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American National Bankshares Inc.

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Msg  44551 of 45433  at  3/23/2023 1:42:20 PM  by


The following message was updated on 3/23/2023 1:46:40 PM.


Dorian (LPG) takes delivery of a new VLGC.  Down 3.7%!!!  Makes no sense whatsoever.  Buy some for income or trade.  I sold about 60% of my position yesterday and bought back today $1.02 cheaper.  No complaints here.
Also bought CLCO for the 3rd time this week.  Another play on LNG shipping to go with FLNG.  Policy is to pay cash flow to dividends, after standard subtractions.  I am anticipating a 0.40 quarterly dividend to yield over 13%.  Lots of debt but its new and growing with 11 vessels now and newbuilds on order, and the LNG shipping sector looks solid. 

Q4 Highlights and Subsequent Events

  • Generated total operating revenues of $90.3 million for the Quarter, compared to $65.8 million for the third quarter 2022 ("Q3") with net income of $33.1 million and earnings per share of $0.68 for Q4;
  • Achieved average Time Charter Equivalent Earnings ("TCE")1 of $83,600 per day for Q4, compared to $73,200 per day for Q3;
  • Adjusted EBITDA1 of $58.6 million for Q4, compared to $42.4 million for Q3;
  • Commenced previously announced three-year charter from October 2022 at approximately $120,000 per day;
  • Agreed another three-year charter that commenced in February 2023 at a rate that averages $120,000 per day over the charter period;
  • Raised approximately $170 million in a primary equity offering on November 2, 2022 to fund the equity consideration for the acquisition of four special purpose vehicles ("SPVs"), each holding one contracted LNG carrier, for an aggregate purchase consideration of approximately $660 million on November 10, 2022 (the balance was funded through the assumption of a $520 million term loan facility of which a principal repayment of approximately $20 million was made on November 14, 2022);
  • Entered into an option agreement expiring June 30, 2023 to acquire two Hyundai Samho LNG carrier newbuild contracts (the "newbuild option") with scheduled deliveries in second half of 2024;
  • Announced the sale of the Golar Sealin February 2023, the oldest vessel in the fleet for $184.3 million (with the buyer assuming all costs associated with the vessel’s forthcoming scheduled dry-dock), releasing approximately $94 million, after repayment of its associated debt, that will be available to fund the acquisition of the two Hyundai Samho LNG carriers in the event the Company decides to exercise the newbuild option;
  • Publicly filed a registration statement for direct listing of the Company's shares on the New York Stock Exchange (“NYSE”), subject to the registration statement being declared effective, with the intention of listing around mid-March 2023 under the ticker of “CLCO” (which would be the common ticker for NYSE and Euronext Growth Oslo); and
  • In accordance with its dividend policy announced in the Quarter, the Company declared a dividend for Q4 of $0.40 per share, to be paid on March 10, 2023 to all shareholders of record on March 3, 2023.

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