ITCL - First Quarter 2012 Results
(Thomson Reuters ONE) -
Highlights
· Independent Tankers reports a net loss of $2.9 million, equivalent to
a loss per share of $0.04 for the first quarter of 2012.
· 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.
First Quarter 2012 Results
The Board of Independent Tankers announces a net loss of $2.9 million,
equivalent to a loss per share of $0.04 for the first quarter of 2012 compared
to a net loss of $2.3 million, equivalent to a loss per share of $0.03, for the
fourth quarter of 2011. The increase in the net loss is primarily attributable
to reduced earnings from the two vessels trading in the spot market. The average
daily time charter equivalent rate earned in the first quarter by the Company's
two VLCCs trading in the spot market was $6,500 compared with $12,900 in the
preceding quarter. The average daily bareboat rate earned in the first quarter
by the Company's VLCCs was $22,100, which was the same as the preceding quarter.
In May 2012, the average total cash cost breakeven rates for the remaining part
of 2012 is approximately $30,000 per day for the two spot trading VLCCs and
$21,200 per day for the four vessels on bareboat charters.
Chartering Summary
The VLCC market continued to be weak in the first quarter of 2012 and the age of
the vessels makes chartering them at good rates in the current climate
difficult. Earnings have been poor on both spot traded vessels, especially the
Ulriken resulting from an incident with one of the engines but more
significantly due to high fuel consumption. The decision was taken to drydock
the vessel post quarter end and there was found to be fouling on the hull of the
vessel. The technical managers are confident that the resultant cleaning and
painting undertaken in drydock will resolve the speed and fuel consumption
problems that the vessel has experienced.
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
74,825,166 ordinary shares were outstanding as of March 31, 2012, 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
May 30, 2012
Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21
WEBSITE: WWW.ITCL.BM
Forward Looking Statements
This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company's management's examination of historical
operating trends. Although the Company believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, drydocking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Norwegian over-the-
counter market in Oslo.
1st quarter 2012 results:
http://hugin.info/138953/R/1616182/515377.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#1616182]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2012 - 08:52 Uhr
Sprache: Deutsch
News-ID 151640
Anzahl Zeichen: 6299
contact information:
Town:
0112 Oslo
Kategorie:
Business News
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"ITCL - First Quarter 2012 Results"
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