ADS Crude Carriers Plc (“ADS Crude Carriers” or the “Company”) announces the release of its fourth quarter 2019 report.
ADS Crude Carriers Q4 2019 report (PDF)
Headlines Q4 2019:
- Net revenue of USD 6.6 million, down 3% from Q4 2018 due to reduction in available vessel days, partially offset by an increase in TCE per day to USD 30,886, up 25% from Q4 2018
- Dividend per share of USD 0.09 declared for the quarter
- Completion of Fleet-wide upgrade, including scrubber installation and intermediate surveys
- Recognized savings from use of scrubbers estimated at USD 3.6 million to-date in 2020
- Backlog estimated for around 70% of vessel days in Q1 2020 booked at an average TCE per day of approximately USD 85,000
Key financials
| Quarter ended | 12 months | |||||||
|---|---|---|---|---|---|---|---|---|
| (In thousands of USD) | 31-Dec-19 | 30-Sep-19 | 30-Jun-19 | 31-Mar-19 | 31-Dec-18 | 31-Dec-19 | 30-Apr-18 to 31-Dec-18 |
|
| Revenue | 12 381 | 6 984 | 11 161 | 11 700 | 10 466 | 42 226 | 13 432 | |
| Net revenue | 6 640 | 2 134 | 4 767 | 6 505 | 6 816 | 20 047 | 7 907 | |
| Vessel operating days | 215 | 127 | 273 | 270 | 276 | 885 | 417 | |
| TCE¹ per day (in USD) | 30 886 | 16 801 | 17 463 | 24 093 | 24 697 | 22 653 | 18 962 | |
| Operating profit | 286 | (2 102) | 1 115 | 2 374 | 2 642 | 1 674 | 903 | |
| Net profit | (470) | (2 914) | 601 | 1 835 | 2 168 | (948) | 102 | |
| EPS (in USD per share) | (0.02) | (0.12) | 0.03 | 0.08 | 0.09 | (0.04) | 0.01 | |
| Dividend (in USD per share) | 0.09 | – | 0.02 | 0.04 | – | 0.15 | – | |
| Cash flow from ops excl WC | 3 576 | (864) | 2 355 | 3 646 | 3 900 | 8 713 | – | |
| Cash flow from operations | (4 650) | 3 847 | (806) | 3 989 | 3 221 | 2 380 | (2 595) | |
| Net cash flow | (7 610) | (3 964) | 910 | 2 284 | 2 336 | (8 381) | 13 689 | |
| Cash and cash equivalents | 5 309 | 12 920 | 16 884 | 15 974 | 13 689 | 5 309 | 13 689 | |
| Equity ratio | 52 % | 55 % | 58 % | 64 % | 61 % | 52 % | 61 % | |
| Net interest-bearing debt | 30 693 | 23 095 | 19 131 | 13 502 | 15 787 | 30 693 | 15 787 | |
Chairman of the Board of Directors, Bjørn Tore Larsen, commenting on the Q4 2019 results said:
“During the fourth quarter the Company completed its vessel upgrades ahead of implementation of IMO 2020 and the installation of exhaust emissions cleaning systems on our vessels has already resulted in savings from reduced bunker cost of approximately USD 3.6 million in 2020, equivalent to 30% of the total investment cost. As of today, we have backlog of approximately 70% of vessel days in Q1 2020 secured at an estimated TCE per day of USD 85,000. As a result, I am happy to report that we announce a dividend of USD 2 million, or USD 0.09 per share.
The past months have reminded us that the tanker market is unpredictable and volatile, as we have seen huge movements in reported market rates. While we make no predictions about the market going forward, what I can predict is that we will continue to deliver on our promise to shareholders to pay out excess cash in the form of quarterly dividends.”
Contacts
Terje Bodin Larsen, CEO
+47 905 35 543
tbl@ads.no
Ben Boiling, CFO
+47 912 40 945
ben.boiling@ads.no
About ADS Crude Carriers
ADS Crude Carriers Plc is a public limited company listed on the Merkur Market at the Oslo Stock Exchange (ticker ADSC-ME). The Company is incorporated and domiciled in Cyprus and has Norwegian subsidiaries based in Arendal, Norway. The principal activities of the Company are operating tanker vessels in the global tanker market. The Company currently owns and operates a fleet of three VLCCs: ADS Page, ADS Stratus and ADS Serenade.
Forward looking statements
The information included herein may contain forward looking statements. Forward looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company’s intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.