Plan to bulldoze almost 2,000 hectares of land in Great Barrier Reef catchment rejectedSussan Ley uses national environment laws to refuse proposal to clear land at Kingvale Station
Fox News had reported a baseless conspiracy theory that Rich may have been murdered in retribution for sharing DNC emails with Wikileaks
November 25, 2020 NORDIC SHIPHOLDING A/S Company Announcement: 10/2020 Published via NASDAQ OMX on November 25, 2020 Q3 Result 2020 SummaryThe comparison figures for period ended 30 September 2019 are stated in parenthesis. The very high Time Charter Equivalent (“TCE”) rates arising from the short-term surge in demand for tonnage caused by the COVID-19 pandemic and the oil price war which started in Q1 2020 positively impacted the Group’s earnings in 9M 2020. Despite the downward correction in daily TCE rate from May 2020, the average daily TCE rates earned in Q3 2020 and 9M 2020 by the 5 vessels were approximately 11% and 53% higher than the average TCE rates earned in Q3 2019 and 9M 2019, respectively. The TCE revenue in Q3 2020 falls short of expectation due to lower than expected daily TCE rates, exacerbated by lower contribution from Nordic Hanne as she was off-hired since 11 September 2020 due to a contact damage during a Ship-to-Ship operation. She resumed trading on 28 October 2020. For the 9 months ended 30 September 2020, the Group incurred a loss after tax of USD 3.9 million (including a one-off impairment loss of USD 10.7 million on the vessels), compared to a loss after tax of USD 4.7 million in the same period last year. Excluding the impairment loss of USD 10.7 million (USD 0.2 million), the Group generated a profit after tax of USD 6.8 million for the 9 months under review (loss after tax of USD 4.5 million). The improved TCE revenue from the vessels contributed to the improved results in 9M 2020. Despite the sale of Nordic Ruth in July 2019, TCE revenue rose 57.3% to USD 24.0 million (USD 15.2 million) in 9M 2020 primarily from higher TCE revenue generated by the vessels in the pools compared to the same period last year. Further, the TCE revenue in 9M 2019 were impacted negatively by the dry-dock of 3 vessels (Nordic Anne, Nordic Agnetha and Nordic Amy) in Q3 2019. Expenses relating to the operation of vessels in 9M 2020 decreased to USD 8.6 million (USD 10.8 million) mainly due to the sale of Nordic Ruth in July 2019. EBITDA increased significantly to USD 14.2 million (USD 3.3 million) as a result of improved TCE revenue in 9M 2020. Other external costs remained relatively unchanged at USD 1.0 million (USD 1.0 million). In line with management’s strategy to secure longer term financing in the renegotiation of the Group’s loan facilities, two co-brokers were appointed in May 2020 to officially test the buying interest for one vessel, Nordic Hanne, a handysize tanker. Hence, the Group recognised impairment losses totaling USD 4.2 million in 9M 2020 following the reclassification of Nordic Hanne as an asset held-for-sale in Q2 2020. It is noted that the estimation of Nordic Hanne’s expected sale value is highly uncertain. The Group also recognised impairment losses of USD 6.5 million on the other four vessels in 9M 2020 primarily due to reduced earnings expectations. The Group realised a loss of USD 0.2 million on asset-held-for-sale in 9M 2019 related to the sale of Nordic Ruth in July 2019. After accounting for depreciation, impairment losses, interest expenses and other finance expenses, the loss after tax was USD 3.9 million in 9M 2020 (loss of USD 4.7 million). Between 31 December 2019 and 30 September 2020, equity decreased from USD 7.9 million to USD 4.0 million as a result of the cumulative loss during the period. Consequently, the equity ratio declined from 8.1% to 5.1%. As part of the loan restructuring concluded with the lending banks in Q4 2018, the financial covenants under the original loans such as (i) minimum value (fair market value of vessels as a percentage of outstanding loan) and (ii) minimum equity ratio are waived whilst the minimum liquidity level is reduced. The relief from these financial covenants are provided till and including 30 September 2020. In addition, the quarterly loan instalments due from December 2018 to September 2020 are deferred to December 2020 where all of the Group’s debts to the lending banks mature. The Company, together with its majority shareholder, are in active discussions with the lending banks on securing longer term financing for the Group. Negotiations are ongoing and are expected to be completed during December 2020 when an announcement will be published. It is management’s expectation that the lenders will finance the Company in a period longer than 31 December 2020. The Group is also subject to a quarterly cash sweep mechanism under which the Group after payment of instalments and interest under the loan agreement, must apply any cash and cash equivalents of the Group in excess of USD 6.0 million towards prepayment of the loan. During 9M 2020, this cash sweep mechanism was activated on 31 March 2020, 30 June 2020 and 30 September 2020, and a total of USD 13.3 million excess cash was used to pay down the loan (USD NIL cash sweep for 9M 2019). During the financial period under review, cash flow generated from operations was USD 14.1 million (USD 2.0 million) contributed by earnings from the pools. As at 30 September 2020, cash and cash equivalents stood at USD 6.2 million (USD 6.4 million, including balances held in dry-docking reserve bank accounts). The outlook for 2020 remains unchanged as indicated in the Company Announcement 09/2020 on 20 November 2020. For the rest of 2020, the five vessels will continue to be commercially deployed on a pool basis (including the vessel currently earmarked for sale). Barring unforeseen circumstances, the TCE revenue for 2020 is forecasted to be in the region of USD 27.0 million – USD 29.0 million. After accounting for operating expenditure budgeted by the respective technical managers, the Group’s expected EBITDA (earnings before interest, tax, depreciation and amortisation) for 2020 is in the range of USD 13.0 million – USD 15.0 million. The result before tax is expected to be a loss between USD 5.0 million – USD 7.0 million including impairment loss. For further information please contact: Knud Pontoppidan, Chairman of the board, Nordic Shipholding A/S: +45 39 29 10 00 Attachment NSH Q3 2020 Financial announcement
New Zealand cricket coach Gary Stead said they will meet with their West Indies counterparts on Thursday to discuss whether to display support for the 'Black Lives Matter' movement during the upcoming tour. The West Indies and England teams took a knee and wore 'Black Lives Matter' logos on their shirts during their test series earlier this year as part of global protests against racial injustice. "What happens in terms of taking a knee or anything like that will be discussed with West Indies," Stead told reporters in Auckland on Wednesday ahead of the first Twenty20 match on Friday.
The Red Devils got back on track in the Champions League by beating Istanbul Basaksehir at an empty Old Trafford on Tuesday evening.
About 100 pilot whales and bottlenose dolphins have died in a mass stranding on the remote Chatham Islands, about 800 km (497 miles) off New Zealand's east coast, officials said on Wednesday. Most of them were stranded during the weekend but rescue efforts have been hampered by the remote location of the island. New Zealand's Department of Conservation (DOC) said in total 97 pilot whales and three dolphins died in the stranding, adding that they were notified of the incident on Sunday.
Japan used a visit by the Chinese foreign minister on Wednesday to protest Beijing's increased activity and what it calls infiltration around disputed East China Sea islands. “The situation is extremely serious,” Chief Cabinet Secretary Katsunobu Kato told reporters after meeting with Chinese Foreign Minister Wang Yi, who arrived in Tokyo on Tuesday for a two-day visit. Relations between the two countries have been strained over territorial disputes and wartime history, even though ties have improved in recent years while China’s trade dispute with the U.S. has escalated.
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Roof collapses were reported in Arlington, Texas, after a tornado-warned storm ripped through the area on the evening of November 24.Local firefighters and police responded to reports of the damage and assessed the buildings and patients, according to a post by the Arlington Fire Department.The National Weather Service earlier issued a tornado warning for areas in Texas including Dallas, Arlington and Irving until 9:30 PM CST.This video shows damaged power lines and a broken wall near the St Mark’s Episcopal Church in Arlington. Credit: jangozi9 via Storyful
Bill.com Announces Pricing of Upsized Offering of $1.0 Billion of 0% Convertible Senior Notes due 2025
West Indies toured England for a test series in July and are currently in New Zealand to play three Twenty20 Internationals and two test matches. CWI Chief Executive Johnny Grave said in a statement that "... with the health and safety of our touring party at the forefront of our minds, we have decided to conduct a pre-tour recce by sending two highly experienced professionals to assess the BCB's bio-secure plans and protocols." West Indies were originally scheduled to play three tests, three one-day internationals and a couple of Twenty20 matches on the tour.
Hong Kong leader Carrie Lam said Wednesday that the city's new national security law has been “remarkably effective in restoring stability” after months of political unrest, and that bringing normalcy back to the political system is an urgent priority. Lam made the comments in her annual policy address, more than a month after it was postponed so that she could seek Beijing’s support for various economic measures aimed at reviving the semi-autonomous Chinese territory's economy. Beijing imposed the national security law on Hong Kong in June, aiming to crack down on dissent following months of anti-government protests in the city that at times descended into violence.
The Federal Communications Commission has rejected ZTE's petition to remove its designation as a "national security threat." This means that American companies will continue to be barred from using the FCC’s $8.3 billion Universal Service Fund to buy equipment and services from ZTE . The Universal Service Fund includes subsidies to build telecommunication infrastructure across the United States, especially for low-income or high-cost areas, rural telehealth services, and schools and libraries.
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National Gallery of Victoria reaps reward from Daniel Andrews' $1.4bn cultural precinct splurge. The Victorian government will fund the construction of Australia’s largest gallery of contemporary art and design
Cars24 India, an online marketplace for second-hand cars, has raised $200 million on a valuation of over $1 billion from DST Global.
India has registered 44,376 new confirmed coronavirus cases in the past 24 hours. The latest increase has taken the total number of cases to 9.22 million, the Health Ministry said Wednesday. India’s confirmed daily toll has remained below 50,000 for a few weeks, after peaking in September.
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An international survey of women media workers has found that in many cases, physical attacks appear to have followed online threats.