Containerships Ltd Oy (the “Group” or “Containerships”) is contemplating a subsequent bond issue in accordance with the terms and conditions of the existing bond. The Group’s net debt as at 30th of September 2015 amounts to EUR 24.2 million resulting in a net debt to adj. EBITDA LTM level of 1.9x (LTM EBITDA as per Q2). The adjusted EBITDA LTM as per Q2 stands at EUR 12.5m (vs. previously reported EUR 11.6m]) when adjusting for the negative EBITDA effect caused by the one-off event of dry-docking of 4 vessels during scrubber installations in January 2015. The net proceeds of the contemplated bond issue are intended to finance growth or to refinance existing financial leases. Thus, the leverage level of the Group is expected to remain relatively similar post-transaction.
Due to challenging market conditions, the Containerships is expecting the EBITDA for H2 2015 to be slightly under last year performance due to full effect of banned fridgerated trade to Russia. The Group has improved its efficiency and capacity utilization rate by balancing its Westbound and Eastbound volumes, which has helped the Group to sustain its profitability despite the challenging market. Thus, the Group is well positioned to benefit from the recovered volumes going forward. The CEO of Containerships, Kari-Pekka Laaksonen, is pleased with the progress of volume development and execution of the Group’s LNG strategy.
The CFO of Containerships, Lasse Aarnio, has decided to resign from his position effective from November 2015. Before moving into his new position Mr. Aarnio has agreed to assist the Group in handing over his tasks to his successor and following through existing projects. The Group is currently in the process of searching for a new CFO with the expectation that the person will officially start in his new role in January of 2016.