Monday, May 7, 2012 (Week 19)
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IN THE NEWS
Latest Company News
Monday, April 30, 2012Seaspan Accepts Delivery of Eighth 13100 TEU Containership
Seaspan Corporation (SSW) announced that it accepted deliveryof a 13100 TEU containership, the COSCO Fortune, on April 27,2012. The new containership, which was constructed by HyundaiHeavy Industries Co., Ltd., is Seaspan’s fourth delivery in 2012
and expands the Company’s operating eet to 69 vessels. The
COSCO Fortune is on charter to COSCO Container Lines Co., Ltd.
(“COSCON”) under a twelve-year, xed-rate time charter. The ship
is the last of eight 13100 TEU sister ships and the 18th vessel to bechartered by Seaspan to COSCON.
Golar LNG Partners LP First Quarter 2012 Cash Distribution
Golar LNG Partners LP (GMLP) announced that its board of directors has declared a quarterly cash distribution with respectto the quarter ended March 31, 2012 of $0.43 per unit. This isconsistent with the $0.43 per unit cash distribution paid for theprevious quarter ending December 31, 2011. This cash distribution
will be paid on May 16, 2012 to all unitholders of record as of the
close of business on May 9, 2012.
TORM Expects Temporary Agreement With Banks and TimeCharter Partners to be Renewed
With reference to announcement no. 15 dated 13 April 2012, TORMand the Company’s group of banks agreed on a temporary deferralof instalments and covenant standstill until 30 April 2012. TORMexpects the temporary agreement with the banks to be renewedshortly. Simultaneously, TORM made an agreement with the vastmajority of the time charter partners to realign charter rates to thecurrent market level until 30 April 2012. TORM also expects thistemporary agreement to be renewed shortly.
Baltic Trading Limited Announces Q1 2012 Financial Results
Baltic Trading Limited (BALT) reported its nancial results for the
three months ended March 31, 2012. The Company recorded a
net loss for the rst quarter of 2012 of $4.5 million, or $0.20 basic
and diluted loss per share, compared to net loss of $1.7 million, or $0.08 basic and diluted loss per share for the three months endedMarch 31, 2011. EBITDA was $0.3 million for the three monthsended March 31, 2012 versus $3.0 million for the same period lastyear. It also declared a $0.05 per share dividend payable on or about May 17, 2012 to all shareholders of record as of May 10,2012 based on Q1 2012 result.
Genco Shipping & Trading Limited Announces Q1 2012Financial Results
Genco Shipping & Trading Limited (GNK) reported its nancial
results for the three months ended March 31, 2012. The Company
recorded net loss attributable to Genco for the rst quarter of
2012 of $33.1 million, or $0.87 basic and diluted loss per share.Comparatively, for the three months ended March 31, 2011 netincome attributable to Genco was $13.4 million, or $0.38 basic anddiluted earnings per share. EBITDA was $25.2 million for the three
months ended March 31, 2012 versus $68.0 million for the same
period last year.
Wednesday, May 2, 2012Navios Maritime Partners L.P. Announces Public Offering of 4,000,000 Common Units
Navios Maritime Partners L.P. (NMM) announced that it plans tooffer 4,000,000 common units representing limited partnershipinterests in a public offering. Navios Partners expects to grant the
underwriters a 30-day option to purchase an additional 600,000
common units. Navios Partners expects to use the net proceeds
from the public offering to fund its eet expansion and/or for general
partnership purposes. The joint book-running managers for thisoffering are Citigroup, J.P. Morgan and Wells Fargo Securities andthe manager is S. Goldman Capital LLC.
Capital Product Partners L.P. Announces Q1 2012 FinancialResults and Reiterates Its Commitment to Its $0.93 per UnitAnnual Distribution Guidance
Capital Product Partners L.P. (CPLP) released its nancial resultsfor the rst quarter ended March 31, 2012.
The Partnership’s net income for the quarter ended March 31,2012, was $3.2 million, or $0.05 per limited partnership unit, whichis $0.03 higher than the $0.02 per unit from the previous quarter ended December 31, 2011. Operating surplus for the quarter endedMarch 31, 2012, was $17.5 million, which is $1.7 million higher thanthe $15.8 million from the fourth quarter of 2011 and $8.4 million
higher than the $9.1 million from the rst quarter of 2011. Revenuesfor the rst quarter of 2012 were $39.8 million, compared to $27.7million in the rst quarter of 2011. The Board of Directors of the
Partnership also declared a cash distribution of $0.2325 per unit
for the rst quarter of 2012, in line with management’s annual
Diana Containerships Inc. Reports Financial Results for Q12012
Diana Containerships Inc. (DCIX) reported net income of $1.9
million for the rst quarter of 2012, compared to a net income of
$0.3 million for the same period of 2011. Time charter revenues
were $12.4 million for the rst quarter of 2012, compared to $3.2
million for the same period of 2011 mainly due to the increase in the
number of vessels in the eet, The Company has also declared a
cash dividend on its common stock of $0.25 per share.
Thursday, May 3, 2012Scorpio Tankers Inc. Announces Financial Results for Q1 2012
Scorpio Tankers Inc. (STNG ) reported its results for the threemonths ended March 31, 2012. The Company recorded a net lossof $5.1 million or $0.14 basic and diluted loss per share, whichincluded a non-cash charge of $4.5 million, or $0.12 basic anddiluted loss per share. Excluding the non-cash charge, the net loss