Exhibit 99.4
Unaudited Financial Information for the Three Months Ended March 31, 2017 of Navig8 Product Tankers
The table below sets forth the unaudited statement of profit or loss for the three months ended March 31, 2017 and 2016 and summary balance sheet data as of March 31, 2017 for Navig8 Product Tankers Inc. and its subsidiaries, which have been prepared in accordance with U.S. GAAP. The interim financial data is not necessarily indicative of future results.
Statement of income or loss
| | | | | | | | |
| | For the three months ended March 31, | |
In thousands of U.S. dollars except per share and share data | | 2017 | | | 2016 | |
Vessel revenue (includes related party revenue of $38,199: 2016: $22,942) | | $ | 38,250 | | | $ | 22,942 | |
| | | | | | | | |
Total operating revenue | | | 38,250 | | | | 22,942 | |
| | |
Vessel expenses (includes related party expenses of $976; 2016: $311) | | | (14,039 | ) | | | (9,603 | ) |
Depreciation | | | (11,626 | ) | | | (3,180 | ) |
General and administrative expenses (includes related party expenses of $549; 2016: $491) | | | (2,200 | ) | | | (1,830 | ) |
| | | | | | | | |
Total operating expenses | | | (27,865 | ) | | | (14,613 | ) |
Net operating income | | | 10,385 | | | | 8,329 | |
Financial items | | | | | | | | |
Interest income | | | 19 | | | | 5 | |
Interest expense and finance costs | | | (11,371 | ) | | | (2,527 | ) |
Other financial items | | | (169 | ) | | | 8 | |
| | | | | | | | |
Net financial items | | | (11,521 | ) | | | (2,514 | ) |
| | |
Total income / (loss) before tax | | | (1,136 | ) | | | 5,815 | |
Income tax | | | (23 | ) | | | (16 | ) |
| | | | | | | | |
Net income / (loss) | | $ | (1,159 | ) | | $ | 5,799 | |
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Earnings per common share: | | | | | | | | |
Basic(1) | | $ | (0.04 | ) | | $ | 0.15 | |
Diluted(1) | | $ | (0.04 | ) | | $ | 0.15 | |
Basic weighted average shares outstanding (in thousands) | | | 46,973 | | | | 39,846 | |
Diluted weighted average shares outstanding (in thousands) | | | 46,973 | | | | 39,927 | |
(1) | The computation of earnings per share is based on distributable net (loss)/income and the weighted average number of shares outstanding during the year. Distributable net loss for the three months ended March 31, 2017 was $1.9 million, which consists of the net loss of $1.2 million and cumulative undeclared dividends on preferred stock of $0.8 million. |
Summary balance sheet data
| | | | | | | | |
| | March 31, 2017 | | | December 31, 2016 | |
In thousands of U.S. dollars | | (unaudited) | | | | |
Balance sheet data | | | | | | | | |
Cash and cash equivalents | | $ | 21,269 | | | $ | 34,276 | |
Vessels, net | | | 1,257,520 | | | | 1,169,121 | |
Vessels under construction | | | 20,865 | | | | 56,542 | |
Total assets | | | 1,359,495 | | | | 1,316,311 | |
Current andnon-current debt(1) | | | 887,905 | | | | 843,060 | |
Shareholders’ equity | | | 443,465 | | | | 444,521 | |
(1) | Current andnon-current debt as of March 31, 2017 and December 31, 2016 is shown net of unamortized debt issuance costs of $30.7 million and $30.6 million, respectively. |
The table below sets forth certain of NPTI’s other operating data for the three months ended March 31, 2017 and 2016.
| | | | | | | | | | | | | | | | | | | | |
| | For the three months ended March 31, 2017 | | | For the three months ended March 31, 2016 | |
(in $ millions, except per day data measured in U.S. dollars) | | LR1 vessels | | | LR2 vessels | | | LR1 vessels | | | LR2 vessels | | | Chartered in Vessels | |
Net Vessel Revenue* | | $ | 15.6 | | | $ | 22.5 | | | | 7.0 | | | | 8.4 | | | | 7.6 | |
Add back: Pool commissions | | | 1.1 | | | | 0.3 | | | | 0.2 | | | | 0.3 | | | | 0.2 | |
Gross Time Charter Revenue | | | 16.7 | | | | 23.3 | | | | 7.2 | | | | 8.8 | | | | 7.8 | |
Total Operating Days(1) | | | 1,080 | | | | 1,226 | | | | 312 | | | | 300 | | | | 273 | |
Average TCE per day(2) | | | 15,429 | | | | 18,972 | | | | 22,949 | | | | 29,185 | | | | 28,515 | |
(1) | Total operating days is defined as the total days NPTI’s vessels were in its possession for the relevant period, net of any off-hire days (scheduled and unscheduled), including off-hire days associated with major repairs, drydockings or special or intermediate surveys. |
(2) | Freight rates are commonly measured in the shipping industry in terms of time charter equivalent, or TCE, per day. Average Distributed Gross TCE in $ /day is defined as the average TCE revenue calculated as the gross time charter and vessel revenues less voyage expenses (including bunkers and port charges but excluding pool commission). |
* | Vessel revenue for the three months ended March 31, 2017 of $38.2 million (2016: $22.9 million) comprised of net vessel revenue of $38.1 million (2016: $23.0 million) and a net gain on Pool Management Revenue Share Rights Agreement of $0.1 million (2016: net loss of $0.1 million). |