·
|
Received loan commitments from a group of financial institutions led by DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) and from the Export-Import Bank of Korea (“KEXIM”) for a total loan facility of up to $429.6 million (the “KEXIM Financing”). The KEXIM Financing incorporates an optional guarantee from KEXIM for the issuance by the Company, at the option of the Company, of a five year $125.3 million amortizing bond facility; the proceeds of which will reduce KEXIM’s direct loan commitment in the KEXIM Financing.
|
·
|
Received an Acceptance of Insurance Agreement from Korea Trade Insurance Corporation (“KSURE”) covering 95% of an up to $358.3 million KSURE tranche as part of a credit facility of up to $458.3 million (the “KSURE Financing”) that is currently being finalized with a group of financial institutions.
|
·
|
Exercised options with Hyundai Samho Heavy Industries ("HSHI") for the construction of two Very Large Gas Carriers (“VLGC”) for approximately $75.0 million each, with deliveries scheduled in the first quarter of 2016.
|
·
|
Reached agreements with certain unaffiliated third parties to issue shares in exchange for the transfer of ownership of four MR product tankers currently under construction in South Korea. The aggregate purchase price of the four vessels is $151.0 million with approximately 30% of the consideration consisting of the newly issued common shares. Deliveries of vessels are scheduled in the first and second quarters of 2014.
|
·
|
Reached agreements with HSHI and Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME") for the construction of a total of nine VLGC for approximately $75.6 million each with deliveries scheduled in the second, third and fourth quarters of 2015.
|
·
|
Reached an agreement with Hyundai Mipo Dockyard (“HMD”) to construct four product tankers consisting of two 52,000 dwt MR product tankers for approximately $35.0 million each (deliveries in the second quarter of 2015) and two Handymax ice class-1A (38,000 dwt) product tankers for approximately $32.0 million each (deliveries in the fourth quarter of 2014).
|
·
|
Closed on an underwritten offering of 23 million common shares in August 2013 which includes the full exercise of the underwriters’ overallotment of 3 million shares, raising aggregate net proceeds of $209.8 million.
|
·
|
Declared and paid a quarterly cash dividend on the Company's common stock of $0.035 per share in September 2013.
|
·
|
Took delivery of four MR tankers under the Company’s Newbuilding Program, STI Le Rocher and STI Larvotto in July, STI Fontvieille in August and STI Ville in September 2013. After delivery, each vessel began a time charter for up to 120 days at approximately $19,000 per day.
|
2010 Revolving Credit Facility
|
$ | - |
million
|
||
2011 Credit Facility
|
65.2 |
million
|
|||
STI Spirit Credit Facility
|
23.4 |
million
|
|||
Newbuilding Credit Facility
|
85.3 |
million
|
|||
2013 Credit Facility
|
- |
million
|
|||
Total
|
$ | 173.9 |
million
|
Q4 2013 | $ | 215.7 |
million**
|
||
Q1 2014 | 250.3 |
million
|
|||
Q2 2014 | 397.5 |
million
|
|||
Q3 2014 | 394.8 |
million
|
|||
Q4 2014 | 323.1 |
million
|
|||
Q1 2015 | 134.6 |
million
|
|||
Q2 2015 | 249.2 |
million
|
|||
Q3 2015 | 151.1 |
million
|
|||
Q4 2015 | 197.3 |
million
|
|||
Q1 2016 | 105.0 |
million
|
|||
Total
|
$ | 2,418.6 |
million***
|
·
|
Time charter equivalent, or TCE revenues, a non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is also included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and pool charters), and it provides useful information to investors and management. The following table depicts TCE revenue for the three months ended September 30, 2013 and 2012:
|
For the three months ended September 30,
|
||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
||||||
Vessel revenue
|
$ | 57,756 | $ | 28,667 | ||||
Voyage expenses
|
(1,249 | ) | (6,304 | ) | ||||
TCE revenue
|
$ | 56,507 | $ | 22,363 |
·
|
TCE revenue increased by $34.1 million to $56.5 million as a result of an increase in the average number of operating vessels (owned and time chartered-in) to 42.3 from 20.4 for the three months ended September 30, 2013 and 2012, respectively. Additionally, the Company experienced an overall increase in time charter equivalent revenue per day to $14,557 per day from $11,926 per day for the three months ended September 30, 2013 and 2012, respectively (see the breakdown of daily TCE averages below).
|
·
|
Vessel operating costs increased $4.7 million to $11.1 million from $6.4 million for the three months ended September 30, 2013 and 2012, respectively. This increase was primarily driven by an increase in the Company’s owned fleet to an average of 17.3 vessels from 9.9 vessels for the three months ended September 30, 2013 and 2012, respectively.
|
·
|
Charterhire expense increased $19.3 million to $31.9 million as a result of an increase in the average number of time chartered-in vessels to 25.0 from 10.5 for the three months ended September 30, 2013 and 2012, respectively. See the Company’s Fleet List below for the terms of these agreements.
|
·
|
Depreciation expense increased $3.0 million to $6.4 million primarily as a result of an increase in the average number of owned vessels to 17.3 from 9.9 for the three months ended September 30, 2013 and 2012.
|
·
|
General and administrative expenses increased $3.7 million to $6.5 million. This increase was driven by (i) a $3.0 million increase in restricted stock amortization (non-cash) and (ii) an overall increase in other general and administrative expenses due to the significant growth in the Company’s fleet and Newbuilding program.
|
·
|
Financial expenses decreased $3.7 million to $0.4 million primarily as a result of the one-time write-off of deferred financing fees during the three months ended September 30, 2012 of $3.0 million relating to the amendment signed in July 2012 to extend the availability period of the 2011 Credit Facility to January 2014.
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
In thousands of U.S. dollars except per share and share data
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenue
|
||||||||||||||||
Vessel revenue
|
$ | 57,756 | $ | 28,667 | $ | 154,213 | $ | 85,278 | ||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
(11,137 | ) | (6,374 | ) | (27,635 | ) | (22,158 | ) | ||||||||
Voyage expenses
|
(1,249 | ) | (6,304 | ) | (3,782 | ) | (19,950 | ) | ||||||||
Charterhire
|
(31,877 | ) | (12,588 | ) | (79,345 | ) | (29,479 | ) | ||||||||
Depreciation
|
(6,377 | ) | (3,389 | ) | (16,665 | ) | (10,213 | ) | ||||||||
Loss from sale of vessels
|
- | (5,879 | ) | - | (10,404 | ) | ||||||||||
General and administrative expenses
|
(6,522 | ) | (2,815 | ) | (14,572 | ) | (8,404 | ) | ||||||||
Total operating expenses
|
(57,162 | ) | (37,349 | ) | (141,999 | ) | (100,608 | ) | ||||||||
Operating income / (loss)
|
594 | (8,682 | ) | 12,214 | (15,330 | ) | ||||||||||
Other (expense) and income, net
|
||||||||||||||||
Financial expenses
|
(448 | ) | (4,108 | ) | (2,323 | ) | (6,583 | ) | ||||||||
Realized gain on derivative financial instruments
|
3 | 286 | 25 | 286 | ||||||||||||
Unrealized gain on derivative financial instruments
|
118 | 38 | 483 | 38 | ||||||||||||
Financial income
|
400 | 4 | 950 | 6 | ||||||||||||
Other expenses, net
|
- | (49 | ) | (106 | ) | (73 | ) | |||||||||
Total other expense, net
|
73 | (3,829 | ) | (971 | ) | (6,326 | ) | |||||||||
Net income / (loss)
|
$ | 667 | $ | (12,511 | ) | $ | 11,243 | $ | (21,656 | ) | ||||||
Earnings / (loss) per share
|
||||||||||||||||
Basic and diluted
|
$ | 0.00 | $ | (0.30 | ) | $ | 0.08 | $ | (0.54 | ) |
As of
|
||||||||
In thousands of U.S. dollars
|
September 30, 2013
|
December 31, 2012
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 447,368 | $ | 87,165 | ||||
Accounts receivable
|
73,961 | 36,438 | ||||||
Prepaid expenses and other current assets
|
3,871 | 956 | ||||||
Inventories
|
3,498 | 2,169 | ||||||
Total current assets
|
528,698 | 126,728 | ||||||
Non-current assets
|
||||||||
Vessels and drydock
|
640,855 | 395,412 | ||||||
Vessels under construction
|
371,236 | 50,251 | ||||||
Other assets
|
14,045 | 889 | ||||||
Total non-current assets
|
1,026,136 | 446,552 | ||||||
Total assets
|
$ | 1,554,834 | $ | 573,280 | ||||
Current liabilities
|
||||||||
Bank loans
|
13,754 | 7,475 | ||||||
Accounts payable
|
9,194 | 11,387 | ||||||
Accrued expenses
|
3,254 | 3,057 | ||||||
Derivative financial instruments
|
675 | 844 | ||||||
Total current liabilities
|
26,877 | 22,763 | ||||||
Non-current liabilities
|
||||||||
Bank loans
|
157,543 | 134,984 | ||||||
Derivative financial instruments
|
309 | 743 | ||||||
Total non-current liabilities
|
157,852 | 135,727 | ||||||
Total liabilities
|
184,729 | 158,490 | ||||||
Shareholders' equity
|
||||||||
Issued, authorized and fully paid in share capital:
|
||||||||
Share capital
|
1,888 | 650 | ||||||
Additional paid in capital
|
1,462,232 | 519,493 | ||||||
Treasury shares
|
(7,938 | ) | (7,938 | ) | ||||
Hedging reserve
|
(236 | ) | (329 | ) | ||||
Accumulated deficit
|
(85,841 | ) | (97,086 | ) | ||||
Total shareholders' equity
|
1,370,105 | 414,790 | ||||||
Total liabilities and shareholders' equity
|
$ | 1,554,834 | $ | 573,280 |
For the nine months ended September 30,
|
||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
||||||
Operating activities
|
||||||||
Net income / (loss)
|
$ | 11,243 | $ | (21,656 | ) | |||
Loss from sale of vessels
|
- | 10,404 | ||||||
Depreciation
|
16,665 | 10,213 | ||||||
Amortization of restricted stock
|
6,738 | 2,598 | ||||||
Amortization of deferred financing fees
|
538 | 3,844 | ||||||
Straight-line adjustment for charterhire expense
|
7 | 225 | ||||||
Unrealized gain on derivative financial instruments
|
(483 | ) | (38 | ) | ||||
34,708 | 5,590 | |||||||
Changes in assets and liabilities:
|
||||||||
Drydock payments
|
(1,448 | ) | (150 | ) | ||||
Increase in inventories
|
(1,328 | ) | (77 | ) | ||||
Increase in accounts receivable
|
(37,523 | ) | (5,575 | ) | ||||
(Increase)/decrease in prepaid expenses and other current assets
|
(2,942 | ) | 129 | |||||
(Increase)/decrease in other assets
|
(394 | ) | 2,442 | |||||
Increase in accounts payable
|
1,337 | 4,413 | ||||||
(Decrease)/increase in accrued expenses
|
(29 | ) | 598 | |||||
(42,327 | ) | 1,780 | ||||||
Net cash (outflow) / inflow from operating activities
|
(7,619 | ) | 7,370 | |||||
Investing activities
|
||||||||
Acquisition of vessels and payments for vessels under construction
|
(585,182 | ) | (176,556 | ) | ||||
Proceeds from disposal of vessels
|
- | 101,335 | ||||||
Net cash outflow from investing activities
|
(585,182 | ) | (75,221 | ) | ||||
Financing activities
|
||||||||
Bank loan repayment
|
(24,102 | ) | (75,989 | ) | ||||
Bank loan drawdown
|
52,050 | 124,173 | ||||||
Debt issuance costs
|
(12,266 | ) | (2,944 | ) | ||||
Gross proceeds from issuance of common stock
|
983,537 | 27,000 | ||||||
Equity issuance costs
|
(35,531 | ) | (1,137 | ) | ||||
Purchase of treasury shares
|
- | (2,440 | ) | |||||
Dividends paid
|
(10,684 | ) | - | |||||
Net cash inflow from financing activities
|
953,004 | 68,663 | ||||||
Increase in cash and cash equivalents
|
360,203 | 812 | ||||||
Cash and cash equivalents at January 1,
|
87,165 | 36,833 | ||||||
Cash and cash equivalents at September 30,
|
$ | 447,368 | $ | 37,645 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Adjusted EBITDA(1) (in thousands of U.S. dollars)
|
$ | 10,830 | $ | 1,715 | $ | 35,536 | $ | 8,098 | ||||||||
Average Daily Results
|
||||||||||||||||
Time charter equivalent per day(2)
|
$ | 14,557 | $ | 11,926 | $ | 15,388 | $ | 12,719 | ||||||||
Vessel operating costs per day(3)
|
6,851 | 6,935 | 6,656 | 7,690 | ||||||||||||
Aframax/LR2
|
||||||||||||||||
TCE per revenue day (2)
|
$ | 10,876 | $ | 15,809 | $ | 12,803 | $ | 10,940 | ||||||||
Vessel operating costs per day(3)
|
9,112 | 7,645 | 7,799 | 8,622 | ||||||||||||
Panamax/LR1
|
||||||||||||||||
TCE per revenue day (2)
|
$ | 13,349 | $ | 13,613 | $ | 13,519 | $ | 14,609 | ||||||||
Vessel operating costs per day(3)
|
8,174 | 7,271 | 7,570 | 7,783 | ||||||||||||
MR
|
||||||||||||||||
TCE per revenue day (2)
|
$ | 17,304 | $ | 10,972 | $ | 17,706 | $ | 11,195 | ||||||||
Vessel operating costs per day(3)
|
5,956 | 6,593 | 5,930 | 7,338 | ||||||||||||
Handymax
|
||||||||||||||||
TCE per revenue day (2)
|
$ | 13,029 | $ | 11,106 | $ | 14,246 | $ | 12,804 | ||||||||
Vessel operating costs per day(3)
|
7,157 | 5,524 | 6,690 | 7,414 | ||||||||||||
Fleet data
|
||||||||||||||||
Average number of owned vessels
|
17.3 | 9.9 | 14.9 | 10.4 | ||||||||||||
Average number of time chartered-in vessels
|
25.0 | 10.5 | 21.1 | 8.4 | ||||||||||||
Drydock
|
||||||||||||||||
Expenditures for drydock (in thousands of U.S. dollars)
|
- | - | - | - |
(1)
|
See Non-GAAP Measure section below
|
(2)
|
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned less the number of days the vessel is off-hire for drydock and repairs.
|
(3)
|
Vessel operating costs per day represent vessel operating costs excluding non-recurring expenses (for example insurance deductible expenses for repairs) divided by the number of days the vessel is owned during the period.
|
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
||||||||||
Owned vessels
|
|||||||||||||||
1
|
STI Highlander
|
2007
|
37,145
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
2
|
STI Amber
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
3
|
STI Topaz
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
4
|
STI Ruby
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
5
|
STI Garnet
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
6
|
STI Onyx
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
7
|
STI Sapphire
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
8
|
STI Emerald
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
9
|
STI Beryl
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
10
|
STI Le Rocher
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
11
|
STI Larvotto
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
12
|
STI Fontvieille
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
13
|
STI Ville
|
2013
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
14
|
Noemi
|
2004
|
72,515
|
-
|
SPTP (2)
|
LR1
|
|||||||||
15
|
Senatore
|
2004
|
72,514
|
-
|
SPTP (2)
|
LR1
|
|||||||||
16
|
STI Harmony
|
2007
|
73,919
|
1A
|
SPTP (2)
|
LR1
|
|||||||||
17
|
STI Heritage
|
2008
|
73,919
|
1A
|
SPTP (2)
|
LR1
|
|||||||||
18
|
Venice
|
2001
|
81,408
|
1C
|
SPTP (2)
|
Post-Panamax
|
|||||||||
19
|
STI Spirit
|
2008
|
113,100
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
Total owned DWT
|
1,148,520
|
||||||||||||||
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
Daily Base Rate
|
Expiry (5)
|
||||||||
Time Chartered-In vessels
|
|||||||||||||||
20
|
Freja Polaris
|
2004
|
37,217
|
1B
|
SHTP (1)
|
Handymax
|
$12,700
|
14-Apr-14
|
(6)
|
||||||
21
|
Kraslava
|
2007
|
37,258
|
1B
|
SHTP (1)
|
Handymax
|
$12,800
|
18-May-14
|
(7)
|
||||||
22
|
Krisjanis Valdemars
|
2007
|
37,266
|
1B
|
SHTP (1)
|
Handymax
|
$12,800
|
14-Apr-14
|
(8)
|
||||||
23
|
Jinan
|
2003
|
37,285
|
-
|
SHTP (1)
|
Handymax
|
$12,600
|
28-Apr-15
|
|||||||
24
|
Iver Progress
|
2007
|
37,412
|
-
|
SHTP (1)
|
Handymax
|
$12,500
|
03-Mar-15
|
(9)
|
||||||
25
|
Iver Prosperity
|
2007
|
37,455
|
-
|
SHTP (1)
|
Handymax
|
$12,500
|
20-Oct-14
|
(10)
|
||||||
26
|
Histria Azure
|
2007
|
40,394
|
-
|
SHTP (1)
|
Handymax
|
$12,600
|
04-Apr-14
|
(11)
|
||||||
27
|
Histria Coral
|
2006
|
40,426
|
-
|
SHTP (1)
|
Handymax
|
$12,800
|
17-Jul-14
|
(12)
|
||||||
28
|
Histria Perla
|
2005
|
40,471
|
-
|
SHTP (1)
|
Handymax
|
$12,800
|
15-Jul-14
|
(12)
|
||||||
29
|
STX Ace 6
|
2007
|
46,161
|
-
|
SMRP(4)
|
MR
|
$14,150
|
17-May-14
|
(13)
|
||||||
30
|
Targale
|
2007
|
49,999
|
-
|
SMRP(4)
|
MR
|
$14,500
|
17-May-14
|
(14)
|
31
|
Ugale
|
2007
|
49,999
|
1B
|
SMRP(4)
|
MR
|
$14,000
|
15-Jan-14
|
(15)
|
||||||
32
|
Gan Triumph
|
2010
|
49,999
|
-
|
SMRP(4)
|
MR
|
$14,150
|
20-May-14
|
|||||||
33
|
Nave Orion
|
2013
|
49,999
|
-
|
SMRP(4)
|
MR
|
$14,300
|
25-Mar-15
|
(16)
|
||||||
34
|
Freja Lupus
|
2012
|
50,385
|
-
|
SMRP(4)
|
MR
|
$14,760
|
26-Apr-14
|
(17)
|
||||||
35
|
Gan-Trust
|
2013
|
51,561
|
-
|
SMRP(4)
|
MR
|
$16,250
|
06-Jan-16
|
(18)
|
||||||
36
|
Usma
|
2007
|
52,684
|
1B
|
SMRP(4)
|
MR
|
$13,500
|
03-Jan-14
|
(19)
|
||||||
37
|
SN Federica
|
2003
|
72,344
|
-
|
SPTP (2)
|
LR1
|
$11,250
|
15-May-15
|
(20)
|
||||||
38
|
King Douglas
|
2008
|
73,666
|
Spot
|
LR1
|
$14,000
|
08-Aug-14
|
(21)
|
|||||||
39
|
Hellespont Promise
|
2007
|
73,669
|
-
|
SPTP (2)
|
LR1
|
$12,500
|
16-Dec-13
|
(22)
|
||||||
40
|
FPMC P Eagle
|
2009
|
73,800
|
-
|
SPTP (2)
|
LR1
|
$14,525
|
09-Sep-15
|
|||||||
41
|
FPMC P Hero
|
2011
|
99,995
|
-
|
SLR2P (3)
|
LR2
|
$14,750
|
02-May-14
|
(23)
|
||||||
42
|
FPMC P Ideal
|
2012
|
99,993
|
-
|
SLR2P (3)
|
LR2
|
$15,000
|
09-Jan-14
|
(24)
|
||||||
43
|
Densa Alligator
|
2013
|
105,708
|
-
|
SLR2P (3)
|
LR2
|
$16,500
|
17-Sep-14
|
(25)
|
||||||
44
|
Khawr Aladid
|
2006
|
106,003
|
-
|
SLR2P (3)
|
LR2
|
$15,400
|
11-Jul-15
|
|||||||
45
|
Fair Seas
|
2008
|
115,406
|
-
|
SLR2P (3)
|
LR2
|
$16,250
|
31-Jan-14
|
(26)
|
||||||
46
|
Pink Stars
|
2010
|
115,592
|
-
|
SLR2P (3)
|
LR2
|
$16,125
|
10-Apr-14
|
|||||||
47
|
Four Sky
|
2010
|
115,708
|
-
|
SLR2P (3)
|
LR2
|
$16,250
|
02-Sep-14
|
|||||||
48
|
Orange Stars
|
2011
|
115,756
|
-
|
SLR2P (3)
|
LR2
|
$16,125
|
06-Apr-14
|
|||||||
Total time chartered-in DWT
|
1,913,611
|
||||||||||||||
Newbuildings currently under construction
|
|||||||||||||||
Vessel Name
|
Yard
|
DWT
|
Ice class
|
Vessel type
|
|||||||||||
Product tankers
|
|||||||||||||||
49
|
Hull 2451
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
50
|
Hull 2452
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
51
|
Hull 2453
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
52
|
Hull 2454
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
53
|
Hull 2462
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
54
|
Hull 2463
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
55
|
Hull 2464
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
56
|
Hull 2465
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
57
|
Hull 2476
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
58
|
Hull 2477
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
59
|
Hull 2478
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
60
|
Hull 2479
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
61
|
Hull 2499
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
62
|
Hull 2500
|
HMD
|
(27)
|
38,000
|
1A
|
Handymax
|
|||||||||
63
|
Hull 2389
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
64
|
Hull 2390
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
65
|
Hull 2391
|
HMD
|
(27)
|
52,000
|
MR
|
66
|
Hull 2392
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
67
|
Hull 2449
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
68
|
Hull 2450
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
69
|
Hull 2458
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
70
|
Hull 2459
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
71
|
Hull 2460
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
72
|
Hull 2461
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
73
|
Hull 2492
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
74
|
Hull 2493
|
HMD
|
(27)
|
52,000
|
MR
|
||||||||||
75
|
Hull S1138
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
76
|
Hull S1139
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
77
|
Hull S1140
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
78
|
Hull S1141
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
79
|
Hull S1142
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
80
|
Hull S1143
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
81
|
Hull S1144
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
82
|
Hull S1145
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
83
|
Hull S1167
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
84
|
Hull S1168
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
85
|
Hull S1169
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
86
|
Hull S1170
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
87
|
Hull S5122
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
88
|
Hull S5123
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
89
|
Hull S5124
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
90
|
Hull S5125
|
SPP
|
(28)
|
52,000
|
MR
|
||||||||||
91
|
Hull S703
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
92
|
Hull S704
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
93
|
Hull S705
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
94
|
Hull S706
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
95
|
Hull S709
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
96
|
Hull S710
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
97
|
Hull S715
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
98
|
Hull S716
|
HSHI
|
(29)
|
114,000
|
LR2
|
||||||||||
99
|
Hull 5394
|
DSME
|
(30)
|
114,000
|
LR2
|
||||||||||
100
|
Hull 5395
|
DSME
|
(30)
|
114,000
|
LR2
|
||||||||||
101
|
Hull 5398
|
DSME
|
(30)
|
114,000
|
LR2
|
||||||||||
102
|
Hull 5399
|
DSME
|
(30)
|
114,000
|
LR2
|
||||||||||
Total product tankers DWT
|
3,356,000
|
Vessel Name
|
Yard
|
Vessel size
(cbm)
|
Vessel type
|
||||||||||||
LPG Carriers
|
|||||||||||||||
103
|
Hull 2336
|
DSME
|
(31)
|
84,000
|
VLGC
|
104
|
Hull 2337
|
DSME
|
(31)
|
84,000
|
VLGC
|
||||||||||
105
|
Hull 2338
|
DSME
|
(31)
|
84,000
|
VLGC
|
||||||||||
106
|
Hull S749
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
107
|
Hull S750
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
108
|
Hull S751
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
109
|
Hull S752
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
110
|
Hull S755
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
111
|
Hull S756
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
112
|
Hull S753
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
113
|
Hull S754
|
HSHI
|
(32)
|
84,000
|
VLGC
|
||||||||||
Total LPG carriers (cbm)
|
924,000
|
||||||||||||||
(1)
|
This vessel operates in or is expected to operate in the Scorpio Handymax Tanker Pool (SHTP). SHTP is operated by Scorpio Commercial Management (SCM). SHTP and SCM are related parties to the Company.
|
(2)
|
This vessel operates in or is expected to operate in the Scorpio Panamax Tanker Pool (SPTP). SPTP is operated by SCM. SPTP is a related party to the Company.
|
(3)
|
This vessel operates in or is expected to operate in the Scorpio LR2 Pool (SLR2P). SLR2P is operated by SCM. SLR2P is a related party to the Company.
|
(4)
|
This vessel operates in or is expected to operate in the Scorpio MR Pool (SMRP). SMRP is operated by SCM. SMRP is a related party to the Company.
|
(5)
|
Redelivery from the charterer is plus or minus 30 days from the expiry date.
|
(6)
|
We have an option to extend the charter for an additional year at $14,000 per day.
|
(7)
|
We have an option to extend the charter for an additional year at $13,650 per day.
|
(8)
|
We have an option to extend the charter for an additional year at $13,650 per day. The agreement also contains a 50% profit and loss sharing provision whereby we split all of the vessel's profits and losses above or below the daily base rate with the vessel’s owner.
|
(9)
|
We have an option to extend the charter for an additional year at $13,500 per day.
|
(10)
|
We have an option to extend the charter for an additional year at $13,250 per day.
|
(11)
|
We have an option to extend the charter for an additional year at $13,550 per day.
|
(12)
|
We have options to extend each charter for an additional year at $13,550 per day.
|
(13)
|
We have an option to extend the charter for an additional year at $15,150 per day.
|
(14)
|
We have options to extend the charter for up to three consecutive one year periods at $14,850 per day, $15,200 per day and $16,200 per day, respectively.
|
(15)
|
We have an option to extend the charter for an additional year at $15,000 per day.
|
(16)
|
We have an option to extend the charter for an additional year at $15,700 per day.
|
(17)
|
We have an option to extend the charter for an additional year at $16,000 per day.
|
(18)
|
The daily base rate represents the average rate for the three year duration of the agreement. The rate for the first year is $15,750 per day, the rate for the second year is $16,250 per day, and the rate for the third year is $16,750 per day. We have options to extend the charter for up to two consecutive one year periods at $17,500 per day and $18,000 per day, respectively.
|
(19)
|
We have an option to extend the charter for an additional year at $14,500 per day.
|
(20)
|
We have an option to extend the charter for an additional year at $12,500 per day. We have also entered into an agreement with the vessel's owner whereby we split all of the vessel's profits above the daily base rate.
|
(21)
|
We have an option to extend the charter for an additional year at $15,000 per day.
|
(22)
|
We have an option to extend the charter for an additional six months at $14,250 per day.
|
(23)
|
We have extended the charter for six months at $15,000 per day beginning in November 2013. Subsequent to that, we have options to extend the charter for two consecutive six month periods at $15,250 per day, and $15,500 per day respectively.
|
(24)
|
We have options to extend the charter for two consecutive six month periods at $15,250 per day and $15,500 per day respectively.
|
(25)
|
We have an option to extend the charter for one year at $17,550 per day.
|
(26)
|
We have options to extend the charter for two consecutive six month periods at $16,500 per day and $16,750 per day, respectively.
|
(27)
|
These newbuilding vessels are being constructed at HMD (Hyundai Mipo Dockyard Co. Ltd. of South Korea). 24 vessels are expected to be delivered in 2014 and two vessels in the second quarter of 2015.
|
(28)
|
These newbuilding vessels are being constructed at SPP (SPP Shipbuilding Co., Ltd. of South Korea ). 12 vessels are expected to be delivered during the second, third and fourth quarters of 2014 and four in the first and second quarters of 2015.
|
(29)
|
These newbuilding vessels are being constructed at HSHI (Hyundai Samho Heavy Industries Co., Ltd.). Six vessels are expected to be delivered in the third and fourth quarters of 2014 and two in the first quarter of 2015.
|
(30)
|
These newbuilding vessels are being constructed at DSME (Daewoo Shipbuilding and Marine Engineering). Two vessels are expected to be delivered in the fourth quarter of 2014 and two in the second quarter of 2015.
|
(31)
|
These newbuilding vessels are being constructed at DSME (Daewoo Shipbuilding and Marine Engineering). One vessel is expected to be delivered in the third quarter and two in the fourth quarter of 2015.
|
(32)
|
These newbuilding vessels are being constructed at HSHI (Hyundai Samho Heavy Industries Co., Ltd.). Two vessels are expected to be delivered each in the second quarter, third and fourth quarters of 2015 and two in the first quarter of 2016.
|
·
|
increasing demand for refined products and LPG,
|
·
|
increasing ton miles (distance between new refiners and areas of demand), and
|
·
|
reduced order book.
|
For the three months ended September 30,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
In thousands of U.S. dollars except per share and share data
|
Amount
|
Per share
|
Amount
|
Per share
|
||||||||||||
Net income / (loss)
|
$ | 667 | $ | 0.00 | $ | (12,511 | ) | $ | (0.30 | ) | ||||||
Adjustments:
|
||||||||||||||||
Loss from sale of vessels
|
- | 0.00 | 5,879 | 0.14 | ||||||||||||
Write off of deferred financing fees
|
- | 0.00 | 2,977 | 0.07 | ||||||||||||
Unrealized gain on derivative financial instruments
|
(118 | ) | (0.00 | ) | (38 | ) | (0.00 | ) | ||||||||
Total adjustments
|
(118 | ) | (0.00 | ) | 8,818 | 0.21 | ||||||||||
Adjusted net income/ (loss)
|
$ | 549 | $ | 0.00 | $ | (3,693 | ) | $ | (0.09 | ) |
For the nine months ended September 30, | ||||||||||||||||
2013
|
2012
|
|||||||||||||||
Amount
|
Per share
|
Amount
|
Per share
|
|||||||||||||
Net income / (loss)
|
$ | 11,243 | $ | 0.08 | $ | (21,656 | ) | $ | (0.54 | ) | ||||||
Adjustments:
|
||||||||||||||||
Loss from sale of vessels
|
- | 0.00 | 10,404 | 0.26 | ||||||||||||
Write off of deferred financing fees
|
- | 0.00 | 2,977 | 0.07 | ||||||||||||
Unrealized gain on derivative financial instruments
|
(483 | ) | (0.00 | ) | (38 | ) | (0.00 | ) | ||||||||
Total adjustments
|
(483 | ) | (0.00 | ) | 13,343 | 0.33 | ||||||||||
Adjusted net income/ (loss)
|
$ | 10,760 | $ | 0.08 | $ | (8,313 | ) | $ | (0.21 | ) |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Net income / (loss)
|
$ | 667 | $ | (12,511 | ) | $ | 11,243 | $ | (21,656 | ) | ||||||
Financial expenses
|
448 | 4,108 | 2,323 | 6,583 | ||||||||||||
Unrealized gain on derivative financial instruments
|
(118 | ) | (38 | ) | (483 | ) | (38 | ) | ||||||||
Financial income
|
(400 | ) | (4 | ) | (950 | ) | (6 | ) | ||||||||
Depreciation
|
6,377 | 3,389 | 16,665 | 10,213 | ||||||||||||
Amortization of restricted stock
|
3,856 | 892 | 6,738 | 2,598 | ||||||||||||
Loss from sale of vessels
|
- | 5,879 | 0 | 10,404 | ||||||||||||
Adjusted EBITDA
|
$ | 10,830 | $ | 1,715 | $ | 35,536 | $ | 8,098 |