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(Post 1 of 398) 08/20/1999.02:11:00 |
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Anyone care to comment about this counter? Is $0.66 a reasonable price to buy? |
| (Post 2 of 398) 08/21/1999.12:42:00 |
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Rumours of British Gas is buying. Do u came across this news ? Rdgs (well, I dun know much, just heard from fren) |
| (Post 3 of 398) 09/06/1999.18:48:00 |
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OSPREY MARITIME - INCORPORATION OF 50%-OWNED SUBSIDIARY (Company disclosure to the Singapore Stock Exchange on Sept 3, 1999.) The Board of Directors of Osprey Maritime Limited (" the Company" ) would like to announce that International Product Carriers Limited, the Company's 50%-owned subsidiary, has incorporated a company in Singapore, International Product Carriers Pte Ltd with a paid-up capital of S$2/-. ASIAPULSE |
| (Post 4 of 398) 09/09/1999.09:13:00 |
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Subject: Osprey - Another NOL in the making? This just came out on MASNET on Sept 1. Looks like Osprey is headed for more management changes. Will it be another NOL??? MASNET No. 23 OF 01.09.1999 Announcement No. 23 OSPREY MARITIME LIMITED Announcement Of Appointment Of Director Date of appointment: 01/09/1999 Name: Charles R. Klotz Age: 57 Country of principal residence: United States of America Whether appointment is executive, and if so, the area of responsibility: Non-Executive Working experience and occupation(s) during the past 10 years: 1988 to 30 July 1997 Gotaas-Larsen Shipping Corporation Chairman, President, Chief Executive Officer and Director 1988 to Present G.L. Holdings Corporation, Chairman and Director 1991 to Present Spartan Madison Corp, Chairman, President and Director approximately 1988 to Present B.I. Limited, Director 1997 to Present Ellerman Pharmaceuticals Ltd (now known as Trigen Ltd.), Director 1985 to Present Berwick Management, Inc, Chairman, President and Director Other directorships Past (for the last five years) 1985 to 1988 Gulf Resources & Chemical Corporation, President, Chief Executive Officer and Director (including several subsidiaries) 1988 to 30 July 1997 Gotaas-Larsen Shipping Corporation, Chairman, President, Chief Executive Officer and Director Golar Gas Holding Company, Inc. Fleet Protection, Inc. Golar Hill, Inc. Golar Gas Cryogenics, Inc. Golar Freeze, Inc. Golar Gimi, Inc. Golar Khanur, Inc. Gotaas-Larsen Finance Ltd. Gotaas-Larsen Operations, N.V. Gotaas-Larsen Securities, B.V. Gotaas-Larsen International Ltd. Gotaas-Larsen International Services, Inc. Golar International Ltd. Ocean Oil Transport, Inc. Salem Assurance Ltd. Present G.L. Holdings Corporation Spartan Madison Corp. B.I. Limited Ellerman Pharmaceuticals Ltd. (now known as Trigen Ltd.) Berwick Management, Inc. Shareholding in the listed issuer and its subsidiaries: None Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries: None Conflict of interest: None Declaration State whether the appointee had, within the past 10 years, been convicted of any offence, other than a traffic offence, or had judgement, including findings in relation to fraud, misrepresentation or dishonesty, given against him in any civil proceeding in Singapore or elsewhere. To disclose also whether there are any proceedings now pending which may lead to such a conviction or judgement. Note: The outcome of the pending proceedings is irrelevant in making this declaration. None Submitted by Yvonne Choo, Company Secretary on 1/9/1999 to the SES |
| (Post 5 of 398) 09/24/1999.22:04:00 |
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Osprey expects tough second half Singapore, Sept 24 - Osprey Maritime said on Friday it expects its second half year to remain difficult due to pressure on charter rates in most segments of the market. "The group expects trading conditions in the second half of the year to continue to be difficult with pressure on charter rates in most segments of the market," the energy transportation group said in a statement accompanying its interim results. For the six months ended June, the group saw a 73 percent dive in earnings to US$0.84 million from $3.09 million previously. Turnover also fell to US$94.43 million from US$114.77 million. The Indonesian-linked shipping firm increased its debt level to US$813.7 million at end June from US$763.1 million at end 1998 due to construction of a new liquefied natural gas carrier. Barra Global Estimates has a consensus profit forecast of S$15.80 million for the full year. Source: Reuters |
| (Post 6 of 398) 09/25/1999.01:07:00 |
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Osprey Maritime sees continued difficult conditions in H2 SINGAPORE (AFX-ASIA) - Osprey maritime Ltd said it sees operating conditions continuing to be difficult in the second half. The company said that although the outlook for Asian economies has substantially improved,charter rates and sale and purchase prices for vessels have been weak. It added it sees continuing pressure on charter rates in most segments of the market. Osprey chairman Tim Cottew said the company is reviewing its strategic focus and as a result, may decide to sell some vessels. "There is a reality check over the last few months. There could be some writedowns on some of these assets. There could be exceptional losses if we go that route but there will be no impact on cashflow," he said. more ah/tr AFN GQD73-24Sep99 11:31 GMT AFX ; ASIA ; Osprey Maritime/H2 -- 2 (confident of loans extension) Osprey chairman Cottew said he was also "quietly confident" that the company can get an extension of its loans. The maturity date for loans of 370.4mln usd originally repayable on July 20, 1999, was extended by the group's bankers and discussions are presently in their finalising stages with a view to concluding an extended term renewal of this portion of total debt. "We are looking to extend not by six months or nine months, more in terms of years," Cottew said. He added that since June 30, 1999, the group's debt has been reduced by a further 5.0 mln usd. He also said that the group's debt to equity ratio has declined to 1.73 times from 1.81 times. In a review of the first half, the company said both crude oil carriers and product tankers posted lower revenues due to falling market charter rates. It added that the impact of lower revenues was mitigated by savings in vessels operating costs, reduced depreciation charges and lower administration costs. ah/tr AFN GQD77-24Sep99 11:32 GMT AFX ; ASIA ; |
| (Post 7 of 398) 09/28/1999.11:53:00 |
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Osprey reportedly may place shares SINGAPORE (AFX-ASIA) - Osprey Maritime Ltd may place shares to raise cash and enable the company to cut its debt, the Business Times quoted company chairman Timothy Cottew as saying. Cottew said the company was considering restructuring its stock to raise funds from the market. Stock Exchange of Singapore rules prohibit companies from rights issues or share placements if their shares are trading below par value. Osprey's par value is 1.0 usd per share. It closed on Friday at 0.625 sgd each. jb/gh AFN GSJ61-27Sep99 00:55 GMT AFX ; ASIA ; |
| (Post 8 of 398) 09/28/1999.13:21:00 |
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Repost on behalf of chinese Peter. Hi all , about OSPREY MARINE :- Vickers Ballas Investment Research Company Name Osprey Maritime Publication Company Report, Daily Review Investment Summary Osprey Maritime - 1. Earnings forecasts have been lowered on the back of the weak outlook for tanker rates. 2. Our main concern revolves around the expiry of its short-term loans due US$370m in end-October 1999. Financial support from bankers is vital. It is negotiating with bankers to re-finance the loan to a mid or long term basis. Osprey is reviewing its vessels for disposal, which will result in the revaluation of its asset values to market. Hence, book NTA per share could decline from current S$2.10 to VB's estimated RNAV of S$1.10. In the event vessels are disposed in 2H, the group could plunge further into the red as a result of exceptional losses. Z-score is weak at less than 0.1, while interest cover is low at 1.07x. Downgrade from NEUTRAL TO UNDERPERFORM. Reduce. Report Title Osprey Maritime Interim Net Earnings Below expectations Recommendation Downgrade from NEUTRAL TO UNDERPERFORM. Reduce Share Price / STI Index S$0.625 (STI: 2019) Reason for note Interim Result Announcement EPS Estimates FYE: 31 December 98 99F 00F 01F Key Data Previous Net Profit (US$m) (14.9) 14.3 12.5 18.8 Issued Cap:338m Revised Net Profit (US$m) (14.9) (2.0) (1.3) 6.0 Mkt Cap:S$206m Previous Eps (USc) - basic (5.3) 3.4 2.8 4.7 BVps/ROE%:S$2.10/loss Revised Eps (USc) - basic (5.3) (1.5) (1.3) 0.9 Ave Vol/Day:580 Units (000s) Eps Growth (%) Na na na Na 12m Hi/Lo:S$1.24/0.40 PE (x) Na na na 26.6 Perf Rel STI:3m (28); 6m (32);12m (89) Barra Consensus Net Profit ($m) - 15.5 15.8 - Ownership:Wiston Park 29.2% EV/EBITDA (x) 5.5 7.2 5.9 5.4 GL Holdings 23.6% PT Samudra Petrindo 8.6% Highlights 1. Interim net earnings were disappointing, coming in below market and VB expectations mainly due to a weak top line and higher than expected interest expenses. Sales (-14%) were affected by weak VLCC and product tanker rates. 2. Lower vessel operating costs(-8%), depreciation(-8%) and administration costs(-6%) were insufficient to offset the top-line weakness. Net interest expenses declined by 20% to US$26.2m, reflecting lower average debt of US$751m (vs US$878m in 1H98) and reduction in the cost of debt from 7.7% to 7.2%. 3. After accounting for dividends payable for its preference shares and accretion of premium payable on redemption of preference shares, loss per share was USc0.03. Analysis (USS$m) 1H99 2H99E 1999E 1H98R 2H98 1998 Sales 98.4 90.8 189.3 115 114 229 EBITDA 61.4 54.5 115.9 74.7 73.8 148.4 Operating Profit 27.7 20.6 48.2 37.8 38.4 76.2 Exceptional loss - - - (1.8) (25.9) (27.6) Net Interest expense (26.2) (23.7) (49.9) (32.6) (31.3) (63.8) Pre-Tax Profit 1.7 (2.9) (1.3) 3.9 (18.4) (14.5) Net Profit 1.4 (3.4) (2.0) 3.6 (18.6) (14.9) Operating Margin (%) 28.1 22.6 25.5 32.9 33.7 33.3 Sales Growth % (15) (21) (17) +104 +17 +49 Net Profit Growth (%) Na Na na na Na Na Dps (USc) - - - - - - Eps (USc) (0.03) (1.47) (1.5) 0.6 (5.9) (5.3) Change in accounting policy, 1H98 figures re-stated. 1H98 earnings were restated to reflect changes in accounting for revenue recognition and drydocking expenditure from accrual to prepayment basis, which reduced 1H98's revenue and net earnings by US$1.1m and US$1.2m respectively. Sales declined 14% to US$98m, arising from: 1. Sharp one-third decline in VLCC spot rates. Osprey's four spot trading VLCCs earned an average of US$26,900 per day compared to US$36,500 per day in 1H98. 2. Crude oil carriers Gita Ayu and Kartika Ayu were trading on the spot market since April/May 99 as the time charters with Pertamina were not renewed upon expiry. 3. Disposal of two VLCCs Golar Glasgow and Golar Stirling in 4Q98 which were chartered back by the group on a bareboat basis for 3 years which were in turn chartered out on a spot basis. As revenues were recorded net of bareboat charter hire, this led to a reduction of US$7.5m to total revenue. 4. Weak freight rates for its product tanker fleet. Although rates for time charters of 8 product tankers were comparable to 1H98, the remaining seven vessels trading on spot market suffered from lower rates at between US$10,000 per day vs US$10,800(-7%) in 1H98. 5. LNG transportation was the only bright spot. Khannur and Gimi achieving a US$400 increase per day and employment undisrupted. All 5 LNG carriers were fully employed. However, this increase was unable to offset weakness in the tanker market. Outlook Committed future revenues rose US$125m to US$915m, but long term charters for 'Khannur' starts in 2002. This includes the time charter of LNG carrier 'Golar Khannur' secured from BG International in 1H99, and the group's 60% share of the time charter for new LNG carrier 'Golar Mazo' due for delivery in January 2000. 'Khannur' is currently on short term charter and its 7 year charter(with option for another 2x5 years) will commence in year 2002 with British Gas. British Gas has also signed an option for 'Golar Gimie', which if secured, will commence in 2003 and continue for 7 years. But near term earnings clouded by weak outlook for VLCC and product tankers, and exposure to spot market aggravates volatility of earnings. Near term trend for the VLCC market remains weak, as a result of new deliveries entering the market from 2H99 into year 2000. The strong crude oil prices (as a result of OPEC production cuts) led to a reduction in oil transportation. Product tanker is at best heading for a slow recovery from year 2000, against the backdrop of excess refinery capacity in the region, which in turn reduced transportation demand of refined clean products. With 50% of its product tankers on spot trades, 60% of crude oil carriers on spot and four of the five LNG carriers on short-term charters ending 99/2000, earnings are exposed to extreme volatility in the spot market. Bankers' support is crucial. The short-term loans of US$370m, originally repayable on 20/7/99 were extended by its bankers till end-Oct 99. Discussions are in final stages with the aim of re-structuring the tenure of debt to mid or long term basis, the result expected by end October. Borrowings rose to US$814m on inclusion of 'Golar Mazo's' debt. In 1H99, Osprey repaid US$19.8m of loans. However, total debt rose from US$763m(Dec 98) to US$814m as at June 99 due to the inclusion of its 60% of the construction finance attributable to its newbuilding LNG project (Golar Mazo), as Osprey exercised its option to raise its stake from 39% to 60% in 1H99. While interest expense for this project has been capitalised this year, we expect group interest expenses to rise next year once Golar Mazo is delivered in January 2000. Total debt to equity reduced to 1.73x as compared to 1.81x as at June 98, the group repaid SU$129m the bulk of it from the sale of two VLCCs in end-98. Review of vessels could result in a reduction in BVps. Financial pressures could have prompted management to review its strategic focus to determine its market segments and identify the vessels for disposal. This will lead to the write-down of the book value of its vessels identified for disposal to market value. The current book value of its vessels reflects the high acquisition price paid due to Osprey's aggressive expansion between 1996-1998 prior to the Asian crisis. Hence, the review would result in a reduction of BVps, which we have conservatively placed at S$1.10 assuming a 20%-25% reduction in the capital values of its vessels. Vessel disposal could lead to more red ink on its P&L. A potential disposal of vessels under such depressed market conditions could plunge Osprey deeper into the red, in addition to the forecast red ink as a result of weak near term outlook for tanker business. While this is short term negative, asset disposals will lift the depreciation and interest expense burden on its income statement in the longer run. Earnings Model (S$m) FYE Dec 98 99F 00F 01F Sales 229 189 208 214 EBITDA 148.4 115.9 130.1 133.9 Depreciation & Amoritsation 72.2 67.7 73.7 73.7 Operating Profit 76.2 48.2 56.4 60.2 Exceptional loss* (27.6) - - - Associates Income 0.8 0.4 1.0 1.0 Net Interest Income (Exp) (63.9) (49.9) (54.3) (50.6) Pre-Tax Profit (14.5) (1.3) 3.1 10.6 Minority Interests (0.5) (0.5) (4.1) (4.3) Tax 0.1 (0.3) (0.3) (0.3) Net Profit (14.9) (2.0) (1.3) 6.0 Sales Growth (%) 49% (17%) 10% 3% Operating Profit Margin (%) 33.3% 25.5% 27.1% 28.2% Tax Rate (%) - 23% -9% -3% *Exceptional loss refers to loss from sale of vessels. A vessel sale in 2H99 could lead to higher losses for Osprey. Analyst: Janice Chua Email: janice_chua@vbir.com.sg This research is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, however, no representation, express or implied, is made with respect to the accuracy or completeness of the information or as to any opinions set forth herein. Opinions expressed in this report are subject to change without notice, and no part of this publication is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. Vickers Ballas Holdings Limited ("VBHL") and/or any of its affiliates and/or any persons related thereto do not accept any liability whatsoever for direct or consequential losses or damages that may arise from the use of information contained in this report. Temasek Holdings (Private) Limited and Singapore Technologies Pte Ltd are substantial shareholders of Vickers Ballas Holdings Ltd and along with their affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this report. Vickers Ballas & Co Pte Ltd, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Any US persons wishing to obtain further information or to effect a transaction in any security discussed in this report should contact Vickers Ballas (USA) Inc. exclusively. Vickers Ballas (UK) Plc is regulated by the Securities and Futures Authority Limited. Vickers Ballas (UK) Plc has approved this document for distribution but will not provide the investment or investment service described herein to private customers. The information herein was obtained from various sources; we do not guarantee its accuracy or completeness. Rgds c.Peter.. |
| (Post 9 of 398) 10/25/1999.09:22:00 |
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\bOsprey Maritime secures extension for 362 mln usd in loans } SINGAPORE (AFX-ASIA) - Osprey Maritime Ltd said it has reached agreement with its bankers for the extension of short term loan facilities totalling 362 mln usd until the third quarter of 2002. |
| (Post 10 of 398) 10/27/1999.18:36:00 |
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Fraser Securities: Osprey Maritime - BUY (S$0.565) Osprey announced that it has reached an agreement with its bankers to extend its US$362m current short-term loan by almost 3 years till Q3’2002 (incidentally, its RCCPS would also mature in Jul’2002, around the same period that the loan is due). The same loan was previously due in Jul99 but was rolled-over for a 3-month period to allow the parties to further negotiate an extension. We understand that the extended loan would not be charged any higher interest rate than what was charged currently. We estimate that the total borrowings of the group is about US$813m - all of which are now long-term. With its short-term debt-maturity burden relieved, Osprey should now direct its attention towards turning around its core businesses. We believe that some of the options that the group is evaluating could include a partial or full divestment of its fleet of crude tankers and/or product carriers. In addition, the group may be considering the possibility of a cash-call in order to better finance its operation, though with the share price lingering well below its par value of US$1.00 per share, Osprey would first need to address this before any new issue is possible. Our fair value for Osprey is about S$1.08 per share, using DCF valuation and discounting its residue equity-value by some 20% to allow for some of the restructuring that could take place in the short term. Osprey remains a BUY. However, investors who buy into Osprey should recognise that the short-term operating conditions facing the group would remain difficult. Osprey’s RCCPS which mature in Jul’2002 is also a good BUY for its redemption price of S$1.22 per share then. |
| (Post 11 of 398) 11/10/1999.23:02:00 |
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Osprey's Indonesia business set to rev up again Singapore, Nov. 10 -- Tim Cottew, chief executive of Osprey Maritime Ltd., may finally be able to show investors that the Singapore shipping company's Indonesian business is far from drying up. Osprey, whose ties to the family of former Indonesia president Suharto hurt it when the leader was ousted from power, is close to signing a contract with Pertamina to charter a crude oil carrier for 12 months. ``We've just concluded a deal with Pertamina for 12 months, (and are in the) final approval process,'' he said in an interview. ``That should allay people's fears about our position, our ability to do business in Indonesia or our long-term contracts being under threat.'' The latest contract may pave the way for additional business for the oil tanker company from Indonesia, the world's largest liquid natural gas producer and Southeast Asia's biggest oil producer. Osprey, fresh from postponing loan payments, is keen to focus on its main business, and the Pertamina contract is likely to help that effort. Cottew declined to give the value of the contract, which is Osprey's first since it said more than two weeks ago that its bankers had postponed repayment of short-term loans worth $362 million until the third quarter of 2002. Pertamina is a key customer, accounting for most of Osprey's Indonesian sales that last year amounted to 31 percent of total sales. Indonesian sales contributed 84 percent to total sales in 1994, when the company first sold shares. Indonesia sales aren't likely to fall further, Cottew said, even though that exposure proved to be a liability in 1998 when Indonesia was wracked by its worst recession in a generation. Indonesian ties For Osprey, Indonesia is more than a market. Five key Indonesian shareholders -- including Bambang Trihatmodjo, son of former Indonesian President Suharto, and businessman Peter Gontha -- control one-third of the company. What investors perceived as an important link to get business in Indonesia became an albatross for Osprey as Suharto fell out of favor. Cottew is quick to emphasis that Osprey wins Pertamina contracts by open tender, and its professionalism and the developments of the oil industry is more important than these connections. Indonesia has done better this year, as a rise in its gross domestic product during the July-September quarter would mark three straight quarters of increases. Three economists polled by Bloomberg News predicted an average on-quarter increase of 1.8 percent economic growth in the third quarter. ``Indonesia is an important market, and Pertamina is a very important client,'' Cottew said. Osprey stock, which recently traded at 65 Singapore cents, has gained 24 percent since the loan payment postponement on Oct. 25. ``Obviously, we recognize that the three-year extension of the loan is not the solution to our problem,'' Cottew said. ``We will spend more time focusing on our business than on pure bank issues.'' In 1998, the company lost $14.9 million, or 8.83 cents a share, from $19 million profit, or 10.65 cents, the year before. Before postponement of the loan deadline, a poll by Ibes International Inc. of eight analysts showed they expected on average a loss this year of 0.6 cents per share. Osprey's 28 vessels are all currently employed, though those engaged in time charters, or long-term contracts, generally yield better profit margins than those on the spot market. Three of its crude oil vessels are on spot charter. Source: Bloomberg |
| (Post 12 of 398) 12/18/1999.18:21:00 |
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Several Shippers To Pool Very Large Crude Carrier Fleets NEW YORK (Dow Jones)--Overseas Shipholding Group Inc. (OSG) and several other shippers agreed to form Tankers International LLC to pool their very large crude carrier fleets. The other shippers include A. P. Moller (K.MAP), Euronav, Frontline Ltd. (C.FLN), Osprey Maritime Ltd. (OSPR.SI) and Reederei 'Nord' Klaus E. Oldendorff. In a press release Friday, Overseas Shipholding Group said Tankers International will initially manage a fleet of 38 modern crude carriers. The fleet is expected to have more than 50 vessels by 2002. |
| (Post 13 of 398) 12/21/1999.01:44:00 |
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OSPREY MARITIME LIMITED A.P. Møller, Euronav, Frontline, Overseas Shipholding Group, Inc., Osprey Maritime Limited and Reederei "Nord" Klaus E. Oldendorff have agreed to establish "Tankers International LLC" (Tankers) to pool their Very Large Crude Carrier (VLCC) Fleets. Tankers plans to commence operations upon receipt of required regulatory approvals which are expected by 15th of February 2000. Tankers will manage a fleet of exclusively modern VLCCs numbering initially 38 vessels. As the participants take delivery of new buildings and vessels are redelivered from period charters the fleet is expected to exceed 50 vessels by 2002. Tankers is being established to provide customers around the globe with new and improved tools to manage shipping programs, inventories and risk. Tankers will offer its customers "one stop shopping" for high quality VLCC tonnage. The fleet size will enable Tankers to provide increased flexibility, contract of affreightment and to become a logistics partner of major customers. Mr Søren Skou, Vice-President of A.P. Møller is to be appointed Chairman of the board of Tankers International LLC, which will comprise representatives of the participating companies involved. Chartering negotiations will be conducted through London with a chartering representative in New York and Tokyo. Mr E. Michael Steimler, currently President of Euronav, will be appointed Chief Executive Officer of Tankers London. Contact: Mr Søren Skou, +45 33 63 48 02 Mr E Michael Steimler, +44 171 870 0400 Mrs K Blankenship, +1 441 295 6935 Submitted by Yvonne Choo, Company Secretary on 20/12/1999 to the SES |
| (Post 14 of 398) 12/21/1999.10:12:00 |
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Osprey Maritime joins five other companies to pool crude carriers Osprey Maritime Ltd said it has joined five other shipping companies to pool their very large crude carrier (VLCC) fleet. The other companies involved are AP Moller, Euronav, Frontline, Overseas Shipholding Group Inc and Reederei Nord Klaus E Oldendorff. The pool is expected to receive regulatory approval by Feb 15 and will initially operate a fleet of 38 vessels. This is expected to rise to over 50 by 2002. Osprey said the pool, Tankers International LLC, will be able to provide greater flexibility and can become a logistics partner for major customers. |
| (Post 15 of 398) 12/22/1999.11:56:00 |
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Friends, Funadmentally dubious company. Only for LT buy? Anyway, notice its interesting chart. Attached here FYR,please. ; )  Oversold (indicated by Green Bars, MACD analysis). Deviation from Downtrend channel since yesterday. Looking to stay out of channel today too. Please comment as I am trying hard to improve my TA skills. Cheers |
| (Post 16 of 398) 12/22/1999.12:31:00 |
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wormbunny, fundamentally dubious, no! long term buy, yes! technically, still early days for a buy. no crossovers or divergences to talk abt. no vested interest. |
| (Post 17 of 398) 12/22/1999.20:17:00 |
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Osprey used to be a shipping blue chip, Its market price surpassed, NOL, PCL, HSH.Ming Hua. Samudera,now its fighting for last place.From fundamental point of view, the current price of 53cents is way undervalue.Main reason being the substaintial amount of loan it incurred during the pre crisis days when it expanded aggresively.The company is profitable, though a large portion of profit is used to service the loan.Now that the bankers agreed to defer loan repayment to year 2002, it gave company time to rebuild /restructure itself Most of its vessels were already chartered out thus ensuring a steady income, the recent agreement with other tankers to more efficient use the combined pool of free float vessel will ensure higher occupancy. Thus if management could work out a plan to reduce its gearing, Qsprey could be like NOL, although a direct rights call will not be acceptable to shareholder, since minimum right must be at least equal to par valueUSD1/-,a indirect means, similar to Asiamedric,(reduce par value to say 10cts and then have a 9 to 1 rights may be more acceptable(hopefully),if something can be done in this direction, I am sure the nett share price can go up 2-3 times. The NTA of the company is currently a respectable >$1.so its a viable company. I am looking forward to some restructure and I have a interest in this counter. |
| (Post 18 of 398) 01/30/2000.21:24:00 |
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this seems like a rather forgotten stock, languishing at its year low despite claims that it's a profitable company, has improving ability to handle its short term debt, an upcoming debt restructuring plan and strategic alliances. what's happened? liquidity has dropped like a brick. is it's indonesian connection such a curse, or is the dilemma with its debt so intractable that it seems to have been ignored by most houses? (i have a vested interest in this counter) |
| (Post 19 of 398) 02/24/2000.11:44:00 |
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Looks like 1st buy signal shown on Osprey. Bottoming ??? Rdgs |
| (Post 20 of 398) 02/24/2000.22:36:00 |
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Osprey  Rdgs |
| (Post 21 of 398) 03/09/2000.13:06:00 |
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Osprey results presentation: Date : 24 Mar,Friday 6.30pm at Hotel Inter-Continental |
| (Post 22 of 398) 03/20/2000.23:36:00 |
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What's up?  |
| (Post 23 of 398) 03/24/2000.20:03:00 |
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Did Osprey make a huge profit or a huge loss for 1999. It seemed like a loss but it was indicated profit. |
| (Post 24 of 398) 03/25/2000.05:38:00 |
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Osprey Maritime 1999 net loss 192.146 mln usd vs loss 15.955 mln Osprey Maritime Ltd 1999 results: Net loss - 192.146 mln usd vs loss 15.955 mln Sales - 188.686 mln usd vs 228.712 mln Pretax loss - 190.800 mln usd vs loss 14.489 mln Loss per share - 0.9708 sgd vs loss 0.0883 Final div - 0.0025 sgd; unchanged The company said sales continued to fall due to lower crude oil and product tanker freight rates. It is, however, confident that the outlook for the industry will improve this year, with freight rates believed to have bottomed out in the last quarter of 1999 and with demand for oil tankers expected to increase due to rising oil prices. The company said it has received an offer from Schroder Ventures Asia Pcific Fund to invest 91.30 mln sgd in the company for a 20 pct stake in the company. Schroder Ventures is proposing that a special purpose vehicle be set up to acquire 67.66 mln new Osprey Maritime shares at 0.35 sgd via a private placement. Osprey Maritime said it is implementing a capital reduction scheme before the shares are issued to Schroder Ventures. Under the scheme, the par value of the company's shares will be cut to 0.10 usd from 1.0 usd. Around 304.478 mln usd of the company's issued and paid-up capital will be cancelled as a result of the scheme, it said. |
| (Post 25 of 398) 03/30/2000.22:11:00 |
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Already given up on this counter....sold all of my shares at a BIG loss. Gone case ......case closed. BTW, before the rights issues, one is holding a share of PAR value US1.00 and NTA $1.00. After the 2 for 3 blar..blar..blar, the PAR value becomes $0.10 and the NTA = $1.00/2 = $0.50. I'm sure you people out there know what I meant. Rights issue is financial innocuous when the company is making good money. If its earning is expected to double, please by all means have rights issues, raise the necessary funds for it to happen. On the contrary when it is doing badly, a right issue means your EPS and NTA are going to shrink substantially. So why wait? |
| (Post 26 of 398) 03/31/2000.08:56:00 |
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Stindex, good decision. If i were in same situation, would've done same. Yes, don't look back is key. Your cash can probably be put to better use. The rights issue needed to salvage the situation. And if company does survive, no guarantee you will be rewarded for having help out this time round. Note: this is NOT to say company won't turn around. They may still, but probably better to let banks & venture funds absorb the risks. In fact, i did hold some Osprey RCCPS and these few days i decided to sell them off for some profit (bought below 60cts). I was lucky because the latest deal actually good for the RCCPS but still i decide to call it quit for now. Remove these chips from the table (a term borrowed from Mossie). However, instead of putting in bank, i ployed them back into chuan hup & haw par HC. Finally, just to say something nicer abt osprey. Their current situation is probably more of bsz conditions turn soured (& some wrong decisions earlier ?) but unlike some others that issue rights when needed but forget abt rewarding shareholders when times are good. Lets hope when osprey has recovered, it will remember to pay due rewards accordingly and in return, investors will remember them equally well. And when that happens, i will surely consider being part of the bsz (if prx is right). Now i have no share in it but do wish it well so that existing shareholders don't lose out. rgds, xdollar |
| (Post 27 of 398) 03/31/2000.10:14:00 |
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For those still having Osprey, I think it's may too late to sell..., if the right issues go thru successfully, it is actually very good for Osprey...Osprey biz is still doing very well, with over US$1 billion of longterm revenues locked in..., its problem is more a case of short-term liquidity to service its debts of some US$800m --> Scholer did not undertake to "effectively underwrites" up to 70% of Right Issues out of generosity. Right issues is very good for RCCPS holders too - they are even more assured of getting back their monies. Once right issues is implemented, we could well see another NOL. The much higher Oil prices will benefits Osprey. P/s:- I have zero interests in Osprey, but have been a longtime holders of RCCPS at ave cost of 48c each. Jackpot payout is in July-2002 |
| (Post 28 of 398) 03/31/2000.10:24:00 |
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Fundollar, Thank you so much for your reassurance. I am still holding on to my $0.46 Osprey.....many have lost faith in this company. I don't. BTW, I heard the rights have been fully subscribed, but cannot remember by whom. Have a great day ahead.. :)) |
| (Post 29 of 398) 04/01/2000.20:28:00 |
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Retructuring is extremely good for RCCPS, yield to maturity is more than 20%, close to 30% (maybe someone can conform actual YTM), Schroder will probably not buy a bankrupt company, so RCCPS holder should be able to get back the monies. Redeemable at $1.224 per share at 27/07/2002. dividend 2.5% for $1.00 par. vested interest. |
| (Post 30 of 398) 04/03/2000.00:05:00 |
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With a closing price of 695, the RCCPS is currently having a yield to maturity of approximatley 29% pa! This RCCPS also have a yearly fixed "dividend" payment of $25, payable semi-annually! The yield for this "dividend" payment is running at an additional 3.5% pa! Lastly, there is an option to convert the RCCPS, at the option of the holders, into ordinary shares! The Terms of the RCCPS is such that 1 lot of RCCPS will approximately be converted into aroun 470 shares! With the share price languishing at sub 50 cents, it is highly unlikely this option is highly valued! Vested Interests |
| (Post 31 of 398) 04/16/2000.10:53:00 |
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Hoping tomorrow setback will bring Osprey RCCPS to 60 cents and below, that will improve YTM significantly. |
| (Post 32 of 398) 04/21/2000.14:10:00 |
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Hi all Yes, I'm one of those holding onto a small pile of RCCPS. In fact, I never did knew anything about this instrument until Smart Investor magazine did a reply to some subscriber writer's query in the letters page. It got me alerted & I'm in it at 60c. At current prices, it's a nice >= 10% gain in <= 1yr, plus of course the interest payments. Neat. :) Good thing RCCPS ranks in front of equity. In fact like all of you investors have indicated, with the $ injection, RCCPS holders are even more assured of getting redeemed. It all struck me as very bizzare. Why oh why when this is obviously such a good deal, why does this glaring mispricing still exists for soooo long? Is the market saying that the risks is just not worth the potential bonus payout in 2yrs time? I have no answers to that. As a matter of fact, my buying into the RCCPS is really based on what the magazine has explained. I did try to trawl the web (esp SES site) for the terms & conditions (aka prospectus) of the RCCPS but came up nought. It is also for this lack of knowledge that I do -not- pile myself in for more lest the actual terms / conditions are not what I thought it be. How true is this YTM miracle? Where can I source out the official documentation on the RCCPS? Thank you. |
| (Post 33 of 398) 04/21/2000.14:16:00 |
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Hi Kysier, COngratulations on the exceptional returns of the Osprey RCCPS. You can try calling the registrar for the prospectus. LIM ASSOCIATES (PTE) LTD Telephone No. 536 5355 Fax No. 536 1360 Address 10 COLLYER QUAY #19-08 OCEAN BUILDING SINGAPORE 049315 Vested interests |
| (Post 34 of 398) 04/21/2000.22:09:00 |
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remember Pacific Can? Prior to suspension, Pac Can loan Stock is having remarkable YTM. Then the counter get suspended and until now, loan stock holders from Pac Can has yet to get back thier money. So do be careful. |
| (Post 35 of 398) 05/05/2000.04:17:00 |
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OSPREY MARITIME LTD [PROPOSED REDUCTION IN THE PAR VALUE OF EACH ORDINARY SHARE IN THE CAPITAL OF OSPREY MARITIME LIMITED FROM US$1.00 TO US$0.10] On 24 March 2000 the Directors of Osprey Maritime Limited ("Osprey" or the "Company") announced a proposed capital reduction exercise to be carried out by the Company pursuant to Section 73 of the Companies Act, Chapter 50 of Singapore to reduce the par value of each ordinary share in the capital of the Company ("Shares") from US$1.00 to US$0.10 ("Capital Reduction Exercise"). The Directors wish to announce that approval in-principle has been received from the Singapore Exchange Securities Trading Limited on 4 May 2000 for the listing and quotation of the US$0.10 Shares arising from the proposed Capital Reduction Exercise subject to shareholders' approval and confirmation from the High Court for the Capital Reduction Exercise. Such approval is not an indication of the merits of the proposed Capital Reduction Exercise and the US$0.10 Shares arising therefrom. A circular setting out details of the Capital Reduction Exercise and enclosing a notice of the extraordinary general meeting will be despatched to shareholders and holders of Redeemable Cumulative Convertible Preference Shares in due course. BY ORDER OF THE BOARD Yvonne Choo Company Secretary Singapore 4 May 2000 Submitted by Yvonne Choo, Company Secretary on 4/5/2000 to the SES |
| (Post 36 of 398) 05/12/2000.08:48:00 |
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| (Post 37 of 398) 05/14/2000.17:27:00 |
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On reading Osprey's 1998 annual report, I came across these phrases in the Chairman's statement which i don't understand(I have highlighted them in bold).Would anyone explain? Six of Osprey’s crude oil tankers traded on a time charter basis in 1998 and enjoyed uninterrupted operations. The Group’s four very large crude carriers were traded on the spot market and saw average daily earnings fall from US$38,000 in the first half year to approximately US$32,700 per day looking at the year as a whole. Two of these VLCCs were sold at the end of 1998, as I have already commented, and were chartered back for continued use by the Group. |
| (Post 38 of 398) 05/14/2000.20:21:00 |
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Time-charter means that the ship is being 'booked' and used for a certain period of time. Rates are often slightly higher and are fixed beforehand, thus eliminating volatility. Point is Osprey now has few VLCCs on time-charter and most are trading on spot market - a single-trip contract. Earnings could thus fluctuate but it's useful to note that spot market rates are now at 3 year highs! Daily earnins easily exceeded USD40,000 and what's more Tanker Pool often achieves above market rates. Rates are now more than double than the lows hit a year ago. Check Bloomberg (Energy/Tankers) or Reuters (TAN/D) to see it for yourself. |
| (Post 39 of 398) 05/14/2000.21:02:00 |
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Newyork....What is the VLCC's gross tonnage that Oprey has now....a bit curious. |
| (Post 40 of 398) 05/14/2000.22:12:00 |
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So based on present (12May) market price of $0.495, expected EX-RTs price will be around $0.423 |
| (Post 41 of 398) 05/19/2000.21:19:00 |
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MTVessel: Osprey owns 4 VLCCs and charter-in another two. Two of the four will be scrapped in 2 years time. You can find the entire list of their vessels in their annual report. Time to look beyond the rights issue perhaps. Energy shipping had shown a stunning reversal in the past 3 months and there had been a lot of consolidation in the shipping sector. Belgian shipping firm Euronav is in advanced merger talks with OSG, a US based shipping firm. I'd pasted the Reuters wire dated 15 May below and do you think Osprey will be absorbed? The idea that this could be a three or even four way merger [Quote: "It (the merger) will most probably be combination with one or other parties"] makes Osprey a possible inclusion into the fray... * * * * * * * * BRUSSELS, May 15 (Reuters) - Belgian shipping firm Compagnie Maritime Belge SA (CMB) on Monday said it was considering merging its tanker unit Euronav with a U.S. firm and listing it on the New York Stock Exchange. ``A flotation is possible,'' CMB Financial Director Patrick de Brabandere told Reuters. ``We are still working on it. It will most probably be in combination with one or other parties.'' De Brabandere said possible merger candidates included CMB's five partners in its joint venture, Tankers International, namely A.P. Moeller, Frontline, Overseas Shipholding Group, Osprey Maritime, and Reederei ``Nord'' Klaus E. Oldendorf. -Truncated- |
| (Post 42 of 398) 05/24/2000.04:27:00 |
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PROPOSED CAPITAL REDUCTION 23 May 2000 To: The Holders of Redeemable Cumulative Convertible Preference Shares Proposed reduction in the par value of each ordinary share in the capital of Osprey Maritime Limited from US$1.00 to US$0.10 ("Capital Reduction Exercise") You should now have received your copy of a circular dated 10 May 2000 in relation to the proposed Capital Reduction Exercise. Details of the Capital Reduction Exercise are set out in the Circular. In response to queries received by HSBC Investment Bank plc and Osprey Maritime Limited from both Shareholders and holders of Redeemable Cumulative Convertible Preference Shares ("RCCPS"), the Board of Directors wishes to highlight that the Capital Reduction Exercise will not change any of the terms of the RCCPS. In particular, the terms of redemption and the redemption date of the RCCPS will remain unchanged by the Capital Reduction Exercise. The Extraordinary General Meeting (the "EGM") to seek your approval for the Capital Reduction Exercise will be held at 10.00 a.m. on 5 June 2000. If you are unable to attend and vote at the EGM, please send in your duly completed proxy form by 10.00 a.m. on 3 June 2000, to ensure that your vote will be valid. Yours faithfully For and on behalf of Osprey Maritime Limited Timothy Stephen Charles Cottew Chairman Submitted by Timothy Stephen Charles Cottew, Chairman on 23/5/2000 to the SES |
| (Post 43 of 398) 06/02/2000.00:14:00 |
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Without the rights and placement, no funds. Without the funds, viability is the immediate concern. Played down the importance of banker approval in the results announcement in March and now told all that it was 'cos of 1 of the 14 banks. After all, what's the purpose of doing a capital reduction now when 50 odd million cash holding cannot do little help to the ST portion of debts due. Wake up. |
| (Post 44 of 398) 06/02/2000.04:44:00 |
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CAPITAL REDUCTION AND CAPITAL RAISING The Board of Osprey Maritime Limited (the "Company") wishes to announce that the previously announced proposal to raise new equity in a private placement and rights issue at S$0.35 a share is currently not proceeding because of reservations of a single member of the Company's fourteen bank principal banking syndicate. The Board is currently reviewing alternatives. This has no bearing on the capital reduction exercise due to be voted on at the Company's Extraordinary General Meeting on Monday, 5th June 2000. A reduction in par value is a pre-requisite to the Company being able to issue new ordinary shares as appropriate opportunities arise at any time and the Board reiterates its recommendation to all shareholders to vote in favour. On 24 March 2000, as part of the announcement of full year results for 1999, the Company announced that an offer had been received from Schroder Ventures Asia Pacific Fund ("Schroder Ventures") to invest up to S$91.3 million in the Company (the "Schroders investment proposal"). Schroder Ventures is a private equity fund advised by Schroder Capital Partners (Asia) Ltd ("Schroder Capital"). It was proposed that a special purpose company ("Newco") to be owned by Schroder Ventures subscribe for 67,661,870 new ordinary shares in the Company at a price of S$0.35 per share issued on the basis of a private placement. This would equate to approximately 20% of the presently issued ordinary share capital of the Company of 338,309,351 shares. It was additionally proposed that, in conjunction with the placement, the Company undertook a renounceable rights issue ("rights issue") at a price of S$0.35 per share on the basis of 2 rights shares for every 3 shares held by shareholders as of the relevant book closure date following completion of the placement. The proposed 2 for 3 weighting was subsequently adjusted to 7 for 10 to minimise odd lots and fractional entitlements. Newco would subscribe in full for its rights entitlement of 47,363,309 shares and, additionally, would make an excess shares application for up to 145,729,818 shares in the rights issue to the extent they were not taken up by other shareholders. This would have amounted to effective 68% underwriting of a total 7 for 10 rights issue. If all rights were taken up the number of ordinary shares in issue would have risen from the present level of 338.3 million shares to 690.2 million shares and the total amount raised would have been approximately US$72.4 million. One of the conditions to the proposed investment was completion by the Company of an already intended Capital Reduction under Section 73 of the Singapore Companies Act to reduce the par value of each ordinary share from US$1.00 to US$0.10 (approximately S$0.17) ("capital reduction exercise"). Shares cannot normally be issued for less than par value. The Board had decided to undertake a capital reduction to reduce par value so as to facilitate future equity raising in any event, without specific reference to the Schroders investment proposal. A Circular to ordinary shareholders and holders of the 2.5% Redeemable Cumulative Convertible Preference Shares of the Company dated 10 May 2000 set out particulars of the capital reduction exercise and gave notice of an Extraordinary General Meeting to be held on 5 June 2000 for the purpose of considering the special resolution necessary for approval. The Schroders investment proposal was also subject to a number of other conditions, the most significant of which was the agreement by the Company's principal banking syndicate to amend certain terms in its financings, including extending the date of maturity of a portion of debt from 2002 to 2004. The Company received support and approval for the required amendments from 13 of the 14 members of the syndicate representing 93% in value of the relevant loans. As the amendments to the financing agreements require unanimity, however, an effective veto by one bank makes the Schroders investment proposal impossible to complete in its present form. The Company is disappointed with the outcome. Discussions are nonetheless continuing as the investment interest remains. As of 26th May 2000, the Company's total cash balances stood at US$55.7 million. Over the course of the year to date, there has been a significant improvement in tanker markets and operating cash flow is consequently on a rising trend. The objective of the Company in raising new equity was to improve the balance of its capital structure and provide enhanced scope for new investment and improved earnings and asset growth. The capital reduction exercise remains a pre-requisite to the Company being able to issue new ordinary shares as and when appropriate opportunities in the interests of shareholders present themselves. The Board repeats its unanimous support for the capital reduction exercise and reaffirms its recommendation that all shareholders and RCCPS holders vote in favour at the extraordinary general meeting on Monday, 5 June 2000. By Order of the Board Roger Arnold Hancock Director Submitted by Yvonne Choo, Company Secretary on 1/6/2000 to the SES |
| (Post 45 of 398) 06/03/2000.06:05:00 |
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Osprey Maritime cancels placement, rights issue plans SINGAPORE (AFX-ASIA) - Osprey Maritime Ltd said it has cancelled earlier plans to raise new equity via a private placement and rights issue at 0.35 sgd per share due to the objection of one of its bankers. "The board is reviewing alternatives. This has no bearing on the capital reduction exercise due to be voted on at the company's EGM on June 5," it said. "A reduction in par value is a prerequisite to the company being able to issue new ordinary shares as appropriate opportunities arise at any time, and the board reiterates its recommendation to all shareholders to vote in favour, " it said. The company would have raised 72.40 mln usd from the placement and right issues. Osprey said its total cash balances stood at 55.70 mln usd as of May 26. "There has been a significant improvement in tanker markets and operating cash flow is consequently on a rising trend." jb/zr AFN BLT56-02Jun00 01:05 GMT AFX ; ASIA ; |
| (Post 46 of 398) 06/03/2000.06:06:00 |
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STOCKWATCH: Osprey sharply higher despite cancellation of shr issue SINGAPORE (AFX-ASIA) - Osprey Maritime Ltd shares were sharply higher in midmorning trade despite the cancellation of the company's plans to raise 72. 40 mln usd from a private placement and two-for-three rights issue, dealers said. The company said late last night that it was not going ahead with the share issues because one of its bankers opposes the move. At 10:39 am, Osprey Maritime was up 0.05 at 0.475 on 160,000 shares. The Straits Times index was up 45.29 points at 1,882.55. The gain in Osprey is puzzling to analysts given the negative implications of the cancellation of the share issues, although dealers said the buying could be inspired by the company's comment that its operating cashflow is improving. "The cancellation of the share issues provides more uncertainty. It sends Osprey back to the drawing board," an analyst with a regional brokerage said. Funds that would have been raised from the share issues were badly needed to pare down the company's gearing, he said. In its latest annual report, Osprey said total borrowings stood at 793 mln usd at end-December and that its creditors have agreed to extend the maturity date for some 373 mln usd in debt that would have matured in July 1999 to the third quarter of 2002. "Some investors could be buying because Osprey's cashflows are improving, " a dealer with a local brokerage said. However, an analyst with a local brokerage said there is no question that cashflow is improving because of a recovery in the tanker market. "Without fresh funds from the share issues, Osprey will have not much room to maneuver and pursue expansion and alliances even if cashflows continue to improve," he said. Osprey said it has cash balances of 55.70 mln usd as of May 26 and that "there has been a significant improvement in tanker markets and operating cash flow is consequently on the rising trend." jb/jv/av AFN BLY59-02Jun00 03:09 GMT AFX ; ASIA ; |
| (Post 47 of 398) 06/03/2000.21:55:00 |
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for those interested in a detailed analysis of osprey and its outlook, mail me at jackyleong@praxlis.com and i'll send the assessment over to you. |
| (Post 48 of 398) 06/05/2000.00:22:00 |
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[Dow Jones] SINGAPORE: Shares in Osprey Maritime (O09) up 11% at 47 Singapore cents after it said cash flow is rising on significant improvement in tanker markets; cash balance stood at US$72.4 million as of May 26. Shares also higher after company said capital reduction exercise, which will lower its gearing, likely to be approved at EGM Monday. |
| (Post 49 of 398) 06/07/2000.10:24:00 |
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Does any one has detailed anlysis on Osprey? Please email me at 2246298@writeme.com">p2246298@writeme.com. Thanks. |
| (Post 50 of 398) 06/13/2000.11:14:00 |
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hi had converted the osprey report to a smaller size. those with the previous bigs ones (400kb) can get the smaller 60kb at praxlis.com sorry |
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