FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October, 2001
CENARGO INTERNATIONAL PLC
(Translation of registrant's name into English)
Puttenham Priory
Puttenham
Surrey GU3 1AR
United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing
the information to the commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes No X
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is Cenargo International Plc's
quarterly report for the period ended June 30, 2001 containing a
Management's Discussion and Analysis of Financial Condition and
Results of Operation and Unaudited Consolidated Financial
Statements.
2
CENARGO INTERNATIONAL PLC
QUARTERLY REPORT
JUNE 30, 2001
3
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
Cenargo, an English company, is a diversified international
transportation group specialising in European freight and
passenger ferry services, international ship owning and
chartering, the movement of surface and airfreight and the
management of freight logistics.
RESULTS OF OPERATIONS
Three months ended June 30, 2001 compared to three months ended
June 30, 2000.
Operating Revenues
Operating Revenues increased in the third quarter ended June 30,
2001 (the '2001 quarter') by pounds sterling 3.7 million to
pounds sterling 29.4 million compared to pounds sterling 25.7
million in the third quarter ended June 30, 2000 (the '2000
quarter'). This increase includes a pounds sterling 3.8 million
increase in charter hire income, a pounds sterling 1.5 million
decrease in ferry service income and a pounds sterling 1.4
million increase in logistic and other income. The increase in
charter hire income is mainly attributable to the two RoPax
vessels time chartered to Norfolk Line (Maersk) since their
delivery in 2000.
The reduction in ferry service income is mainly attributable to
the inclusion of pounds sterling 1.4 ($2 million) in the 2000
quarter relating to the court case against the Spanish
government. The increase in logistics revenues is mainly due to
the increased volume of business.
Operating Expenses
Vessel and other operating costs increased in the 2001 quarter by
pounds sterling 0.5 million to pounds sterling 20.5 million
compared to pounds sterling 20.0 million in the 2000 quarter.
This mainly reflects the saving from having purchased Lagan
Viking and Mersey Viking rather than time chartering them as
previously less the additional operating costs of the two new
vessels time chartered to Norfolk Line (see above)
Depreciation increased in the 2001 quarter by pounds sterling 0.8
million to pounds sterling 2.4 million compared to pounds
sterling 1.6 million in the 2000 quarter. This is mainly
4
attributable to depreciation on the Lagan and Mersey Viking
purchased in March 2001.
General administrative expenses for the 2001 quarter increased by
pounds sterling 0.2 million to pounds sterling 2.2 million
compared to pounds sterling 2.0 million in the 2000 quarter
primarily due to inflationary increases.
Primarily as a result of these developments total operating
expenses increased by pounds sterling 1.5 million to pounds
sterling 25.0 million for the 2001 quarter compared to pounds
sterling 23.5 million for the 2000 quarter.
Net Operating Income
As a result of the foregoing factors net operating income
increased by pounds sterling 2.2 million to pounds sterling 4.4
million for the 2001 quarter compared to pounds sterling 2.2
million for the 2000 quarter.
Other Income/ Expenses
Interest expense was pounds sterling 3.9 million in the 2001
quarter compared to pounds sterling 3.0 million in the 2000
quarter. The increase is principally due to the financing
relating to the purchase of the Lagan and Mersey Viking.
Net Loss
As a result of the foregoing the net result increased by pounds
sterling 0.9 million to pounds sterling 0.4 million for the 2001
quarter compared to a loss of pounds sterling 0.5 million for the
2000 quarter. EBITDA generated was pounds sterling 7.3 million
for the 2001 quarter compared to pounds sterling 4.3 million for
the 2000 quarter.
Nine months ended June 30, 2001 compared to nine months ended
June 30, 2000.
Operating Revenues
Operating revenues increased in the nine months ended June 30,
2001 (the '2001 period') by pounds sterling 13.4 million to
pounds sterling 89.1 million compared to pounds sterling 75.7
million in the nine months ended June 30, 2000 (the '2000
period'). Increase comprises a pounds sterling 11.4 million
increase in charter hire revenues, a pounds sterling 3.0 million
decrease in ferry service revenues and a pounds sterling 4.9
million increase in logistics and other revenues.
5
The increase in charter hire revenues is mainly attributable to
the time charter of both Northern Merchant and Midnight Merchant
to Norfolk Line (Maersk) since delivery of the vessels in 2000.
The reduction in ferry service revenues is after taking into
account inclusion in the 2000 period of approximately pounds
sterling 5.5 million of compensation and late delivery claims.
Ferry service revenues after taking this into account therefore
increased by approximately pounds sterling 2.5 million reflecting
increased volumes and rates on both the Irish Sea and Ferrimaroc
services. The increase in logistics' revenues is due to increased
levels of business.
Operating Expenses
Vessel and other operating costs increased in the 2001 period by
pounds sterling 11.7 million to pounds sterling 67.9 million
compared to pounds sterling 56.2 million in the 2000 period.
This mainly reflects the operating costs of Northern Merchant and
Midnight Merchant time chartered to Norfolk Line, increased ferry
and logistics business, savings from having purchased the Lagan
Viking and Mersey Viking in March 2001 rather than time
chartering them as previously.
Depreciation for the 2001 period has increased by pounds sterling
1.3 million to pounds sterling 6.2 million compared to pounds
sterling 4.9 million in the 2000 period. This is mainly
attributable to the purchase of the Lagan Viking and Mersey
Viking and capital costs relating to the Northern Merchant and
Midnight Merchant. Amortisation of dry-docking and special survey
costs for the 2001 period increased by pounds sterling 0.2
million to pounds sterling 1.1 million compared to pounds
sterling 0.8 million in the 2000 period. This was mainly due to
the higher dry-docking costs.
General administrative expenses for the 2001 period decreased by
pounds sterling 0.5 million to pounds sterling 6.2 million
compared to pounds sterling 6.7 million in the 2000 period mainly
reflecting staff rationalisation.
Foreign exchange gain for the 2001 period has increased by
pounds sterling 0.5 million to pounds sterling 0.9 million
compared to a gain of pounds sterling 0.4 million in the 2000
period. The majority of the gain represents unrealised non-cash
losses on re-translation of monetary sterling based assets and
liabilities within the US Dollar reporting subsidiary companies.
Primarily as a result of these developments the total operating
expenses increased by pounds sterling 12.3 million to pounds
sterling 81.4 million for the 2001 period compared to pounds
sterling 69.1 million for the 2000 period.
6
Net Operating Income
As a result of the foregoing factors, net operating income
increased by pounds sterling 1.1 million to pounds sterling 7.7
million for the 2001 period compared to pounds sterling 6.6
million for the 2000 period.
Other Income/Expenses
Interest expense increased by pounds sterling 1.1 million to
pounds sterling 10.2 million for the 2001 period compared to
pounds sterling 9.1 million for the 2000 period mainly as a
result of the financing of the Lagan Viking and the Mersey
Viking. The breakage costs on termination of capital leases in
the 2000 period relate to the termination of capital leases for
the vessels River Lune and Saga Moon which were purchased by the
Company in October 1999 from escrowed funds.
Net Loss
As a result of the foregoing net loss decreased by pounds
sterling 0.4 million to a net loss of pounds sterling 1.5 million
for the 2001 period compared to pounds sterling 1.9 million for
the 2000 period. EBITDA generated was pounds sterling 15.8
million for the 2001 period compared to pounds sterling 13.2
million for the 2000 period.
LIQUIDITY AND CAPITAL RESOURCES
Total shareholders equity at June 30, 2001 was pounds sterling
24.7 million compared to pounds sterling 25.0 million at June 30,
2000. The decrease of pounds sterling 0.3 million is represented
by a net loss for the twelve months of pounds sterling 0.9
million less a cumulative translation adjustment of pounds
sterling 0.6 million.
Long term debt at June 30, 2001 mainly consists of pounds
sterling 125.3 million of 9% First Priority Ship Mortgage Notes
and pounds sterling 37.0 million mainly relating to the purchase
of the Lagan Viking and Mersey Viking in March 2001.
At June 30, 2001 the Company had cash and cash equivalents of
pounds sterling 8.0 million compared with pounds sterling 7.2
million at June 30, 2000. The Company had free cash at June 30,
2001 of pounds sterling 4.9 million.
Taxation
The UK Treasury published the Finance Bill in April 2000,
including the proposed UK tonnage tax regime. The bill became law
in early August 2000.
7
The tonnage tax regime will allow UK shipping companies to elect
to pay corporate tax based on a nominal profit derived from the
net tonnage of its ships. Non shipping activities will be "ring
fenced" and taxed as before, based on taxable net income. The
regime is intended to promote the UK shipping industry and its
competitive position.
Cenargo has elected to enter the tonnage tax regime from October
1, 2002. This will allow Cenargo to operate its ferry and
shipping business virtually tax-free. Transitional rules of the
regime mean that the majority of the Company's deferred tax
liability (pounds sterling 7.5 million at June 30, 2001) will be
extinguished over a seven year period at approximately 15% per
annum from October 1, 2002.
SEGMENT ANALYSIS
Irish Sea
The quarter's results showed significant improvement mainly due
to the purchase of the two vessels, previously chartered as the
Belfast Liverpool route. The group also reduced the number of its
vessels on the Belfast Heysham route, by not renewing one of its
chartered in vessels. This was done as a precautionary measure in
the light of the outbreak of foot and mouth disease.
Volumes were as follows:
ETUs
BELFAST DUBLIN DUBLIN BELFAST
HEYSHAM HEYSHAM LIVERPOOL LIVERPOOL
Apr 9,192 4,965 9,143 10,590
May 9,770 5,246 9,953 11,980
June 9,603 5,648 9,085 11,243
28,565 15,859 28,181 33,813
Even after taking into account the reduction of one ship volumes
across all routes were 6% ahead of the same quarter last year.
Despite the significant increase in capacity on Irish Sea routes
rates remain stable for the time being.
The Liverpool river berth is now under construction and the first
head should be completed during Quarter 1, 2002. The Liverpool
Belfast service will be switched onto this first head as son as
it is completed enabling the two vessels on the service to round
trip daily rather than on alternate days as at present. This will
increase available capacity on the route and improve vessel
utilisation.
8
The second head should be completed early in Quarter 2, 2002. The
Liverpool Dublin service will be switched onto this head,
enabling much later evening departure times from Liverpool. This
will be attractive to customers and thereby provide further
competitive advantage.
Ferrimaroc
Ferrimaroc had a further quarter better than budget. Market share
during the quarter was approximately 37% for passengers and cars
and almost 100% for freight. The size of the passenger and car
market continues to increase at a rate of almost 30% per annum.
The summer pooling arrangements as outlined in the Quarter 2
report are now implemented and being adhered to by all parties.
Logistics
Logistics continues to progress and had recently won a further
large contract for the pick and pack and distribution of a large
UK based wine club. This will be handled from a rented warehouse
in the Midlands of the UK. Other significant new contracts are
being negotiated currently.
EUROPEAN MONETARY UNION - EURO
On January 1 1999, eleven member countries of the European Union
established fixed conversion rates between their existing
sovereign currencies, and adopted the Euro as their new common
currency. The Euro is currently trading on currency exchanges
and the legacy currencies will remain legal tender in
participating countries for a transition period between January
1, 1999 and January 1, 2002. During the transition period, non-
cash payments can be made in the Euro and parties can elect to
pay for goods and services and transact business using either
Euro or a legacy currency. Between January 1, 2002 and July 1,
2002 the participating countries will introduce Euro notes and
coins and will withdraw all legacy currencies so that they will
no longer be available.
Although the United Kingdom is currently not participating in the
Euro the Company's businesses trade extensively within the Euro
Zone. The Company will continue to evaluate all pricing,
currency risk, accounting, tax, governmental, legal and
regulatory issues as guidance becomes available. Based on
current information the Company does not expect that Euro
conversion will have a material adverse affect on its business or
financial condition.
9
FORWARD LOOKING STATEMENTS
This release contains forward looking statements (as defined in
Section 21E of the Securities Act 1934, as amended) which reflect
management's current views with respect to certain future events
and performance, including statements relating to multi purpose
vessel charters and Irish sea freight ferry volumes and rates,
logistics and cash. The following factors are among those that
could cause actual results to differ materially from the forward
looking statements, which involve risks and uncertainties, and
that should be considered in evaluating any such statements:
changes in the political environment in Northern Ireland and
Eire, Spain and Morocco, changes in the level of competition in
the Irish Sea and Mediterranean, changes in the ability to
provide a regular scheduled service on the Irish sea and the
company's Mediterranean service.
10
Unaudited Consolidated Statements of Income
Three Months Ended June 30, 2001, 2000
(Expressed in pounds sterling 000)
2001 2000
Operating revenues
Charterhire income 3,838 -
Ferry service income (3b) 20,933 22,469
Logistics and other income 4,609 3,248
-------- --------
29,380 25,717
-------- --------
Operating expenses
Vessel and other operating costs 20,489 19,971
Depreciation 2,371 1,596
Amortisation of drydocking 213 231
Goodwill amortisation 296 291
General and administrative exps 2,178 1,960
Foreign exchange (gain)/ loss (529) (500)
-------- --------
25,018 23,549
-------- --------
Operating income 4,362 2,168
Other income (expense)
Interest income 112 140
Interest expense (3,850) (2,987)
Gain (loss) on disposal of assets 9 1
-------- --------
(3,729) (2,846)
-------- --------
Profit/Loss before income taxes 633 (678)
Income taxes (182) 171
Minority Interests - (15)
-------- --------
Net Profit/(Loss) 451 (522)
-------- --------
Additional financial information
EBITDA (note 4) 7,253 4,287
EBITDA to interest expense, net 1.9x 1.5x
11
Unaudited Consolidated Statements of Income
Nine Months Ended June 30, 2001, 2000
(Expressed in pounds sterling 000)
2001 2000
Operating revenues
Charterhire income 11,451 -
Ferry service income (3b) 62,432 65,373
Logistics and other income 15,229 10,330
-------- --------
89,112 75,703
-------- --------
Operating expenses
Vessel and other operating costs 67,929 56,219
Depreciation 6,201 4,881
Amortisation of drydocking 1,079 847
Goodwill amortisation 888 852
General and administrative exps 6,175 6,716
Foreign exchange (gain)/ loss (876) (413)
-------- --------
81,396 69,102
-------- --------
Operating income 7,716 6,601
Other income (expense)
Interest income 419 404
Interest expense (10,222) (9,117)
Breakage costs on termination
of capital leases - (776)
Gain on disposal of assets (65) 56
-------- --------
(9,868) (9,433)
-------- --------
Loss before income taxes (2,152) (2,832)
Income taxes 700 972
Minority Interests - (47)
Net Loss (1,452) (1,907)
-------- --------
Additional financial information
EBITDA (note 4) 15,819 13,237
EBITDA to interest expense, net
(excluding capital lease
breakage costs) 1.6x 1.5x
12
Unaudited Consolidated Balance Sheets
As of June 30, 2001, 2000
(Expressed in pounds sterling 000)
2001 2000
Assets
Current assets
Cash and cash equivalents 4,917 5,058
Cash held in escrow and blocked
deposits 3,125 2,183
Trade accounts receivable 21,649 19,329
Other receivables 1,455 1,323
Inventories 1,103 1,218
Prepaid expenses and accrued income 4,300 1,947
-------- --------
36,549 31,058
Land and buildings 11,767 12,027
Vessels and equipment 137,237 90,994
Vessels under construction - 24,589
Loans to joint ventures 3,078 2,613
Other investments 1 351
Goodwill, net 19,847 20,079
Deferred charges, net 7,374 5,646
Pension fund debtor 3,467 3,408
-------- --------
Total assets 219,320 190,765
Liabilities and shareholders' equity
Current liabilities
Current maturities of long-term debt 4,647 922
Capital lease obligations 677 373
Trade accounts payable 7,741 6,691
Accrued expenses 6,750 5,189
Accrued interest - ship mortgage notes 661 469
Other creditors 3,296 1,745
-------- --------
23,772 15,389
-------- --------
Long-term liabilities
Long-term debt 36,985 25,632
Ship mortgage notes 125,312 114,157
Capital lease obligations 728 1,958
Other creditors 327 1,138
Deferred taxation 7,502 7,485
-------- --------
Total liabilities 194,626 165,759
-------- --------
13
Shareholders' equity
Share capital 14 14
Accumulated other comprehensive income:
cumulative translation adjustment (1,994) (2,548)
Retained earnings 26,674 27,540
-------- --------
Total shareholders' equity 24,694 25,006
-------- --------
Total liabilities and shareholders'
equity 219,320 190,765
-------- --------
14
Unaudited Consolidated Statements of Cash Flows
Nine Months Ended June 30, 2001, 2000
(Expressed in pounds sterling 000)
2001 2000
Operating Activities
Net income (loss) (1,452) (1,907)
Amortisation of drydocking
and deferred charges 1,079 847
Amortisation of ship mortgage
notes discount 128 128
Depreciation 6,073 4,881
(Gain) loss on disposition of
fixed assets 65 (56)
Foreign exchange adjustment (1,314) 1,571
Goodwill amortisation 888 852
(Increase) decrease in pension debtor - (104)
(Increase) decrease in trade debtors (2,077) 565
(Increase) decrease in other debtors 120 2,394
(Increase) decrease in stock (76) (32)
(Increase) decrease in prepayments
and accrued income 2,706 (1,379)
Increase (decrease) in trade
creditors 1,575 353
Increase (decrease) in other
creditors (1,530) (1,721)
Increase (decrease) in
accrued expenses 849 (2,821)
Increase (decrease) in deferred
tax liability (3,187) (773)
-------- --------
Net cash (used) in operating
activities 3,847 2,798
-------- --------
Investing activities
Additions to vessels and equipment (44,508) (961)
Additions to vessels under construction - (13,330)
Additions to land and buildings - (3,864)
Purchase of subsidiary companies,
net of cash acquired (30) (23,263)
Proceeds from sale of capital assets 358 29,122
-------- --------
(44,180) (12,296)
-------- --------
Financing activities
Proceeds from long-term debt 42,211 11,295
Repayment of long-term debt (1,829) (28,765)
Due to joint ventures 212 470
Repayments of capital leases (612) (8,811)
15
Proceeds from capital leases - 269
Deferred charges paid (1,644) 186
-------- --------
38,338 (25,356)
-------- --------
Net increase (decrease) in cash
and cash equivalents (1,995) (34,854)
Cash and cash equivalents at
beginning of period 10,037 42,095
-------- --------
Cash and cash equivalents
at end of period 8,042 7,241
-------- --------
16
Notes to Unaudited Consolidated Financial Statements
June 30, 2001, 2000
1. Interim accounting policy
In the opinion of management of Cenargo International Plc
(the "Company") the accompanying unaudited consolidated
financial statements include all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly
in accordance with accounting principles generally accepted
in the U.S. the financial position of the Company and the
results of operations and cash flows for the nine months
ended June 30, 2001 and 2000. Although the Company believes
that the disclosure in these financial statements is adequate
to make the information presented not misleading, certain
information and footnote information normally included in
interim financial statements prepared in accordance with
generally accepted accounting principles has been condensed
or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. Results of operations
for the nine months ended June 30, 2001 and 2000 are not
necessarily indicative of what operating results may be for
the full year.
2. Changes in shareholder's equity
CUMULATIVE ORDINARY
TRANSLATION SHARE RETAINED
ADJUSTMENT CAPITAL EARNINGS
(in pound (in pound (in pound
sterling) sterling) sterling)
Balance at
September 30, 1999 260 13 29,447
Net income (loss) (2,288) - (1,907)
-------- -------- -------
Balance at June 30, 2000 2,548 13 27,540
======== ======== =======
Balance at
September 30, 2000 (2,643) 13 28,126
Net income (loss) 649 - (1,452)
-------- -------- -------
Balance at June 30, 2001 (1,994) 13 26,674
======== ======== =======
17
3. Contingent liabilities and assets
(a) The company insures the legal liability risks for its
shipping activities with the Steamship Mutual, UK Mutual
and North of England mutual protection and indemnity
associations. As a member of mutual associations, the
company is subject to calls payable to the associations
based on the company's claims record in addition to the
claims record of all other members of the associations.
A contingent liability exists to the extent that the
claims records of the members of the associations in the
aggregate show significant deterioration which result in
additional calls on the members.
(b) The Company has entered a claim for damaged in the
amount of Spanish Pesetas 3,800,000 against Ministeria
de Comunicaciones, Transportes y Medio Ambiente now
Ministreria De Fomento relating to the company being
prevented from operating a ferry service between Spain
and Morocco. The Company continues to pursue the case.
The Company under an agreement with the Spanish
Government has received two billion pesetas on delivery
of RoPax three and four as partial settlement of the
claim.
4. Segment Information
The Company has adopted FASB Statement No. 131, "Disclosures
about Segments of Business Enterprise and Related
Information". The Company is managed in four operating
segments: Irish Sea Ferries, Ferrimaroc, Logistics and Other
Activities shipowning and chartering less corporate.
Corporate includes certain central overhead costs, central
financing costs and other general corporate income and
expenditure.
The Company utilises EBITDA as a measure of segmental
performance. The Company defines EBITDA as net income (loss)
before taxes, interest expense, interest income,
depreciation, provision for impairment in value of vessels,
amortisation of dry-docking and special survey costs,
amortisation of goodwill, gain or loss from joint ventures
and minority interest.
Certain financial information is presented below: amounts are
in thousands of pounds Sterling.
18
SHIPOWNING &
IRISH CHARTERING
SEA LOGISTICS LESS
FERRIES FERRIMAROC AND OTHER CORPORATE TOTAL
Three Months to
June 30, 2001
Revenue 19,256 1,677 4,609 3,838 29,380
EBITDA 6,342 (525) 391 1,045 7,253
Tangible fixed
assets 124,212 10,473 5,200 9,119 149,004
Capital
expenditure 441 - 60 - 501
Three months to
June 30, 2000
Revenue 21,251 1,218 3,248 - 25,717
EBITDA 4,416 (674) 335 210 4,287
Tangible fixed
assets 104,800 10,735 6,179 7,535 129,249
Capital
expenditure 936 - - - 936
Nine months to
June 30, 2001
Revenue 57,115 5,316 15,229 11,452 89,112
EBITDA 12,761 (696) 1,201 2,553 15,819
Capital
expenditure 44,320 - 188 - 44,508
Nine months to
June 30, 2000
Revenue 61,837 3,536 10,330 - 75,703
EBITDA 14,507 (1,334) 559 (495) 13,237
Capital
expenditure 12,532 - 4,665 - 17,197
19
4. Segment Information (continued)
EBITDA for all reportable segments differs from consolidated
income (loss) before income taxes reported in the consolidated
statements of income as follows: amounts are in thousands of
pounds Sterling:
Three months Nine months
Ended June 30 Ended June 30
2001 2000 2001 2000
EBITDA 7,253 4,287 15,819 13,237
Reconciling items:
Depreciation (2,371) (1,596) (6,201) (4,881)
Amortisation of goodwill (296) (291) (888) (852)
Amortisation of drydocking (213) (231) (1,079) (847)
Net interest expense (3,738) (2,847) (9,803) (9,489)
------ ------ ------ ------
Profit/(Loss) income
before income taxes 633 (678) (2,152) (2,832)
------ ------ ------ ------
20
FLEET LIST AT JUNE 30, 2001
VESSEL NAME VESSEL TYPE CAPACITY BUILT FLAG
MERCHANT BRAVERY C RoRo 40 cars 1978 Bahamas
100 trailer
units
MERCHANT BRILLIANT C RoRo 40 cars 1979 Bahamas
100 trailer
units
MERCHANT VENTURE C RoRo 55 trailer 1979 British
units (Isle
of Man)
RIVER LUNE C RoRo 49 cars 1983 Bahamas
93 trailer
units
SAGA MOON C RoRo 50 cars 1984 British
72 trailer (Gibraltar)
units
MISTRAL C Passenger/
Car 2,386 1981 Bahamas
Ferry passengers
700 cars
SCIROCCO C Passenger/
Car 1,315 1974 Bahamas
Ferry passengers
296 cars
30 trailer units
DAWN MERCHANT C RoPax 250 1998 British
passengers (Isle of Man)
136 trailer
units
BRAVE MERCHANT C RoPax 250 1999 British
passengers (Isle of Man)
136 trailer
units
NORTHERN MERCHANT* RoPax 250 2000 British
passengers
136 trailer
units
21
MIDNIGHT MERCHANT* RoPax 250 2000 British
passengers
136 trailer
units
LAGAN VIKING RoPax 330 1997 Italian
passengers
180 trailer
units
MERSEY VIKING RoPax 330 1997 Italian
passengers
180 trailer
units
C Collateral vessel securing 9% Ship Mortgage Notes
* Operated under an operating lease.
22
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
CENARGO INTERNATIONAL PLC
(registrant)
Dated: October 16, 2001 By: /s/ Michael Hendry
________________________
Michael Hendry
Chairman
23
02442003.AB0