SinOceanic posts results for Q4 2012
SinOceanic Shipping ASA posts Q4 Report 2012, the company reports. Consolidated operating result in line with expectations, reflecting fleet growth during 2012. Consolidated EBITDA was USD 14.1 million in the 4th quarter 2012 versus USD -0.2 million in the same period last year.
Net financial items amounted to USD -16.1 million of which USD 0.5 million related to negative changes in the market value of an interest rate derivative entered into on the loan financing "MSC Vega". As of 31 December 2012 the consolidated cash position was USD 24 million, including restricted cash of USD 3 million. Consolidated equity was USD 8.2 million.
In January 2013 the company's subsidiaries SinOceanic I, II and III AS entered into agreements with Oceanus International Investments AS ("Oceanus") to subordinate USD 19-20 million of each subsidiary's debt to Oceanus to all other obligations of the subsidiaries.