Maritime Faces New Lease Accounting Standards
A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens. The new standard, IFRS 16, is effective for periods beginning on or after January 1, 2019, although early adoption is allowed. It covers all leases, whether the company acts as a lessor or a lessee. Michael Simms, a partner in the shipping and transport group at Moore Stephens…
US Lease Accounting Standard Updated
Shipping and offshore maritime sectors must be alert to implications of new U.S. The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been expected that the FASB and IFRS standards would be identical, there are instead now two standards which, although similar in many respects, contain significant differences.
ADNL, NPCC Ink $110m Vessel Deal
The Abu Dhabi National Leasing Company (ADNL) has signed a $110m deal with the National Petroleum Construction Company (NPCC) for financing the construction and lease of its new vessel. The proposed financing structure is a two-plus-five year finance lease to partially finance one new Derrick Lay Ship DLS-4200 for NPCC. (Source: Khaleej Times)
SFL First Quarter 2011 Results
Hamilton, Bermuda, May 23, 2011. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2011. • The Board of Directors declared an increased quarterly dividend of $0.39 per share. • Net income for the quarter was $32.1 million, or $0.41 per share, including an accrued profit share in the first quarter of $2.3 million, or $0.03 per share. • In February 2011, the Company acquired a 2007-built jack-up drilling rig in combination with a seven-year bareboat charter back to the seller.
Ship Finance Posts Third Quarter Results
Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. The Board of Directors has declared a quarterly cash dividend of $0.39 per share, and Ship Finance has now declared dividends for 39 consecutive quarters. The dividend will be paid on or about December 30, 2013 to shareholders of record as of December 12, 2013. The ex-dividend date will be December 10, 2013. The company reported total U.S. GAAP operating revenues on a consolidated basis of $68.1 million, or $0.73 per share, in the third quarter of 2013.
Scorpio Bulkers Acquires Four Vessels
Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers. All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.
Euronav Records Good 3Q Results
The executive committee of Euronav NV reported its provisional financial results for the three months ended 30th September 2006. The company had net income of $53.8m (2005: $5.8m) or $1.02 (2005: $0.11) per share, for the three months ended September 30, 2006. EBITDA was $110.5m (2005: $56.9m). Euronav owned VLCCs operated through the Tankers International (TI) Pool earned a time charter equivalent, in average for the quarter, of $69,500 (2005: $35,858). The time charter earnings of the Suezmax fleet which is fixed on long term time charters, was $35,860/day for the third quarter. The freight market for seaborne transportation of crude…
Scorpio Bulkers Opts New Loan Facility to Acquire Ultramax
Scorpio Bulkers announced that the Company has received a commitment from a leading European financial institution for a loan facility of up to $38.7 million. The loan facility will be used to finance up to 60% of the market value of the three Ultramax dry bulk vessels the Company has recently agreed to acquire. The loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions will be similar to those set forth in the Company's existing credit facilities.
Scorpio Tankers Reports 4Q Loss
Monaco-based tanker owner Scorpio Tankers has reported a widened net loss for the fourth quarter of 2017, reaching USD 41.5 million, when compared to the same quarter from 2016 when its net loss was USD 29.7 million. The shipping company posted revenue of $148.4 million in the period. For the year, the company reported that its loss widened to $158.2 million, or 73 cents per share. Revenue was reported as $512.7 million. Emanuele Lauro, chief executive officer and chairman of the board commented…
Euronav Reports Earnings; Pushes Fuel Economy
Belgium's Euronav reported a net loss of US$ 31-million in its Q4 2012 financial report. The result of the fourth quarter is affected positively by the revaluation at marked-to-market levels of non cash items (unrealized) such as hedge instruments on interest rates for a total of US$ 600,000. After successfully implementing a strict slow and super slow steaming policy whenever possible, Euronav continues to apply measures to reduce fuel consumption across its spot fleet. The company has already retrofitted a VLCC, with a Mewis Duct, improving propeller efficiency, which demonstrated to be the most efficient energy saving device. The same retrofitting will be done on at least 4 Suezmax vessels this year.