Singapore-listed oil and gas player Ezion Holdings (Ezion) says it will likely post losses of approximately $1 billion in financial performance for the fourth quarter ended 31 December 2017 (4Q2017) and full year ended 31 December 2017 (FY2017) due to a prolonged downturn in the oil & gas sector.
Ezion started refinancing exercise with various stakeholders to alleviate cashflow challenges, but continued to experience delayed payment from its clients; it has also experienced delays in re-deployment of some of its assets.
Overall, the oversupply of offshore logistics vessels and jack-up rigs in the industry has resulted in lower charter rates and depressed the market value of Ezion’s assets, it says.
The decreased gross profit margins and cash flow has adversely affected its business, financial condition, operations and prospects.
“In line with financial year closing, the group carried out an impairment assessment of its assets based on their intended use,” it notes.
“Preliminary numbers show that net cash generated from operating activities for the group in 4Q2017 and FY2017 amount to approximately USD20 million and USD64 million respectively.
“However, despite being operationally cashflow positive, the group is likely to record a net loss of approximately of approximately USD1 billion for both for 4Q2017 and FY2017, largely attributable to the impairment losses of approximately US$900 million.”
Ezion will announce its unaudited consolidated financial results for 4Q2017 and FY2017 on 28 March 2018.
Photo credit: Ezion Holdings
Published: 26 March, 2018
Rising exports have pulled fuel oil out of ARA storage, and ample VLSFO supplies in Russian Baltic Sea ports has weighed on prices, according to report.
Uncertainty regarding supply availability and demand, amongst others, is leading to price swings in gasoil cargo prices and also delivered LSMGO bunker prices in Singapore.
Safety of carrier’s cargo hold, cargo tank and supporting structure have been verified and approved using KR’s SeaTrust-HullScan software solution which was developed in-house.
‘Covid-19 has made it paramount for maritime leaders to […] discuss key issues such as keeping supply chains going and accelerating digitalisation,’ said Ministry of Transport.
Secures long term tankage agreement with local oil storage company for both fuel oil and gasoil.
Plans to join the Clydebank Declaration for Green Shipping Corridors which aims to support establishment of at least six green corridors by middle of this decade.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
