4th Quarter 2012

  • 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.

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