Consolidated EBITDA was USD 11.9 million in the 2nd quarter 2012 versus USD 0.8 million last year and net cash increased by USD 9.5 million in the quarter.
Net financial items amounted to USD -14.2 million of which USD 1.7 million related to negative changes in the market value of an interest rate derivative entered into on the loan financing "MSC Vega" and USD 1 million relates to a penalty fee paid for late delivery of "MSC Regulus".
As of 30 June 2012 the consolidated cash position was USD 22.5 million, including restricted cash with USD 3 million.
On 21 May, 2012 SinOceanic III AS took delivery of "MSC Regulus" and she is placed on a 15 year bare boat charter with MSC.
SinOceanic Shipping ASA has now taken delivery of four vessels and has delivered on its strategy implemented in 2010
In May, 2012 SinOceanic's wholly owned subsidiary SinOceanic III AS entered into a USD 100 million 1st priority secured loan, a USD 20 million 2nd priority mezzanine loan and a USD 44 million 3rd priority junior loan for the financing of "MSC Regulus". The latter has been provided by Oceanus International Investment AS.
On 28 June 2012, Sinindo Holdings Limited, a Cypriot company controlled by HNA Group Co Limited China made a mandatory offer for the outstanding shares in the Company.
The mandatory offer expired on 10 August 2012 and Sinindo Holdings Limited currently owns 81.13% of the shares in the Company. Sinindo Holdings Limited supports the continued listing of the Company's shares at Oslo Stock Exchange.
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