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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Gener8 Maritime Net Income Up 91%

Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share,

Dynagas 2Q Results Upbeat

The financial results of Greece-based Dynagas LNG Partners LP (DLNG) for Q2 beat Wall Street expectations.    The average estimate of three analysts surveyed

Safe Bulkers Reports Q2 Loss, Expands Fleet

The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter.  It had a loss of 15 cents per share.   Net revenue for Q2 of 2016 decreased by 18% to $26.

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0896 sec (11 req/sec)