Announced 05/14
- Rev of $236M
- Adj EBITDA of $152M
- Net Income of $45.3M
- Newbuild additions - 3 LR2s + 2 Chemical tankers
- Contract renewal on 6 or 7 container vessels
https://ml-eu.globenewswire.com/Resource/Download/933b76d6-e449-46f3-8525-2f632ca65d3d
YTD additions to charter backlog a positive. Don’t know the charter levels, but renewal of mid-size to multiple large container vessels a good “steady state” development. Likewise, the new bond financing - usually includes a portion that is just a “debt punt”.
Negatives:
- Always concerned about their debt.
- For the offshore drilling segment, timing of events is a concern. One rig completes a drilling contract, and then heads back to Canada for new work. The second rig goes in for a $30M SPS + upgrades. How much do the two events overlap?