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Danaos Earnings Still Affected by Hanjin Bankruptcy

first_imgzoom Athens-based containership owner Danaos Corporation informed that its income plunged in the first quarter of 2017, reflecting the continued impact of the Hanjin bankruptcy.The company’s net income for the period reached USD 18.4 million, dropping by over 58 percent from USD 44.1 million seen in the first three months of 2016.Operating revenues decreased by 19.9 percent to USD 110.1 million for the quarter, from USD 137.5 million reported a year earlier.“The USD 22.7 million decrease in our adjusted net income was primarily attributable to USD 22 million of operating revenues lost from Hanjin,” John Coustas, Danaos’ CEO, said.Danaos  said that the total contracted operating revenues were USD 2 billion as of March 31, 2017, with charters extending through 2028 and remaining average contracted charter duration of 6.4 years, weighted by aggregate contracted charter hire.“Excluding the off-hire days related to three 10,100 TEU vessels that were previously chartered by Hanjin and were delivered to their new charterers in April 2017, our fleet utilization increased to 98.1% compared to 94.6% in the first quarter of 2016. Including those vessels, our fleet utilization was 92.7%,” Coustas added.As previously reported, the company is in breach of certain financial covenants as a result of the Hanjin bankruptcy. Danaos now informed that it had obtained a waiver for these breaches until April 1, 2017.“We have asked our lenders for an extension of this waiver until July 1, 2017 and are engaged in constructive conversations to resolve this matter,” according to the shipowner.last_img read more

Lightning strike blamed for 5 hour power outage

first_img Related Items:#5hourpoweroutage, #lightningstrikecausepowerouttage, #magneticmedianews Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppTurks and Caicos, March 27, 2017 – Providenciales – An early morning thunderstorm from a quasi stationary cold front brought some unsettled weather into the TCI on Saturday morning; FortisTCI says it was a lightning strike from the bad weather that caused five islands to be without power.  The lightning struck at 6:42am in Provo at the main generation station on Leeward Highway, interrupted the Transmission System and left Provo, North and Middle Caicos, Pine and Parrot Cays without electricity.FortisTCI in a notice to customers on Saturday explained that some people had their power restored by 9:50am, others by noon.  The nation’s power supplier thanked its teams working to investigate and restore electricity and the general public for its patience.As for the front, it has finally moved away and the forecast calls for dry and stable weather but rough surf conditions, and so there is a chance for rip currents today. Small craft should exercise caution in moderate to rough swells.#MagneticMediaNews#5hourpoweroutage#lightningstrikecausepowerouttagelast_img read more

Pjanic Juventus must be wary of Man Utd

first_imgJuventus midfielder Miralem Pjanic fears Manchester United’s reaction ahead of Wednesday’s Champions League clashMassimiliano Allegri’s side claimed a 1-0 Group H win at Old Trafford last time out in October courtesy of a Paulo Dybala goal.Juventus will now host United at the Allianz Stadium for the return fixture.The unbeaten Serie A leaders can confirm their status as Group H winners with another three points this week.But Pjanic is wary of United with the likes of former Juventus star Paul Pogba leading the charge.“[Pogba is] a great footballer, just like [Nemanja] Matic or [Juan] Mata or Fred,” Pjanic told Sky Italia.“United is a team of great quality, there are players who can make the difference, so we will have to face them like we did in the first leg.harry maguire, manchester UnitedMaguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…“I think that we had a very good game at Old Trafford, we could have scored a few more goals.“We hope that in Turin we will manage to score more, but we must not forget that Manchester is a great team with a great coach.“It’s a game between two great clubs, nothing is taken for granted in the Champions League.“We are part of the group of teams that wants to go deep in the competition to win it, but it’s a long journey.”The Bosnia and Herzegovina international also brushed aside concerns over his slight muscle problem from Juventus’ 3-1 win over Cagliari on Saturday.The match between Juventus and United will begin at 21:00 (CEST).last_img read more

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