SinOceanic Shipping Releases 2013 Q1 Report

SinOceanic-2013-Q1-Reports
SinOceanic Shipping Releases 2013 Q1 Report

Consolidated operating result in line with expectations.

– Consolidated EBITDA was USD 13.2 million in the 1st quarter 2013 compared to USD 5.0 million in the 1st quarter 2012.

– Net financial items amounted to USD -15.5 million of which USD 0.2 million related to negativechanges in the market value of an interest rate derivative entered into on the loan financing “MSC Vega”.

– As of 31 March 2013 the consolidated cash position was USD 23.6 million

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, including restricted cash of USD 3 million. The consolidated equity has decreased to USD 2.5 million.

– The Company and its Subsidiaries have recently entered into negotiations with Sinindo Holdings Limited (owner of 81.97% of the shares of the Company), Oceanus International Investment AS and a major Chinese bank for the complete refinancing of the Company and the Subsidiaries.

– In January 2013, the subsidiaries SinOceanic I, II and III AS entered into agreements with Oceanus International Investments AS to subordinate USD 19-20 million of each subsidiary’s debt to Oceanus, to all other obligations of the subsidiaries.

You can find the report for the first quarter below:

SinOceanic Shipping 2013 Q1 Report


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Posted by on May 16, 2013. Filed under All news, Business, Latest news, Shipping News, World. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.