ITCL - Preliminary Fourth Quarter and Financial Year 2011 Results
(Thomson Reuters ONE) -
Highlights
· Independent Tankers reports a net loss of $2.3 million, equivalent to
a loss per share of $0.03, for the fourth quarter of 2011.
· Independent Tankers reports net income of $3.5 million, equivalent to
earnings per share of $0.05, for the year ended December 31, 2011.
· In February 2012, BP Shipping Limited extended the charter for the
VLCC British Progress for one additional year.
Introduction
Independent Tankers Corporation Limited (the "Company" or "Independent Tankers")
was incorporated in Bermuda on January 18, 2008 and the shares have traded on
the Norwegian over-the-counter market since March 7, 2008. Independent Tankers'
business is mainly concentrated on the ownership and operation of crude oil
tankers on long term bareboat contracts to major oil companies and two vessels
operating in the spot market. Independent Tankers owns six VLCC's and three
Suezmax tankers. All vessels are financed through bonds in the US market. The
main shareholder is Frontline Ltd. ("Frontline") with an ownership of
approximately 83 percent.
Preliminary Fourth Quarter and Financial Year 2011 Results
The Board of Independent Tankers announces a net loss of $2.3 million,
equivalent to a loss per share of $0.03, for the fourth quarter of 2011, which
is the same result as the preceding quarter. The average daily bareboat rate
earned in the fourth quarter by the Company's VLCCs was $22,100, which
represents a small decrease compared with the preceding quarter due to a rate
decrease on the VLCC British Pride following the end of the fixed period charter
in July. The average daily time charter equivalent rate earned in the fourth
quarter by the Company's two VLCCs trading in the spot market was $12,900
compared with $7,800 in the preceding quarter. Increased revenues in the spot
market of $0.9 million were offset by increased operating costs on the two VLCCs
trading in the spot market, reduced bareboat revenues and a decrease in interest
income.
For the year ended December 31, 2011, the Company announces net income of $3.5
million, equivalent to earnings per share of $0.05, compared with net income of
$15.5 million in the year ended December 31, 2010, equivalent to earnings per
share of $0.20. The decrease in net income is mainly attributable to a reduction
in vessel earnings of $17.3 million, due mainly to two vessels switching from
fixed bareboat charters to the spot market, offset by an increase of $5.2
million relating to the termination of funding agreements. At December
31, 2011, all of the Company's bond debt of $288.1 million is at fixed interest
rates ranging from 7.84% to 8.52%.
In February 2012, the average total cash cost breakeven rates for the remaining
part of 2012 is $30,000 per day on TCE basis for the two spot trading VLCCs and
$21,200 per day on a bareboat basis for the four vessels on bareboat charters.
Chartering Summary
In February 2012, BP extended the charter for the VLCC British Progress for one
additional year. As a result, the vessel will trade on a market rate with a
minimum bareboat rate of $20,000 per day from February 2, 2012 until February
2, 2014.
Other Matters
On October 3, 2011, pursuant to the Collateral Trust Agreement, excess funds of
$6.7 million held by the Trustee allocable to Calpetro Tankers (Bahamas III)
Limited ("Bah III"), a wholly-owned subsidiary of the Company, were released to
Bah III. These funds were dividended to the Company in the fourth quarter.
The Company received a loan of $23.0 million from Frontline in December 2011 and
used these funds together with the dividend received from Bah III and free cash
to repay the $33.0 million bank loan.
74,825,166 ordinary shares were outstanding as of December 31, 2011, and the
weighted average number of shares outstanding for the quarter was also
74,825,166.
The full report is available for download in the link enclosed and from the
Company's website www.itcl.bm.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
February 16, 2012
Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21
Website: www.itcl.bm
4th quarter 2011 results:
http://hugin.info/138953/R/1586976/497708.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Independent Tankers Corporation Limited via Thomson Reuters ONE
[HUG#1586976]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2012 - 08:31 Uhr
Sprache: Deutsch
News-ID 115921
Anzahl Zeichen: 5554
contact information:
Town:
0112 Oslo
Kategorie:
Business News
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"ITCL - Preliminary Fourth Quarter and Financial Year 2011 Results"
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