28 Sep
2020

Epic Gas Delivers Loss in 2017

first_imgSingapore-based gas carrier owner Epic Gas saw its loss expand to USD 30.9 million during 2017, from USD 23.3 million reported a year earlier.The company’s revenue for the year ended December 31, 2017 increased by 8 percent to USD 139.5 million from USD 128.8 million reported in the previous year.Time charter equivalent (TCE) revenues were up by a mere 1.4 percent at USD 8,210 per vessel calendar day, against USD 8,095 achieved in 2016.The company recorded a non-cash goodwill impairment of USD 12.9 million during the year ended December 31, 2017 as a result of the goodwill’s carrying value exceeding its fair value. There was no impairment indicator for any of the vessels.During the fourth quarter of 2017, the company’s loss was at USD 16.4 million, compared with USD 15.9 million seen in the same period in 2016. Revenue for the quarter increased to USD 37.3 million from USD 33 million.TCE revenue per calendar day was at USD 8,449 during the quarter, 2.7 percent higher than the USD 8,206 in the fourth quarter of 2016.In February 2018, the company entered into a Memorandum of Agreement to sell the oldest ship in its fleet, the 1998-built Epic St. John. The sale is expected to be completed in March 2018 and will not have a material impact on the company’s fiscal year 2018 earnings. In respect to contract coverage, recent fixtures have raised our 2018 cover to 53%.In January 2018, the company has granted, under its existing share option plan, up to 355,393 stock options to its executive management team at a strike price of USD 1.85. The options will vest after five years.last_img read more

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21 Sep
2020

Crunch time approaching for Pardew

first_img But he acknowledged that irrespective of Cabaye’s situation it is essential for the club to bring in new faces to add to their solitary summer signing Loic Remy before the transfer window shuts early next month. Pardew said: “We know we’ve got some business to do and the next nine days are very important to this football club. I’m still fighting and I’m determined to make a success of this season for our fans.” Pardew would not elaborate on Cabaye’s absence but did hint at his imminent departure when he said: “We need to get ourselves in a situation where if he stays, great, and if he doesn’t we need to get someone equally as good.” Pardew watched his side fail to muster a single shot on target on a dreary afternoon at St James’ Park, but almost saw them snatch victory when substitute Sammy Ameobi hit a cross against the inside of the post in injury time. With Hammers keeper Jussi Jaaskelainen stranded, the ball bounced down to a surprised Yoan Gouffran who somehow conspired to scoop the rebound over the bar when it would have been easier to score. Other than Ameobi’s late effort Newcastle’s best chances were a couple of off-target free-kicks by Hatem Ben Arfa, who has impressed Pardew in the way he has bounced back from last season’s nagging injury issues. “One thing Hatem showed today and against Manchester City is his hamstring is fine and he’s still got that burst of pace,” said Pardew. “I was pleased with his commitment, and that bodes well for us.” Newcastle boss Alan Pardew knows he is heading into one of the most crucial periods of his three years in charge of the Magpies after enduring more frustration in Saturday’s goalless Barclays Premier League draw with West Ham. Yohan Cabaye was once again left out of Pardew’s matchday squad and his future on Tyneside looks increasingly bleak with Pardew indicating the club must step up their search for a replacement. Pardew did not comment on reports Cabaye had refused to play since Arsenal lodged an initial £10million bid last Monday, with both the Gunners and Paris St Germain expected to table improved offers next week. center_img Press Associationlast_img read more

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