 million
Net income: $26.4 million for Q2; $0.17 per share; $46.4 million for first half 2015; $0.29 per share
Profit sharing: $8.6 million for Q2; $16.2 million for first half 2015
Returning capital to shareholders:
Quarterly dividend of $0.05 per share
Repurchased 526,390 shares under the $50.0 million Share Repurchase program
Sale of two VLCCs for a total of $100.0 million at 19% above book values
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with the record results we reported for the second quarter of 2015. We grew Adjusted EBITDA by 58.1% to $109.2 million and Net income to $26.4 million from a prior period loss. We also increased the return of capital to our shareholders by declaring a quarterly dividend of $0.05 per share and repurchasing 526,390 shares through our share repurchase program."
Angeliki Frangou continued, "Navios Acquisition's market position is the result of several years of hard work. We built our fleet toward the bottom of the cycle, initially by purchasing newbuildings and subsequently shifting to acquiring vessels on the water. Today, all our vessels are operating. With no newbuilding or vessel acquisition commitments, we can redeploy cash flow deleveraging our balance sheet while returning capital to shareholders through our existing dividend policy and share repurchase program."
Dorchester Minerals Operating Lp Insider Buy Transaction
The insider of Dorchester Minerals LP (NASDAQ:DMLP) 17.36 -0.20 -1.15%, Dorchester Minerals Operating Lp in the last few days spent around $34,770 U.S Dollars in 2,000 shares in the Dorchester Minerals – L.P. corporation at an around $17.4 for share. Presently, Dorchester Minerals Operating Lp owns a total of 2,000 shares or 0.01% of the Company’s market cap (share price times the number of shares outstanding).
Jul 17 2015
TORM has completed its comprehensive restructuring recapitalising its balance sheet, by reducing the existing debt from around $1.4 bill to about $561 mill.
This was achieved through a lender debt write down to current asset values against the issuance of warrants and a subsequent optional exchange of debt to equity.
As part of the plan, OCM Njord Holdings (Njord Luxco), a wholly owned subsidiary of entities owned by Oaktree Capital Management, had contributed 25 operational and six newbuilding product tankers to TORM’s fleet.
TORM said that as a result, one of the largest product tanker owner/operators globally was created that is poised for further growth with:
*A diverse fleet of 74 owned product tanker vessels, including LR2, LR1, MR and Handysize vessels with an average age of about 10 years.
*A cash generative business benefiting from strong industry fundamentals, significant operational leverage, large on-the-water fleet and scale across multiple vessel segments.
*A strong balance sheet providing significant financial flexibility to fund future fleet investment.
*A restructured debt with attractive terms, flexibility and repayment profile.
Following the registration of the capital increases with the Danish Business Authority, the registered ‘A’ share capital of TORM will amount to a nominal DKK957,543,745.54. The new ‘A’ shares to be issued in connection with the restructuring correspond to 99.2% of TORM’s registered share capital and votes.
It is expected that the new ‘A’ shares will be admitted to trading and official listing on Nasdaq Copenhagen by end of July 2015.
For the full-year 2015, the combined group expects positive EBITDA in the range of $170-210 mill and a profit before tax in the range of $100-140 mill.
As at close of business 13th July, 2015, the combined group has available liquidity in the form of cash and cash equivalents in excess of $125 mill (of which, $55 mill represents the Oaktree cash injection) and a new undrawn working capital facility of $75 mill.
As part of the restructuring transaction, Njord Luxco has sold its shares in OCM (Gibraltar) Njord Midco to TORM, thereby contributing the product tankers to the group.
In exchange for the Njord Luxco contribution, TORM has issued the new ‘A’ shares enabling Njord Luxco to hold the same percentage of the outstanding shares of TORM as its contributed net assets (adjusted for remaining capital expenditures related to the newbuildings) bear to the total NAV of TORM.
As a result, Njord Luxco and thereby indirectly Oaktree, is now the majority shareholder in TORM holding around 62% of the outstanding ‘A’ share capital, as well as the special voting rights attached to the ‘C’ share.
A single redeemable and non-transferable C share was issued to Njord Luxco in order to give the vehicle and its affiliates sufficient voting rights to allow it to elect all board members, including the chairman, other than the minority director (and employee representatives, if any) and to vote for amendments to TORM's Articles of Association with the exception of certain minority protection rights.
TORM said that it will likely hold an extraordinary general meeting in the second half of August 2015 to, among other things, elect new board members.
This so called group of New Lenders was advised by Milbank, Tweed, Hadley & McCloy. They consisted of around 25 investment banks, investment funds and other lenders involved in the $1.4 bill restructuring of TORM.
The restructuring was implemented via an English law scheme of arrangement and made possible by certain of TORM’s lenders, including the New Lenders, agreeing to exchange their debt for equity in TORM.
The Milbank team was led by financial restructuring group partners Peter Newman in London and Gerard Uzzi in New York and included lawyers from the firm’s financial restructuring, transportation and space finance, global corporate, global securities, US and European tax and anti-trust practice groups.
Houlihan Lokey provided financial advice to the New Lenders, while Danish law advice was provided by Plesner.
Firms could decide to relocate if measures are implemented
As of January 1, 2013, foreign flagged vessels that are managed by Greek or foreign ship management companies in Greece are subject to Greek tonnage tax. The payment of tonnage tax exhausts the tax liability of the foreign ship owning company against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel.
Fred Cheng scoops five VLCCs in tanker comeback
JUNE 18TH, 2015 Holly Birkett HOLLY BIRKETT GREATER CHINA, TANKERS 0 COMMENTS
Athens: Fred Cheng’s Shinyo International has bought five VLCCs for a combined $326m, brokers told Splash today. All the deals are still on subjects.
China VLCC has sold three to Shinyo in a deal worth a combined $238m. The vessels are New Medal (297,000 dwt, built 2009), which is being sold for $78m; New Coral (297,600 dwt, built 2010) for $82m, and New Founder (297,400 dwt, built 2008) for $74m.
Cheng’s other two purchases are the Power D and Energy R (both 319,000 dwt, built 2003), sold for $44m each by Nord Reederei last week.
“The markets are coming together, there is a great opportunity in VLCCs,” Cheng told Maritime CEO in September, saying he was anxious to make a comeback to shipowning.
At the end of April, China VLCC bought two second-hand VLCCs from Sinokor Merchant Marine for a total of $165m, the vessels being Beijing Sunrise (321,300 dwt, built 2009) and Dalian Glory (301,900 dwt, built 2011).
Euronav Plans $1.2 Billion Tanker Shopping Spree
Deal for 18 tankers is one of the largest for oil carriers this year
Euronav, a Belgian shipping company, is set to boost its fleet of tankers, one of which is pictured here in the Suez Canal in Ismailia, Egypt. ENLARGE
Euronav, a Belgian shipping company, is set to boost its fleet of tankers, one of which is pictured here in the Suez Canal in Ismailia, Egypt. PHOTO: BLOOMBERG NEWS
By COSTAS PARIS
June 11, 2015 9:09 a.m. ET
LONDON—Euronav, the world’s largest listed crude-tanker operator, is set to buy 18 tankers for around $1.2 billion in one of the biggest deals involving oil carriers this year, two people with direct knowledge of the matter said.
“Euronav is in advanced discussions with Greece’s Metrostar to buy eight very large crude carriers,” or VLCCs, one of those people said. “If nothing changes, the deal to buy four of the VLCCs, plus an option for another four, will be signed as early as next week for $98 million per ship.”
Another person said Belgium-based Euronav also is in the market to buy 10 smaller Suezmax tankers from Southport, Conn.-based Principal Maritime Tankers Corp. for around $48 million each.
Increased demand for crude on the back of weak oil prices has kicked off a race among major tanker owners to increase their fleets. Spot daily charter rates for a VLCC are around $60,000 a day, with a break-even point around $25,000. Suezmaxes are being chartered for a daily $48,000, with the break-even around $20,000.
The Metrostar Management Corp. VLCCs are currently being built by South Korea’s Hyundai Heavy Industries Co., with the first ship to be delivered in September and the last in January 2017. The Principal Maritime Suezmaxes have already been delivered.
If the deals go through, New York- and Euronext-listed Euronav will have increased its fleet to 81 crude carriers. Last year, it bought 15 VLCCs from Denmark’s Maersk Tankers, a unit of A.P. Møller-Mærsk A/S, for $980 million.