Prodao jučer cijeli JDPL. Morao sam ga žrtvovati zbog INDG!

Bilo je lijepo družiti se s brodarima i sudjelovati u sadržajnim raspravama.

Svima vam želim mirno more i lijepu zaradu.

Adio

Dijagnoza: Stipini brodovi brode na istom trzistu a on uspjeva biti u minusu.
Terapija: Smjeniti

NORDEN Interim report – first quarter of 2008
Some highlights;

The profit for the period for the first quarter was USD 200 million. The profit is 48% up on the same period last year. The net profit of DKK 997 million – translated – corresponds to earnings of DKK 24 per share against DKK 18 in the first quarter of 2007.
EBITDA for the first quarter increased by 38% to USD 121 million. The increase is a result of considerably higher activity in the Dry Cargo Department, showing a 41% increase in the number of ship days which were employed at higher freight rates. The Tanker Department’s EBITDA decreased due to a weaker spot market.
At the end of the period, the Company’s total theoretical Net Asset Value (including the value of charter parties with purchase or extension option) is estimated to be DKK 659 per share.
NORDEN maintains the previously stated profit expectations at the EBITDA and EBIT level, however, makes an upward adjustment of the expected annual profit for 2008 to be in the range of USD 885-965 million, including realised profits from the sale of vessels of USD 265 million and a fair value adjustment of certain hedging instruments of USD -21 million. The upward adjustment of USD 15 million is purely financial in character and is due to hedging of the dividend paid.

mala usporedba sa JDPL: JDPL EBITDA je povećan oko 55% u prvom kvartalu (nemam sad točnu računicu kod sebe). to je bolje nego kod ovog NORDENa. EBITDA računam kao čisti rezultat poslovanja bez amortizacija, financijskih i eventualnih izvanrednih prihoda/rashoda.

Nemoj zaboraviti da je Norden bulker-tanker operator a tankeri se bas i nisu proslavili u prvom kvartalu.

sve ok.
može se raspravljati da li rezultat treba/može biti bolji, ali povećanje prihoda od 22% i ove operativne dobiti EBITDA od preko 50% nije loše.

udarajte po 658…ima jos 100-njak kom… [angry]

izgleda da je netko procitao i odradio[embarass]

Šta smo zamrli ovdje? Nije nam valjda potonuo neki brod.

FI nas koštao, evening star, jučer poprilični promet.

Fazane, što nas sutra čeka?

Ne sumnjam u smjeru kojeg …

Sve više sumnji u isporuku ugovorenih novogradnji. Ovdje je u pitanju korejsko greenfield brodogradilište, a kakvo je onda tek stanje s kinezima.

Excel has doubts over newbuilding deliveries
Katrin Berkenkopf, Cologne – utorak 20 svibanj 2008

Molaris: it may not be in the position to deliver the ships at all.
A KOREAN shipbuilder’s failure to secure refund guarantees could wipe out half of the capesize newbuilding programme Excel Maritime Carriers inherited from Quintana Maritime, chief executive Stamatis Molaris admitted this week.

In a conference call with analysts following the release of Excel’s strong first quarter earnings, Mr Molaris – who helmed Quintana before the two companies’ $2.5bn merger last month – said that the four 180,000 dwt bulkers ordered at Korea Shipyard Co., a new South Korean yard, were already facing a delay of at least one year.

Due to the inability to provide a refund guarantee, neither Excel nor Quintana before it had paid “even a single dollar”.

He noted, “There must be a possibility that it may not be in the position to deliver the ships at all… There is a potential risk factor.”

However, Mr Molaris added that he saw wider problems with the greenfield shipyard order books as potentially positive for the dry bulk market.

“Even if the worst happens I think there is good news for the industry as a whole – that some deliveries are not going to come in to the market,” he said.

Quintana contracted the four ships last May in a 50-50 joint venture with AMCI Cape Holdings, a company controlled by one of its directors, Hans Mende, who has also joined the enlarged Excel board.

The orders, which were scheduled for delivery in summer 2010, brought the company’s cape-building programme to eight ships, all but one of which are joint ventures.

A price of $311m was given for the four ship series. The four other capes are being built by well established Japanese and Korean builders.

Two of the doubtful vessels have been pre-chartered to European utility group EDF Trading.

Mr Molaris said that in the event of the two ships not being available, “we have no legal obligation [to EDF] since it would be a shipbuilder’s default, not an owner’s default.

“However we would have a commercial obligation which is for me more important.”

Mr Molaris hinted the contracts were likely to be covered by the fleet anyway. “We have at least two capes rolling off [charter] at that time, but it is highly unlikely we will be staying idle from now until 2010.”

Excel had “considerable” cash flow for funding vessel acquisitions in future, he said.

Excel completed the merger with Quintana on April 15, creating a combined operation of 47 bulkers.

“Post-merger, Excel’s combined fleet will be deployed in a more balanced employment approach,” said Mr Molaris.

“We will take advantage of the current strong rate environment to expand our charter coverage for 2009 and beyond… but at the same time we will always leave a part of our fleet to operate under short-term period charters or in the spot market.”

MMF je pohvalio najavu osnivanja ZIF-ova sastavljenih od tvrtki u državnom vlasništvu.