WE WELCOME TIM PHOTOPOULOS TO THE RIDGEBURY ENGINEERING TEAM
- Apr 25, 2016
Tim Photopoulos, a graduate of SUNY Maritime College, has joined the Ridgebury team as Technical Superintendent. Tim was most recently with Principal Maritime Management and OSG Ship Management. We are pleased to have Tim on board.
WE WELCOME DAVID BURKE TO THE RIDGEBURY ENGINEERING TEAM
- Apr 01, 2016
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 on LLoyd’s List 2016 Awards Shortlist
- Apr 01, 2016
TradeWinds – Ridgebury banks vast profit for 2015
- Mar 31, 2016
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.
December 31, 2015 Westport – Ridgebury Crude Tankers (the Issuer in March 2014 of a $210 million Senior Secured Bond) today announced the purchase of the Ridgebury Alice M from affiliate Ridgebury Aframax Tankers.
- Jan 04, 2016
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
- Nov 10, 2015
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.
Today Ridgebury takes delivery and ownership of the Ridgebury Pride
- Oct 19, 2015
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.
Ridgebury Tankers fielded two teams for the Seamen’s Church Institute’s Mountain Challenge – The Ridgebury Teams raised $28,000 for the mariner programs SCI supports
- Sep 28, 2015
Ridgebury Tankers wins “Deal of the Year” at Marine Money 2015
- Sep 28, 2015
We Welcome Timothy Morris to the Ridgebury Operations Team
- Aug 17, 2015
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.