TCE
Madurai, India
TCE
Madurai, India

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News Article | April 17, 2017
Site: onlinelibrary.wiley.com

The need for the development of transparent conductive electrodes (TCEs) supported on flexible polymer substrates has explosively increased in response to flexible polymer-based photovoltaic and display technologies; these TCEs replace conventional indium tin oxide (ITO) that exhibits poor performance on heat-sensitive polymers. An efficient, flexible TCE is required to exhibit high electrical conductance and high optical transmittance, as well as excellent mechanical flexibility and long-term stability, simultaneously. Recent advances in technologies utilizing an ultrathin noble-metal film in a dielectric/metal/dielectric structure, or its derivatives, have attracted attention as promising alternatives that can satisfy the requirements of flexible TCEs. This review will survey the background knowledge and recent updates of synthetic strategies and design rules toward highly efficient, flexible TCEs based on ultrathin metal films, with a special focus on the principal features and available methodologies involved in the fabrication of highly transparent, conductive, ultrathin noble-metal films. This survey will also cover the practical applications of TCEs to flexible organic solar cells and light-emitting diodes.


News Article | May 5, 2017
Site: worldmaritimenews.com

Monaco-based tanker shipping company Scorpio Tankers has been tied to the sale of two medium-range 2 (MR2) chemical product tankers, VesselsValue’s data shows. The ships in question are STI Emerald and STI Sapphire and they have been sold for USD 28 million each to an undisclosed buyer. Both 52,000 dwt tankers were built at South Korean Hyundai Mipo shipyard in 2013. The Marshall Island-flagged vessels have a length of 183.3 meters and a width of 32.2 meters. When contacted, Scorpio Group’s spokesperson told World Maritime News that the company has “no comment on this market rumor.” Last month, the company entered into agreements to sell and leaseback three MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto, to China’s Bank of Communications. The 52,000 dwt ships were also constructed at Hyundai Mipo in 2013. Recently, Scorpio Tankers released financial results for the first quarter of 2017 which show that the company suffered a net loss of USD 11.5 million, compared to a net income of USD 28 million posted in the same period of 2016. The decrease was driven mainly by low time charter equivalent (TCE) rates.


The first quarter of 2017 was another good period for NAT in a volatile tanker market.  NAT remains financially strong and is committed to servicing its customers and shareholders well. The average daily time charter equivalents ("TCE") earned for the first quarter were $22,700 per day per vessel as against the previous quarter of $21,600 per day per vessel. NAT took delivery of another new Suezmax tanker February 27, 2017, the Nordic Space. We now have 30 Suezmax vessels in operation. NAT ordered, in October 2016, three Suezmax newbuildings at Samsung Shipyard for delivery in second half of 2018.  30% of the total purchase price was paid up front in cash. We expect to finance the remaining 70%, which is due upon delivery of the ships, from cash on hand and increased debt.  None of these ships are pledged under the current credit facility.  These three newbuildings will increase the fleet by 10% to 33 vessels, increasing dividend and earnings capacity. On April 19, 2017, NAT declared a cash dividend of $0.20 per share for 1Q2017, payable to shareholders of record as of May 22, 2017.  Payment of the dividend is expected to be on or about June 8, 2017. Our dividend policy will continue to enable us to achieve a competitive cash yield. Except for one quarter of the last nine quarters, the dividend payout ratio has been around 70%. Funds have been withheld to partly finance the vessel acquisitions over the period. NAT has followed the same strategy for years and has well developed and very good financial control mechanisms in place. A key part of our business model is our focus on efficiency and low costs. NAT has achieved a high Total Return[1] (profitability) for our shareholders. The average annual Total Return since 1997 is about 10%. Nordic American Offshore (NAO) completed a follow-on offering in March 2017. NAT participated in the offering with $10m. Following the investment NAT owns 22.6% of NAO. As a consequence of the reduced holdings in NAO, NAT recorded a dilution charge (non-cash) of $2.6m in 1Q2017. NAO is operating in a challenging offshore market. NAT is a long term shareholder to reap the benefits of an improved market. NAT has a cash break-even rate at about $11,500 per day per ship, including financial charges and G&A costs. The operating expenses for our vessels are low; about $8,400 per vessel per day. The high quality of the NAT fleet is also evidenced by our vetting statistics, i.e. inspections of our ships by our customers. In such vetting processes , and are in focus. In the tanker sector, the NAT stock has significant liquidity, allowing investors to buy and sell shares whenever they wish. For further accounting information, please see below. On April 19, 2017, NAT declared a cash dividend of $0.20 per share.  The dividend is expected to be paid on or about June 8, 2017 to shareholders of record as of May 22, 2017. The number of NAT shares outstanding at the time of this report is 101,969,666. Earnings per share (EPS) in 1Q2017 were -$0.03. In 4Q2016 and 1Q2016 the EPS were -$0.38 and $0.33, respectively. EPS does not take account of financial risk. Included in the EPS for 1Q2017 is a non-cash dilution charge of -$0.02 per share related to NATs reduced holdings in NAO. The Company's Adjusted Net Operating Earnings in 1Q2017 were $30.5m. In 4Q2016 and 1Q2016 Adjusted Net Operating Earnings were $28.2m and $55.9m, respectively. NAT continues to maintain a strong balance sheet with low net debt and is focusing on keeping a low financial risk. At the end of 1Q2017, the Company had net debt of about $307m or about $10.2m per vessel based on a 30 vessels fleet. For further information on our financial position for 1Q2017, 4Q2016 and 1Q2016, please see later in this release. The development of the world economy affects the tanker industry and the demand for oil. The current demand for oil is increasing and the growth is particularly strong in China and India. NAT is very active in the Far East and does business with the major oil companies in the area. The Suezmax fleet of the world (excl. shuttle tankers) counts 466 vessels at the end of 1Q2017, following an increase of eight vessels in the 1st quarter of 2017. During the years 2014 and 2015, a number of orders were placed with shipyards. In 2016 twelve new ships were ordered at the shipyards including three from NAT. This is the lowest number of new orders since the mid-1990s.  The current orderbook of Suezmax tankers stands at 65 vessels from now to the end of 2018. This represents about 14% of the Suezmax fleet. Slippage and cancellations may take place, thereby reducing the orderbook. In 2016, it was a fleet growth of 6.0% with no scrapping of vessels. The graph to the below shows the average yearly spot rates since 2000 as reported by Clarksons Platou. are an indication of the level of the market and its direction. The supply of tanker tonnage is inelastic in the short term. When there are too many ships, rates tend to go down. When there is scarcity of ships, rates tend to go up. It is vital for NAT to ensure that there is no conflict of interests among shareholders, management, affiliates and related parties.  Interests must be aligned.  From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption. Our objective is to have a strategy that is flexible and has benefits in both a strong tanker market and a weak one.  In an improved market, higher earnings and dividends can be expected. The Company is in a position to reap the benefits of strong markets. Our dividend policy will continue to enable us to achieve a competitive cash yield. NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall endeavor to safeguard and further strengthen this position in a deliberate, predictable and transparent way. Going forward we believe the recent acquisitions of vessels will increase the Total Return for NAT shareholders over time. Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.  We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K. [1] Total Return is defined as stock price plus dividends, assuming dividends are reinvested in the stock. [2] Adjusted Net Operating Earnings is an important dimension in the shipping industry, but it is a non-GAAP measure. Please see later in this announcement for a reconciliation of Adjusted Net Operating Earnings to Net Operating Earnings (Loss).


The first quarter of 2017 was another good period for NAT in a volatile tanker market.  NAT remains financially strong and is committed to servicing its customers and shareholders well. The average daily time charter equivalents ("TCE") earned for the first quarter were $22,700 per day per vessel as against the previous quarter of $21,600 per day per vessel. NAT took delivery of another new Suezmax tanker February 27, 2017, the Nordic Space. We now have 30 Suezmax vessels in operation. NAT ordered, in October 2016, three Suezmax newbuildings at Samsung Shipyard for delivery in second half of 2018.  30% of the total purchase price was paid up front in cash. We expect to finance the remaining 70%, which is due upon delivery of the ships, from cash on hand and increased debt.  None of these ships are pledged under the current credit facility.  These three newbuildings will increase the fleet by 10% to 33 vessels, increasing dividend and earnings capacity. On April 19, 2017, NAT declared a cash dividend of $0.20 per share for 1Q2017, payable to shareholders of record as of May 22, 2017.  Payment of the dividend is expected to be on or about June 8, 2017. Our dividend policy will continue to enable us to achieve a competitive cash yield. Except for one quarter of the last nine quarters, the dividend payout ratio has been around 70%. Funds have been withheld to partly finance the vessel acquisitions over the period. NAT has followed the same strategy for years and has well developed and very good financial control mechanisms in place. A key part of our business model is our focus on efficiency and low costs. NAT has achieved a high Total Return[1] (profitability) for our shareholders. The average annual Total Return since 1997 is about 10%. Nordic American Offshore (NAO) completed a follow-on offering in March 2017. NAT participated in the offering with $10m. Following the investment NAT owns 22.6% of NAO. As a consequence of the reduced holdings in NAO, NAT recorded a dilution charge (non-cash) of $2.6m in 1Q2017. NAO is operating in a challenging offshore market. NAT is a long term shareholder to reap the benefits of an improved market. NAT has a cash break-even rate at about $11,500 per day per ship, including financial charges and G&A costs. The operating expenses for our vessels are low; about $8,400 per vessel per day. The high quality of the NAT fleet is also evidenced by our vetting statistics, i.e. inspections of our ships by our customers. In such vetting processes , and are in focus. In the tanker sector, the NAT stock has significant liquidity, allowing investors to buy and sell shares whenever they wish. For further accounting information, please see below. On April 19, 2017, NAT declared a cash dividend of $0.20 per share.  The dividend is expected to be paid on or about June 8, 2017 to shareholders of record as of May 22, 2017. The number of NAT shares outstanding at the time of this report is 101,969,666. Earnings per share (EPS) in 1Q2017 were -$0.03. In 4Q2016 and 1Q2016 the EPS were -$0.38 and $0.33, respectively. EPS does not take account of financial risk. Included in the EPS for 1Q2017 is a non-cash dilution charge of -$0.02 per share related to NATs reduced holdings in NAO. The Company's Adjusted Net Operating Earnings in 1Q2017 were $30.5m. In 4Q2016 and 1Q2016 Adjusted Net Operating Earnings were $28.2m and $55.9m, respectively. NAT continues to maintain a strong balance sheet with low net debt and is focusing on keeping a low financial risk. At the end of 1Q2017, the Company had net debt of about $307m or about $10.2m per vessel based on a 30 vessels fleet. For further information on our financial position for 1Q2017, 4Q2016 and 1Q2016, please see later in this release. The development of the world economy affects the tanker industry and the demand for oil. The current demand for oil is increasing and the growth is particularly strong in China and India. NAT is very active in the Far East and does business with the major oil companies in the area. The Suezmax fleet of the world (excl. shuttle tankers) counts 466 vessels at the end of 1Q2017, following an increase of eight vessels in the 1st quarter of 2017. During the years 2014 and 2015, a number of orders were placed with shipyards. In 2016 twelve new ships were ordered at the shipyards including three from NAT. This is the lowest number of new orders since the mid-1990s.  The current orderbook of Suezmax tankers stands at 65 vessels from now to the end of 2018. This represents about 14% of the Suezmax fleet. Slippage and cancellations may take place, thereby reducing the orderbook. In 2016, it was a fleet growth of 6.0% with no scrapping of vessels. The graph to the below shows the average yearly spot rates since 2000 as reported by Clarksons Platou. are an indication of the level of the market and its direction. The supply of tanker tonnage is inelastic in the short term. When there are too many ships, rates tend to go down. When there is scarcity of ships, rates tend to go up. It is vital for NAT to ensure that there is no conflict of interests among shareholders, management, affiliates and related parties.  Interests must be aligned.  From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption. Our objective is to have a strategy that is flexible and has benefits in both a strong tanker market and a weak one.  In an improved market, higher earnings and dividends can be expected. The Company is in a position to reap the benefits of strong markets. Our dividend policy will continue to enable us to achieve a competitive cash yield. NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall endeavor to safeguard and further strengthen this position in a deliberate, predictable and transparent way. Going forward we believe the recent acquisitions of vessels will increase the Total Return for NAT shareholders over time. Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.  We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K. [1] Total Return is defined as stock price plus dividends, assuming dividends are reinvested in the stock. [2] Adjusted Net Operating Earnings is an important dimension in the shipping industry, but it is a non-GAAP measure. Please see later in this announcement for a reconciliation of Adjusted Net Operating Earnings to Net Operating Earnings (Loss).


News Article | May 4, 2017
Site: worldmaritimenews.com

Affected by lower spot market rates in general seen during the first three months of 2017, the National Shipping Company of Saudi Arabia (Bahri) reported a drop of 38.1 percent in its net profit for the period. The company managed to reach a net profit of SAR 378.8 million during the quarter ended March 31, 2017, significantly less compared to a net profit of SAR 612.9 million reported in the corresponding quarter in 2016. Similarly, the shipping firm’s operational profit dropped by 34.4 percent to SAR 443 million from SAR 676 million reported in the same three-month period of 2016. Besides the lower spot market rates, Bahri said that an increase in bunker costs during the current quarter added pressure to the company’s earnings. However, the company’s fleet expansion contributed to capturing more market share which limited the impact of lower market rates in current quarter, Bahri said. Compared to the previous quarter ended December 31, 2016, the shipping giant said that its net profit increased by 24.6 percent from SAR 303.9 million, while a 32.9 percent rise was seen in the company’s operational profit, which stood at SAR 333.1 million in the previous quarter. The increase in net income for the current quarter compared to the previous quarter “is mainly due to increase in operating revenues due to an increase in Time Charter Equivalent (TCE) rates” witnessed in the quarter ended March 31, Bahri noted. Total revenues for the current quarter has amounted SAR 1.93 billion compared to total revenues of SAR 1.95 billion in the corresponding quarter of last year, representing a decrease of 1 percent.


The first quarter of 2017 was another good period for NAT in a volatile tanker market.  NAT remains financially strong and is committed to servicing its customers and shareholders well. The average daily time charter equivalents ("TCE") earned for the first quarter were $22,700 per day per vessel as against the previous quarter of $21,600 per day per vessel. NAT took delivery of another new Suezmax tanker February 27, 2017, the Nordic Space. We now have 30 Suezmax vessels in operation. NAT ordered, in October 2016, three Suezmax newbuildings at Samsung Shipyard for delivery in second half of 2018.  30% of the total purchase price was paid up front in cash. We expect to finance the remaining 70%, which is due upon delivery of the ships, from cash on hand and increased debt.  None of these ships are pledged under the current credit facility.  These three newbuildings will increase the fleet by 10% to 33 vessels, increasing dividend and earnings capacity. On April 19, 2017, NAT declared a cash dividend of $0.20 per share for 1Q2017, payable to shareholders of record as of May 22, 2017.  Payment of the dividend is expected to be on or about June 8, 2017. Our dividend policy will continue to enable us to achieve a competitive cash yield. Except for one quarter of the last nine quarters, the dividend payout ratio has been around 70%. Funds have been withheld to partly finance the vessel acquisitions over the period. NAT has followed the same strategy for years and has well developed and very good financial control mechanisms in place. A key part of our business model is our focus on efficiency and low costs. NAT has achieved a high Total Return[1] (profitability) for our shareholders. The average annual Total Return since 1997 is about 10%. Nordic American Offshore (NAO) completed a follow-on offering in March 2017. NAT participated in the offering with $10m. Following the investment NAT owns 22.6% of NAO. As a consequence of the reduced holdings in NAO, NAT recorded a dilution charge (non-cash) of $2.6m in 1Q2017. NAO is operating in a challenging offshore market. NAT is a long term shareholder to reap the benefits of an improved market. NAT has a cash break-even rate at about $11,500 per day per ship, including financial charges and G&A costs. The operating expenses for our vessels are low; about $8,400 per vessel per day. The high quality of the NAT fleet is also evidenced by our vetting statistics, i.e. inspections of our ships by our customers. In such vetting processes , and are in focus. In the tanker sector, the NAT stock has significant liquidity, allowing investors to buy and sell shares whenever they wish. For further accounting information, please see below. On April 19, 2017, NAT declared a cash dividend of $0.20 per share.  The dividend is expected to be paid on or about June 8, 2017 to shareholders of record as of May 22, 2017. The number of NAT shares outstanding at the time of this report is 101,969,666. Earnings per share (EPS) in 1Q2017 were -$0.03. In 4Q2016 and 1Q2016 the EPS were -$0.38 and $0.33, respectively. EPS does not take account of financial risk. Included in the EPS for 1Q2017 is a non-cash dilution charge of -$0.02 per share related to NATs reduced holdings in NAO. The Company's Adjusted Net Operating Earnings in 1Q2017 were $30.5m. In 4Q2016 and 1Q2016 Adjusted Net Operating Earnings were $28.2m and $55.9m, respectively. NAT continues to maintain a strong balance sheet with low net debt and is focusing on keeping a low financial risk. At the end of 1Q2017, the Company had net debt of about $307m or about $10.2m per vessel based on a 30 vessels fleet. For further information on our financial position for 1Q2017, 4Q2016 and 1Q2016, please see later in this release. The development of the world economy affects the tanker industry and the demand for oil. The current demand for oil is increasing and the growth is particularly strong in China and India. NAT is very active in the Far East and does business with the major oil companies in the area. The Suezmax fleet of the world (excl. shuttle tankers) counts 466 vessels at the end of 1Q2017, following an increase of eight vessels in the 1st quarter of 2017. During the years 2014 and 2015, a number of orders were placed with shipyards. In 2016 twelve new ships were ordered at the shipyards including three from NAT. This is the lowest number of new orders since the mid-1990s.  The current orderbook of Suezmax tankers stands at 65 vessels from now to the end of 2018. This represents about 14% of the Suezmax fleet. Slippage and cancellations may take place, thereby reducing the orderbook. In 2016, it was a fleet growth of 6.0% with no scrapping of vessels. The graph to the below shows the average yearly spot rates since 2000 as reported by Clarksons Platou. are an indication of the level of the market and its direction. The supply of tanker tonnage is inelastic in the short term. When there are too many ships, rates tend to go down. When there is scarcity of ships, rates tend to go up. It is vital for NAT to ensure that there is no conflict of interests among shareholders, management, affiliates and related parties.  Interests must be aligned.  From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption. Our objective is to have a strategy that is flexible and has benefits in both a strong tanker market and a weak one.  In an improved market, higher earnings and dividends can be expected. The Company is in a position to reap the benefits of strong markets. Our dividend policy will continue to enable us to achieve a competitive cash yield. NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall endeavor to safeguard and further strengthen this position in a deliberate, predictable and transparent way. Going forward we believe the recent acquisitions of vessels will increase the Total Return for NAT shareholders over time. Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.  We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K. [1] Total Return is defined as stock price plus dividends, assuming dividends are reinvested in the stock. [2] Adjusted Net Operating Earnings is an important dimension in the shipping industry, but it is a non-GAAP measure. Please see later in this announcement for a reconciliation of Adjusted Net Operating Earnings to Net Operating Earnings (Loss).


News Article | May 4, 2017
Site: worldmaritimenews.com

Product tanker shipping company d’Amico International Shipping (DIS) is in talks to dispose of three more tankers, the company’s Chief Financial Officer (CFO), Carlos Balestra di Mottola, said in the shipowner’s financial report for the first quarter of the year. The announcement comes following the disposal of two medium range product tankers to Monaco-based ship management firm Sea World Management for USD 13.5 million each, earlier this year. “Three further vessels are currently under sale negotiations and their disposal is expected to generate net cash in excess of USD 15 million during the current year,” Balestra di Mottola said. “These deals together with the share capital increase we recently announced will considerably strengthen our balance sheet and provide the required resources for our company to complete its long-term investment plan.” For the first quarter of 2017, the company booked a net profit of USD 1.8 million, down from USD 7.2 million in Q1 of 2016. DIS said that the variance compared to the previous year is almost entirely due to the higher spot rates in the first three months of 2016. However, d’Amico’s EBITDA reached USD 16.5 million, which the company claims is USD 1.7 million higher than the EBITDA achieved in the previous six months. The positive result was ascribed to an improving product tanker market, which led DIS to increase its daily spot average by over 32% (or USD 3,200/day) at USD 13,363 relative to the average of the second half of last year. “At the same time, DIS’ good level of time-charter coverage (41% at USD 15,908/day), allowed us to achieve quite of a satisfactory total daily TCE average of USD 14,412 in the quarter,” Marco Fiori, the company’s Chief Executive Officer, noted. “We maintain our positive outlook on the product tanker market and on its very solid fundamentals,” he added, referring to the currently low MR orderbook and expected increase of the world’s oil product demand in the next few years, outpacing supply growth. ” In this context, as I have been saying in the past I think our company is very well positioned to benefit from the expected market recovery.” DIS is scheduled to take delivery of six LR1s between Q4’17 and Q4’18, for which the remaining CAPEX amounts to USD 197.3 million. However, almost 70 percent of the total CAPEX will be financed with a bank debt DIS said it had already secured, totaling in USD 136.5 million.


News Article | May 8, 2017
Site: worldmaritimenews.com

Still impacted by weak tanker market conditions, Bermuda-based tanker owner Nordic American Tankers (NAT) suffered a net loss of USD 3.4 million in the first quarter of this year, down from a profit of USD 29.3 million posted in the same period of 2016. The company’s net operating earnings for the quarter were USD 5.1 million, considerably lower from USD 33.6 million recorded in the first quarter last year. Although the company saw a loss, NAT said it “is in a solid financial position with a strong cashflow.” The average daily time charter equivalents (TCE) earned for the first quarter were USD 22,700 per day per vessel as against the previous quarter of USD 21,600 per day per vessel. Net voyage revenue stood at USD 55.2 million in 1Q, compared to USD 76.7 million seen in the period ended March 31, 2016. NAT is expected to take delivery of three Suezmax newbuildings ordered at Samsung Heavy Industries shipyard in South Korea, in the second half of 2018. As NAT already paid 30% of the total purchase, it will finance the remaining 70%, which is due upon delivery of the ships, from cash on hand and increased debt. Currently, NAT has 30 Suezmaxes in operation.


News Article | April 26, 2017
Site: www.businesswire.com

BOSTON--(BUSINESS WIRE)--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported first quarter 2017 GAAP Net Income Attributable to the Company of $15.7 million, compared to $17.6 million for the fourth quarter of 2016 and $18.0 million for the first quarter of 2016. First quarter 2017 diluted earnings per share were $0.17, compared to $0.19 in the fourth quarter of 2016, and $0.21 in the first quarter of 2016. “We are encouraged by the Company's stronger growth to start 2017,” said Clayton G. Deutsch, CEO. “The Private Bank generated strong deposit and loan growth that translated into meaningful Net Interest Income growth and Net Interest Margin expansion, while our market-linked fee businesses all experienced AUM growth. We also front-loaded the year with stepped up business development hiring and technology investment. At the same time, we are focused on taking action to improve long-term earnings performance and increase shareholder value.” Core Fees and Income for the first quarter were $36.3 million, a 6% decrease linked quarter primarily due to Investment Management performance fees received in the fourth quarter. It also represents a 4% decrease year-over-year, primarily reflecting lower Other Banking Fee Income as a result of decreased swap fee income. AUM was $28.7 billion at the end of the first quarter, an increase of 4% from the previous quarter and 7% year-over-year. The Company experienced net flows of $267 million during the first quarter, compared to negative $176 million and negative $761 million in the fourth quarter of 2016 and first quarter of 2016, respectively. During the first quarter, net flows by segment were $34 million for Wealth Management & Trust, negative $30 million for Investment Management, and $263 million for Wealth Advisory. Net Interest Income for the first quarter was $53.6 million, an increase of 4% from $51.5 million for the fourth quarter of 2016 and an increase of 8% from $49.9 million for the first quarter of 2016. The current quarter includes $0.3 million of interest recovered on previous nonaccrual loans compared to $0.4 million for the fourth quarter of 2016 and $1.1 million for the first quarter of 2016. Excluding interest recovered on previous nonaccrual loans, Net Interest Income on an FTE basis increased 4% linked quarter and 10% year-over-year. Net Interest Margin was 2.94% for the first quarter of 2017, an increase of 6 basis points from the fourth quarter of 2016 and a decrease of 2 basis points from the first quarter of 2016. Excluding interest recovered on previous nonaccrual loans, Net Interest Margin for the first quarter was 2.92%, an increase of 6 basis points from the fourth quarter of 2016 and an increase of 2 basis points from the first quarter of 2016. Total Operating Expense for the first quarter of 2017 was $68.8 million, down 4% from $71.8 million for the fourth quarter of 2016, which was elevated primarily due to a goodwill impairment charge. On a year-over-year basis, Total Operating Expense increased 3% from $66.7 million. Increased expenses during the quarter reflect seasonal compensation expense and staff additions, in addition to a vacation policy change intended to reduce future expenses. The Company recorded a provision credit of $0.2 million for the first quarter of 2017, compared to a provision credit of $1.1 million for the fourth quarter of 2016 and $3.1 million for the first quarter of 2016. The provision credit in the first quarter of 2017 was due to net recoveries and declining loss factors, partially offset by an increase in loan volume and an increase in Criticized loans. Criticized Loans increased 14% linked quarter but declined 19% year-over-year to $135 million. Nonaccrual Loans (“Nonaccruals”) increased 21% to $20.9 million on a linked quarter basis. On a year-over-year basis, Nonaccruals decreased 14% from $24.4 million. As a percentage of Total Loans, Nonaccruals were 34 basis points at March 31, 2017, up 6 basis points compared to December 31, 2016, and down 9 basis points from March 31, 2016. Dividend Payments Concurrent with the release of first quarter 2017 earnings, the Board of Directors of the Company declared a cash dividend to common shareholders of $0.11 per share. The record date for this dividend is May 10, 2017, and the payment date is May 19, 2017. The Board of Directors of the Company also declared a cash dividend to holders of the Non-Cumulative Perpetual Preferred Stock, Series D of $17.375 per share, which will result in a dividend of $0.434375 per depositary share. The record date for this dividend is May 15, 2017, and the payment date is June 15, 2017. Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures, such as tangible book value per share; the TCE/TA ratio; return on average common equity; return on average tangible common equity; pre-tax, pre-provision earnings; total operating expense excluding intangibles, goodwill impairment, and restructuring; the efficiency ratio (FTE basis); the efficiency ratio (FTE basis) excluding amortization of intangibles, goodwill impairment, and restructuring; net income attributable to the Company excluding notable items; diluted earnings per share excluding notable items; and Net Interest Income and Net Interest Margin excluding interest recovered on previous nonaccrual loans; to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached. Conference Call Management will hold a conference call at 8 a.m. Eastern Time on Thursday, April 27, 2017, to discuss the financial results, business highlights and outlook. To access the call: Replay Information: Available from April 27, 2017 at 12 noon until May 4, 2017 Dial In #: (877) 344-7529 Conference Number: 10104405 The call will be simultaneously webcast and may be accessed on www.bostonprivate.com. Boston Private Financial Holdings, Inc. Boston Private Financial Holdings, Inc. is a national financial services organization that owns Wealth Management and Private Banking affiliates with offices in Boston, New York, Los Angeles, San Francisco, San Jose, Florida, and Wisconsin. The Company has total assets of approximately $8 billion, and manages over $28 billion of client assets. The Company positions its affiliates to serve the high net worth marketplace with high quality products and services of unique appeal to private clients. The Company also provides strategic oversight and access to resources, both financial and intellectual, to support affiliate management, marketing, compliance and legal activities. (NASDAQ: BPFH) For more information about BPFH, visit the Company's website at www.bostonprivate.com. Forward-Looking Statements Certain statements in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements include, among others, statements regarding our strategy, evaluations of future interest rate trends and liquidity, prospects for growth in assets, and prospects for overall results over the long term. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company's control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, adverse conditions in the capital and debt markets and the impact of such conditions on the Company's private banking, investment management and wealth advisory activities; changes in interest rates; competitive pressures from other financial institutions; the effects of weakness in general economic conditions on a national basis or in the local markets in which the Company operates; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of loan loss reserves, or decreases in deposit levels necessitating increased borrowing to fund loans and investments; changes in government regulation; the risk that goodwill and intangibles recorded in the Company's financial statements will become impaired; the risk that the Company's deferred tax asset may not be realized; risks related to the identification and implementation of acquisitions, dispositions and restructurings; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company's Annual Report on Form 10-K and updated by the Company's Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made. Note to Editors: Boston Private Financial Holdings, Inc. is not to be confused with Boston Private Bank & Trust Company. Boston Private Bank & Trust Company is a wholly-owned subsidiary of BPFH. The information reported in this press release is related to the performance and results of BPFH.


News Article | February 15, 2017
Site: www.marketwired.com

ATHENS, GREECE--(Marketwired - Feb 7, 2017) - DryShips Inc. ( : DRYS), or DryShips or the Company, a diversified owner of ocean going cargo vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2016. George Economou, Chairman and Chief Executive Officer of the Company, commented: "We are pleased to have put 2016 behind us. Having now restored our balance sheet and successfully raised over $300 million in new equity in the last 12 months, DryShips is in a unique position to opportunistically acquire vessels at prices close to historic lows." The table below describes our fleet profile as of February 7, 2017: (1) Expected to be delivered during June 2017. (1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. (2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of dry-docking and laid-up days. (3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking days and laid-up days. (4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. (5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage and are paid by the charterer under a time charter contract, as well as commissions. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Please see below for a reconciliation of TCE rates to voyage revenues. (6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days net of laid-up days for the relevant time period. (7) Does not include accrual for the provision of the purchase options and write off in overdue receivables under certain time charter agreements. (1) Shares and per share data for 2015 give effect to a cumulative 1-for-1,500 reverse stock split. (2) Shares and per share data give effect to the 1-for-8 reverse stock split, approved on January 18, 2017, which became effective on January 23, 2017. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, goodwill, vessel and investment impairments and certain other non-cash items as described below, dry-dockings, class survey costs and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The following table reconciles net loss to Adjusted EBITDA: DryShips Inc. is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 Very Large Gas Carrier newbuilding and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels. DryShips' common stock is listed on the NASDAQ Capital Market where it trades under the symbol "DRYS." Matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the factors related to the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller or shipyard to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, our inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for drybulk or LPG commodities, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in our voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations, changes in our relationships with the lenders under our debt agreements, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by DryShips Inc. with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F.

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