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At today' s price level of 32.5c, it' s really dirt cheap but under appreciated.
It' s a conditional master delivery agreement so execution will take time to execute.
If everything goes well, then after net proceeds, the residual company doing ship magement services etc is worth 3c per share. lol
It' s a conditional master delivery agreement so execution will take time to execute.
If everything goes well, then after net proceeds, the residual company doing ship magement services etc is worth 3c per share. lol
Atlantic Navigation proposes disposal of 20 offshore vessels for US$183 mil
Atlantic Navigation Holdings, together with its wholly-owned subsidiary, Atlantic Maritime Group, has proposed the disposal of the group&rsquo s fleet for a purchase consideration of US$183.0 million ($239 million).
On Sept 9, Atlantic Navigation announced that it had entered into a conditional master delivery agreement with MAG Offshore Investment&rsquo s wholly-owned subsidiaries on Sept 5 for the former&rsquo s fleet, which comprises 20 offshore vessels.
Currently, the fleet supports Atlantic Navigation&rsquo s marine logistics division, particularly in ship charter for the offshore oil and gas as well as marine construction industries predominantly in the Middle East region.
The net book value of the fleet stands at US$162.4 million for 1HFY2024 as at June 30, while the net profit attributable to the property for the same period, came to US$21.0 million.
Based on the net book value of the fleet as at June 30, the proposed disposal is expected to result in a gain of disposal of approximately US$20.6 million.
The net proceeds from the proposed disposal is expected to come up to US$180.8 million, where US$62 million is intended to be distributed to Atlantic Navigation&rsquo s shareholders through a capital reduction exercise while US$58 million will be given back to the company&rsquo s shareholders via a special interim dividend of US$58 million.
As at Sept 9, the proposed distribution represents an aggregate of approximately 23 US cents per share.
Tightly controlled shares Seeed Inv Micheal Kum owns 50.22%.
Bill Wong owns 38.20%.
Total 88.42%, Very illiquid stock.
Bill Wong owns 38.20%.
Total 88.42%, Very illiquid stock.
S$0.30 cash distribution upon completion
Good set of results
ATLANTIC NAVIGATION HOLDINGS EXTENDS GROWTH MOMENTUM IN FINANCIAL PERFORMANCE FOR 1H2024
12 August 2024 &ndash Atlantic Navigation Holdings (Singapore) Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), an established integrated offshore marine logistics services group operating predominantly in the Arabian Gulf in the Middle East, is pleased to release its financial results for the first half ended 30 June (&ldquo 1H&rdquo ) 2024 for the Group as follows: *
Including the one-off items such as the gain on liquidation of joint operation of US$0.9 million and reversal of impairment on property, vessel and equipment of US$6.8 million.
Assuming the gain of liquidation of joint operation and reversal of impairment on property, vessel and equipment were excluded, the net profit after tax would have been US$13.8 million, earnings per share would have been 2.64 US cents, with the resulting net profit margin at 26.0%, net gearing at 37.6% and return on equity at 12.2% for 1H2024. ** Adjusted, i.e. excluding the gain on liquidation of joint operation and reversal of impairment on property, vessel and equipment. *** Net debt divided by total capital plus net debt. Net debt includes loans and borrowings, trade and other payables, other nonfinancial liabilities, amount due to shareholders and lease liabilities, less cash and bank balances in aggregate including restricted cash while total capital refers to equity attributable to owners of the Company. **** Based on 1H2023 Net profit after tax of US$10.5 million and Total Equity of US$92.4 million as at 30 June 2023. Supported by the elevated utilisation rate of its owned fleet of vessels at 95.0% for 1H2024 (compared to 89.4% for 1H2023), the addition of new vessels in fleet (i.e. Vega Egypt, Team Clio, and the recent contribution since early June 2023, Atlantic Capella), general increase in daily charter rates as well as contributions from cross charters, the Group generated revenue of US$53.2 million for 1H2024 or 22.2% increase over 1H2023 of US$43.6 million. Gross profit was US$21.4 million for 1H2024 or 30.1% increase over 1H2023 of US$16.5 million, with net profit after tax at US$21.5 million (which included the gain on US$ ' million, unless otherwise stated 1H2024 1H2023 Increase/ (Decrease) Utilisation 95.0% 89.4% 5.6% pts Revenue 53.2 43.6 22.2% Gross Profit (i.e. taking into account depreciation) 21.4 16.5 30.1% Gross Profit Margin 40.3% 37.8% 2.4% pts Net Profit after Tax 21.5 * 10.5 106.0% Earnings per share (US cents) 4.12 * 2.00 106.0% Net Profit Margin 40.5%* 24.0% 16.5% pts Adjusted EBITDA 22.7 ** 17.9 27.2% 30-Jun-24 31-Dec-23 Increase/ (Decrease) Net Assets or Total Equity 121.3 99.8 Net Assets Value per share (US cents) 23.17 19.06 Net Gearing*** 35.4%* 38.0% (2.6%) pts Return on Equity (based on 1H Net Profit after Tax) 17.8%* 11.3% **** 6.4% pts 21.6% MEDIA RELEASE: 2 liquidation of joint operation of US$0.9 million and reversal of impairment on property, vessel and equipment of US$6.8 million) for 1H2024 compared to US$10.5 million for 1H2023. With the Group&rsquo s net assets of US$121.3 million as at 30 June 2024 compared to US$99.8 million as at 31 December 2023, the net assets per share reached 23.2 US cents compared to 19.1 US cents respectively. Including the full drawdown of the US$12.0 million of new debt to finance the acquisition of Atlantic Capella (formerly known as Berkat Teguh) in February 2024 (as announced on SGXNet on 16 January 2024), the Group&rsquo s net gearing had decreased by 2.6% points to 35.4% as at 30 June 2024 from 38.0% as at 31 December 2023. The return on equity of the Group (based on 1H net profit after tax) reached 17.8% as at 30 June 2024, compared to 11.3% as at 30 June 2023, representing an increase of 6.4% points. Excluding the gain on liquidation and reversal of impairment on property, vessel and equipment in 1H2024, the net gearing would have been 37.6% and return on equity at 12.2% for 1H2024. Executive Director and CEO, Mr Bill Wong, commented, &ldquo We are heartened that our vessels continued to perform well with increases in revenue and profits in 1H2024 over the same period last year. As an update, the newly-acquired vessel in 1Q2024, i.e. Atlantic Capella, as well as the OSV new-built under construction, i.e. AOS Glory, had both commenced their maiden contracts in early June 2024 and mid-July 2024 respectively, both of which can be expected to contribute positively to the earnings of the Group from 3Q2024. We will continue to remain vigilant to respond and adapt accordingly in the event of any adverse changes to the macro-economic environment including the potential slowdown in the global economy as well as the heightened uncertainties arising from the conflict in the Middle East.&rdquo
ATLANTIC NAVIGATION HOLDINGS EXTENDS GROWTH MOMENTUM IN FINANCIAL PERFORMANCE FOR 1H2024
12 August 2024 &ndash Atlantic Navigation Holdings (Singapore) Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), an established integrated offshore marine logistics services group operating predominantly in the Arabian Gulf in the Middle East, is pleased to release its financial results for the first half ended 30 June (&ldquo 1H&rdquo ) 2024 for the Group as follows: *
Including the one-off items such as the gain on liquidation of joint operation of US$0.9 million and reversal of impairment on property, vessel and equipment of US$6.8 million.
Assuming the gain of liquidation of joint operation and reversal of impairment on property, vessel and equipment were excluded, the net profit after tax would have been US$13.8 million, earnings per share would have been 2.64 US cents, with the resulting net profit margin at 26.0%, net gearing at 37.6% and return on equity at 12.2% for 1H2024. ** Adjusted, i.e. excluding the gain on liquidation of joint operation and reversal of impairment on property, vessel and equipment. *** Net debt divided by total capital plus net debt. Net debt includes loans and borrowings, trade and other payables, other nonfinancial liabilities, amount due to shareholders and lease liabilities, less cash and bank balances in aggregate including restricted cash while total capital refers to equity attributable to owners of the Company. **** Based on 1H2023 Net profit after tax of US$10.5 million and Total Equity of US$92.4 million as at 30 June 2023. Supported by the elevated utilisation rate of its owned fleet of vessels at 95.0% for 1H2024 (compared to 89.4% for 1H2023), the addition of new vessels in fleet (i.e. Vega Egypt, Team Clio, and the recent contribution since early June 2023, Atlantic Capella), general increase in daily charter rates as well as contributions from cross charters, the Group generated revenue of US$53.2 million for 1H2024 or 22.2% increase over 1H2023 of US$43.6 million. Gross profit was US$21.4 million for 1H2024 or 30.1% increase over 1H2023 of US$16.5 million, with net profit after tax at US$21.5 million (which included the gain on US$ ' million, unless otherwise stated 1H2024 1H2023 Increase/ (Decrease) Utilisation 95.0% 89.4% 5.6% pts Revenue 53.2 43.6 22.2% Gross Profit (i.e. taking into account depreciation) 21.4 16.5 30.1% Gross Profit Margin 40.3% 37.8% 2.4% pts Net Profit after Tax 21.5 * 10.5 106.0% Earnings per share (US cents) 4.12 * 2.00 106.0% Net Profit Margin 40.5%* 24.0% 16.5% pts Adjusted EBITDA 22.7 ** 17.9 27.2% 30-Jun-24 31-Dec-23 Increase/ (Decrease) Net Assets or Total Equity 121.3 99.8 Net Assets Value per share (US cents) 23.17 19.06 Net Gearing*** 35.4%* 38.0% (2.6%) pts Return on Equity (based on 1H Net Profit after Tax) 17.8%* 11.3% **** 6.4% pts 21.6% MEDIA RELEASE: 2 liquidation of joint operation of US$0.9 million and reversal of impairment on property, vessel and equipment of US$6.8 million) for 1H2024 compared to US$10.5 million for 1H2023. With the Group&rsquo s net assets of US$121.3 million as at 30 June 2024 compared to US$99.8 million as at 31 December 2023, the net assets per share reached 23.2 US cents compared to 19.1 US cents respectively. Including the full drawdown of the US$12.0 million of new debt to finance the acquisition of Atlantic Capella (formerly known as Berkat Teguh) in February 2024 (as announced on SGXNet on 16 January 2024), the Group&rsquo s net gearing had decreased by 2.6% points to 35.4% as at 30 June 2024 from 38.0% as at 31 December 2023. The return on equity of the Group (based on 1H net profit after tax) reached 17.8% as at 30 June 2024, compared to 11.3% as at 30 June 2023, representing an increase of 6.4% points. Excluding the gain on liquidation and reversal of impairment on property, vessel and equipment in 1H2024, the net gearing would have been 37.6% and return on equity at 12.2% for 1H2024. Executive Director and CEO, Mr Bill Wong, commented, &ldquo We are heartened that our vessels continued to perform well with increases in revenue and profits in 1H2024 over the same period last year. As an update, the newly-acquired vessel in 1Q2024, i.e. Atlantic Capella, as well as the OSV new-built under construction, i.e. AOS Glory, had both commenced their maiden contracts in early June 2024 and mid-July 2024 respectively, both of which can be expected to contribute positively to the earnings of the Group from 3Q2024. We will continue to remain vigilant to respond and adapt accordingly in the event of any adverse changes to the macro-economic environment including the potential slowdown in the global economy as well as the heightened uncertainties arising from the conflict in the Middle East.&rdquo
Both the Capella and AOS Glory would start to contribute to the company' s turnover in end M< ay 2024 and end June 2024.
Next reporting should be good. SS held a total of 89% of the company' s shares
Buy to hold for upgrades
Executive Director and CEO, Mr Bill Wong, commented, &ldquo We continue to build on the strong momentum in 2023 to sustain a commendable performance with respect to sustaining our utilisation rates, with increases in revenue and profits in 1Q2024 over the same period last year. As an update, the newlyacquired vessel in 1Q2024, i.e. Atlantic Capella, is expected to commence its maiden contract shortly by end May 2024 while the OSV new-built under construction, i.e. AOS Glory, had undergone sea-trial and is expected to shortly join our fleet by end June 2024, both of which can be expected to provide additional support to the growth trajectory of the Group. Although our operations which are predominantly in the Arabian Gulf are currently not significantly affected by the conflict in the Middle East, we will continue to remain vigilant to respond and adapt accordingly in the event of any adverse change.&rdquo
Next reporting should be good. SS held a total of 89% of the company' s shares
Buy to hold for upgrades
Executive Director and CEO, Mr Bill Wong, commented, &ldquo We continue to build on the strong momentum in 2023 to sustain a commendable performance with respect to sustaining our utilisation rates, with increases in revenue and profits in 1Q2024 over the same period last year. As an update, the newlyacquired vessel in 1Q2024, i.e. Atlantic Capella, is expected to commence its maiden contract shortly by end May 2024 while the OSV new-built under construction, i.e. AOS Glory, had undergone sea-trial and is expected to shortly join our fleet by end June 2024, both of which can be expected to provide additional support to the growth trajectory of the Group. Although our operations which are predominantly in the Arabian Gulf are currently not significantly affected by the conflict in the Middle East, we will continue to remain vigilant to respond and adapt accordingly in the event of any adverse change.&rdquo
Interesting Company
Over in the Middle East, another Singapore-listco, Atlantic Navigation (market cap: S$188 million) had such a rebound in business its FY 23 (ended Dec 23) profit surged ~70% to US$18.1 million. (See what the CFO said below ...)
Source.
&bull Demand for OSVs continues to be high -- while supply is low.
After incurring bad debts in the previous oil & gas slump, there' s little appetite among banks to finance newbuilds. ESG reasons also play a part. Maybe charter rates need to go higher to attract financing for some newbuilds (which will take around 2 years to be completed).
&bull Meanwhile, what vessels are out there have advanced in age. Some do not, or will not, meet oil majors' stringent age criteria for work.
At the same time, a new industry -- offshore wind farms -- is emerging and competing for the services of offshore support vessels.
Source.
Looming also is the big business of decommissioning offshore oil structures, such as in parts of the Gulf of Thailand where production will cease.
Thus, " it is likely that we will see a prolonged cycle due to rising demand, static supply and a challenging market for newbuilding. These factors are shaping up to be an exciting time for the offshore industry," according to an industry article (for more, click here).
Over in the Middle East, another Singapore-listco, Atlantic Navigation (market cap: S$188 million) had such a rebound in business its FY 23 (ended Dec 23) profit surged ~70% to US$18.1 million. (See what the CFO said below ...)
Source.&bull Demand for OSVs continues to be high -- while supply is low.
After incurring bad debts in the previous oil & gas slump, there' s little appetite among banks to finance newbuilds. ESG reasons also play a part. Maybe charter rates need to go higher to attract financing for some newbuilds (which will take around 2 years to be completed).
&bull Meanwhile, what vessels are out there have advanced in age. Some do not, or will not, meet oil majors' stringent age criteria for work.
At the same time, a new industry -- offshore wind farms -- is emerging and competing for the services of offshore support vessels.
Source.Looming also is the big business of decommissioning offshore oil structures, such as in parts of the Gulf of Thailand where production will cease.
Thus, " it is likely that we will see a prolonged cycle due to rising demand, static supply and a challenging market for newbuilding. These factors are shaping up to be an exciting time for the offshore industry," according to an industry article (for more, click here).
Atlantic Navigation Holdings says significant shareholders exploring ' strategic options' following share price surge
Atlantic Navigation Holdings&rsquo 5UL 3.17% significant shareholders, Saeed Investment and Bill Wong Siew Cheong, have been exploring &ldquo strategic options&rdquo in relation to their interest in the company.
The company says it was just notified on May 24.
Saeed Investment, which invested in the company back in 2018 at around 9.9 US cents (13.3 cents), holds 50.22% Wong, the company' s CEO, holds a direct stake of 31.82%.
Atlantic Navigation Holdings&rsquo announcement comes after it received a query from the Singapore Exchange Regulation (SGX RegCo) on its &ldquo unusual price movements&rdquo .
Shares in the company closed at a five-year high of 31.5 cents on May 24, 21.2% up from the previous day&rsquo s close.
&ldquo As at the date of this announcement, the significant shareholders have informed that the discussions are on a preliminary basis and no definitive agreements in relation to any transactions have been entered into,&rdquo says the company.
&ldquo There can be no assurance or certainty that any discussions will be successfully concluded and any definitive agreements be entered into. Apart from the above, the company is not aware of any information not previously announced concerning the group which might explain the trading,&rdquo it adds.
On May 10, Atlantic Navigation Holdings reported a 161.3% y-o-y surge in its net profit of US$4.85 million for the 1QFY2023 ended March 31.
1QFY2023 revenue increased by 29.4% y-o-y to US$17.8 million which was supported by strong utilisation rates across the company&rsquo s fleet of vessels.
Kind soul jiao us to win money together, thanks and support
muifan ( Date: 24-May-2023 10:06) Posted:
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Marine stocks in play , find a chance to get in
But high goes higherer and higherer....haha. Just like Tai Chi, yi rou zi gan
tofudidi ( Date: 24-May-2023 09:25) Posted:
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Miss Better than chase. Is ok
SmallSmall ( Date: 24-May-2023 09:19) Posted:
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Biggest marine comeback kid of the year. $0.11 to $0.28 in 20 days.
Saw it but missed it totally. :(
Saw it but missed it totally. :(
2022 Annual Report :
https://links.sgx.com/1.0.0/corporate-announcements/4XRU1JQ27RIAD6S2/09c9f7d5d69238b287692ba321b3c2528efd2e1665ce8078fe4491b04b916a73
https://links.sgx.com/1.0.0/corporate-announcements/4XRU1JQ27RIAD6S2/09c9f7d5d69238b287692ba321b3c2528efd2e1665ce8078fe4491b04b916a73
Quarter ending Sept 2022 revenue up USD 16.5m against last yr same quarter 11.5m.
Gross profit 5.6m against last year same quarter 2.3m
Profit for the period 2.55m against last year same period loss of 1.28m
Full report :
https://links.sgx.com/1.0.0/corporate-announcements/CBV2QRMZTZUX1GTM/9b42b482198d68e98742effc20ea1c251664e5914b3a994d460cce5ef58992d8
Gross profit 5.6m against last year same quarter 2.3m
Profit for the period 2.55m against last year same period loss of 1.28m
Full report :
https://links.sgx.com/1.0.0/corporate-announcements/CBV2QRMZTZUX1GTM/9b42b482198d68e98742effc20ea1c251664e5914b3a994d460cce5ef58992d8
Chiong down.... Bought some at 0.074
SmallSmall ( Date: 05-Jul-2019 09:38) Posted:
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Chiong ah !
Gulf Navigation fails in bid to takeover Atlantic Navigation http://splash247.com/gulf-navigation-fails-bid-takeover-atlantic-navigation/
Gulf Navigation moves to take over Atlantic Navigation http://splash247.com/gulf-navigation-moves-take-atlantic-navigation/
Why go down somuch today