At Least Viking Profitable for TransAtlantic in Q3 2013

MarineLink.com
Wednesday, October 30, 2013
Photo courtesy of Viking Supply Ships

In its interim financial report TransAtlantic states that the Group's liquidity situation is strained and it has been in breach with certain covenants during the third quarter, but it has received waivers from relevant banks.

Third quarter highlights
· Net revenues amounted to SEK 753 M (784)
· Result before capital costs, EBITDA, amounted to SEK 108 M (112)
· Operational result before tax amounted to SEK 49 M (-33)
· Result before tax amounted to SEK 44 M (-39)
· Result after tax amounted to SEK 43 M (-42)
· Earnings per share after tax amounted to SEK 0.4 (-0.4)

Major events during the third quarter

  • The Group presented a positive quarterly result which relates to Viking Supply Ships operational profit of SEK 100 M.
  • Rederi AB TransAtlantic (STO:RABTB)(OSE:VSS01) entered into an agreement with AtoB@C Shipping AB where TransAtlantic effectively outsources all commercial activities of its Short Sea Bulk division, starting September 1, 2013. The agreement also includes chartering of TransAtlantic’s small bulk vessels to A2B@C.
  • To align fleet capacities with tonnage requirements, Industrial Shipping sold two vessels during the quarter, TransEagle and TransFalcon.
  • Tomas Bergendahl started his position as the Group’s Chief Financial Officer in July.
  • Viking Supply Ships entered into a long term contract in October with an oil major for four AHTS vessels. The contract value of the firm period, including mob/demob, is about USD 120 M.
  • The Group’s liquidity situation is strained and the Group has been in breach with certain covenants during the third quarter, which is also noted in the Auditors’ review report. The Group has received waivers from relevant banks.

In connection with the planned rights issue, an extraordinary general meeting will be held on November 5, 2013 at 12.00 noon, in Gothenburg, Sweden.

 

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

People & Company News

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

NYK Holds 8th Environmental Management Conference

NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Offshore

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Bulk Carrier Trends

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 4.6681 sec (0 req/sec)