Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Etrade isn't representing the PPS correctly either.
Sounds like a perfect example of the problem.
I wonder how many other brokers are that way?
My Vanguard comes up empty when entering USS yet on USSPZ it only shows US Shipping Partners LP’s “last price” late EOD never showing activity throughout the day. Same as I’ve noticed with other stock quote boards on the net….nothing during the day only end of day totals?
This suxs
i follow ya...it just never occured to me any change has taken place cause scottrade is still running with uss not usspz
The one listed next to last?
“U.S. Shipping Partners L.P. (NYSE: USS) will begin trading on the Pink Sheets as U.S. Shipping Partners L.P. (Pink Sheets: USSPZ)”.
USS was delisted off the NYSE #msg-33339031 ending up with the new ticker symbol. That other link in the prior post gets ya to their U.S. Shipping Partners L.P. home page where the symbol USSPZ is confirmed.
Just seems that no one is quoting USSPZ during the day yet wraps it all up EOD in the evening?
It’s one thing for the pps to drop in this pissy market yet it’s another thing altogether if it’s not getting a fair shake with equal open access and exposure.
(There is another USS, Uniserve Communications Corporation, but it trades on the Canadian TSX.V stock exchange....USS.V)
on this link you posted there are 2....uss and usspz....
i dont get it
http://www.knobias.com/story.htm?eid=3.1.d32e76c6dd944b8ecf59986a2e541cc50d65ed40464f5af91533d53cbc8ddfcf
scottrade still has it listed as USS...bid 48 ask 65 but there hasnt been any volume for weeks....i didnt realize what happened....strange
I did, at least I submitted the request to Admin
requesting the symbol change from USS to USSPZ back on the 6th.
http://www.knobias.com/story.htm?eid=3.1.d32e76c6dd944b8ecf59986a2e541cc50d65ed40464f5af91533d53cbc8ddfcf
http://www.usslp.com/
Seems that the Company failed to tell anyone else though, dang thing isn’t being quoted throughout the day only recapped after the market has closed? At least I can’t find trades being id during trading hours?
try punching in USS......
i dont know who changed this companies symbol for this board but its been changed....
http://ih.advfn.com/p.php?pid=squote&cb=1227478427&symbol=uss
Pinksheet.com screen shots - EOD Nov 20th and 21st
11-20
11-21
I still don’t understand why these trades aren’t indicated realtime during transaction and, why the toot doesn’t Stockcharts, and/or other chart providers, acknowledge the activity?
Onward Through the Fog!!!
Scov
Extremely undervalued and oversold. $1.39 book value & $0.93 cash.
Analyst's target price is $1.5 (1500% return). See Yahoo Finance.
From the 10-Q filed today the book value is $1.39 and the cash per
share is $0.94. So USSPZ is extremely undervalued and oversold now.
It is easy for the 10-bag. It is possible to hit $1.2~$1.6 in the
next week.
Helter Skelter!!!!!!
I’m of the opinion that this stock hasn’t been handled properly since the ticker change and that it would be in company’s (and shareholder's) best interest to freeze the dang thing until they can work out the kinks.
I haven’t seen good trade data all week, only implications of end of day results and heck, look at Stockcharts.com. They're not showing squat since November 5th.
Onward Thru the Fog!!!
Scov
Value_Investor, what intra-day trade source are you using?
It is up 100% from $0.1 to $0.2 today! It will explode it to $1 or
even $1.5 by the next Friday. Extremely oversold and undervalued.
Soapy, please take a minute & update the iBox chart with the new usspz symbol.
Or, copy/paste the following 6-month w/some indicators in it’s place until a better one comes along. (Adjust the word [“cchart”] to only one “c” on both ends).
[cchart]stockcharts.com/c-sc/sc?chart=usspz,uu[e,a]declyiay[dc][pb10!b20!d!b50!b100!b200!f!][iut!lb5!lb14!lk14!la!ll!lv!li!lh!lf20!lc5!lc!][vc5!c10!c20!c50][j30525747,y]&r=7623<br[/cchart]
Thanks!!!
Scov
Works for me.
I didn't want to buy anymore but if they continue to keep this up guess I won't have a choice, huh?
GLTA!
Scov
Even taking off that loss the book value is still above $4 and the cash per share is still over $2. How this stock could be traded at $0.13? They must be the sick MM's manipulation. I had
placed an huge order to buy 500,000 shares at $0.14 and did not
get any single shares. I bet it will explode to $1.3 very soon.
No shocker there... They must be scrambling over there.
USSPZ: Filed New Form NT 10-Q
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5970130
The Partnership requires additional time to analyze (i) whether, in light of current market conditions, the value of its Integrated Tug Barge (“ITB”) fleet is impaired and, if so, the amount of such impairment to the value of its ITBs, (ii) the effect on its interest rate swap agreements of the changes to the interest rate paid under its senior credit facility as a result of the October 20, 2008 amendment to the senior credit facility, and (iii) whether under GAAP the financial condition and results of operations of the Partnership's joint venture to construct up to nine product tankers should continue to be consolidated in the Partnership's financial statements in light of the Partnership's conclusion that, in light of the Partnership's financial condition and current market conditions, it is unlikely that the Partnership will recover its equity investment in the Joint Venture.
~ ~ ~ ~ ~ ~ ~ ~
The Partnership currently carries its ITB fleet on its balance sheet at a value of $103.2 million. If the value of the ITB fleet is impaired, which is likely, the Partnership must, under generally accepted accounting principles, write-down the value of the ITBs to their current estimated value, based on the discounted expected future cash flows of the ITBs. At this time, based on a preliminary analysis, the Partnership expects that the ITB impairment charge will range from $66 million to $77 million. Any write-down will reduce the Partnership’s assets and Partner’s equity and increase the Partnership’s net loss for the three and nine months ended September 30, 2008.
This will be interesting... If they recover, the dividend alone is worth it...
I agree with you. USSPZ is currently oversold. The book value is
around $10 based on 11M shares of OS and the cash per share is over $2. Now it is trading at $0.25 so it is easy for 10-bag.
Be ready to buy at a bargain PPS . They allways tank after a delisting then spike a day or 2 later. I been following these delistings and making a killin !! IMO
I was just now reading that myself, thanks cnort290
Hard to believe they were issuing dividends just a couple qtrs ago.
8-K....http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5954195
SECTION 1 – SECURITIES AND TRADING MARKETS
ITEM 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On October 30, 2008, the New York Stock Exchange issued a press release announcing that the Partnership’s common units would be suspended from trading on the New York Stock Exchange (“NYSE”) effective immediately prior to the market opening on November 6, 2008 because the Partnership has fallen below the NYSE’s continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, which is the minimum threshold for listing. The Partnership is in discussions with market makers to arrange for its units to be tradeable on the OTC bulletin board beginning November 6, 2008. The full text of the NYSE’s press release is set forth in Exhibit 99.1 to this Form 8-K.
Delisting from NYSE to OTCBB on november 6 for not enough market cap in the past 30 days.
Hey guys... I have to admit, this is doing better than I expected. I figured the fuel cost and the market going bezerk would have killed this. But hey, it's still going :)
Thanks and and glty also.
Thanks for the response and GLTY!
No real wisdom just charts and gut feeling.I dont like it as of now.Not that I think its a bad investment I just have better picks than this right now.
thanks scoville good read
Hey braden,
What are your thoughts at this point? Did you? You still thinking about it? What do you see, share your wisdom!!!
Please!! :o)
GLTY!!
Scov.
As of Sept. 27th, 2008
EXM (Excel Maritime) is -80.0% off it's 52 week high of $81.99 and is now trading at $16.39 (PE 3)
TBSI (TBS international ) is -78.4% off it's 52 week high of $71.15 and is now trading at $15.35 (PE 3)
NM (Navios maritime holdings) is -71.3% off it's 52 week high of $19.76 and is now trading at $5.67 (PE 7)
DRYS (DryShip's Inc.) is -69.9% off it's 52 week high of $131.34 and is now trading at $39.59 (PE 3)
PRGN (paragon Shipping) is -65.3% off it's high of $27.34 and is now trading at $9.50 (PE 8)
GNK (Genco shipping) is -58.0% off it's 52 week high of $84.51 and is now trading at $35.51 (PE 7)
EGLE (Eagle bulk) is -55.9% off it's 52 week high of $36.24 and is now trading at $15.99 (PE 13)
SBLK (Starbulk Carriers) is -53.3% of it's 52 week high of $15.85 and is now trading at $7.40 (PE 7)
DSX (Diana Shipping) is -53.1% off it's 52 week high of $45.15 and is now trading at $21.17 (PE 9)
SB (Safe bulkers) is -35.0% off it's 52 week high of $19.75 and is now trading at $12.75 (PE 6)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32477574
Baltic Dry Index
http://www.answers.com/topic/baltic-dry-index
INTERVIEW-UPDATE 2-Excel CEO says credit crunch hurting shipping
Fri Sep 26, 2008 3:06pm EDT
* Goods stranded on docks
* System in "a state of chaos"
* Ships on order may not be built
* Underlying trade fundamentals strong thanks to Asia
By Nick Carey
CHICAGO (Reuters) - The credit crunch is sucking liquidity out of global trade and the shipping business, leaving cargoes stranded on docks and threatening to bring down shipyards and ship owners alike, the top executive of Excel Maritime Carriers Ltd (EXM.N: Quote, Profile, Research, Stock Buzz) said on Friday.
"The banks have ceased lending and a lack of liquidity affects trade," Stamatis Molaris told Reuters in a telephone interview. "The demand for goods is there; there is just not enough liquidity to move those goods around."
"If the credit crunch lasts beyond the short term, then shipyards -- especially the newer ones -- are going to fall like a house of cards," he added.
Molaris said that throughout the industry and in numerous markets, some cargoes have been left on the dock because it is hard to find banks willing to fund the movement of the goods.
"It has happened to us and it is happening everywhere to everyone," he said. "The whole system has come to a state of chaos."
The Baltic Exchange's chief sea freight index .BADI for global raw materials has fallen nearly 70 percent since hitting a lifetime high in May, when it was buoyed by booming demand for natural resources in China and India.
Now, however, the index is weighed down by troubled financial markets, weaker commodity prices, and concerns over Asian demand. It fell 10 percent on Friday to reach a two-year low.
Molaris said the index has fallen despite a fundamentally strong bulk shipping market, with massive infrastructure projects underway in developing Asian markets.
"The need for those raw materials has not changed," he said.
More than 90 percent of the world's traded goods by volume is carried by sea.
Excel has a fleet of 47 ships that haul raw materials -- iron ore, coal, grain, cement and such -- in bulk. The company is somewhat insulated from falling daily freight rates for dry bulk ships, as most of its fleet is on long-term charters at fixed rates. Sixty percent of its fleet is on such charters, and 50 percent is on fixed rates through 2010.
"If the crisis is over within two and a half years, then we are in a good position," said Molaris, whose company bought Quintana Maritime Ltd for $2.45 billion earlier this year.
He said tight credit may force smaller companies to try to sell off new ships for which they cannot obtain funding. But even firms like Excel with strong balance sheets may find it hard to raise funds for new acquisitions in the current environment, he said.
"Get me funding and I'll look at a ship," he said. "I cannot stress this enough: The banks are not lending any money."
Excel shares were down $3.24, or more than 16 percent, at $16.49 in afternoon trade on the New York Stock Exchange. Earlier in the day they hit a new 12-month low of $16.33, down nearly 80 percent from a 12-month high of $81.99 on Oct. 23, 2007.
(Reporting by Nick Carey, editing by John Wallace)
http://www.reuters.com/article/companyNews/idUKN2640620020080926?symbol=EXM.N&sp=true
this thing junped up to 6/7 bucks a couple months ago then went back down...lotta volume too then it just ends ???
i dunno....they stopped there dividend this quarter so next quarter is anyones guess
Yeppers Red, should have an inverse relationship.
And certainly better than the alternative of short interest increasing LOL!!
Nothing saying buy-buy-buy really stands out at me right now though? Thinking we might move sideways for a bit, no need to be in a big hurry? Heck, I don’t know?
GLTY,
Scov
if its down it wil lrise
????? Hummmmm ?????
USS: Short Interest DN 27.5% to 237.0K in Mid Sep 2008
Thursday , September 25, 2008 06:00ET
According to new short interest data from NYSE, short interest for U.S. Shipping Partners L.P. (NYSE: USS) DECREASED 27.5% to 237,025 shares as reported in mid-September, 2008.
SYMBOL END AUGUST MID SEPTEMBER CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
USS 326,898 237,025 -89,873 -27.49% 3
Oil prices jumped more than $4 a barrel after the Energy Department said supplies of gasoline dropped by 6.4 million barrels last week, more than three times more than had been expected.
Right now, Americans are celebrating lower oil prices and foolishly selling off oil stocks.
Why do I say foolishly? Because, as oil executives have said in recent months, $100 is the minimum oil price required to bring new oil supplies online. Any dip below those levels would be self-correcting -- it would mean no new oil to meet growing demand. It would also postpone the development of alternative energies. The result would be that prices catapult considerably higher, very quickly.
investors who did invest money in USS for short term yesterday and they sell some, Jerk! anyway, I hold it for long term.
WR
Hmm good read. Thanks :)
USS: Q2 EPS (14c) vs 13c Beats (15c) Est
Monday , August 11, 2008 16:25ET
QUARTER RESULTS
U.S. Shipping Partners L.P. (USS) reported Q2 results ended June 2008. Q2 Revenues were $49.82M; +9.21% vs yr-ago. Q2 EPS was (14c); -207.69% vs yr-ago; BEATING earnings consensus by +6.67%.
8-K Summery
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5823636
10-Q
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5823495
U.S. Shipping Partners L.P. Reports Second Quarter 2008 Financial Results
08/11 4:43 am (MKTW)
Story 2597 (USS)
S. Shipping Partners L.P. Reports Second Quarter 2008 Financial
Results
EDISON, NJ -- (MARKET WIRE) -- 08/11/08 --
U.S. Shipping Partners L.P. (NYSE: USS) (the "Partnership") today
reported its results for the second quarter ended June 30, 2008.
The Partnership had voyage revenue of $49.8 million, operating income of
$1.6 million and a net loss of $2.7 million for the three months ended
June 30, 2008, compared to voyage revenue of $45.6 million, operating
income of $6.2 million and net income of $2.4 million for the same period
in 2007. The Partnership had voyage revenue of $101.3 million, operating
income of $2.1 million and a net loss of $10.0 million for the six months
ended June 30, 2008, compared to voyage revenue of $87.7 million,
operating income of $16.6 million and net income of $8.2 million for the
same period in 2007.
Earnings before interest, taxes and depreciation and amortization and
other non-cash expenses ("Adjusted EBITDA"), a non-GAAP measure, were
$12.5 million for the three months ended June 30, 2008, compared to $15.7
million for the comparable period in 2007. Adjusted EBITDA, a non-GAAP
measure, was $30.1 million for the six months ended June 30, 2008,
compared to $35.2 million for the comparable period in 2007.
As previously announced, the Partnership's review of strategic
alternatives and its negotiations with its lenders to amend certain
financial covenants under its senior credit facility are continuing. In
light of these continuing efforts, the Partnership has determined that it
will not pay a distribution on its units for the quarter ended June 30,
2008.
The tug for the Partnership's second articulated tug barge ("ATB") is
currently traveling up the east coast to pick up the barge portion in
Sturgeon Bay, Wisconsin. The Partnership expects that the completed ATB
will be placed in service during the second half of August, 2008, at a
total cost (excluding capitalized interest) of approximately $66.6
million. The cost increase over the originally estimated amount of $65
million was principally due to contractually provided cost increases for
steel and owner furnished equipment.
"Market conditions for Jones Act petroleum product tankers remained very
challenging in the second quarter of 2008. Although our chemical business
recovered somewhat in May and June following a weak April, the effects of
record high oil prices on both refining activity and consumption of
refined products caused a sharp drop in spot market demand for tanker
transportation in our core market. Persistent record prices for fuel
consumed to power our vessels also contributed to pressure on operating
margins for those units primarily trading in the spot market. In response
to the drop in spot market demand, the Partnership has redeployed three of
its six ITBs into carrying grain for humanitarian organizations under a
U.S. government financed program where demand has been reasonably strong.
However, given continued microeconomic stresses on the US economy and
unprecedented crude oil prices, our outlook for 2008 remains very
guarded," said Mr. Gridley.
In order to address reduced demand for our ITBs in the spot market for
transportation of petroleum products, we are currently employing three of
our ITBs in the foreign transportation of grain for humanitarian
organizations. Unlike our petroleum voyages, where we generally recognize
revenue and expenses based upon the relative transit time in each period
to the total estimated transit time for each voyage, for our grain
voyages we only recognize revenue and expenses when the grain reaches its
final destination (although our expenses are deferred and accrued as a
liability on our balance sheet), which often falls in the next reporting
period. Accordingly, a comparison of our results for the three months
ended June 30, 2008 with prior quarters and comparable periods in the
prior year may be less meaningful.
Three Months Ended June 30, 2008
The Partnership had a net loss for the three months ending June 30, 2008
of $2.7 million compared to net income of $2.4 million for the same
period in 2007. Operating income was $1.6 million for the three months
ending June 30, 2008 compared to $6.2 million in the same period in 2007.
Net loss per basic and diluted limited partnership unit for the second
quarter 2008 was $0.14 compared to net income per basic and diluted
limited partnership unit for the second quarter 2007 of $0.13.
Voyage revenue was $49.8 million for the three months ended June 30,
2008,
an increase of $4.2 million from $45.6 million for the three months ended
June 30, 2007. The increase in voyage revenue was primarily the result of
the addition of the ATB Freeport placed in service in July 2007, as well
as higher spot market rates compared to time charter rates given that spot
market rates include an amount to cover voyage expenses whereas time
charter rates do not include this amount because the customer is
responsible for payment of these expenses. These revenues were partially
offset by more offhire days due to reduced demand for our ITBs as well as
the impact related to the difference in revenue recognition policies for
grain voyages compared to our other voyages. Revenues are affected by
several factors, such as the mix of charter types; the charter rates
attainable in the market; fleet utilization and other items such as fuel
surcharges. Certain charters, including contracts of affreightment and
consecutive voyage charters, generally provide for fuel escalation
charges, but do not fully protect the Partnership when the price of fuel
increases. These charges generally increase revenue, but only serve to
partially offset the increase in fuel expenses. Revenue for the three
months ended June 30, 2008 included $4.4 million of fuel surcharges,
compared to $2.6 million for the three months ended June 30, 2007.
For the three months ended June 30, 2008, revenues from our chemical
fleet
were $20.1 million, an increase of $5.4 million over the three months
ended June 30, 2007. The ATB Freeport contributed $4.5 million of this
increase; the remainder of the increase was due to increased charter
rates and fuel surcharges. Revenue from the remainder of the
Partnership's vessels, which consist of the six ITBs and the product
tanker Houston, were $29.8 million for the three months ended June 30,
2008, a decrease of $1.1 million from the comparable period in 2007. The
decrease in revenue is largely due to the deferral of recognition of
revenue of $5.5 million attributable to two grain voyages that commenced
in the second quarter of 2008 that will be recognized in the third
quarter of 2008 upon delivery of the grain to its final destination, as
well as increased offhire days due to reduced demand in the spot market
for transportation of petroleum products and required repairs to the ITB
New York. The decrease in revenues from the Partnership's ITB fleet was
partially offset by the fact that the Partnership obtained higher rates
than it would have received if the vessels had been operating on time
charters, as the Partnership was responsible for the payment of voyage
expenses.
During the three months ended June 30, 2008, voyage expenses increased by
$8.6 million over the prior year due to the addition of the ATB Freeport,
which contributed $1.4 million in voyage expenses, coupled with increases
in fuel, port, commission and other costs on the remaining fleet of
approximately $7.2 million. Approximately $3.8 million of the $7.2 million
increase related to increased fuel costs, which were only partially offset
by the $0.8 million of increased fuel surcharge revenue, and approximately
$2.8 million related to the cost of readying our ITBs to transport grain.
A significant increase in voyage expenses is due to the loss of two time
charters for our ITBs in 2008 resulting in the Partnership incurring
voyage expenses that it previously did not incur under time charters. The
impact of these additional voyage expenses increased revenues as rates are
generally higher to compensate for these voyage expenses that were
previously incurred by the customer under a time charter. Because we do
not recognize voyage expenses related to our grain voyages until the
voyage is completed, voyage expenses for the three months ended June 30,
2008 do not include approximately $2.3 million of expenses related to
grain voyages commenced in the second quarter of 2008 yet completed in
July 2008.
During the three months ended June 30, 2008 vessel operating expenses
decreased $1.0 million from the second quarter of 2007, primarily due to a
$2.2 million net reduction in expenditures on supplies, repairs and
maintenance, safety and training. This decrease was partially offset by
the addition of the ATB Freeport, which increased vessel operating
expenses by $1.1 million. There was a net $0.1 million increase in all
other vessel operating expenses.
General and administrative expenses decreased $0.2 million in the three
months ended June 30, 2008 compared to the same period in 2007. A decrease
in personnel expense of $0.6 million was partially offset by an increase
in professional fees consisting of legal, accounting and consulting fees
primarily related to our review of strategic alternatives, of $0.4
million.
During the three months ended June 30, 2008, depreciation and
amortization
expense increased by $1.4 million from the same period in 2007. The
increase is primarily due to additional amortization of drydock
expenditures of $1.0 million, principally resulting from drydocks
completed in 2007, and $0.8 million attributable to the addition of the
ATB Freeport. These increases to depreciation and amortization expense
(MORE TO FOLLOW) Story 2598 U.S. Shipping Partners L.P. Reports Second -2 -
were partially offset by a decrease of $0.4 million resulting from an
adjustment of to the values assigned to the vessels in the original
purchase of the ITBs due to net payments made to us under the Hess
Support Agreement, which under GAAP were considered an adjustment to the
original purchase price.
Other expense in the three month ended June 30, 2008 of $45 reflects a
loss related to the sale of surplus equipment. There was not other
expense or income in the three months ended June 30, 2007.
Interest expense increased by $0.2 million for the three months ended
June
30, 2008 compared to the same period in 2007 due primarily to increased
borrowings. Interest income earned by the Partnership decreased by $2.0
million, due primarily to reduced balances in the Partnership's restricted
cash accounts. Funds were released in connection with the construction of
the ATBs and the tankers being constructed by the joint venture entered
into by the Partnership in 2006 (the "Joint Venture"). The restricted cash
accounts consist of two escrow accounts which were established as part of
the Partnership's 2006 debt and equity financings to fund the construction
of three new ATBs and the Partnership's remaining committed equity
contributions to the Joint Venture. Interest income will continue to
decrease as funds in these escrow accounts are used to fund the
construction of the three new ATBs and the Partnership's equity
contributions to the Joint Venture. As previously announced, the
Partnership is in discussions to amend certain financial covenant ratios
in its senior credit agreement; any amendment to these financial covenants
will require the payment of fees and a higher rate of interest, which will
negatively impact the Partnership's results of operations.
For the second quarter of 2008, the Joint Venture recorded gains of $0.6
million on derivative financial instruments while the Partnership recorded
no gains or losses on derivative financial instruments.
The net loss per basic and diluted limited partnership unit for the three
months ended June 30, 2008 was $0.14 compared to net income per basic and
diluted limited partnership unit of $0.13 for the three months ended June
30, 2007.
Adjusted EBITDA decreased by $3.2 million to $12.5 million for the three
months ended June 30, 2008 from $15.7 million for the comparable period in
2007. The decrease was primarily due to an increase in voyage expenses of
$8.6 million. Additionally, there was a $0.3 million decrease in gains on
derivative financial instruments. These decreases were offset by an
increase in voyage revenues of $4.2 million coupled with a decrease in
vessel operating expenses of $1.0 million, a decrease of $0.2 million in
general and administrative expense and a favorable variance of $0.3
million in the noncontrolling interest in the Joint Venture. Adjusted
EBITDA is a non-GAAP measure explained in greater detail below under "Use
of Non-GAAP Financial Information."
Six Months Ended June 30, 2008
The Partnership's net loss for the six months ending June 30, 2008 was
$8.5 million compared to net income of $8.2 million for the same period
in 2007. Operating income was $2.1 million for the six months ending June
30, 2008 compared to $16.6 million in the same period in 2007. Net loss
per basic and diluted limited partnership unit in 2008 was $0.45 compared
to a net income per basic and diluted limited partnership unit in 2007 of
$0.44.
Voyage revenue was $101.3 million for the six months ended June 30, 2008,
an increase of $13.6 million from $87.7 million for the six months ended
June 30, 2007. Revenues are affected by several factors, such as the mix
of charter types; the charter rates attainable in the market; fleet
utilization and other items such as fuel surcharges. Certain charters,
including contracts of affreightment and consecutive voyage charters
generally provide for fuel escalation charges, but do not protect the
Partnership fully when the price of fuel increases. These charges
generally increase revenue, but only serve to partially offset the
increase in fuel expenses. Revenue for the six months ended June 30, 2008
included $9.5 million of fuel surcharges, compared to $4.3 million for
the six months ended June 30, 2007.
For the six months ended June 30, 2008, revenues from our chemical fleet
were $39.5 million, an increase of $10.6 million over the six months ended
June 30, 2007. The ATB Freeport contributed $8.7 million of this increase;
the remainder of the increase was due to increased charter rates and fuel
surcharges. Revenue related to the Partnership's ITB fleet and the product
tanker Houston were $61.8 million for the six months ended June 30, 2008,
an increase of approximately $3.0 million from the comparable period in
2007. The increase in revenue for the ITB fleet revenue for the first half
of 2008 was due primarily to approximately $3.0 million of revenue from a
grain voyage the recognition of which was deferred from December 2007
until the grain reached its final destination in February 2008.
Furthermore, the Partnership experienced increased revenues from
obtaining higher rates than it would have received if the vessels had
been operating on time charters, as the Partnership was responsible for
the payment of voyage expenses, as well as increased days worked (due to
2008 being a leap year). The increase in revenue was partially offset by
the ITBs being offhire more days in the first half of 2008 compared to
the first half of 2007 and the deferral of recognition of $5.5 million of
revenue attributable to two grain voyages that commenced in the second
quarter of 2008 that will be recognized in the third quarter of 2008,
when the grain reached its final destination. At June 30, 2008, total
deferred costs for these grain voyages were approximately $2.3 million.
Revenue related to the Partnership's chemical fleet (other than the ATB
Freeport) increased by $1.9 million from the comparable period in 2007
due to increased charter rates.
During the six months ended June 30, 2008, voyage expenses increased by
$14.9 million over the prior year due to the addition of the ATB Freeport,
which contributed $3.0 million in additional voyage expenses, along with
increases in fuel, port, and commission costs on the remaining fleet of
approximately $7.3 million. Approximately $6.2 million of this $7.3
million increase related to increased fuel costs, which were partially
offset by the $3.2 million of increased fuel surcharge revenue. In
addition, grain voyage related voyage expenses including tank cleaning
increased by $4.6 million for the ITB Philadelphia, ITB Jacksonville, and
ITB Baltimore in the first half of 2008. The significant increase in
voyage expenses is due to the loss of two time charters in our ITBs in
2008 resulting in the Partnership incurring voyage costs that it
previously did not under time charters. The impact of these additional
voyage costs increased revenues as rates are higher to compensate for
these voyage expenses that were previously incurred by the customer under
a time charter.
During the six months ended June 30, 2008 vessel operating expenses
increased $1.1 million from the second quarter of 2007, primarily due to
the addition of the ATB Freeport, which contributed $2.4 million in vessel
operating expenses. Additionally, crew wages and benefits increased by $.9
million and all other vessel operating expenses increased by $0.2 million.
The increase in crew wages and benefits resulted from new collective
bargaining agreements with the unions that cover the crew members and
officers of our vessels effective in the second and third quarters of
2007, respectively. These increases were offset by a $2.4 million net
decrease in expenditures for supplies and repairs and maintenance.
There was no change in general and administrative expenses in the six
months ended June 30, 2008 compared to the same period in 2007. An
increase in professional fees, consisting of legal, accounting and
consulting fees, and directors fees of $1.0 million were offset by a net
decrease in personnel expenses of $1.0 million.
During the six months ended June 30, 2008, depreciation and amortization
expense increased by $2.8 million from the same period in 2007. The
increase is primarily due to additional amortization of drydock
expenditures of $2.0 million, principally resulting from drydocks
completed in 2007, and $1.6 million attributable to the addition of the
ATB Freeport. These increases to depreciation and amortization expense
were partially offset by a decrease of $0.7 million resulting from an
adjustment of to the values assigned to the vessels in the original
purchase of the ITBs due to net payments made to us under the Hess
Support Agreement, which under GAAP were considered an adjustment to the
original purchase price.
Interest expense increased by $1.2 million for the six months ended June
30, 2008 compared to the same period in 2007 due primarily to increased
borrowings. Interest income earned by the Partnership decreased by $3.6
million, due primarily to reduced balances in the Partnership's restricted
cash accounts as funds were released in connection with the construction
of the ATBs and the tankers being constructed by the Joint Venture.
The Partnership recorded gains on derivative financial instruments of
$0.7
million and the Joint Venture recorded gains of $0.3 million on derivative
financial instruments during the six months ended June 30, 2008.
Adjusted EBITDA decreased by $5.0 million to $30.2 million for the six
months ended June 30, 2008 from $35.2 million for the comparable period in
2007. The decrease was primarily due to an increase in voyage expenses of
(MORE TO FOLLOW) Story 2599 U.S. Shipping Partners L.P. Reports Second -3 -
$14.9 million, the recognition of a $3.5 million contract settlement in
the first half of 2007 and increased vessel operating expenses of $1.1
million These decreases were partially offset by an increase in voyage
revenues of $13.6 million. Additionally, adjusted EBITDA for the 2008
period reflects a $0.7 million favorable variance related to the
noncontrolling interest in the of the Joint Venture and a $.1 million
increase on derivative financial instruments recorded by the Partnership
and the Joint Venture. Adjusted EBITDA is a non-GAAP measure explained in
greater detail below under "Use of Non-GAAP Financial Information."
Liquidity
During the first half of 2008, all but one of the Partnership's ITBs
began
to operate in the spot market for the transportation of petroleum
products, which has increased the volatility of the Partnership's
revenues and working capital requirements, and decreased the
predictability of its cash flows. Beginning in late March 2008, market
conditions in the spot market deteriorated substantially due to the
overall softening of U.S. economic activity and decreased demand for the
domestic coastwise transportation of petroleum products. Additionally,
refinery utilization has declined considerably, fuel prices for operating
the Partnership's vessels are at record levels and newbuilds have
increased capacity serving the Jones Act market at a faster rate than
demand and the expected decrease in capacity due to the required
phase-outs under the Oil Pollution Act of 1990. Due to these market
shifts, the ITBs have recently incurred idle periods greater than, and
charter rates below, the Partnership's expectations at the beginning of
2008. During the first half of 2008, the Partnership also experienced
modest decreased demand for the domestic coastwise transportation of
chemical products served by its chemical transporting vessels, which the
Partnership believes was primarily due to its customers working off
inventory levels due to the decline in economic activity.
As a result, the Partnership's cash flows and liquidity have come under
increasing pressure due to the current difficult market conditions, which
has substantially increased the likelihood that the Partnership will not
be able to remain in compliance with certain financial covenants relating
to leverage (debt to EBITDA) and fixed charge and interest coverage under
its senior credit facility as early as the end of the third quarter of
2008. The Partnership is currently in compliance with all its financial
covenants as of the end of the second quarter of 2008. We expect to
generate sufficient cash, together with borrowings under its revolving
credit facility, to make interest payments and scheduled principal
payments on its debt.
Additionally, participation in the spot market requires the Partnership
to
carry higher amounts of working capital, as under spot charters fuel costs
are the Partnership's responsibility and are paid at the time fuel is
delivered, and not realized economically until payment is made to USS by
the customer. Additionally, payment generally occurs at the completion of
a voyage, compared to time charters, where payment is generally made by
the customer at the beginning of a fixed period of time, such as a month.
In addition, grain voyages, where the Partnership is paid at the end of
the voyage when the grain reaches its final destination, tend to be
substantially longer in duration than refined petroleum product voyages.
As the Partnership adds two additional vessels in 2008 and its ITBs
participate more in the spot market, USS expects its working capital
requirements to increase. The Partnership has limited availability under
its credit facility to finance this increase in working capital
requirements.
In response to these issues, the Partnership has retained Greenhill &
Co.,
LLC and Jefferies & Company, Inc. to assist it in exploring strategic
alternatives, including either the possible sale of the business or the
sale of new equity, and other ways to increase liquidity and strengthen
the financial resources of the Partnership. In order to give the
Partnership adequate time to pursue strategic alternatives, the
Partnership has entered into negotiations with its lenders to amend
certain financial ratio covenants under its senior credit facility. Based
on discussions to date with its lenders regarding an amendment to the
senior credit facility, the Partnership believes any amendment will
require the payment of additional fees and a higher interest rate and
will prohibit the payment of distributions on any units until the current
senior credit facility is repaid. There can be no assurance that we will
be successful in obtaining an amendment to our senior credit facility on
acceptable economic terms. If we are not in compliance with our financial
covenants, our lenders have a number of remedies, including declaring all
outstanding borrowings to be immediately due and payable and refusing to
make funds available under the revolving credit facility. In addition, we
would be prohibited from making distributions on our common units until
we are again in compliance, although any unpaid distributions will
continue to accrue on the common units. Furthermore, the lenders under
the senior credit facility could prohibit us from paying interest on the
senior notes.
About U.S. Shipping Partners L.P.
U.S. Shipping Partners L.P. is a leading provider of long-haul marine
transportation services, principally for refined petroleum products,
petrochemical and commodity chemical products, in the U.S. domestic
"coastwise" trade. The Partnership's existing fleet consists of eleven
tank vessels: six integrated tug barge units; one product tanker; three
chemical parcel tankers and one ATB that was delivered in June 2007 and
entered service in July 2007. The Partnership has embarked on a capital
construction program to build additional ATBs and, through a joint
venture, additional tank vessels that upon completion will result in the
Partnership having one of the most modern fleets in service. For
additional information about U.S. Shipping Partners L.P., please visit
www.usslp.com.
Use of Non-GAAP Financial Information
U.S. Shipping Partners L.P. reports its financial results in accordance
with generally accepted accounting principles. However, we also present
Adjusted EBITDA, a non-GAAP financial measure that is used as a
supplemental financial measure by management and by external users
(including our lenders) of our financial statements to assess (a) the
financial performance of our assets, and our ability to generate cash
sufficient to pay interest on our indebtedness and make distributions to
partners, (b) our operating performance and return on invested capital as
compared to other companies in our industry, and (c) our compliance with
certain financial covenants in our debt agreements. The calculation of
Adjusted EBITDA is detailed in the table below, together with a
reconciliation of Adjusted EBITDA to the most directly comparable GAAP
measurement. Adjusted EBITDA should not be considered an alternative to
net income, operating income, cash flow from operating activities, or any
other measure of financial performance or liquidity under GAAP. Adjusted
EBITDA as presented herein may not be comparable to similarly titled
measures of other companies.
This press release may include "forward-looking statements" as defined by
the Securities and Exchange Commission. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain
assumptions made by the Partnership based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
Partnership, which may cause our actual results to differ materially from
those implied or expressed by the forward-looking statements. Such
assumptions, risks and uncertainties are discussed in detail in the
Partnership's filings with the SEC and include, among other things, the
willingness of our lenders to amend our credit agreement on commercially
acceptable terms and to continue to make advances to us under our
revolving credit facility to meet our working capital requirements,
increased financing costs, no occurrence of an event of default under our
credit agreement that would allow our lenders to demand immediate
repayment of all outstanding borrowings under the credit facility, future
charter rates, demand in the spot market for vessels and timely and
on-budget delivery in the second half of 2008 of two ATBs currently
(MORE TO FOLLOW) Story 2600 U.S. Shipping Partners L.P. Reports Second -4 -
underconstruction.
U.S. Shipping Partners L.P.
Consolidated Statements of Operations
(in thousands, except for per unit data) (unaudited)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
2008 2007 2008 2007
Voyage revenue $ 49,819 $ 45,621 $ 101,323 $ 87,703
Vessel operating expenses 16,384 17,407 33,405 32,325
% of voyage revenue 32.9% 38.2% 33.0% 36.9%
Voyage expenses 17,331 8,712 31,010 16,149
% of voyage revenue 34.8% 19.1% 30.6% 18.4%
General and administrative
expenses 4,011 4,241 8,005 8,006
% of voyage revenue 8.1% 9.3% 7.9% 9.1%
Previous Story Next Story
Top of Story Return to Headlines
Not sure why...
Followers
|
1
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
164
|
Created
|
06/12/08
|
Type
|
Free
|
Moderators |
~ Click Pic for Home Page (Investor Relations , SEC, PR)
CIK 0001299716
~ Click for MM Bid/Ask, Historical Volume and Prices within Chart, yada-yada .....
U.S. Shipping Partners L.P. was originally listed on the New York Stock Exchange (NYSE) under the symbol "USS" down listed to the Pinksheets under the symbol "USSPZ" on November 6, 2008.
Overview of US Shipping Partners LP (USSPZ:OTC)
We are a provider of long-haul marine transportation services, principally for refined petroleum products, in the U.S. domestic "coastwise" trade. We are also involved, to a limited extent, in the coastwise transportation of petrochemical and commodity chemical products. Marine transportation is a vital link in the distribution of refined petroleum, petrochemical and commodity chemical products in the United States, with approximately 28% of domestic refined petroleum products being transported by water in 2002. Our fleet consists of eight tank vessels: six integrated tug barge units, or ITBs, and two specialty refined petroleum and chemical product, or parcel, tankers. Our primary customers are major oil and chemical companies. A significant portion of our fleet capacity is currently committed to these companies pursuant to contracts with initial terms of one year or more, which provides us with a relatively predictable level of cash flow. We do not assume ownership of any of the products that we transport on our vessels.
Our market is largely insulated from direct foreign competition because the Merchant Marine Act of 1920, commonly referred to as the Jones Act, restricts U.S. point-to-point maritime shipping to vessels operating under the U.S. flag, built in the United States, at least 75% owned and operated by U.S. citizens and manned by U.S. crews. All of our vessels are qualified to transport cargo between U.S. ports under the Jones Act.
We began operations in September 2002 when we acquired our six ITBs from a division of Amerada Hess that was managed by several executive officers of our general partner. Our six ITBs primarily transport clean refined petroleum products, such as gasoline, diesel fuel, heating oil, jet fuel and lubricants, from refineries and storage facilities to a variety of destinations, including other refineries and distribution terminals. Four of our ITBs are currently operating under contracts with Hess, BP and Shell, one of which expires in September 2005 and one expires in January 2006 with the remaining two expiring in late 2006. Our remaining two ITBs are currently operating in the spot market. Regardless of our contract rates and rates in the spot market, we are assured specified minimum charter rates for our ITBs through September 13, 2007, subject to certain limited exceptions, pursuant to a support agreement we entered into with Hess in connection with our acquisition of the six ITBs.
Our two parcel tankers, the Chemical Pioneer and the Charleston, which we acquired in May 2003 and April 2004, respectively, primarily transport specialty refined petroleum, petrochemical and commodity chemical products, such as lubricants, paraxylene, caustic soda and glycols, from refineries and petrochemical manufacturing facilities to other manufacturing facilities or distribution terminals. We have contracts with Dow Chemical, ExxonMobil, Koch Industries, Lyondell Chemical and Shell with specified minimum volumes that will, in aggregate, account for approximately 74% of the anticipated usable capacity of the Charleston through July 2007 and 75% of the anticipated usable capacity of the Chemical Pioneer through February 2007. In addition, these customers are generally required to ship on our parcel tankers any additional volumes of these products shipped to the ports specified in the contracts. As a result, we expect these companies will utilize substantially all of the non-committed capacity of these vessels during those periods.
In August 2004, we signed a fixed-price contract for construction of a 19,999 ton articulated tug barge unit, or ATB, which is scheduled to be delivered in early 2006. We have entered into contracts to carry commodity chemical products with specified minimum volumes that will utilize approximately 77% of the ATB's anticipated capacity through September 2007 and approximately 67% of the ATB's anticipated capacity thereafter through June 2010. If delivery of the ATB is delayed, we anticipate that we will either use available cargo capacity on one of our vessels or charter additional vessels to meet our contractual obligations pending delivery of the ATB. Our ATB construction contract also provides us with options to purchase three additional ATBs over the next 24 months at fixed prices, subject to limited exceptions.
Transfer Agent: American Stock Transfer & Trust Company, 59 Maiden Lane, New York, NY 10038. Phone: 800-937-5449
3-Month (Daily)
6-Month (Daily)
5-Year (Daily)
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |