LPG Sector Headwinds Sink Navigator Holdings Profit

first_imgzoom Owner and operator of Handysize liquefied gas carriers Navigator Holdings recorded a 79.3 percent decrease in its net income in the second quarter of 2017, which dropped to USD 2.3 million from USD 11.1 million seen in the same period a year earlier.  The company’s operating revenue for the three-month period stood at USD 74.4 million, compared to an operating revenue of USD 72.5 million posted in the quarter ended June 30, 2016.As explained, during the quarter, the company has benefited from increasing demand for the transportation of petrochemicals gases, with the proportion of its total revenue from long-haul trade increasing to 53% in the second quarter 2017 from 42% in the second quarter 2016.“The petrochemical contracts of affreightment we hold for transporting ethylene from the US and a broad spectrum of olefins from Brazil have been active. We have also entered into two time charters for two of our fully-refrigerated vessels during the second quarter of 2017, with one vessel transporting LPG to Mexico and the other transporting LPG to southern Africa, a new market for us. Such commitments, along with our other time charters, have provided support to our business in a period when the LPG segment continues to experience headwinds,” Navigator Holdings said.“Earnings across all LPG shipping segments continue to be weak, with the Very Large Gas Carrier Baltic index reaching a floor at USD 6,000 earnings per day. Uncertainties with the geographical location, timings and quantities of usual petrochemical supplies from the Middle East and Europe have limited spot activity for our voyage charter vessels during the three months ended June 30, 2017,” the company added.In April, Navigator Holdings took delivery of Navigator Yauza, a Handysize semi-refrigerated ice class vessel from HMD. The vessel commenced a long-term time charter following delivery.Navigator Jorf, a midsize fully-refrigerated vessel, was also handed over to Navigator Holdings from HMD in July. The ship will commence a long-term time charter later this month, according to the company.Furthermore, in June, the company entered into a new USD 160.8 million secured term loan and revolving credit facility to refinance a loan with an outstanding balance of USD 143 million that was due to mature in February 2018.In July, the company and Enterprise Product Partners announced the execution of a letter of intent to jointly develop an ethylene marine export terminal on the Houston Ship Channel.In its outlook for 2H 2017, Navigator Holdings said: “Going into the second half of the year, we are committed to transport incremental ethylene volume from Europe to Asia on two of our ethylene capable vessels and in addition we will deliver two separate ethylene vessels to Braskem on three year charters for the commencement of their ethane contracts. We believe that these two contracts, combined with existing charter commitments, will help support fleet employment and utilization for the second half of 2017.”last_img read more

CM announces Rs 2L compensation for sunstroke victims family

first_imgBALURGHAT: Chief Minister Mamata Banerjee has announced a compensation of Rs 2 lakh to the victim’s family after a 52-year-old man collapsed on Friday while standing in a queue at Balurghat block development office for enlisting his name for ration card, passing away before he could be shifted to a hospital.The deceased Mantu Sarkar was a resident of Jalghar’s Palashdanga located in the outskirts of Balurghat. He had suffered a sunstroke, which was confirmed after an autopsy conducted at Balurghat Hospital. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaAccording to an official source, a high level team of officials of Balurghat block development office have already visited the victim’s family to inform them about the announcement of compensation by the Chief Minister. “A team from the block office went to Sarkar’s family in Palashdanga. Apart from the information of compensation announced by the Chief Minister, we have handed over some food-grains, clothes and tarpaulin-sheets to the family. They are very poor,” said an official. Sarkar is survived by his wife Majida Bibi and two sons.last_img read more

Belotti double inspires Torino comeback win over AC Milan

first_imgMilan: Skipper Andrea Belotti’s quick-fire second-half double, including a sensational overhead kick in front of goal, sealed a 2-1 comeback win in Serie A over AC Milan. Polish striker Krzysztof Piatek had put AC Milan ahead from the spot after 18 minutes in the clash between midtable rivals in the Olympic Stadium on Thursday. But in four-minute spell, Belotti sealed all three points for Walter Mazzarri’s side who had suffered back-to-back losses in their previous two games. Also Read – We will push hard for Kabaddi”s inclusion in 2024 Olympics: Rijiju Torino move up to sixth in the table, equal on nine points with Napoli and Cagliari after five games, but six points behind leaders Inter Milan. AC Milan drop to 13th, following on from last weekend’s 2-0 derby defeat. “We didn’t want to lose a third in a row,” said Belotti. “They made us dance in the first half but when we returned after the break we were a different side.” Both northern Italian rivals were desperate to get back to winning ways with Milan going ahead early after a penalty awarded when Lorenzo De Silvestri fouled Rafael Leao. Also Read – Djokovic to debut against Shapovalov at Shanghai Masters Piatek — third top scorer in Serie A last season with 22 goals — stepped up to slot in the resulting penalty. Belotti missed a chance to equalise just before the break, sending the ball over when alone in front of goal, with Piatek also wasteful firing Alessio Romagnoli’s perfect cross wide on 53 minutes. But Torino piled on the pressure and it paid off with Belotti breaking through on 72 minutes with a blistering equaliser which left Gianluigi Donnarumma with no chance in the Milan goal. And the 25-year-old added a second minutes later amid confusion in front of the Milan goal. Belotti sent the ball through for Simone Zaza, but Donnarumma cleared with the rebound finding the Italy international again who finished off an acrobatic overhead kick into goal for his fourth goal in five games. Milan missed two late chances to snatch a point with Franck Kessie hitting the ball wide while Piatek’s header was cleared by Torino goalkeeper Salvatore Sirigu. “It was a game we had under control, but we didn’t have the cynicism to kill it off,” said Milan coach Marco Giampaolo. “It is clear that this defeat hits our self-esteem.”last_img read more