Dockwise Results, Q4 & Full Year 2009

Tuesday, February 23, 2010

Dockwise Reported Financial highlights Q4 2009
Adjusted EBITDA of USD 42.1 million, with margin at 36% (Q3 2009: 43%);
Net profit of USD 2.8 million before non-recurring items:
    Deal & financing-related net cash costs of USD 4.6 million
    Non-cash impairments on assets and loan fees of USD 14 million
Vessel operating expenses reduced 12% to USD 11 million (Q3 2009: USD 12.5 million);
Cashflow of USD 43 million generated by operations (Q3 2009: USD 29 million)
 
Financial highlights FY 2009
Adjusted EBITDA of USD 223 million with margin at 45%, maintaining 2008 levels;
Strong cash flow of USD 195 million generated by operations;
CAPEX of USD 28 million (below annual runrate of USD 50 million);
Year end net debt of USD 641 million (2008: USD 1,003 million);
Year end net debt/EBITDA ratio 2.9:1
 
2009 Strategic and operational highlights
Dockwise financial strength significantly improved:
    USD 250 million new equity used to reduce debt by USD 235 million
    Successful placement of 3i stake with new long term investors
    Secondary listing on NYSE Euronext Amsterdam
New sales office in Malaysia, Singapore, Russia and Brazil;
Completed CPOC float-over as primary project contractor to client;
Bongkot float-over award signals Dockwise's market position as transport and installation services provider;
Full year fleet utilization rate of 91% (2008: 99%)
 
Backlog
Backlog end 2009 for Dockwise Heavy Lift of USD 324 million (Q3 2009: USD 339 million):
    USD 198 million for execution in 2010 (USD 174 million at the end of 2008 for execution in 2009)
    USD 65 million for execution in 2011 (USD 176 million at the end of 2008 for execution in 2010)
    Post year end almost USD 25 million new contracts signed
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

EU Backs Nantes St-Nazaire and Vigo Transport Link

The EU's TEN-T Program will back the upgrade of the existing sea line between Nantes St-Nazaire, France and Vigo, Spain with over €3.5 million to ensure reliable

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1100 sec (9 req/sec)