WINS Revenue from Owned Vessels
increased by 10% YOY
82.8million for 9M2014 due to
vessel additions. Gross profit for the
nine months rose to USD 46.5million
(+6%YOY) and EBITDA amounted to
USD 56.2 million.
Owned Vessels
Fleet additions in 1H2014 contributed to the increase in Vessel Division revenues to USD 82.8 million for 9M2014, a 10% YOY increase. However, Gross Profit
Vessels shrank to 49%, reflecting a fall in utilization in 3Q 2014 as several long term contracts ended and were not immediately renewed due to a lull in contract approvals by the regulators, in a year dominated by pol
investigations. Direct costs rose by 15%, largely due to crew expenses as more qualified crew were recruited to operate the higher tier vessels, and maintenance costs linked with some repairs and upgrades for vessels in between contrac
Profit from Owned Vessels rose by 6%YOY to USD 4 million for the period under review.
NEWSLETTER # 40
31
stOctober 2014
Revenue from Owned Vessels
10% YOY to USD
due to new
. Gross profit for the
USD 46.5million
and EBITDA amounted to
Pendapatan WINS dari Kapal Milik
naik 10% YOY menjadi USD 82,8 juta
selama
9
bulan
2014
karena
penambahan kapal. Laba bruto selama
sembilan bulan na
juta (+6% YOY) dan EBITDA sejumlah
USD 56,2 juta.
Kapal Milik Fleet additions in 1H2014 contributed to the increase in Owned
million for 9M2014, a rofit margins for Own essels shrank to 49%, reflecting a fall in utilization in 3Q 2014 as several long term contracts ended and were not renewed due to a lull in contract approvals by the in a year dominated by politics and corruption Direct costs rose by 15%, largely due to crew expenses as more qualified crew were recruited to operate the higher tier vessels, and maintenance costs linked with some for vessels in between contracts. Gross it from Owned Vessels rose by 6%YOY to USD 40.4
Penambahan kapal selama semester I 2014 menyumbangkan kenaikan pendapatan pada segmen kapal milik menjadi USD 82,8 juta selama 9 bulan tahun 2014, naik 10% YOY. Namun, marjin laba
menjadi 49%, mencerminkan penurunan utilisasi pada kwartal 3 tahun 2014 karena beberapa kontrak panjang berakhir dan tidak diperbaharui segera berhubung melambatnya persetujuan kontrak oleh regulator, tahun yang didominasi oleh politik dan penyidikan kasus korupsi. Beban langsung naik 15%, terutama karena beban crew seiring dengan perekrutan crew
untuk mengoperasikan kapal pemeliharaan terkait beberap
kapal di antara kontrak-kontrak. Laba Bruto dari kapal milik naik 6% YOY menjadi USD 4
ditelaah.
NO. 40/NL/X/2014
Pendapatan WINS dari Kapal Milik
menjadi USD 82,8 juta
selama
9
bulan
2014
karena
penambahan kapal. Laba bruto selama
sembilan bulan naik menjadi USD 46,5
juta (+6% YOY) dan EBITDA sejumlah
Penambahan kapal selama semester I 2014 menyumbangkan kenaikan pendapatan pada segmen kapal milik menjadi USD 82,8 juta selama 9 bulan tahun 2014, naik laba bruto kapal milik menciut menjadi 49%, mencerminkan penurunan utilisasi pada tahun 2014 karena beberapa kontrak panjang berakhir dan tidak diperbaharui segera berhubung persetujuan kontrak oleh regulator, dalam tahun yang didominasi oleh politik dan penyidikan kasus korupsi. Beban langsung naik 15%, terutama karena beban crew seiring dengan perekrutan crew-crew yang qualified untuk mengoperasikan kapal-kapal high tier, dan beban pemeliharaan terkait beberapa perbaikan dan upgrade
kapal-kontrak. Laba Bruto dari kapal milik naik 6% YOY menjadi USD 40,4 juta selama periode yang
Chartering Division
As a result of the market environment, our
also experienced a fall in revenue by 24%YOY to USD 41.4 million for 9M2014, as there were fewer contracts awarded while tenures became shorter. However as margins in chartering are much lower than Owned Vessel Division margins, this did not have any major impact on our total profit. Through our investment in our internal management systems and strengthening our QHSE team, WINS continues to increase our capacity to win tenders for high value vessels which may not be as easily accessible to other
OSV owners.
Indirect expenses rose by 16%, largely contributed by higher salary expenses of 31% as we continued to build up our human capital through recruitment of more experienced vessel managers and technical personnel to handle our growing fleet of more specialized vessels.
profit for the nine months ending September 2014 was USD 36.8 million compared to USD 35.6 million in the previous year, a gain of 3%.
Other Income and expenses
Due to the acquisition of 3 new vessels in the first half, and the conversion of some loans from floating to fixed rates last year, interest expenses including finance related costs USD 9.3 million for 9M2014 compared to USD7.8 the previous nine months. This accounted fo increase in Other Expenses.
Net Income
Net income before taxes for 9M2014 was USD 27.9
slight decrease compared to the same period in 2013. After taxes and minorities, net income attributable to shareholders of WINS amounted to USD 18 million against USD million for the corresponding nine month period in 2013.
Assets and gearing
Our present net gearing of 85% at the end of 3Q2014, is lower than net gearing of 96% as at end December 2013, despite the addition of new vessels to our fleet this year. This is the result of our actions to strengthen our balance sheet in 1H2014 in preparation for a challenging second half. This was done through the raising of some equity through a placement and the conversion of our convertible loan into equity. We are therefore well prepared to ride out the near term lull in offshore activity while being able to expand once the demand for OSVs resumes.
, our Chartering Division 24%YOY to USD 41.4 , as there were fewer contracts awarded shorter. However as margins in lower than Owned Vessel Division or impact on our total gross . Through our investment in our internal management team, WINS continues for high value vessels which may not be as easily accessible to other third party
Divisi Chartering
Sebagai akibat dari kondisi pasar, Divisi Chartering mengalami penurunan pendapatan 24% YOY menjadi USD 41,4 juta selama 9 bulan 2014, karena kurangnya kontrak yang diperoleh sementara jangka waktu kontrak juga semakin pendek. Namun marjin chartering ini jauh lebih rendah daripada kapal milik sehingga tidak ada pengaruh besar terhadap laba bruto keseluruhan. Melalui investasi kami dalam sistem manajemen internal dan
terus meningkatkan kapasitasnya untuk memena kapal-kapal high value yang tidak
ketiga lain pemilik OSV. largely contributed by higher
salary expenses of 31% as we continued to build up our ecruitment of more experienced echnical personnel to handle our more specialized vessels. Total operating fit for the nine months ending September 2014 was USD million in the previous
Beban tidak langsung naik 16% sebagian besar kontribusi dari beban gaji yang lebih tinggi 31% karena kami melanjutkan membangun human capital melalui rekrutmen manajer manajer kapal dan personil teknik yang lebih berpengalaman untuk menangani armada kami yang berkembang lebih ke arah kapal-kapal khusus. Total laba operasi selama sembilan bulan yang berakhir September 2014 ada
dibandingkan USD 35,6 juta pada periode sebelumnya, naik 3%.
Due to the acquisition of 3 new vessels in the first half, and the conversion of some loans from floating to fixed rates last including finance related costs rose to million for 9M2014 compared to USD7.8 million in the previous nine months. This accounted for most of the
Pendapatan dan Beban Lain-Sehubungan dengan akuisisi 3
pertama dan konversi beberapa pinjaman berbunga mengambang menjadi berbunga tetap tahun lalu, beban bunga termasuk beban-beban terkait pendanaan naik menjadi USD 9,3 juta selama 9 bulan 2014 dibandingkan USD 7,8 juta pada 9 bulan sebelumnya. Hal ini menjadi penyebab utama kenaikan Beban Lain-lain.
Laba Bersih Net income before taxes for 9M2014 was USD 27.9 million, a
slight decrease compared to the same period in 2013. After attributable to shareholders million against USD 18.8 million for the corresponding nine month period in 2013.
Laba bersih sebelum pajak selama 9 bulan 2014 sebesar USD 27,9 juta, sedikit turun dibandingkan periode yang sama 2013. Setelah pajak dan minoritas, laba yang dapat diatribusikan kepada pemegang saham WINS sebesar USD 18 juta dibandingkan USD 18.8 juta selama periode sembilan bulan 2013.
Aset dan gearing Our present net gearing of 85% at the end of 3Q2014, is
lower than net gearing of 96% as at end December 2013, despite the addition of new vessels to our fleet this year. This is the result of our actions to strengthen our balance sheet in ration for a challenging second half. This was done through the raising of some equity through a placement and the conversion of our convertible loan into equity. We are therefore well prepared to ride out the near term lull in ng able to expand once the demand
Net gearing 85% pada akhir kwartal 3 tahun 2014
rendah dibandingkan 96% pada akhir Desember 2013, meskipun ada penambahan kapal
kami tahun ini. Hal ini adalah
memperkuat neraca pada semester I tahun 2014 dalam persiapan untuk semester kedua yang menantang dilakukan dengan penerbitan ekuitas melalui penempatan dan konversi convertible loan menjadi ekuitas. Kami menjadi siap untuk menghadapi pelambatan jangka pendek pada aktivitas lepas pantai dan juga mampu untuk berekspansi ketika pemintaan atas OSV membaik.
NO. 40/NL/X/2014
Sebagai akibat dari kondisi pasar, Divisi Chartering mengalami pendapatan 24% YOY menjadi USD 41,4 juta karena kurangnya kontrak yang diperoleh sementara jangka waktu kontrak juga semakin Namun marjin chartering ini jauh lebih rendah daripada kapal milik sehingga tidak ada pengaruh besar terhadap laba bruto keseluruhan. Melalui investasi kami dalam sistem manajemen internal dan memperkuat tim QHSE, WINS kapasitasnya untuk memenangkan tender kapal high value yang tidak mudah diakses oleh pihak
Beban tidak langsung naik 16% sebagian besar kontribusi dari beban gaji yang lebih tinggi 31% karena kami melanjutkan angun human capital melalui rekrutmen manajer-manajer kapal dan personil teknik yang lebih berpengalaman untuk menangani armada kami yang berkembang lebih ke kapal khusus. Total laba operasi selama sembilan bulan yang berakhir September 2014 adalah USD 36,8 juta dibandingkan USD 35,6 juta pada periode sebelumnya, naik
-lain
Sehubungan dengan akuisisi 3 kapal baru pada semester pertama dan konversi beberapa pinjaman berbunga mengambang menjadi berbunga tetap tahun lalu, beban beban terkait pendanaan naik menjadi USD 9,3 juta selama 9 bulan 2014 dibandingkan USD 7,8 juta ebelumnya. Hal ini menjadi penyebab utama
Laba bersih sebelum pajak selama 9 bulan 2014 sebesar USD 27,9 juta, sedikit turun dibandingkan periode yang sama tahun 2013. Setelah pajak dan minoritas, laba yang dapat diatribusikan kepada pemegang saham WINS sebesar USD 18 juta dibandingkan USD 18.8 juta selama periode sembilan
gearing 85% pada akhir kwartal 3 tahun 2014 adalah lebih rendah dibandingkan 96% pada akhir Desember 2013, meskipun ada penambahan kapal-kapal baru dalam armada kami tahun ini. Hal ini adalah akibat dari aksi kami untuk memperkuat neraca pada semester I tahun 2014 dalam persiapan untuk semester kedua yang menantang yang dilakukan dengan penerbitan ekuitas melalui penempatan dan konversi convertible loan menjadi ekuitas. Kami menjadi siap menghadapi pelambatan jangka pendek pada aktivitas lepas pantai dan juga mampu untuk berekspansi ketika pemintaan atas OSV membaik.
Industry Environment
As anticipated, the 3rd quarter of 2014 proved to be the most challenging this year, as the lack of progress on contract approvals in the first half took its toll on vessel utilization rates. Several large projects which were contracted in 2013 concluded work in this quarter and in particular some notable deepwater projects anticipated to start this year have been delayed due to lack of approvals from the regulator. WINS has been very active in marketing our deepwater vessels on short term spot work as well as opening up ne markets in Myanmar, Brunei and recently, Bangladesh, in addition to working in India, Malaysia, Thailand and Vietnam. Although the margin on overseas work is lower than our domestic market, these recent contracts are part of our strategy to strengthen our international footprint by building a regional track record to support our long term vision of being a leader in South East Asia.
However, the contract tenures, particularly in the high tier vessels, continue to be short and this will continue to impact our utilization rates for the balance of the year.
Against this challenging environment, we have managed to secure a 3 year contract for 2 high tier vessels for deep water development support with a major oil company
brought our contracts on hand up to USD end September 2014.
Outlook
President Joko Widodo’s “Working Cabinet” comprising several experienced professionals in key roles with their stated priority on building up the maritime and energy industry in Indonesia, bodes very well for the long term growth of our company, which is exposed to both these industries. We remain optimistic about the future of the offshore oil and gas industry as a driver of growth in Indonesia. However, we recognize that it will take some months for the new Cabinet to settle into their roles before activity in our sector picks up. In the meantime, we have established our international marketing team and have been lining up work in neighbouring markets like Myanmar, Vietnam and Brunei where there is still good demand for deepwater vessels.
Our strategy to build up our high value fleet remains intact, with 65% of our fleet now positioned in the high value segment comprised of mid-tier and
high-looking ahead and planning for more value added vessels in 2015 and particularly in 2016 which is when we would expect a significant pick up in exploration and development activity in deepwater fields.
Lingkungan Industri quarter of 2014 proved to be the most
challenging this year, as the lack of progress on contract approvals in the first half took its toll on vessel utilization rates. Several large projects which were contracted in 2013 in particular some notable deepwater projects anticipated to start this year have been delayed due to lack of approvals from the regulator. WINS has been very active in marketing our deepwater-ready vessels on short term spot work as well as opening up new markets in Myanmar, Brunei and recently, Bangladesh, in addition to working in India, Malaysia, Thailand and Vietnam. Although the margin on overseas work is lower than our domestic market, these recent contracts are part of our ur international footprint by building a regional track record to support our long term vision of being
Seperti yang diantisipasi, kwartal ketiga tahun 2014 menjadi yang paling menantang pada tahun ini, kurangnya progres atas persetujuan kontrak pada semester pertama meyebabkan korban atas tingkat utilisasi. Beberapa proyek
yang dikontrak pada 2013 telah selesai pada kwartal ini dan beberapa proyek-proyek laut dalam yang diantisipasi untuk dimulai tahun ini telah ditunda karena belum ada persetujuan dari regulator. WINS secara aktif telah memasarkan kapal kapal yang siap untuk laut dalam di spot work jangka pendek dan telah membuka pasar baru di Myanmar, Brunei dan baru baru ini Bangladesh, selain India, Malaysia,
Vietnam. Walaupun marjin di luar negeri lebih rendah daripada pasar domestik, kontrak-kontrak yang terbaru ini adalah bagian dari strategi kami untuk memperkuat jejak internasional kami dengan membangun jejak rekam untuk mendukung visi jangka panjang kami menjadi pemimpin di Asia Tenggara.
However, the contract tenures, particularly in the high tier vessels, continue to be short and this will continue to impact our utilization rates for the balance of the year.
Namun, jangka waktu kontrak, khususnya kapal high tier, selalu jangka pendek dan akan
utilisasi kami pada tahun ini. Against this challenging environment, we have managed to
for 2 high tier vessels for deep water with a major oil company. This has brought our contracts on hand up to USD 116 million as at
Menghadapi lingkungan yang menantang ini, kami telah memperoleh 3 tahun kontrak
mendukung pengembangan
minyak besar. Hal ini mengakibatkan
menjadi USD 116 juta pada akhir September 2014. Prospek
President Joko Widodo’s “Working Cabinet” comprising several experienced professionals in key roles with their stated priority on building up the maritime and energy industry in Indonesia, bodes very well for the long term growth of our xposed to both these industries. We remain optimistic about the future of the offshore oil and gas industry as a driver of growth in Indonesia. However, we recognize that it will take some months for the new Cabinet to vity in our sector picks up. In the meantime, we have established our international marketing team and have been lining up work in neighbouring markets like Myanmar, Vietnam and Brunei where there is still
Kabinet Kerja Presiden Joko Widodo terdiri dari profesional profesional berpengalaman yang
prioritas mereka untuk membangun industir maritim dan energi di Indonesia, yang beralamat sangat baik bagi pertumbuhan jangka panjang perusahaan kami yang
industri tersebut. Kami tetap optimis mengenai masa depan industri minyak dan gas lepas pantai sebagai pendorong pertumbuhan di Indonesia. Namun, kami mengakui bahwa Kabinet baru butuh beberapa bulan untuk mantap dengan peran baru mereka sebelum aktivitas pada sektor kami kembali bergairah. Sementara itu, kami telah membentuk tim pemasaran internasional dan telah bekerja pada pasar terdekat seperti Myanmar, Vietnam dan Brunei dimana masih ada permintaan yang bagus atas kapal
Our strategy to build up our high value fleet remains intact, with 65% of our fleet now positioned in the high value
-tier vessels. We are looking ahead and planning for more value added vessels in 2015 and particularly in 2016 which is when we would expect a significant pick up in exploration and development activity in
Strategi kami membangun armada kapal bernil
tetap kukuh dengan 65% dari armada kami merupakan kapal kapal pada segmen yang bernilai tinggi
dan high-tier). Kami memandang ke depan dan berencana untuk memperbanyak kapal-kapal bernilai tambah lebih pada tahun 2015 dan khususnya 2016 pada saat mana kami harap adanya kenaikan yang signifikan pada aktivitas pengembangan di ladang laut dalam.
NO. 40/NL/X/2014
Seperti yang diantisipasi, kwartal ketiga tahun 2014 menjadi yang paling menantang pada tahun ini, kurangnya progres persetujuan kontrak pada semester pertama meyebabkan korban atas tingkat utilisasi. Beberapa proyek-proyek besar yang dikontrak pada 2013 telah selesai pada kwartal ini dan proyek laut dalam yang diantisipasi untuk ditunda karena belum ada persetujuan dari regulator. WINS secara aktif telah memasarkan kapal-kapal yang siap untuk laut dalam di spot work jangka pendek dan telah membuka pasar baru di Myanmar, Brunei dan baru-baru ini Bangladesh, selain India, Malaysia, Thailand dan Vietnam. Walaupun marjin di luar negeri lebih rendah daripada kontrak yang terbaru ini adalah bagian dari strategi kami untuk memperkuat jejak internasional kami dengan membangun jejak rekam untuk mendukung visi
panjang kami menjadi pemimpin di Asia Tenggara.
Namun, jangka waktu kontrak, khususnya kapal high tier, akan berakibat kepada tingkat
Menghadapi lingkungan yang menantang ini, kami telah memperoleh 3 tahun kontrak 2 kapal high tier untuk mendukung pengembangan laut dalam dari perusahaan minyak besar. Hal ini mengakibatkan nilai kontrak kami naik
USD 116 juta pada akhir September 2014.
Presiden Joko Widodo terdiri dari profesional-berpengalaman yang berperan penting dalam prioritas mereka untuk membangun industir maritim dan energi di Indonesia, yang beralamat sangat baik bagi pertumbuhan jangka panjang perusahaan kami yang terlibat dalam kedua industri tersebut. Kami tetap optimis mengenai masa depan industri minyak dan gas lepas pantai sebagai pendorong pertumbuhan di Indonesia. Namun, kami mengakui bahwa Kabinet baru butuh beberapa bulan untuk mantap dengan sebelum aktivitas pada sektor kami kembali bergairah. Sementara itu, kami telah membentuk tim pemasaran internasional dan telah bekerja pada pasar terdekat seperti Myanmar, Vietnam dan Brunei dimana masih ada permintaan yang bagus atas kapal-kapal laut dalam. Strategi kami membangun armada kapal bernilai tinggi masih tetap kukuh dengan 65% dari armada kami merupakan kapal-kapal pada segmen yang bernilai tinggi (yaitu segmen mid-tier
. Kami memandang ke depan dan berencana kapal bernilai tambah lebih pada dan khususnya 2016 pada saat mana kami harap adanya kenaikan yang signifikan pada aktivitas pengembangan di ladang laut dalam.
For further information, please contact:
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual statements relating to business and operations of PT Winte
and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Cert based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and re
forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these stat
purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not inte or amend information disclosed under corporate and securities legislation of any jurisdiction applicabl
investment decisions concerning any securities of the Company
2010 2011
68%
54%
29%
3%
Fleet Composition / Komposisi Armada *
Low tier Mid tier
Untuk informasi tambahan, silahkan hubungi : Ms Pek Swan Layanto
Investor Relations
PT Wintermar Offshore Marine Tbk Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates
are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Cert
based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these stat
ed as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not inte
or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.
2011 2012 2013
50%
39%
42% 42% 51%
4% 8% 10%
Fleet Composition / Komposisi Armada *
Mid tier High tier * By number of vessel / berdasarkan jumlah kapal
NO. 40/NL/X/2014
Untuk informasi tambahan, silahkan hubungi :
results to differ materially from those projected. Certain mar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are sults may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational ed as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement e to the Company and should not be relied upon for the purpose of making
Sep-14 35%
49%
16%
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIES (USD)
PROFIT AND LOSS Revenue Owned vessel Chartering Others Total Revenue Direct expense Owned vessel Charter Others
Total Direct expense Gross profit
Gross profit - owned vessel Gross profit - chartering Gross profit - others Total Indirect expenses Operating profit
Other income (expenses) Interest and financing cost Interest income
Equity in net earning of associates Net - Gain (loss) on sale of fixed assets Forex gain (loss)
Others
Total Other income (expenses) Net income before tax
Total tax expenses
Income before non controlling interest Non controlling interest
NET INCOME
EBITDA
Weighted Average EPS - USD Cents Weighted Average EPS - Equivalent to IDR
SUMMARY PROFIT AND LOSS ( YTD Q3-2014 vs YTD Q3-2013)
PT WINTERMAR OFFSHORE MARINE TBK AND SUBSIDIARIESYTD Q3-2014 YTD Q3-2013 82,775,783 75,241,612 41,445,503 54,451,441 7,252,122 7,561,055 131,473,408 137,254,108 42,331,535 36,957,669 37,401,320 51,002,800 5,209,048 5,236,148 84,941,904 93,196,618 46,531,504 44,057,491 40,444,247 38,283,942 4,044,183 3,448,641 2,043,074 2,324,907 9,760,463 8,435,626 36,771,041 35,621,865 (9,339,354) (7,838,284) 171,126 120,876 297,643 1,432,199 Net - Gain (loss) on sale of fixed assets 1,065 (1,063,728)
(185,799) 261,975 156,527 (463,728) (8,898,790) (7,550,690) 27,872,251 28,071,175 (1,986,301) (2,239,673) Income before non controlling interest 25,885,950 25,831,502
7,916,808 6,966,987 17,969,142 18,864,515 56,231,694 51,551,822
Weighted Average EPS - USD Cents 0.46 0.51
Weighted Average EPS - Equivalent to IDR 56 59
SUMMARY PROFIT AND LOSS ( YTD Q3-2014 vs YTD Q3-2013)
NO. 40/NL/X/2014 Change % 7,534,171 10% (13,005,938) -24% (308,933) -4% (5,780,701) -4% 5,373,866 15% (13,601,480) -27% (27,100) -1% (8,254,714) -9% 2,474,013 6% 2,160,305 6% 595,542 17% (281,834) -12% 1,324,837 16% 1,149,176 3% (1,501,070) 19% 50,250 42% (1,134,556) -79% 1,064,793 -100% (447,774) -171% 620,255 -134% (1,348,100) (198,924) -1% 253,372 -11% 54,448 0% 949,821 14% (895,373) -5% 4,679,872 9% -0.05 -10% -3.10 -5%
SUMMARY PROFIT AND LOSS ( YTD Q3-2014 vs YTD Q3-2013)
2014 vs 2013High tier, 51%
Owned Vessel Revenue % - YTD Q3
Crewing 30% Operations 10% Maintenance 11% Fuel Bunker4%
YTD Q3-2014 - OWNED VESSEL DIRECT EXPENSE
Low tier, 10% Mid tier, 39% YTD Q3-2014 Depreciation 45%
OWNED VESSEL DIRECT EXPENSE
Crewing 28% Operations 11% Maintenance 13%
YTD Q3-2013 - OWNED VESSEL DIRECT EXPENSE
76%
51.0%
YTD Q3-2013
Own Vessel Utilisation & Margin
Utilisation NO. 40/NL/X/2014 Depreciation 43% Fuel Bunker 5%
OWNED VESSEL DIRECT EXPENSE
70%
48.9%
YTD Q3-2014
Own Vessel Utilisation & Margin
