NOCC Sells Two

Norwegian Car Carriers AS (NOCC) has entered into agreements to sell two of its vessels during the second quarter.  The two are NOCC Caspian, which was delivered to the new owner in July 2014 and NOCC Coral slated for delivery to the new owner by April 2015.

Currently, NOCC’s fleet consists of 10 vessels, the company said.

With regard to overall operations, during the second quarter of 2014 NOCC’s fleet experienced in total about 3 days unscheduled off-hire.

Off-hire related to vessels undergoing dry-docking / intermediate special survey was 53.5 days.

The repositioning of one vessel following redelivery under a long-term charter had a negative impact on the charter income during the quarter.

Total operating income for the quarter was NOK 98.3 million and total operating expenses of NOK 46.6 million resulted in an EBITDA of NOK 51.7 million and EBIT of NOK 17.4 million.

The operating income during 1H 2014 was NOK 210.0 million with operating expenses for the period of NOK 107.5 million.

The net result for the second quarter of 2014 was negatively impacted by off-hire in connection with three of the five vessels dry-docked during the quarter as well as lost charter income due to a repositioning voyage for one vessel in connection with the redelivery under a long-term charter.

According to NOCC, the 1H 2014 result was further impacted by extraordinary administrative expenses incurred in connection with the voluntary offer from Car Carrier Investments AS in 1Q 2014 as well as off-hire and repair costs related to a technical incident for one of the company’s vessels.

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