ITCL - Second Quarter and Six Months 2012 Results
(Thomson Reuters ONE) -
Highlights
· Independent Tankers reports a net loss of $0.4 million, equivalent to
a loss per share of $0.006, for the second quarter of 2012.
· Independent Tankers reports a net loss of $3.3 million, equivalent to
a loss per share of $0.04, for the six months ended June 30, 2012.
· In June 2012, Chevron gave nine months non-binding notice of
termination for the bareboat charter for the VLCC Phoenix Voyager.
· In July 2012, BP extended the bareboat charters for the VLCCs British
Purpose and British Pride 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.
Second Quarter and Six Months 2012 Results
Independent Tankers announces a net loss of $0.4 million, equivalent to a loss
per share of $0.006, for the second quarter of 2012. This compares with a net
loss of $2.9 million, equivalent to a loss per share of $0.04, for the preceding
quarter. The decrease in the loss is primarily due to improved earnings from the
two vessels operating in the spot market. The average daily time charter
equivalent rate earned in the second quarter by the two VLCCs trading in the
spot market was $23,200 compared with $6,500 in the preceding quarter. The
average daily bareboat rate earned in the second quarter by the Company's VLCCs
was $22,100, which was the same as the preceding quarter.
Independent Tankers announces a net loss of $3.3 million, equivalent to a loss
per share of $0.04, for the six months ended June 30, 2012. This compares with
net income of $8.1 million, equivalent to earnings per share of $0.11 for the
six months ended June 30, 2011. The decrease is primarily due to the absence of
a gain of $8.8 million in the Golden State group in the first quarter of 2011 on
the termination of a funding agreement and a $2.4 million reduction in the
earnings from the two vessels operating in the spot market. The average daily
time charter equivalent rate earned in the six months ended June 30, 2012 by the
two VLCCs trading in the spot market was $14,600 compared with $17,500 in the
six months ended June 30, 2011. The average daily bareboat rate earned in the
six months ended June 30, 2012 by the Company's VLCCs was $22,100, compared to
$23,300 in the six months ended June 30, 2011.
In August 2012, the Company has average total cash cost breakeven rates for the
remaining part of 2012 for its two spot traded VLCCs of $30,000 per day and
$21,200 per day for the four VLCC bareboat vessels.
Chartering Summary
In June 2012, Chevron Transport Corporation ("Chevron") gave nine months non-
binding notice of termination for the bareboat charter for the VLCC Phoenix
Voyager. Six months binding notice of termination has to be given by Chevron in
September 2012 for the termination to take effect in March 2013. The vessel
currently earns a bareboat rate of $28,500 per day.
In July 2012, BP Shipping Ltd ("BP") extended the bareboat charters for the
VLCCs British Purpose and British Pride for one additional year. British Purpose
will trade on a market rate with a minimum rate of $20,000 per day until July
14, 2014. British Pride will trade on a market rate with a minimum rate of
$20,000 per day until July 30, 2014.
Other Matters
74,825,166 ordinary shares were outstanding as of June 30, 2012, and the
weighted average number of shares outstanding for the first quarter was also
74,825,166.
The full report is available for download in the link enclosed.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
August 29, 2012
Questions should be directed to:
Magnus Vaaler: Vice President Finance, Frontline Management AS
+47 23 11 40 21
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.
2nd quarter 2012 results :
http://hugin.info/138953/R/1637254/526367.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#1637254]
Unternehmensinformation / Kurzprofil:
Datum: 30.08.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 179193
Anzahl Zeichen: 7385
contact information:
Town:
0112 Oslo
Kategorie:
Business News
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"ITCL - Second Quarter and Six Months 2012 Results"
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