progress reports, page-26

At the risk of sounding a bit sad, marinetraffic.com has the Fairload at the Texas terminal lp dock in Houston. Another ship belonging to Jumbo. Loading up the next couple of cold boxes??


Wasn't listed as an expected arrival so I suspect it's a private dock and the departures/arrivals apply to the public docks only. The position history indicates its been there for at least 19 hours. So it seems some of this data is a bit dodgy. However I am happy that both ships have been there as the reading is ais data taken from the mmsi transponder - one per ship as per international rules.

So if EWC announced the 56k tpa Gilmore cold box was shipped, you think that 4x 500k tpa would warrant an announcement. This morning? Or close of business hong kong time?

Incidentally I had a crack at calculated 2013 ebitda on the back of the power expansion and got $110m with no LNG. With net cash of $80m and $80m to go on the power plant, I reckon they have an 2014 ev of $850m.

They reckon the 2m tpa LNG plant wil cost $750m, of which they have spent $218m already. Assuming the plant gets a full year in 2014, we are looking at ebitda of $700m, on a 2014 ev of $1.2- $1.4b. This assumes a gas price of $10mmbtu. Current LNG prices would mean ebitda in 2014 is $1.3 b.

This doesn't include transporting the LNG to the Philippines to be converted to electricity, nor anything for png.