TIDMHCL
RNS Number : 0669A
Hellenic Carriers Limited
15 March 2013
2012 Financial Results
Press Release 15 March 2013
HELLENIC CARRIERS REPORTS FINAL RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2012
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM:
HCL), manages through Hellenic Shipmanagement Corp. a fleet of dry
bulk vessels that transport iron ore, coal, grain, steel products,
cement, alumina, and other dry bulk cargoes worldwide. The Company
is pleased to report today its Final Results for the year ended 31
December 2012.
2012 FINANCIAL
Þ Revenue US$13.2 million (2011: US$33.2 million)
Þ EBITDA negative US$0.2 million (2011: US$16.9 million EBITDA positive)
Þ Operating Loss US$9.4 million before non-cash items (2011:
US$3.6 million Operating Profit)
Þ Net Loss US$14.2 million before non-cash items (2011: US$1.1 million)
Þ Non-cash impairment charge US$8.6 million (2011: US$29.3 million)
Þ Non-cash gain on sale of vessels US$2.1 million (2011: US$ nil)
Þ Net Loss US$20.7 million (2011: US$30.4 million)
Þ Gearing ratio at 31.9% as of 31 December 2012 (30.2% as of 31 December 2011)
Þ Total cash including restricted cash US$47.7 million as of 31
December 2012 (US$48.0 million as of 31 December 2011)
Þ Reduction of Gross debt from US$88.2 million on 31 December
2011 to US$82.3 million on 31 December 2012 resulting in a net debt
position of US$34.6 million from US$40.1 million on 31 December
2011
2012 OPERATIONAL
Þ Operation of 4.0 vessels on average compared to 5.0 vessels in 2011
Þ Time Charter Equivalent rate of US$7,414 (2011: US$17,369)
Management Commentary
Our objective during 2012 has been to steer through a very
challenging market and position our Company to benefit from the
eventual market turnaround.
The decrease in revenues for the year was attributed to the
reduced number of vessels in the fleet and the depressed dry bulk
freight rates. Although seaborne trade demand continued to grow in
2012, supported mainly by the need for raw materials from the
developing countries, oversupply negatively affected rates in all
dry bulk segments.
In 2012 the fleet renewal program continued: two of the older
Panamax vessels were sold, while the option to use the sale
proceeds within 2013 as debt financing towards the acquisition of
modern second hand ships was secured from the lenders. The vessels
were employed predominantly under short period time charters,
avoiding commitment at low rates for the longer term. Tight cost
control resulted in a reduction of both the daily vessel operating
expenses as well as the general and administrative expenses.
Preservation of cash was achieved, following agreements with the
existing lenders to reduce the principal installments due in 2012
and 2013 and to extend the maturity of one of the facilities,
whilst also extending the maturity of the second facility in case
of replacement of one of the ships sold.
Looking ahead, urbanization in the developing economies is an
irreversible trend and this translates into continued demand for
core raw materials which are the backbone of the dry bulk trade. At
the same time, net fleet growth is expected to slow down in 2013
and especially in 2014 as the result of a diminishing order book
and high scrapping levels, since about 13% of the global dry bulk
fleet is over 20 years of age, whilst the current order book for
delivery in 2015 is negligible. Therefore, even though we
anticipate a challenging market for 2013, we remain cautiously
optimistic on the medium term prospects of our industry.
Since the market downturn in the end of 2008, we have taken
steps ensuring that the Company is well prepared to endure
difficult market conditions. We expect that such conditions will
continue to prevail during 2013. However, thereafter with the bulk
of the order book delivered and the growth prospects of the
developing countries robust, we envisage an improvement in
earnings. Our aim is that at that point in time the Company will be
well positioned, with a bigger and more modern fleet, to capitalise
on the improved market conditions.
Vessels' Developments
Details of the vessels as at 31 December 2012:
Operating Fleet
-----------------------------------------------------------------------------------
Vessel Type Yard Year Carrying
Built Capacity
(dwt)
---------------------- ---------- ------------------------- -------- ----------
Tsuneishi Shipbuilding,
M/V Hellenic Wind Panamax Japan 1997 73,981
---------------------- ---------- ------------------------- -------- ----------
M/V Konstantinos Mitsui Engineering
D Supramax & Shipbuilding, Japan 2000 50,326
---------------------- ---------- ------------------------- -------- ----------
Halla Engineering
& Heavy Industries,
M/V Hellenic Horizon Handymax Korea 1995 44,809
---------------------- ---------- ------------------------- -------- ----------
Total Operating Fleet: 3 Vessels 169,116
----------------------------------------------------------------------- ----------
In 2012 two Panamax vessels were sold and an agreement was
reached with the vessels' lenders to transfer the proceeds from
these sales as bank financing towards the acquisition of modern
second hand bulk carriers. The sale of these two older vessels was
decided in the context of the fleet renewal program.
On 16 May 2012, Thasos Shipping Co. Ltd., the ship owning
company of the M/V Hellenic Sky completed the sale of the 68,591
dwt Panamax vessel built in 1994 at Sasebo Heavy Industries in
Japan. The vessel was sold to an unaffiliated third party for a
total cash consideration of US$10.5 million.
The M/V Hellenic Sky was acquired in July 2003 at a price of
US$13.2 million. During the past nine years of its operation, the
vessel contributed approximately US$19.4 million of net profit.
Taking into account the net book value of the vessel and the sale
related expenses, a net book gain of US$2.3 million was realised on
this sale.
On 23 August 2012, the ship owning company of the 1991 built
Panamax vessel, M/V Hellenic Sea, Patmos Shipping Co. Ltd.,
completed the sale of its vessel to an unaffiliated third party for
a total cash consideration of US$5.3 million.
The M/V Hellenic Sea was acquired in March 2002 at a price of
US$9.6 million and during the past ten years of its operation, the
vessel contributed approximately US$40.6 million of net profit.
Taking into account the vessel's net book value and expenses
related to the sale, a net book loss of US$0.2 million was realised
on this sale.
In addition there are two new building Kamsarmax bulk carriers
which are currently under construction and are expected to be
delivered in 2013.
Vessels under construction as at 31 December 2012:
Vessels on Order
-------------------------------------------------------------------
Type Yard Scheduled Carrying
Delivery Capacity
(dwt)
----------- ----------------------------- ----------- ----------
Zhejiang Ouhua Shipbuilding
Kamsarmax Co. Ltd., China 2013 82,000
----------- ----------------------------- ----------- ----------
Zhejiang Ouhua Shipbuilding
Kamsarmax Co. Ltd., China 2013 82,000
----------- ----------------------------- ----------- ----------
Total Vessels on Order: 2 Vessels 164,000
------------------------------------------------------- ----------
Upon delivery of the two Kamsarmax vessels the aggregate
carrying capacity will increase to 333,116 dwt and the average age
will drop to 9.8 years.
Vessels' Employment
The dry bulk freight market deteriorated in 2012 with the BDI
moving between 647 points and 1,624 points, averaging at 920
points, marking a 40.6% reduction from the 2011 average of 1,549
points. This was mainly the result of a weak global economic growth
and a 10% net increase in the tonnage supply, following a 14% net
increase in 2011. Although seaborne trade demand continued to grow
in 2012, supported mainly by the need for raw materials by the
developing countries, tonnage oversupply continued to negatively
affect the rates in all the dry bulk carrier subsectors.
In this environment, and considering the unfavourable rates
prevailing during the period in review, the vessels were employed
on the spot market for the performance of single or consecutive
laden legs or under short term time charter agreements, avoiding
longer term commitments at low levels.
Towards the end of the year, taking advantage of an upswing in
the market, two of the vessels, namely the M/V Konstantinos D and
M/V Hellenic Wind were fixed under medium term time charters.
The M/V Konstantinos D was fixed for a period of 4-6 months at a
daily gross hire rate of US$7,600. The charter commenced on 29
September 2012. After the charter's termination on 29 January 2013,
the vessel performed a short time charter trip until end February
2013 and is currently undergoing her Intermediate Survey.
The M/V Hellenic Wind was fixed for a period of 5-9 months at a
daily gross hire rate of US$7,350. The charter commenced on 5
October 2012 and is still employed under this agreement, which
expires at the latest on 5 July 2013.
Taking into consideration the operating fleet, the estimated
time charter coverage currently stands at 42.2% for the first half
of 2013 and at 20.9% until year end 2013.
The current Employment of the vessels is summarised below:
Fleet Employment
-----------------------------------------------------------------------------------------------
Vessel Type Charter Earliest Daily Charter Charterer
Type Expiration Rate US$
Date(1) (Gross)
----------------- --------- ------------- ---------------- -------------- ----------------
M/V Hellenic Panamax Time Charter 5 March 2013(2) 7,350 Hudson Shipping
Wind Lines Inc.
----------------- --------- ------------- ---------------- -------------- ----------------
M/V Konstantinos Supramax Dry-docking N/A N/A N/A
D
----------------- --------- ------------- ---------------- -------------- ----------------
M/V Hellenic Handymax Time Charter 21 April 8,100 Western
Horizon 2013 Bulk Carriers
AS
----------------- --------- ------------- ---------------- -------------- ----------------
(1) The earliest charter expiration date represents the first
day on which the Charterer may redeliver the vessel to the shipowning
company.
(2) The time charter continues until today and the latest expiration
date is 5 July 2013
Full Year 2012 Results
For the year ended 31 December 2012, Hellenic reported total
revenues of US$13.2 million compared to US$33.2 million for the
same period of 2011. The decrease in revenues is mainly attributed
to the reduction in the number of vessels operated during the
period following the sale of the M/V Hellenic Sky and the M/V
Hellenic Sea in May 2012 and August 2012 respectively, and the
prolonged depression of the dry bulk freight rates.
Earnings before Tax, Interest, Depreciation and Amortisation
(EBITDA) was reported negative at US$0.2 million for the twelve
months ended 31 December 2012 compared to positive US$16.9 million
for the same period in 2011.
Operating loss amounted to US$15.9 million for the year ended 31
December 2012 compared to US$25.7 million for the same period of
2011. The year ended 31 December 2012 operating loss figure
included non-cash impairment charge of US$8.6 million, non-cash
gain resulting from the sale of M/V Hellenic Sky and M/V Hellenic
Sea in the amount of US$2.1 million.
As a result of the significant drop in asset values an
impairment indication was identified and the relevant tests were
performed in order to determine the vessels' recoverable amounts.
As a conclusion the book values of three vessels were adjusted to
their recoverable amounts and an impairment charge was reported for
the year ended 31 December 2012 and 31 December 2011 in the amount
of US$8.6 million and US$29.3 million respectively.
Excluding the above mentioned non-cash items, Hellenic reported
for the year ended 31 December 2012 an operating loss of US$9.4
million compared to an operating profit of US$3.6 million for the
year ended 31 December 2011.
Net loss for the year ended 31 December 2012 amounted to US$20.7
million representing a loss per share of US$0.45 calculated on
45,616,851 weighted average number of shares. Net loss for the year
ended 31 December 2011 amounted to US$30.4 million representing a
loss per share of US$0.67 calculated on 45,616,851 weighted average
number of shares.
During 2012 4.0 vessels were operated, earning on average
US$7,414 per day compared to 5.0 vessels and average earnings of
US$17,369 per day in 2011.
As a result of the decrease in ownership days, vessel operating
expenses dropped by US$2.3 million to a total of US$7.7 million for
the twelve months ended 31 December 2012. The daily operating
expenses for the year ended 31 December 2012 were reported at
US$5,234 from US$5,456 for the same period of 2011 marking a 4.1%
reduction.
The Company's general and administrative expenses for the twelve
months of 2012 decreased by 19.7% to US$1.5 million for the same
period of 2011.
Selected Financial Data
(US$ in 000's except per share data) 2012 2011
----------------------------------------- ----------- -----------
Revenue 13,168 33,186
----------------------------------------- ----------- -----------
EBITDA (1) (166) 16,884
----------------------------------------- ----------- -----------
Operating loss (15,947) (25,664)
----------------------------------------- ----------- -----------
Adding back impairment loss 8,580 29,282
----------------------------------------- ----------- -----------
Adding back gain on sale of vessels (2,072) -
----------------------------------------- ----------- -----------
Operating loss before non-cash items (9,439) 3,618
----------------------------------------- ----------- -----------
Net Finance costs (4,784) (4,703)
----------------------------------------- ----------- -----------
Net Loss before non-cash items (14,223) (1,085)
----------------------------------------- ----------- -----------
Loss for the year (20,731) (30,367)
----------------------------------------- ----------- -----------
Weighted average shares (basic &
diluted) 45,616,851 45,616,851
----------------------------------------- ----------- -----------
Loss per share (basic & diluted) (0.45) (0.67)
----------------------------------------- ----------- -----------
Total assets 159,781 188,419
----------------------------------------- ----------- -----------
Long-term debt, net of unamortised
arrangement fees 82,324 88,152
----------------------------------------- ----------- -----------
Total equity 73,916 92,846
----------------------------------------- ----------- -----------
Cash flows (used in)/ provided by
operating activities (596) 16,689
----------------------------------------- ----------- -----------
Cash flows provided by/ (used in)
investing activities 11,463 (1,532)
----------------------------------------- ----------- -----------
Cash flows used in financing activities (26,463) (30,086)
----------------------------------------- ----------- -----------
2012 2011
----------------------------------------- -------- --------
Fleet Operating data
-------------------------------------------------------------
Average number of operating vessels 4.0 5.0
----------------------------------------- -------- --------
Number of operating vessels at year
end 3.0 5.0
----------------------------------------- -------- --------
Number of vessels under construction
at year end 2.0 2.0
----------------------------------------- -------- --------
Total dwt at year end 169,116 303,141
----------------------------------------- -------- --------
Ownership days (2) 1,471 1,825
----------------------------------------- -------- --------
Available days (3) 1,355 1,723
----------------------------------------- -------- --------
Operating days (4) 1,241 1,694
----------------------------------------- -------- --------
Fleet utilisation (5) 91.6% 98.3%
----------------------------------------- -------- --------
Average daily results (in US$)
-------------------------------------------------------------
Time Charter Equivalent (TCE) rate
(6) 7,414 17,369
----------------------------------------- -------- --------
Average daily vessel operating expenses
(7) 5,234 5,456
----------------------------------------- -------- --------
(1) EBITDA has been calculated as follows: Operating profit +
Depreciation + Depreciation of dry-docking costs + Impairment
charge - Gain on sale of vessels - Other operating income
(2) Ownership days are the cumulative days in a period during
which each vessel is owned by the respective vessel owning
company.
(3) Available days are ownership days less the days that the
vessels are at scheduled off-hire for maintenance or vessel
repositioning.
(4) Operating days are the available days less all unforeseen
off-hires.
(5) Fleet utilisation is measured by dividing the vessels'
operating days by the vessels' available days.
(6) TCE is defined as vessels' total revenues less voyage
expenses divided by the number of the available days for the
period.
(7) Average daily vessel operating expenses is defined as vessel
operating expenses divided by ownership days.
Debt / Financing Activities & Capitalisation
Debt as of 31 December 2012 amounted to US$82.3 million compared
to US$88.2 million as of 31 December 2011.
In relation to one of the loan facility agreements the lender
has agreed to restructure the loan repayment schedule effective
from 1 January 2012. The term of the loan was extended for three
years, the new maturity date being May 2018. In addition, the
option to transfer the proceeds from the sale of the M/V Hellenic
Sky towards the acquisition of a modern second hand bulk carrier,
within a period of eighteen months from the vessel's delivery to
its buyers, has been granted.
In relation to the second loan facility agreement the lender
provided the option to transfer the proceeds from the sale of the
M/V Hellenic Sea as bank financing towards the acquisition of a
modern second hand bulk carrier, to be acquired within a period of
twelve months. Further to this agreement, if a new vessel is
acquired during the twelve month period, the tenor of the loan
shall be extended for four years with the new maturity being May
2020.
The gross principal debt repayment falling due within the year
2013 amounts to US$4.7 million. In case the options are not
exercised a prepayment in the amount of US$15.6 million is due to
be made to the Banks in late 2013. This amount is held pledged with
the lenders and is included in restricted cash as of 31 December
2012.
An earnings recapture clause has been agreed under both loan
facilities based on which part of any excess earnings generated by
the vessels will be paid to the lending banks commencing from
financial year 2012.
As of 31 December 2012, Hellenic and the companies owning the
vessels within the fleet have obtained the appropriate waivers from
their lenders.
Debt (debt, net of deferred financing fees) to total
capitalisation (debt and stockholders' equity) as of 31 December
2012 amounted to 52.7% compared to 48.7% on 31 December 2011. Net
debt (debt less cash and cash equivalents) to total capitalisation
amounted to 31.9% on 31 December 2012 compared to 30.2% on 31
December 2011.
Total cash, including restricted cash amounted to US$47.7
million and US$48.0 million as of 31 December 2012 and 31 December
2011, respectively.
Restricted cash reported at 31 December 2012 amounted to US$19.2
million consisting of: a) US$0.2 million being funds held in a
retention account for the repayment of the next debt instalment and
interest due under one of the existing loan agreements, b) US$3.4
million representing cash retained against issuance of a Bank
Guarantee of US$3.1 million provided as security to Setsea SpA, the
former charterers of the M/V Hellenic Sea, pending the outcome of
the arbitration proceedings in London between Owners and Charterers
on the occasion of the vessel's grounding in the Amazon River in
July 2010, and c) US$15.6 million being the aggregate of the
proceeds from the sale of the M/V Hellenic Sky and M/V Hellenic Sea
which are pledged with the vessels' lenders for the purpose of
being transferred as financing towards future acquisitions as
described above.
Dividend
In order to reinforce the Company's liquidity and optimise the
use of cash when market opportunities arise, the Directors of the
Company recommended that dividend payment for the year 2012 be
suspended.
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanli, Chief Executive Officer
Elpida Kyriakopoulou, Chief Financial Officer
E-mail: info@hellenic-carriers.com +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber +44 (0) 20 7886 2500
Charles Leigh-Pemberton
Capital Link
Nicolas Bornozis +1 212 661 7566 (New York)
Ioanna Messini +44 (0) 20 3206 1320 (London)
E-mail: helleniccarriers@capitallink.com
Further Information - Notes to Editors
About Hellenic Carriers Limited
Hellenic Carriers Limited manages through Hellenic
Shipmanagement Corp. a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina, and other
dry bulk cargoes worldwide. The fleet consists of three vessels,
comprising one Panamax, one Supramax and one Handymax with an
aggregate carrying capacity of 169,116 dwt and a weighted average
age of 15.5 years. Two new building vessels currently under
construction, both Kamsarmaxes with an aggregate carrying capacity
of about 164,000 dwt are scheduled for delivery within 2013.
Hellenic Carriers is listed on the AIM of the London Stock
Exchange under ticker HCL.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2012
31 December
--------------------------
2012 2011
----------- ------------
US$'000 US$'000
Revenue 13,168 33,186
----------- ------------
Expenses and other income
Voyage expenses (3,121) (3,258)
Vessel operating expenses (7,699) (9,957)
Management fees - related
party (1,062) (1,278)
Depreciation (8,086) (11,873)
Depreciation of dry-docking
costs (1,454) (1,927)
Impairment loss (8,580) (29,282)
Gain on sale of vessels 2,072 -
General and administrative
expenses (1,452) (1,809)
Other operating income 267 534
Operating loss (15,947) (25,664)
Finance expense (5,397) (5,194)
Finance income 613 480
Foreign currency gain, net - 11
(4,784) (4,703)
----------- ------------
Loss for the year (20,731) (30,367)
=========== ============
Loss per share (US$):
Basic and diluted LPS for
the year (0.45) (0.67)
Weighted average number of
shares 45,616,851 45,616,851
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2012
31 December
--------------------
2012 2011
--------- ---------
US$'000 US$'000
Loss for the year (20,731) (30,367)
Net gain on cash flow hedges 1,801 1,637
--------- ---------
Total comprehensive loss for
the year (18,930) (28,730)
========= =========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2012
31 December
------------------
2012 2011
-------- --------
US$'000 US$'000
ASSETS
Non-current assets
Vessels, net 77,028 105,014
Vessels under construction 28,877 27,842
Deferred charges 714 714
Office furniture and equipment 3 6
-------- --------
106,622 133,576
-------- --------
Current assets
Inventories 264 2,237
Trade receivables, net 878 945
Claims receivable 251 239
Available for sale investments,
net of impairment - -
Due from related parties 3,711 2,964
Prepaid expenses and other assets 355 420
Restricted cash 19,232 3,974
Cash and cash equivalents 28,468 44,064
-------- --------
53,159 54,843
-------- --------
TOTAL ASSETS 159,781 188,419
======== ========
EQUITY AND LIABILITIES
Shareholders' equity
Issued share capital 46 46
Share premium 54,355 54,355
Capital contributions 10,826 10,826
Cash flow hedging reserves (1,158) (2,959)
Retained earnings 9,847 30,578
-------- --------
Total equity 73,916 92,846
-------- --------
Non-current liabilities
Long-term debt 62,331 79,150
Other non-current financial liabilities - 1,265
-------- --------
62,331 80,415
-------- --------
Current liabilities
Trade payables 1,055 2,593
Current portion of long-term debt 19,993 9,002
Current portion of other non-current
financial liabilities 1,158 1,694
Accrued liabilities and other payables 1,328 1,790
Deferred revenue - 79
23,534 15,158
-------- --------
Total Liabilities 85,865 95,573
-------- --------
TOTAL EQUITY AND LIABILITIES 159,781 188,419
======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2012
Issued Cash flow
Par share Share Capital hedging Retained Total
Number value capital premium contributions reserves earnings equity
of shares US$ US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------- ---------- ---------- ---------- --------------- ---------- ----------- ----------
As at 1
January 2011 45,616,851 0.001 46 54,355 10,826 (4,596) 64,963 125,594
Loss for the
year - - - - - - (30,367) (30,367)
Other
comprehensive
income - - - - - 1,637 - 1,637
----------- ---------- ---------- ---------- --------------- ---------- ----------- ----------
Total
comprehensive
loss - - - - - 1,637 (30,367) (28,730)
Dividends to
equity
shareholders - - - - - - (4,018) (4,018)
----------- ---------- ---------- ---------- --------------- ---------- ----------- ----------
At 31 December
2011 45,616,851 0.001 46 54,355 10,826 (2,959) 30,578 92,846
=========== ========== ========== ========== =============== ========== =========== ==========
Loss for the
year - - - - - - (20,731) (20,731)
Other
comprehensive
income - - - - - 1,801 - 1,801
----------- ---------- ---------- ---------- --------------- ---------- ----------- ----------
Total
comprehensive
loss - - - - - 1,801 (20,731) (18,930)
At 31 December
2012 45,616,851 0.001 46 54,355 10,826 (1,158) 9,847 73,916
=========== ========== ========== ========== =============== ========== =========== ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2012
31 December
--------------------------
2012 2011
------------- ----------
US$'000 US$'000
Operating activities
Loss for the year (20,731) (30,367)
Adjustments to reconcile loss to net
cash flows:
Depreciation 8,086 11,873
Depreciation of dry-docking costs 1,454 1,927
Impairment loss 8,580 29,282
Gain on sale of vessels (2,072) -
Finance expense 5,397 5,194
Finance income (613) (480)
--------- ----------
101 17,429
Decrease/ (Increase) in inventories 1,973 (1,603)
Decrease in trade receivables, claims
receivable, prepaid expenses and other
assets 176 3,054
Increase in due from related parties (747) (468)
(Decrease)/ Increase in trade payables,
accrued liabilities and other
payables (2,020) 203
Decrease in deferred revenue (79) (1,926)
--------- ----------
Net cash flows (used in)/ provided by
operating activities (596) 16,689
--------- ----------
Investing activities
Acquisition/ improvement of vessels (504) -
Advances for vessels under construction (1,035) (446)
Dry-docking costs (1,207) (1,601)
Proceeds from sale of vessels 13,653 -
Office furniture and equipment (1) (2)
Interest received 557 517
--------- ----------
Net cash flows provided by/ (used in)
investing activities 11,463 (1,532)
--------- ----------
Financing activities
Repayment of long-term debt (5,655) (17,170)
Borrowing cost for vessels under construction - (714)
Restricted cash (15,258) (2,941)
Interest paid (5,550) (5,243)
Dividends paid to equity shareholders - (4,018)
--------- ----------
Net cash flows used in financing activities (26,463) (30,086)
--------- ----------
Net decrease in cash and cash equivalents (15,596) (14,929)
Cash and cash equivalents at 1 January 44,064 58,993
--------- ----------
Cash and cash equivalents at 31 December 28,468 44,064
========= ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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