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CH Offshore
15-06-2013, 10:24 PM.
Post: #11
RE: CH Offshore
(15-06-2013, 09:59 PM)Nick Wrote: I think the main bug bear is the receivables issue.

If I did not remember wrongly, the main bug is a South America country.

vested.
Confused
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2013-06-16

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15-06-2013, 11:14 PM.
Post: #12
RE: CH Offshore
(15-06-2013, 09:59 PM)Nick Wrote:
(15-06-2013, 08:44 PM)greengiraffe Wrote: With the emergence of shale gas (land based) - deep sea exploration could take a back seat unless oil prices see a sustained revival. If I m not wrong, the demand-supply imbalances appear to be more balance now - can read from Jaya presentations.

OSV is a niche part of shipping and is a derived demand. Due to some darling counters - Ezra and Swiber before GFC and Ezion - it seems to be an important sector. However, as it is - it is a tough industry with no absolute competitive advantages. If we look at Ezra in its present state, one can really wonder why Ezion is so special. Even Jaya is also becoming a specialised yard cum operator. Speaks so much of the status of yester-years.

As for container shipping, my view is always the same - 3 years bull with 7 years bear. NOL without GLC status is a waste of time - if STX Pan Ocean is history and First Ship Trust have so much problems - only the parentage stands out as a difference.

I have absolutely no clue on how container shipping bleeds and have no $ and interest to see scarce $ burn.

Odd Lot Vested
CHO, Ezra, Jaya, NOL

(15-06-2013, 04:00 PM)camelking Wrote: CH offshore is more of a offshore marine play...
I know, 2 years ago, offshore marine was facing oversupply of vessels...not sure if this is still the case..
Can anybody enlighten me?

Ya, i do hope shipping is turning around....got a fair bit on NOL...haha

My humble guess will be the nature of the business ? Ezion is primarily an offshore rig owner cum operator enabling it to derive lucrative recurring cash-flow from its long-term charter contracts. Ezra is primarily an engineering company specializing in the offshore industry with a fleet of chartered-in vessels. The cash generating abilities of both business differs. Does that make Ezion a sure bet ? Honestly, I have no idea since I never read up on liftboats & jackup rigs charter rate trends.

With regards to CHO - I think the main bug bear is the receivables issue. Firstly, an impairment will wipe out a chunk of their NAV and secondly, they will need to recharter the vessels. Personally, if rechartering at rates of similar level of profitability is a non-issue, the Management would have easily 'defaulted' from the charter contracts long ago. I could be wrong though. Let's wait and see. I don't think this will threaten its ability to survive due to the rock solid b/s.

(Not Vested in Ezion, Ezra, CHO)

Thank you, Nick!
You are humble and helpful!

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05-08-2013, 05:45 PM.
Post: #13
RE: CH Offshore
As at 30 June 2013, the Group's financial position remained strong backed by healthy cashflow. The Group recorded cash surplus from operations of US$14.404 million for FY13. However, due to the allowance for doubtful trade receivables of US$43.95 million, both shareholders' funds and the Group's net assets value (NAV) per share decreased to US$225.99 million from US$255.909 million and to 32.05 US cents from 36.29 US cents as at 30 June 2012 respectively.

Dividend dropped to 1.5cents too.
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Patience is a virtue.

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05-08-2013, 05:52 PM.
Post: #14
RE: CH Offshore
Will there a drop in share price tomorrow?

Having written down the debt, any future recovery in part or in full will be good for the share price.....

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11-10-2013, 06:15 PM. (This post was last modified: 11-10-2013, 06:17 PM by cyclone.)
Post: #15
RE: CH Offshore
Quote:11 October 2013

The Board of Directors of CH Offshore Ltd (the “Company”) wishes to announce that the Company has commenced legal proceedings in London against PDV Marina S.A. (“PDV Marina”) and Astilleros De Venezuela C.A. (“Astivenca”) for a claim relating to outstanding charterhire amounting to approximately US$56 million (which amount includes interest claimed) in respect of the charter of the vessels the “Amethyst” and the “Turquoise”.

The Company had arrested vessels belonging to PDV Marina as security for its claim. PDV Marina has made payment of US$70 million into court as security for the Company’s claim including interest and costs. Accordingly, the Company has released PDV Marina’s vessels.

Service of proceedings on PDV Marina and Astivenca is being effected through the Hague Convention, to which both Venezuela and England are signatories. Under the service regulations, service can take up to a year, only after which the matter can be heard.

The Company will make further appropriate announcements as and when there are material developments in the matter.

Hmm, what's the chance CH Offshore can recover this written down receivable ?

<vested, indirectly via Chuan Hup>
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Specuvestor: Asset - Business - Structure.

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11-10-2013, 06:18 PM.
Post: #16
RE: CH Offshore
Now we know who is owing CH Offshore so much money.

The receivable has been outstanding for quite long already.

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11-10-2013, 08:40 PM.
Post: #17
RE: CH Offshore
(11-10-2013, 06:15 PM)cyclone Wrote:
Quote:11 October 2013

The Board of Directors of CH Offshore Ltd (the “Company”) wishes to announce that the Company has commenced legal proceedings in London against PDV Marina S.A. (“PDV Marina”) and Astilleros De Venezuela C.A. (“Astivenca”) for a claim relating to outstanding charterhire amounting to approximately US$56 million (which amount includes interest claimed) in respect of the charter of the vessels the “Amethyst” and the “Turquoise”.

The Company had arrested vessels belonging to PDV Marina as security for its claim. PDV Marina has made payment of US$70 million into court as security for the Company’s claim including interest and costs. Accordingly, the Company has released PDV Marina’s vessels.

Service of proceedings on PDV Marina and Astivenca is being effected through the Hague Convention, to which both Venezuela and England are signatories. Under the service regulations, service can take up to a year, only after which the matter can be heard.

The Company will make further appropriate announcements as and when there are material developments in the matter.

Hmm, what's the chance CH Offshore can recover this written down receivable ?

<vested, indirectly via Chuan Hup>

Doesn't matter...company has written off the debt and price has reflected it. Anything else is bonus.

vested via CH offshore

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11-10-2013, 09:09 PM.
Post: #18
RE: CH Offshore
After so many years, finally taking some serious action.
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Patience is a virtue.

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05-05-2014, 07:16 PM.
Post: #19
RE: CH Offshore
http://infopub.sgx.com/FileOpen/FORM1.JC...eID=295379

Interesting insider purchase...

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05-05-2014, 07:36 PM.
Post: #20
RE: CH Offshore
(05-05-2014, 07:16 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/FORM1.JC...eID=295379

Interesting insider purchase...

Clean B/S, lots of cash, good yield - I can see why. Sadly little fleet operational data to support further meaningful analysis.

The bonus would be a successful resolution of the court case in 2015 with $70 million at stake.

http://www.laht.com/article.asp?Category...Id=1089801

(Not Vested)
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Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.

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