MIRA INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
GLENCORE GRAIN B.V. |
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Registered Office : |
Blaak 31, Rotterdam, 3011 GA |
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Country : |
Netherlands |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.04.1980 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Marketing Semifinished Metal Products, except precious metals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Netherlands |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Glencore Grain B.V.
Blaak 31
Rotterdam, 3011 GA
Netherlands
Tel: +31 010-4044400
Fax: +31 010-4129635
Synthesis
Employees: NA
Company Type: Private Subsidiary
Corporate Family: 3
Companies
Ultimate Parent: Finges Investment
B.V.
Incorporation Date:
09-Apr-1980
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2009
Reporting Currency: US
Dollar
Annual Sales: 5,857.2
Total Assets:
1,321.4
Business Description
Glencore Grain B.V.
is primarily engaged in marketing semifinished metal products, except precious
metals. Establishments in this industry may operate with warehouses (metals
service centers) or without warehouses (metals sales offices).
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 3322 - Metal and
Mineral Wholesaling
NACE 2002: 5152 - Wholesale
of metals and ores
NAICS 2002: 423520 - Coal and
Other Mineral and Ore Merchant Wholesalers
UK SIC 2003: 5152 - Wholesale
of metals and ores
US SIC 1987: 5051 - Metals
Service Centers and Offices
Key Executives
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Name |
Title |
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Andreas Hubmann |
Managing director |
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Christopher Mahoney |
Managing director |
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Mark Allen |
Member of the board |
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Abraham De Veer |
Member of the board |
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Margaretha Den Otter |
Member of the board |
News
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Title |
Date |
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AACL hoping
ownership will be shared around |
3-Aug-2011 |
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Legumex
provides notice to proceed for construction of canola facility |
20-Jul-2011 |
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Canada's
Legumex Walker To Build US Canola Processor |
18-Jul-2011 |
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Legumex
Walker Inc. Gives "Notice to Proceed" For Construction of Canola
Processing Plant |
18-Jul-2011 |
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Legumex
Walker Inc. Gives "Notice to Proceed" For Construction of Canola
Processing Plant |
18-Jul-2011 |
Registered No.(NLD): 241386400000
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Blaak 31
Rotterdam, 3011 GA
Netherlands
Tel: +31 010-4044400
Fax: +31 010-4129635
Sales USD(mil): 5,857.2
Assets USD(mil): 1,321.4
Employees: NA
Fiscal Year End: 31-Dec-2009
Industry: Miscellaneous
Capital Goods
Incorporation Date: 09-Apr-1980
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(NLD): 241386400000
Managing director: Andreas
Hubmann
Contents
· Industry Codes
· Business Description
· Financial Data
Industry Codes
ANZSIC 2006 Codes:
3322 - Metal and Mineral Wholesaling
NACE 2002 Codes:
5152 - Wholesale of metals and ores
NAICS 2002 Codes:
423520 - Coal and Other Mineral and Ore Merchant Wholesalers
US SIC 1987:
5051 - Metals Service Centers and Offices
UK SIC 2003:
5152 - Wholesale of metals and ores
Business
Description
Glencore Grain
B.V. is primarily engaged in marketing semifinished metal products, except
precious metals. Establishments in this industry may operate with warehouses
(metals service centers) or without warehouses (metals sales offices).
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 3 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Finges Investment B.V. |
Parent |
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Subsidiary |
Trieste, Trieste |
Italy |
Trucking |
26.8 |
41 |
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Subsidiary |
Rotterdam, Zuid-Holland |
Netherlands |
Miscellaneous Capital Goods |
5,857.2 |
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Executive report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Press clippings
AACL hoping
ownership will be shared around
Weekly Times
(Australia): 03 August 2011
[What follows is
the full text of the news story.]
AGRICULTURAL
investment company AACL is confident major shareholder Glencore Grain will not
become an overwhelmingly dominant investor in the company when its rights issue
is settled today.
AACL chief
executive officer Peter McEwen and chief financial officer Henry Thong said
stockbrokers had indicated other investors would take stakes in the listed West
Australian company through the $2.2 million capital raising.
When AACL
announced its capital raising in late June, it placed 9.6 million newly issued
shares with Glencore Grain at a price of 5.1 cents a share, allowing the
commodity trader to increase its stake to 13 per cent.
Glencore Grain is
also underwriting the issue of a further 73.6 million shares, priced at 3 cents
a share -- well below this week's trading price of 4.5 cents a share.
Mr Thong said if
investors did not take up the share issue, Glencore Grain could end up with 40
per cent of AACL.
He said
stockbrokers were indicating not all the 73.6 million shares would be taken up
by other investors, indicating Glencore could increase its stake beyond 13 per
cent.
``But Glencore
doesn't want to be a majority shareholder,'' Mr Thong said.
The share rights
issue closes at 5pm today, with an announcement on unsold shares on the
Australian Securities Exchange on Monday and new shares issued the following
Thursday.
In June, AACL
announced a shake-up of the board with former Glencore Grain managing director
Chris Brooks stepping up from AACL director to non-executive chairman.
New Glencore
managing director David Mattiske was also appointed to the AACL board,
replacing Peter Morrison.
Mr McEwen said
AACL ran one of the largest grain production businesses in Australia through
its Grain Co-Production model.
The GCP allowed
growers to share the risk of growing grain with outside investors through AACL
contracts, which gave the investor a share of the harvest proceeds.
Investors in AACL shares may differ from those willing to fund the
growing of crops.
Originally operating as a managed investment scheme, capital for growing
grain crops is now provided by a range of wholesale and retail investors.
Mr McEwen said Glencore Grain had agreed to provide $150 million over
three years from July 1 this year to fund grain production through the GCP
program.
He said AACL had about 200 growers across Australia taking advantage of
the GCP program.
Most growers placed about 25 per cent of their farm under the GCP to
offset a portion of their risk in growing crops.
Legumex provides
notice to proceed for construction of canola facility
Datamonitor
FoodWire: 20 July 2011
[What follows is
the full text of the news story.]
Legumex Walker
Inc., a processor and merchandiser of pulses and canola products, has given
notice to proceed for construction of its 10th production facility, a canola
oilseed processing plant.
The new facility,
the company's first in the US, will be located in Warden, Washington and will
produce expeller-pressed canola oil and canola meal. The plant is positioned to
supply the demand for canola products on the west coast of the US. The facility
is expected to be completed by late 2012 and operational in 2013.
"Canola oil
demand is growing worldwide, especially in the US," said Dave Walker,
chairman of the board of Legumex Walker. "Adding canola oil and meal
produced in Washington to our current pulse and special crops product lines diversifies
our company both from a product as well as a geographic perspective. This is a
very attractive opportunity for us."
The canola
processing facility is being built and operated by Pacific Coast Canola, a
Washington State company owned 85% by Legumex Walker and 15% by Glencore Grain
Investment LLC. The plant is designed to process 1,100 metric tonnes (MT) of
canola per day and has a design output capacity of 142,500MT of canola oil and
227,000MT of canola meal per year. The plant will be located on a 52-acre site
in Warden.
Industrial
Construction Group, Inc. of Portland, OR will construct the plant under a
guaranteed-maximum-price contract. Crown Iron Works Company in Roseville,
Minnesota will provide process engineering and equipment.
Canada's Legumex Walker To Build US Canola
Processor
Resource News International: 18 July 2011
[What follows is the full text of the news story.]
Winnipeg, MB, July
18, 2011 (CNS Canada), Jul 18, 2011 (Commodity News Service Canada, Inc. via
COMTEX) -- Western Canadian pulse processing company, Legumex Walker Inc.,
plans to build a canola processing plant in the United States, the company
announced in a press release July 18. The facility is expected to be completed
by late 2012 and operational in 2013.
The facility will
be built in Warden, Washington, and will produce expeller-pressed canola oil
and high-quality canola meal. The plant will be the first commercial-scale
canola crushing operation west of the Rockies and is well- positioned to supply
the expanding demand for canola products on the west coast of the United
States, said the release.
"Canola oil
demand is growing worldwide, especially in the United States," said Dave
Walker, Chairman of the Board of Legumex Walker in the release. "Adding
canola oil and meal produced in Washington to our current pulse and special
crops product lines diversifies our company both from a product as well as a
geographic perspective. This is a very attractive opportunity for us."
The canola
processing facility is being built and operated by Pacific Coast Canola, a
Washington State company owned 8% by Legumex Walker and 15% by Glencore Grain
Investment LLC. The plant is designed to process 1,100 metric tons of canola
per day and has a design output capacity of 142,500 tons of canola oil and
227,000 tons of canola meal per year, said the release.
"We're very
excited about this project," said Joel Horn, Legumex Walker's president
and CEO in the release. "We think this will be good for farmers in the
Pacific Northwest by providing a local buyer for a new high-margin crop that
can be easily added to their existing rotations; it's good for canola oil and
canola meal buyers who will benefit from a local supplier with significantly
lower transportation costs. And, it's good for local consumers."
Industrial
Construction Group, Inc. of Portland, OR will construct the plant under a
guaranteed-maximum-price contract. Crown Iron Works Company in Roseville, MN
will provide process engineering and equipment, said the release.
The plant will be
located on a 52-acre site in Warden, in the heart of a multi-state region that
is ideal for canola production and well-served by rail and surface
transportation routes, said the release.
Legumex Walker Inc. Gives "Notice to
Proceed" For Construction of Canola Processing Plant
Washington State to be site of new Pacific Coast
Canola facility
Marketwire (Canada): 18 July 2011
[What follows is the full text of the news story.]
WINNIPEG,
MANITOBA--(Marketwire - July 18, 2011) - Legumex Walker Inc. (TSX:LWP)
announced today that it has given notice to proceed for construction of its
10th production facility, a canola oilseed processing plant. The new facility,
the company's first in the United States, will be located in Warden, WA and
will produce expeller-pressed canola oil and high-quality canola meal. The
plant will be the first commercial-scale canola crushing operation west of the
Rockies and is well-positioned to supply the expanding demand for canola
products on the west coast of the United States. The facility is expected to be
completed by late 2012 and operational in 2013.
"Canola oil
demand is growing worldwide, especially in the United States," said Dave
Walker, Chairman of the Board of Legumex Walker. "Adding canola oil and
meal produced in Washington to our current pulse and special crops product
lines diversifies our company both from a product as well as a geographic
perspective. This is a very attractive opportunity for us."
The canola processing
facility is being built and operated by Pacific Coast Canola, a Washington
State company owned 85 percent by Legumex Walker and 15 percent by Glencore
Grain Investment LLC. The plant is designed to process 1,100 metric tonnes (MT)
of canola per day and has a design output capacity of 142,500 MT of canola oil
and 227,000 MT of canola meal per year.
"We're very
excited about this project," said Joel Horn, Legumex Walker's president
and CEO. "We think this will be good for farmers in the Pacific Northwest
by providing a local buyer for a new high-margin crop that can be easily added
to their existing rotations; it's good for canola oil and canola meal buyers
who will benefit from a local supplier with significantly lower transportation
costs. And, it's good for local consumers."
"This is a
great addition to our community and to our economy," said Terry Brewer,
Executive Director of the Grant County Economic Development Council. "The
timing is excellent and we're very pleased that this project will create a
substantial number of construction jobs and permanent jobs. We're delighted to
welcome Pacific Coast Canola to our community."
Industrial
Construction Group, Inc. of Portland, OR will construct the plant under a
guaranteed-maximum-price contract. Crown Iron Works Company in Roseville, MN
will provide process engineering and equipment.
Horn expressed
appreciation for the work that preceded today's announcement:
"The project
team had great cooperation and assistance throughout the preliminary phase of
this project. We're grateful to the local community in Warden and Grant County,
to the State Departments of Agriculture, Ecology, and Natural Resources. We are
especially appreciative of the help we've received from our landlord, the Port
of Warden, as well as the Columbia Basin Railroad, the Grant County Public
Utility District, and the Grant County Economic Development Council."
The plant will be
located on a 52-acre site in Warden. The community is in the heart of a
multi-state region that is ideal for canola production and well-served by rail
and surface transportation routes.
About Legumex
Walker Inc.
Legumex Walker is
a growth-oriented processor and merchandiser of pulses (lentils, peas, beans
and chickpeas), other special crops and canola products. As a result of the
combination of the Roy Legumex Group of Companies and Walker Seeds Ltd., the
Company is one of the largest processors of pulses and other special crops in
Canada, with nine processing facilities strategically located in key growing regions
throughout Saskatchewan and Manitoba, a global sales, logistics and
distribution platform and access to multimodal transportation capabilities.
Through its 85 percent interest in Pacific Coast Canola, LLC, a company that is
constructing a 1,100 MT per day canola oilseed processing facility in
Washington State, the Company will expand into canola processing, further
increasing geographic and product diversification.
This press release
contains "forward-looking information" within the meaning of Canadian
securities laws, which may include, but are not limited to statements relating
to the construction and design and capacity of the canola oilseed crushing
facility and business plans related thereto. Such forward-looking information
reflects the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including those set out in the final
prospectus of Legumex Walker dated June 30, 2011 available on sedar.com. The
Company does not undertake to update forward-looking statements or
forward-looking information, except as required by law.
FOR FURTHER
INFORMATION PLEASE CONTACT:
Jon Austin
(612) 839-5172
Legumex Walker Inc. Gives "Notice to Proceed"
For Construction of Canola Processing Plant
Washington State to be site of new Pacific Coast
Canola facility
Market Wire: 18 July 2011
[What follows is the full text of the news story.]
WINNIPEG, MANITOBA
-- (MARKET WIRE) -- 07/18/11 -- Legumex Walker Inc. (TSX: LWP) announced today
that it has given notice to proceed for construction of its 10th production
facility, a canola oilseed processing plant. The new facility, the company's
first in the United States, will be located in Warden, WA and will produce
expeller-pressed canola oil and high-quality canola meal. The plant will be the
first commercial-scale canola crushing operation west of the Rockies and is
well-positioned to supply the expanding demand for canola products on the west
coast of the United States. The facility is expected to be completed by late
2012 and operational in 2013.
"Canola oil
demand is growing worldwide, especially in the United States," said Dave
Walker, Chairman of the Board of Legumex Walker. "Adding canola oil and meal
produced in Washington to our current pulse and special crops product lines
diversifies our company both from a product as well as a geographic
perspective. This is a very attractive opportunity for us."
The canola
processing facility is being built and operated by Pacific Coast Canola, a
Washington State company owned 85 percent by Legumex Walker and 15 percent by
Glencore Grain Investment LLC. The plant is designed to process 1,100 metric
tonnes (MT) of canola per day and has a design output capacity of 142,500 MT of
canola oil and 227,000 MT of canola meal per year.
"We're very
excited about this project," said Joel Horn, Legumex Walker's president
and CEO. "We think this will be good for farmers in the Pacific Northwest
by providing a local buyer for a new high-margin crop that can be easily added
to their existing rotations; it's good for canola oil and canola meal buyers
who will benefit from a local supplier with significantly lower transportation
costs. And, it's good for local consumers."
"This is a
great addition to our community and to our economy," said Terry Brewer,
Executive Director of the Grant County Economic Development Council. "The
timing is excellent and we're very pleased that this project will create a
substantial number of construction jobs and permanent jobs. We're delighted to
welcome Pacific Coast Canola to our community."
Industrial
Construction Group, Inc. of Portland, OR will construct the plant under a
guaranteed-maximum-price contract. Crown Iron Works Company in Roseville, MN
will provide process engineering and equipment.
Horn expressed
appreciation for the work that preceded today's announcement:
"The project
team had great cooperation and assistance throughout the preliminary phase of
this project. We're grateful to the local community in Warden and Grant County,
to the State Departments of Agriculture, Ecology, and Natural Resources. We are
especially appreciative of the help we've received from our landlord, the Port
of Warden, as well as the Columbia Basin Railroad, the Grant County Public
Utility District, and the Grant County Economic Development Council."
The plant will be
located on a 52-acre site in Warden. The community is in the heart of a
multi-state region that is ideal for canola production and well-served by rail
and surface transportation routes.
About Legumex Walker Inc.
Legumex Walker is
a growth-oriented processor and merchandiser of pulses (lentils, peas, beans
and chickpeas), other special crops and canola products. As a result of the
combination of the Roy Legumex Group of Companies and Walker Seeds Ltd., the
Company is one of the largest processors of pulses and other special crops in
Canada, with nine processing facilities strategically located in key growing
regions throughout Saskatchewan and Manitoba, a global sales, logistics and
distribution platform and access to multimodal transportation capabilities.
Through its 85 percent interest in Pacific Coast Canola, LLC, a company that is
constructing a 1,100 MT per day canola oilseed processing facility in
Washington State, the Company will expand into canola processing, further
increasing geographic and product diversification.
This press release
contains "forward-looking information" within the meaning of Canadian
securities laws, which may include, but are not limited to statements relating
to the construction and design and capacity of the canola oilseed crushing
facility and business plans related thereto. Such forward-looking information
reflects the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including those set out in the final
prospectus of Legumex Walker dated June 30, 2011 available on sedar.com. The
Company does not undertake to update forward-looking statements or
forward-looking information, except as required by law.
Contacts:
Jon Austin
(612) 839-5172
Seanergy Maritime Holdings Corp. Reports Financial
Results for the First Quarter Ended March 31, 2011
Market Wire: 19 May 2011
[What follows is the full text of the news story.]
ATHENS, GREECE --
(MARKET WIRE) -- 05/19/11 -- Seanergy Maritime Holdings Corp. (the
"Company") (NASDAQ: SHIP) (NASDAQ: SHIPW) announced today its
operating results for the first quarter ended March 31, 2011.
Financial
Highlights:
First Quarter 2011
-- Net Revenues of
$25.2 million
-- EBITDA of $12.9
million
-- Net Loss of
$1.5 million
Management
Discussion:
Dale Ploughman,
the Company's Chairman and Chief Executive Officer, stated: "Against
challenging conditions, with the BDI down 50% from Q1 2010, Seanergy's strategy
of securing long term agreements with reputable charterers, as well as the fact
that we have been operating a larger fleet this year, effectively insulated our
revenues from the worsening market environment seen during the first quarter of
the year. In accordance with our strategy, we were able to secure long term
employment for one of our Panamax vessels at a higher rate than current market
levels, which further enhances our cash flow visibility over the next year. We
believe that our strong period charter coverage for the next two years can
minimize the effect of short term freight rate volatility.
Furthermore, we
expect that our current cash position might afford us the opportunity to engage
into accretive acquisitions as the continuing weak market conditions might
translate in lower asset purchase prices.
Over the first
quarter of 2011 a number of factors contributed to a difficult operating
environment characterized by low freight rates and heightened uncertainty.
Unexpected events
such as the recent storms in Australia and the natural disaster in Japan have
affected shipping activity while the seasonal decrease in trade attributable to
the Chinese New Year celebrations reduced demand and maintained the negative
pressure on freight rates. Furthermore, persistent fiscal worries in developed
countries and the monetary tightening taking place in most major Asian
countries are generating increased economic uncertainty.
Under these
circumstances the large number of vessels entering service in 2011 has proven
difficult to absorb while the large outstanding orderbook is creating a supply
overhang that could prevent a sustained rebound in freight rates. It seems that
the following months are going to be characterized by volatile conditions, as
there are a multitude of factors that can affect the market, which are hard to
predict. Looking beyond short term uncertainty however, it is our belief that
long term fundamentals in dry bulk shipping remain solid and that Seanergy is
well positioned to continue its growth."
Christina
Anagnostara, the Company's Chief Financial Officer, stated: "During the
first quarter of 2011 the Company operated 20 fully owned vessels. We are
pleased to report a 38% increase in revenues for the first quarter of 2011 as
compared to the same quarter in 2010. We believe that the end of the first
quarter of 2011 finds Seanergy in a solid balance sheet position. Our cash
balance and future contracted revenue stemming from our charters puts us in a
position that we believe will permit us to cover all capital commitments for
the coming year while allowing us to pursue further growth.
The loss
experienced in the first quarter is a result of lower average time charter
equivalent ("TCE") rates earned by our vessels and higher
depreciation, amortization and financial expenses as compared to the first
quarter of 2010. The increased size of our fleet compared to the same period
last year nevertheless helped us increase revenues even amidst such adverse
market conditions.
As of the date of
this press release, our vessels have secured period employment of 85% for 2011,
40% for 2012 and 19% for 2013."
First Quarter 2011
Financial Results:
Net Revenues
Net Revenues for
the first quarter of 2011 increased to $25.2 million from $18.2 million in the
same quarter in 2010. The increase in revenues, despite earning a lower average
TCE rate, reflects the increased size of our fleet, which resulted in
additional operating days.
EBITDA, Operating
Income
EBITDA was $12.9
million for the first quarter of 2011 as compared to $10.7 million in the same
quarter in 2010.
Operating income
amounted to $2.4 million for the three months ended March 31, 2011, as compared
to an operating income of $5.2 million for the same quarter in 2010.
The EBITDA
increase in the first quarter of 2011 was mainly a result of revenue growth,
which was adequate to offset the effects of higher operating expenses.
Please refer to
the EBITDA reconciliation section contained in this press release.
Net Loss/Profit
For the first
quarter of 2011, Net Loss amounted to $1.5 million or $0.014 per basic and
diluted share, as compared to Net Profit of $0.1 million, or $0.002 per basic and
diluted share, in the same quarter of 2010, based on weighted average common
shares outstanding of 109,723,980 basic and diluted for 2011; 49,347,837 basic
and diluted for 2010.
The loss is
primarily the result of a 20% decrease in TCE to $14,563 per day in the first
quarter of 2011 from $18,314 per day in the same quarter of 2010, which
resulted in lower operating income.
Operating Cash Flow
In the first
quarter of 2011, Seanergy generated $2.6 million of cash from operations, as
opposed to $7.4 million in the first quarter of 2010. The decrease is mainly
attributable to lower net income earned in the current year as well as to the
timing of vessels' dry docking payments.
Debt Repayment and
capital expenditure requirements for 2011
Seanergy ended the
first quarter of 2011 with $388.4 million of outstanding debt. This reflects a
reduction of $11.1 million during the quarter, owing to repayment of principal
installments.
Repayment of
principal on our debt facilities is expected to reach $42.3 million over the
three last quarters of 2011. In terms of maintenance capital expenditure, we
expect to incur approximately $3.1 million in drydocking costs for the
remainder of 2011.
Subsequent Events:
Financial Developments
With respect to
our loan agreement with Citibank International Plc, we have requested a
retroactive waiver, and our lender has retroactively waived, pursuant to a
fourth supplemental agreement dated March 31, 2011, our minimum equity ratio
requirement as of December 31, 2010. The supplemental agreement also provides
for the temporary reduction of the minimum equity ratio requirement from
0.3:1.0 to 0.175:1.0 for the period from December 31, 2010 through and
including December 31, 2011 and an adjustment of the applicable margin to 2%
per annum for the period between January 1, 2011 and December 31, 2011.
As of March 31,
2011, the Company did not comply with the financial covenant relating to the
minimum quarterly cash balance requirement Seanergy is obliged to maintain
under the loan agreement with Marfin Egnatia Bank. The Company has requested a
waiver and/or amendments of certain financial and other covenants of the
particular loan agreement. The Company expects that the request will be
granted, thus the presentation of the long term debt in the attached
consolidated financial statements assumes that the waiver will be granted and
accordingly all of the Company's long term debt continues to be classified as
non-current as of March 31, 2011. In case the waiver is not granted, then the
Marfin debt will be required to be classified as current.
Drydocking and Maintenance Schedule
The M/V African
Zebra's scheduled drydocking commenced on January 4, 2011 and was completed on
February 28, 2011. The total estimated cost of the M/V African Zebra's drydocking
is approximately $1.4 million.
The M/V Davakis
G.'s scheduled drydocking commenced on March 18, 2011 and was completed on
April 2, 2011. The total estimated cost of the M/V Davakis G.'s drydocking is
approximately $0.5 million.
The M/V African
Oryx's drydocking commenced on May 14, 2011 and is expected to be completed by
the end of May 2011. The total cost of the M/V African Oryx's drydock is
estimated to be approximately $0.5 million.
Fleet Employment
As of today, the Company
has secured under employment 85% of its operating days for 2011, 40% for 2012
and 19% for 2013.
Time Charter Employment
Pursuant to the
charter party agreement dated February 18, 2011, the M/V Bremen Max was
chartered with Glencore Grain BV (Rotterdam) for a period of about eleven (11)
to about thirteen (13) months at a gross daily rate of $20,000. The rate
includes a 1.25% brokerage commission payable to each of Safbulk (PTY) LTD and
Arrow Chartering and a charterer's commission of 3.75%. The vessel's employment
under the time charter agreement commenced on February 23, 2011.
Subsequent Events:
Vessels under Spot
Employment
Pursuant to the
charter party agreement dated April 7, 2011, the M/V Davakis G was chartered
with MUR Shipping Denmark A/S for a time charter trip at a gross daily rate of
$29,250. The rate includes a 1.25% brokerage commission payable to Safbulk
(PTY) LTD and a charterer's commission of 3.75%. The vessel's employment under
the spot time charter commenced on April 16, 2011.
Pursuant to the
charter party agreement dated April 8, 2011, the M/V Delos Ranger was chartered
with A/C Mansel Ltd. for a time charter trip at a gross daily rate of $17,000.
The rate includes a 1.25% brokerage commission payable to each of Safbulk (PTY)
LTD and Arrow Chartering and a charterer's commission of 3.75%. The vessel's
employment under the spot time charter commenced on April 16, 2011.
Fleet Data:
Three
Months Ended Three Months Ended
March 31, 2011 March 31, 2010
------------------
------------------
Fleet Data
------------------
------------------
Average number of
vessels (1) 20 11
------------------
------------------
Ownership days
(2)
1,800 990
------------------
------------------
Available days
(3)
1,724 984
------------------
------------------
Operating days
(4)
1,678 981
------------------ ------------------
Fleet utilization
(5)
93.2% 99.1%
------------------
------------------
Fleet utilization
excluding drydocking off hire days
(6)
97.3% 99.7%
------------------
------------------
Average Daily
Results
------------------
------------------
TCE rate (7) $ 14,563 $
18,314
------------------
------------------
Vessel operating
expenses (8) $ 4,776 $
4,661
------------------
------------------
Management fee
(9) $ 424 $
609
------------------
------------------
Total vessel
operating expenses
(10) $ 5,200
$ 5,270
------------------
------------------
(1) Average number
of vessels is the number of vessels that constituted the Company's fleet for
the relevant period, as measured by the sum of the number of days each vessel
was a part of the Company's fleet during the relevant period divided by the
number of calendar days in the relevant period.
(2) Ownership days
are the total number of days in a period during which the vessels in a fleet
have been owned. Ownership days are an indicator of the size of the Company's
fleet over a period and affect both the amount of revenues and the amount of
expenses that the Company recorded during a period.
3) Available days
are the number of ownership days less the aggregate number of days that vessels
are off-hire due to major repairs, dry dockings or special or intermediate
surveys. The shipping industry uses available days to measure the number of
ownership days in a period during which vessels should be capable of generating
revenues. During the quarter ended March 31, 2011, the Company incurred 76 off
hire days for vessel scheduled drydocking.
4) Operating days
are the number of available days in a period less the aggregate number of days
that vessels are off-hire due to any reason, including unforeseen
circumstances. The shipping industry uses operating days to measure the
aggregate number of days in a period during which vessels actually generate
revenues.
5) Fleet
utilization is the percentage of time that our vessels were generating revenue,
and is determined by dividing operating days by ownership days for the relevant
period.
6) Fleet
utilization excluding drydocking off hire days is calculated by dividing the
number of the fleet's operating days during a period by the number of available
days during that period. The shipping industry uses fleet utilization excluding
drydocking off hire days to measure a Company's efficiency in finding suitable
employment for its vessels and excluding the amount of days that its vessels
are off hire for reasons such as scheduled repairs, vessel upgrades, or dry
dockings or special or intermediate surveys.
7) TCE rates are
defined as our net revenues less voyage expenses during a period divided by the
number of our operating days during the period, which is consistent with
industry standards. Voyage expenses include port charges, bunker (fuel oil and
diesel oil) expenses, canal charges and other commissions.
(In thousands of US
Dollars, except operating days and daily time charter
equivalent rate)
Three Months Ended March 31,
----------------------------
2011 2010
------------- -------------
Net revenues from
vessels
25,236 18,209
Voyage
expenses
(800) (243)
------------- -------------
Net operating
revenues
24,436 17,966
============= =============
Operating days 1,678 981
Daily time charter
equivalent rate
14,563 18,314
8) Average daily
vessel operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oil, insurance, maintenance and repairs, are
calculated by dividing vessel operating expenses by ownership days for the
relevant time periods:
(In thousands of
US Dollars, except ownership days and daily vessel
operating
expenses)
Three Months Ended March 31,
-----------------------------
2011 2010
-------------- --------------
Operating
expenses
8,597 4,614
Ownership days
1,800 990
Daily vessel
operating expenses
4,776 4,661
9) Daily management
fees are calculated by dividing total management fees by ownership days for the
relevant time period.
10) Total vessel
operating expenses ("TVOE") is a measurement of total expenses
associated with operating the vessels. TVOE is the sum of vessel operating
expenses and management fees. Daily TVOE is calculated by dividing TVOE by
fleet ownership days for the relevant time period.
Fleet Profile and
Employment:
Fleet Profile as of
May 19, 2011
--------- ---------
----- ----------- ---------
Charter
Vessel Capacity
Year Charter Expiry
Vessel Name Class (DWT)
Built Rate ($) (latest)
--------- ---------
----- ----------- ---------
M/V Bremen Max Panamax 73,503
1993 20,000 Apr. 2012
--------- ---------
----- ----------- ---------
M/V Hamburg Max
(1) Panamax
72,338 1994 21,500 Oct. 2012
--------- ---------
----- ----------- ---------
Spot
M/V Davakis G. Supramax 54,051
2008 positioning May 2011
--------- ---------
----- ----------- ---------
Spot
M/V Delos
Ranger Supramax 54,051
2008 positioning Jun. 2011
--------- ---------
----- ----------- ---------
M/V African Zebra
(2) Handymax 38,623
1985 7,500 Sep. 2011
--------- ---------
----- ----------- ---------
M/V African Oryx
(2) Handysize 24,110
1997 7,000 Sep. 2011
--------- ---------
----- ----------- ---------
M/V BET
Commander Capesize 149,507
1991 24,000 Dec. 2011
--------- ---------
----- ----------- ---------
M/V BET Fighter Capesize 173,149
1992 25,000 Sep. 2011
--------- ---------
----- ----------- ---------
M/V BET Prince Capesize 163,554
1995 25,000 Jan. 2012
--------- ---------
----- ----------- ---------
M/V BET
Scouter Capesize 171,175
1995 26,000 Oct. 2011
--------- ---------
----- ----------- ---------
M/V BET
Intruder Panamax 69,235
1993 15,500 Sep. 2011
--------- ---------
----- ----------- ---------
Floating,
M/V Fiesta (3) Handysize 29,519
1997 BHSI linked Nov. 2013
--------- ---------
----- ----------- ---------
Floating,
M/V Pacific Fantasy
(3) Handysize 29,538
1996 BHSI linked Jan. 2014
--------- ---------
----- ----------- ---------
Floating,
M/V Pacific Fighter
(3) Handysize 29,538
1998 BHSI linked Nov. 2013
--------- ---------
----- ----------- ---------
Floating,
M/V Clipper Freeway
(3) Handysize 29,538
1998 BHSI linked Feb. 2014
--------- ---------
----- ----------- ---------
M/V African Joy
(4) Handysize 26,482
1996 14,000 Nov. 2011
--------- ---------
----- ----------- ---------
M/V African Glory
(5) Handysize 24,252
1998 7,000 Nov. 2012
--------- ---------
----- ----------- ---------
M/V Asian Grace
(6) Handysize
20,412 1999 7,000 Sep. 2012
--------- ---------
----- ----------- ---------
M/V Clipper
Glory Handysize 30,570
2007 25,000 Aug. 2012
--------- ---------
----- ----------- ---------
M/V Clipper
Grace Handysize 30,548
2007 25,000 Aug. 2012
--------- ---------
----- ----------- ---------
Total 1,293,693
--------- ---------
----- ----------- ---------
1) Represents
profit sharing arrangement at a floor rate of $21,500 per day and a ceiling of
$25,500 per day, with a 50% profit sharing arrangement to apply to any amount
in excess of the ceiling. The spread between floor and ceiling will accrue 100%
to Seanergy. The base used for the calculation of the rate is the Time Charter
Average of the Baltic Panamax Index.
2) Represents
floor charter rates excluding a 50% profit share distributed equally between
the Company and the charterer calculated on the adjusted Time Charter Average
of the Baltic Supramax Index ("BSI").
3) Time Charter
Average of the Baltic Handysize Index increased by 100.63% minus Opex.
4) The charterer
has the option to extend the time charter agreement for an additional 11 to 13
months at the same rate.
5) Represents
profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of
$12,000 per day, with a profit sharing arrangement of 75% for the Company and
25% for the charterer applicable between the $7,000 floor and $12,000 ceiling
and, for any amount in excess of the ceiling, profit sharing of 50% for the
Company and 50% for the charterer. The calculation of the rate will be based on
the adjusted Time Charter Average of the BSI. The two (2) year time charter
agreement with a profit sharing arrangement is an open ended contract with a 6
months mutual notice following November 2012.
6) Represents
profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of
$11,000 per day, with a profit sharing arrangement of 75% for the Company and
25% for the charterer applicable between the $7,000 floor and $11,000 ceiling
and, for any amount in excess of the ceiling, profit sharing of 50% for the
Company and 50% for the charterer. The calculation of the rate will be based on
the adjusted Time Charter Average of the BSI. The two (2) year time charter
agreement with a profit sharing arrangement is an open ended contract with a 6
months mutual notice following September 2012.
EBITDA
Reconciliation:
Three Months Three Months
Ended
March 31, Ended March 31,
2011 2010
--------------- ---------------
Net (loss) income
attributable to
Seanergy Maritime Holdings (1,526) 110
--------------- ---------------
Plus: Net income
attributable to the
noncontrolling interest 0 1,789
--------------- ---------------
Plus: Interest and
finance costs, net
(including interest income) 3,750 2,122
--------------- ---------------
Plus: Income
taxes
16 0
--------------- ---------------
Plus: Depreciation
and amortization
10,660 6,665
--------------- ---------------
EBITDA
12,900 10,686
--------------- ---------------
Plus: Loss on
interest rate swaps
99 1,293
--------------- ---------------
Adjusted
EBITDA 12,999 11,979
--------------- ---------------
Three Months Three Months
Ended
March 31, Ended March 31,
2011 2010
--------------- ---------------
Net cash flow
provided by operating
activities
2,565 7,350
--------------- ---------------
Changes in
operating assets and
liabilities
951 1,932
--------------- ---------------
Fair value of
contracts
76 80
--------------- ---------------
Change in fair
value of financial
instruments
2,378 (660)
--------------- ---------------
Payments for
dry-docking
3,339 0
--------------- ---------------
Amortization and
write-off of deferred
charges
(173) (138)
--------------- ---------------
Amortization of
stock based compensation
(2) 0
--------------- ---------------
Interest and
finance costs, net (includes
interest income) 3,750 2,122
--------------- ---------------
Income taxes 16 0
--------------- ---------------
EBITDA
12,900 10,686
--------------- ---------------
Plus: Loss on
interest rate swaps
99 1,293
--------------- ---------------
Adjusted
EBITDA
12,999 11,979
--------------- ---------------
EBITDA consists of
earnings before interest and finance cost, taxes, depreciation and
amortization. Adjusted EBITDA consists of earnings before interest and finance
cost, taxes, depreciation and amortization and gain or losses on interest rate
swaps. EBITDA and adjusted EBITDA are not measurements of financial performance
under accounting principles generally accepted in the United States of America,
and do not represent cash flow from operations. EBITDA and adjusted EBITDA are
presented solely as supplemental disclosures because management believes that
they are common measures of operating performance in the shipping industry.
Conference Call
Details:
The Company's
management team will host a conference call to discuss the financial results
today, Thursday, May 19, 2011 at 10:00 A.M. EDT.
Participants
should dial into the call 10 minutes before the scheduled time using the
following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK)
or +(44) (0) 1452 542 301 (from outside the US). Please quote
"Seanergy."
A replay of the
conference call will be available until May 26, 2011. The United States replay number
is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international
replay number is (+44) (0) 1452 550 000 and the access code required for the
replay is: 2094507#.
Slides and Audio
Webcast:
There will also be
a simultaneous live webcast of the conference call over the Internet, through
the Company's website (www.seanergymaritime.com). Participants desiring to view
the live webcast should register on the website approximately 10 minutes prior
to the start of the webcast.
Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated
Balance Sheets
March 31, 2011 (unaudited) and
December 31, 2010
(In thousands of US Dollars, except for share
data, unless otherwise
stated)
March 31,
2011 December
(unaudited) 31, 2010
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents 44,189 53,787
Restricted cash 11,450 10,385
Accounts receivable trade, net 815 999
Due from related parties 70 -
Inventories
1,569 1,459
Other current assets 1,803 1,829
----------- -----------
Total current
assets
59,896 68,459
----------- -----------
Fixed assets:
Vessels, net
589,349 597,372
Office equipment, net 25 29
----------- -----------
Total fixed assets 589,374 597,401
----------- -----------
Other assets
Goodwill
17,275 17,275
Deferred charges 12,493
13,086
Other non-current assets 180 180
----------- -----------
TOTAL ASSETS
679,218 696,401
=========== ===========
LIABILITIES AND
EQUITY
Current
liabilities:
Current portion of long-term debt 50,772 53,380
Trade accounts and other payables 1,679 2,340
Due to related parties 2,613 4,025
Accrued expenses 3,045 3,491
Accrued interest 1,209 1,009
Financial instruments 4,253 5,787
Below market acquired time charters 190 266
Deferred revenue - related party 1,041 1,041
Deferred revenue 1,664 1,452
----------- -----------
Total current
liabilities
66,466 72,791
----------- -----------
Long-term debt, net
of current portion
337,678 346,168
Financial
instruments, net of current portion
1,933 2,777
----------- -----------
Total liabilities 406,077 421,736
----------- -----------
Commitments and
contingencies
- -
EQUITY
Preferred stock, $0.0001 par value;
1,000,000 shares authorized; none
issued - -
Common stock, $0.0001 par value;
500,000,000
authorized shares as at March 31, 2011
and
December 31, 2010; 109,773,980 and
109,723,980 shares issued and outstanding
as at March 31, 2011 and December 31,
2010,
respectively
11 11
Additional paid-in capital 279,270 279,268
Accumulated deficit (6,140) (4,614)
----------- -----------
Total equity 273,141 274,665
----------- -----------
TOTAL LIABILITIES
AND EQUITY 679,218 696,401
=========== ===========
Seanergy Maritime Holdings
Corp.
Unaudited Condensed Consolidated
Statements of Income
For the three months ended March
31, 2011 and 2010
(In thousands of US
Dollars, except for share and per share data, unless
otherwise stated)
Three months ended
March
31,
------------------------
2011 2010
----------- -----------
Revenues:
Vessel revenue - related party 10,380 13,118
Vessel revenue
15,660 5,724
Commissions - related party (386) (454)
Commissions
(418) (179)
----------- -----------
Vessel revenue, net 25,236 18,209
Expenses:
Direct voyage expenses (727) (5)
Vessel operating expenses (8,597) (4,614)
Voyage expenses - related party (73) (238)
Management fees - related party (619) (603)
Management fees
(144) -
General and administration expenses (1,862) (736)
General and administration expenses - related
party (149) (182)
Amortization of deferred dry-docking
costs (2,633) (698)
Depreciation
(8,027) (5,967)
----------- -----------
Operating
income
2,405 5,166
Other income
(expense), net:
Interest and finance costs (3,766) (2,256)
Interest income - money market funds 16
134
Loss on interest rate swaps (99) (1,293)
Foreign currency exchange (losses) gain,
net (66) 148
----------- -----------
(3,915) (3,267)
----------- -----------
Net (loss) income
before taxes
(1,510) 1,899
----------- -----------
Income taxes
(16) -
----------- -----------
Net (loss)
income
(1,526) 1,899
----------- -----------
Less: Net income attributable to the
noncontrolling interest - 1,789
----------- -----------
Net (loss) income
attributable to Seanergy
Maritime Holdings Corp. Shareholders (1,526) 110
=========== ===========
Net (loss) income
per common share
Basic
(0.014) 0.002
=========== ===========
Diluted
(0.014) 0.002
=========== ===========
Weighted average
common shares outstanding
Basic
109,723,980 49,347,837
=========== ===========
Diluted 109,723,980 49,347,837
=========== ===========
Seanergy Maritime Holdings
Corp.
Unaudited Condensed Consolidated
Statements of Changes in Equity
For the three months ended March 31,
2011 and 2010
(In thousands of US Dollars, except for
share data, unless otherwise
stated)
Common stock
----------------------
Additional
paid-in (Accumulated
# of Shares Par Value
capital deficit)
------------ ---------
----------- ------------
------------
--------- ----------- ------------
Balance, December
31, 2009 33,255,170 3
213,232 (4,746)
------------
--------- ----------- ------------
Issuance of common
stock 26,945,000 3
28,987 -
Net income for the
three
months ended March 31,
2010 - - - 110
------------
--------- ----------- ------------
Balance, March 31,
2010 60,200,170 6
242,219 (4,636)
------------
--------- ----------- ------------
Total Seanergy Non-
shareholders' controlling Total
equity interest equity
------------ ------------ ------------
------------ ------------ ------------
Balance, December
31, 2009 208,489 18,330 226,819
------------ ------------ ------------
Issuance of common
stock 28,990 - 28,990
Net income for the
three
months ended March 31,
2010 110 1,789 1,899
------------ ------------ ------------
Balance, March 31,
2010 237,589 20,119 257,708
------------ ------------ ------------
Common stock
----------------------
Additional
paid-in (Accumulated
# of Shares Par Value
capital deficit)
------------
--------- ----------- ------------
------------
--------- ----------- ------------
Balance, December
31, 2010 109,723,980 11
279,268 (4,614)
------------
--------- ----------- ------------
Issuance of
non-vested
common stock 50,000 - - -
Amortization of
stock
based compensation - -
2 -
Net loss for the
three
months ended March 31,
2011 - - - (1,526)
------------
--------- ----------- ------------
Balance, March 31,
2011 109,773,980 11
279,270 (6,140)
============
========= =========== ============
Total Seanergy Non-
shareholders' controlling Total
equity
interest equity
------------ ------------ ------------
------------ ------------ ------------
Balance, December
31, 2010 274,665 - 274,665
------------ ------------ ------------
Issuance of
non-vested
common stock - - -
Amortization of
stock
based compensation 2 - 2
Net loss for the
three
months ended March 31,
2011 (1,526) - (1,526)
------------ ------------ ------------
Balance, March 31,
2011 273,141 - 273,141
============ ============ ============
Seanergy Maritime Holdings
Corp.
Unaudited Condensed Consolidated
Statements of Cash Flows
For the three months ended March
31, 2011 and 2010
(All amounts in
footnotes in thousands of US Dollars, except for share and
per share data)
Three months ended
March 31,
------------------
2011 2010
-------- --------
Cash flows from
operating activities:
Net (loss) income
(1,526) 1,899
Adjustments to
reconcile net (loss) income to net cash
provided by operating activities:
Depreciation
8,027 5,967
Amortization of deferred finance charges 173 138
Amortization of deferred dry-docking
costs 2,633 698
Payments for dry-docking (3,339) -
Change in fair value of financial
instruments (2,378) 660
Amortization of acquired time charters (76) (80)
Amortization of stock based compensation 2 -
Changes in operating assets and liabilities:
(Increase) decrease in operating assets
Due from related parties (70) (796)
Inventories
(110) 12
Accounts receivable trade, net 183 (188)
Other current assets 26 (177)
Other non-current assets - (46)
Increase (decrease) in operating
liabilities
Trade accounts and other payables (660) 643
Due to underwriters - (19)
Accrued expenses
680 (661)
Due to related parties (1,412) -
Accrued interest 200 (851)
Deferred revenue - related party - 138
Deferred revenue
212 13
-------- --------
Net cash provided
by operating activities
2,565 7,350
-------- --------
Cash flows from
investing activities:
Additions to office
furniture and equipment -
(34)
-------- --------
Net cash used in
investing activities
- (34)
-------- --------
Cash flows from
financing activities:
Net proceeds from
issuance of common stock
- 28,990
Repayments of long
term debt
(11,098) (10,500)
Restricted cash
retained
(1,065) (3,564)
-------- --------
Net cash (used in)
provided by financing activities
(12,163) 14,926
-------- --------
Net (decrease)
increase in cash and cash equivalents
(9,598) 22,242
Cash and cash
equivalents at beginning of period
53,787 63,607
-------- --------
Cash and cash
equivalents at end of period
44,189 85,849
======== ========
SUPPLEMENTAL CASH
FLOW INFORMATION
Cash paid for interest 2,960 1,692
About Seanergy
Maritime Holdings Corp.
Seanergy Maritime
Holdings Corp. is a Marshall Islands corporation with its executive offices in
Athens, Greece. The Company is engaged in the transportation of dry bulk
cargoes through the ownership and operation of dry bulk carriers.
The Company's
current fleet consists of 20 drybulk carriers (four Capesize, three Panamax,
two Supramax, one Handymax and ten Handysize vessels) with a total carrying
capacity of approximately 1,293,693 dwt and an average fleet age of 13.5 years.
The Company's
common stock and warrants trade on the NASDAQ Global Market under the symbols
"SHIP" and "SHIP.W", respectively.
Forward-Looking Statements
This press release
contains forward-looking statements (as defined in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth strategy
and measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and
variations of such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that such
expectations will prove to have been correct, these statements involve known
and unknown risks and are based upon a number of assumptions and estimates,
which are inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are
not limited to, the scope and timing of Securities and Exchange Commission
("SEC") and other regulatory agency review, competitive factors in
the market in which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to time in the
Company's filings with the SEC. The Company's filings can be obtained free of
charge on the SEC's website at www.sec.gov. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with respect thereto or any change in events, conditions
or circumstances on which any statement is based.
For further information please contact:
Seanergy Maritime
Holdings Corp.Dale Ploughman
Chairman &
Chief Executive Officer
Christina
Anagnostara
Chief Financial
Officer
Tel: +30 210
9638461
E-mail:
ir@seanergymaritime.com
Investor Relations
/ Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue
Suite 1536
New York, NY 10169
Tel: (212)
661-7566
E-mail:
seanergy@capitallink.com
AUSTRALIA : QR National Freight gets 3-year deal
from Glencore Grain Australia
TendersInfo News
12 April 2011
[What follows is the full text of the article.]
QR National
Freight received 3-year deal from Glencore Grain Australia for rail haulage
services in New South Wales.
As per the deal,
QR National Freight will start rail services in April 2011 from different
regional NSW locations in Port Kembla and also start operations in Cootamundra
and Moss Vale. This contract has condition on access deal with Port Kembla Port
Corporation and Railcorp.
According to Ken
Lewsey, CEO of QR National Freight, the company is well-known as national grain
haulier and was quick to respond to the rising requirements of Australian grain
growers and traders.
Lewsey said,
"We re pleased to assist Glencore Grain Australia with the significant
grain harvest task in NSW under this agreement. QR National has more than 100
years experience in servicing our customers in the agricultural sector. We haul
almost 60 million tonnes of agricultural products and minerals each year across
Australia. This agreement demonstrates QR National is well positioned to
respond to the needs of local grain traders and to strengthen their position as
market leaders."
Related Geographies
· Australasia
· Australia
· United Kingdom
· New South Wales
Annual
Profit & Loss
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
- |
9,688.4 |
- |
|
Net sales |
5,857.2 |
- |
7,610.1 |
|
Cost of goods sold |
5,676.4 |
9,213.8 |
7,273.8 |
|
Cost of sales |
5,676.4 |
9,213.8 |
7,273.8 |
|
Gross profit |
180.8 |
474.6 |
336.3 |
|
General expenses |
38.7 |
- |
27.0 |
|
Total operating
costs |
38.7 |
392.7 |
27.0 |
|
Net operating
income |
142.1 |
81.9 |
309.3 |
|
Total financial
income |
18.2 |
20.4 |
17.6 |
|
Total expenses |
48.2 |
66.5 |
61.9 |
|
Profit before tax |
112.0 |
346.6 |
265.1 |
|
Profit on ordinary activities after tax |
127.2 |
305.4 |
265.1 |
|
Total taxation |
-15.2 |
41.2 |
0.0 |
|
Profit after tax |
127.2 |
305.4 |
265.1 |
|
Net profit |
122.7 |
305.4 |
260.6 |
Annual Balance Sheet
Financials in: USD
(mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Other reserves |
330.3 |
516.2 |
359.3 |
|
Total stockholders
equity |
354.0 |
539.2 |
383.5 |
|
Provisions and allowances |
- |
0.8 |
1.3 |
|
Total long-term
liabilities |
- |
400.0 |
250.0 |
|
Trade creditors |
104.8 |
- |
139.8 |
|
Total current
liabilities |
967.3 |
1,322.4 |
2,360.9 |
|
Total
liabilities (including net worth) |
1,321.4 |
2,262.4 |
2,995.6 |
|
Total tangible
fixed assets |
- |
- |
1.0 |
|
Total asset investment |
1.3 |
- |
- |
|
Total
non-current assets |
1.3 |
1.2 |
1.0 |
|
Net stocks and work in progress |
187.9 |
90.7 |
294.6 |
|
Trade debtors |
324.6 |
- |
872.8 |
|
Other receivables |
807.3 |
- |
1,826.1 |
|
Total
receivables |
1,131.9 |
2,167.0 |
2,699.0 |
|
Cash and liquid assets |
0.2 |
0.4 |
1.1 |
|
Other current assets |
- |
3.1 |
- |
|
Total current
assets |
1,320.1 |
2,261.2 |
2,994.6 |
|
Total assets |
1,321.4 |
2,262.4 |
2,995.6 |
Annual Ratios
Financials in: USD
(mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.40 |
1.70 |
1.30 |
|
Acid test ratio |
1.20 |
1.60 |
1.10 |
|
Current liabilities to net worth |
2.73% |
2.45% |
6.16% |
|
Fixed assets to net worth |
0.00% |
0.00% |
0.00% |
|
Collection period |
20.20 |
- |
41.90 |
|
Stock turnover rate |
31.20 |
- |
25.80 |
|
Sales to net working capital |
16.60 |
- |
12.00 |
|
Asset turnover |
4.43% |
- |
2.54% |
|
Profit margin |
0.02% |
- |
0.04% |
|
Return on assets |
0.09% |
0.15% |
0.09% |
|
Shareholders' return |
0.32% |
0.64% |
0.69% |
|
Sales per employee |
41,248.11 |
- |
- |
|
Profit per employee |
788.79 |
- |
- |
|
Return on capital |
0.18% |
-0.03% |
0.32% |
|
Net worth |
354.0 |
539.2 |
383.5 |
|
Number of employees |
142 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.