News - page 2

David Burke, a graduate of the Massachusetts Maritime Academy, has joined the Ridgebury team as Vice President of Engineering. David was most recently a Partner and Technical Director for Principal Maritime Management. We are pleased to have David on board.

Ridgebury is proud to announce that it has been shortlisted for LloydsList Deal of the Year, for the creation and placement of Ridgebury V4 Investments LLC, the $150 million vehicle created in the summer of 2015 to invest in four 15 year old VLCCs.

Bob Burke, chief executive of Ridgebury
Photo: Chris Preovolos
Ridgebury banks vast profit for 2015
Bob Burke-fronted company sees sharp rise in full year bottom line.
March 31st, 2016 08:33 GMT by Andy Pierce
Published in FINANCE
Bob Burke’s Ridgebury recorded a huge profit in 2015 as the tanker market ran hot.

Ridgebury Holdings, owner of its suezmax, aframax and products tankers and co-investor in four VLCCs, banked $81.87m in 2015.

This compares with a loss of $10.77m in 2014, according to figures released today.

It came as revenue at Ridgebury Holdings climbed from $53.56m to $182.05m year-on-year.

Ridgebury Holdings owns seven suezmaxes, two aframaxes and six medium range tankers, which have been marketed for sale.

It also controls around one third of VLCC venture RV4, owner of a four strong VLCC fleet which is not part of the process.

Its annual report shows that the Ridgebury Holdings had ships worth $614.71m at the end of 2015, adjusted down to $572.84m after depreciation.

Crude tide rising

Separate accounts show that Ridgebury Crude, owner of the suezmax and aframax ships, logged a profit of $59.24m in 2015. This compares with a $2.36m loss in 2014.

Its crude fleet was worth $324.91m at the end of 2015, depreciated to $299.34m.

The transaction was completed in accordance with the terms approved by Bondholders on June 24, 2015. The purchase price of $22.1 million was 85% of the vessel’s appraised value according to two independent shipbroker valuations. The purchase was funded from Excess Cash (as defined in the Bond Agreement).
The ship, a 2003 Sumitomo-built Aframax tanker, will continue to trade in the spot market as part of the Teekay Aframax RSA (Revenue Sharing Agreement) pool.
With this purchase, Ridgebury Crude Tankers has applied Excess Cash during 2015 as follows:
-$10.0 million for redemption of bonds at par (March)
– $20.0 million for purchase of the 2003 Aframax tanker Ridgebury Sally B in (June)
– $10.0 million for redemption of bonds at par (September)
– $22.1 million for purchase of the 2003 Aframax tanker Ridgebury Alice M (December)
Due to a combination of (a) the reduction in bond principal to $190 million, (b) the addition to two Aframax vessels to the bond security package, and (c) a general increase in tanker values, bond LTV has been reduced from 70% at issuance in March 2014, to 47% as of December 31, 2015, based on valuations provided by two independent shipbrokers.

Today Ridgebury takes delivery and ownership of the Ridgebury Pioneer, the final purchase of the four sister VLCC’s that were previously under Ridgebury’s management for MLR Petroleum LLC.

Ridgebury takes delivery and ownership of the Ridgebury Pride, the third of four VLCC’s under Ridgebury’s management.

The remaining vessel, to be named Ridgebury Pioneer, will be delivered in the upcoming months.

Tim Morris, a graduate of the US Merchant Marine Academy at Kings Point, has joined the Ridgebury team as Operations Manager. Tim was most recently with Principal Maritime Management and Admanthos Shipping Agency.

The financial statements released today did not differ
materially from the Company’s previously released
unaudited results. Read full detailed statement here.