Grindrod Shipping Holdings Ltd. 2018 Second Half and Full Year Financial Results

.S. dollars where indicated)

  2018     2017     2018     2017                             Small Tanker Segment                         Calendar days(2)    634     654     1,268     1,469   Available days(3)    624     646     1,234     1,461   Operating days(4)    623     646     1,223     1,461   Owned fleet operating days(5)    623     630     1,223     1,264   Long-term charter-in days(6)    -     16     -     197   Short-term charter-in days(7)    -     -     -     -   Fleet Utilization(8)    99.8 %   100 %   99.1 %   99 % Small Tanker Segment Average Daily Results                         TCE per day (9)  $ 11,453   $ 13,458   $ 11,392   $ 13,014   Vessel operating costs per day(10)  $ 6,390   $ 7,286   $ 7,069   $ 7,427   Long-term charter-in costs per day(11)  $ -   $ 10,938   $ -   $ 10,905                            

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⁽¹⁾ Segment historical and statistical data of our operating fleet include the proportionate share of joint ventures which is not reflected in our combined results of operations.
⁽²⁾ Calendar days: total calendar days the vessels were in our possession for the relevant period.
⁽³⁾ Available days: total number of calendar days a vessel is in our possession for the relevant period after subtracting off-hire days for scheduled drydocking and special surveys. We use available days to measure the number of days in a relevant period during which vessels should be available for generating revenues.
⁽⁴⁾ Operating days: the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenues.
⁽⁵⁾ Owned fleet operating days: the number of operating days in which our owned fleet is operating for the relevant period.
⁽⁶⁾ Long-term charter-in days: the number of operating days in which our long-term charter-in fleet is operating for the relevant period. We regard chartered-in vessels as long-term charters if the period of the charter that we initially commit to is 12 months or more. Once we have included such chartered-in vessels in our Fleet, we will continue to regard them as part of our Fleet until the end of their chartered-in period, including any period that the charter has been extended under an option, even if at a given time the remaining period of their charter may be less than 12 months.
⁽⁷⁾ Short-term charter-in days: the number of operating days for which we have chartered-in third party vessels for durations of less than one year for the relevant period.
⁽⁸⁾ Fleet utilization: the percentage of time that vessels are available for generating revenue, determined by dividing the number of operating days during a relevant period by the number of available days during that period. We use fleet utilization to measure a company’s efficiency in technically managing its vessels.
⁽⁹⁾ TCE per day: vessel revenues less voyage expenses during a relevant period divided by the number of operating days during the period. The number of operating days used to calculate TCE revenue per day includes the proportionate share of our joint ventures’ operating days and includes charter-in days. See “Non-GAAP Financial Measures” at the end of this press release.
⁽¹⁰⁾ Vessel operating costs per day: Vessel operating costs per day represents vessel operating costs divided by the number of calendar days for owned vessels. The vessel operating costs and the number of calendar days used to calculate vessel operating costs per day includes the proportionate share of our joint ventures’ calendar day and excludes charter-in costs and charter-in days.
⁽¹¹⁾ Long-term charter-in costs per day: Charter hire expenses associated with long-term charter-in vessels divided by long-term charter-in days for the relevant period.

The tables below present the breakdown of charter hire expense into long-term charter hire expense and short-term charter hire expense for the six months to December 31, 2018 and 2017, and for the 12 months to December 31, 2018 and 2017:

 

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⁽¹⁾ Charter hire cost incurred by the joint ventures are included within the operating segment information on a proportionate consolidation basis.  Accordingly, joint ventures’ proportionate financial information are adjusted out to reconcile to the unaudited interim condensed consolidated and combined financial statements.

Unaudited Condensed Consolidated and Combined Statement of Financial Position

* Amount is less than US$1.00

Unaudited Condensed Consolidated and Combined Statement of Profit or Loss