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Eletson Holdings Inc. Annual Report 2017

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Eletson Holdings Inc. Annual Report 2017 ELETSON HOLDINGS INC. ANNUAL REPORT 2017 Table of Contents Risk Factors .......................................................................................................................................................... 3 Restricted Group Selected Financial And Other Data ........................................................................................ 24 Selected Consolidated Financial Information And Other Operating Data.......................................................... 26 Management’s Discussion And Analysis Of Financial Condition And Results Of Operations .......................................................................................................................................................... 27 Business .............................................................................................................................................................. 48 Management ....................................................................................................................................................... 59 Shareholders And Related Party Transactions .................................................................................................... 62 Description Of Other Indebtedness .................................................................................................................... 64 Letter To The Shareholders Of Eletson Holdings Inc. ............................................................................... F2 Management's Discussion And Analysis Of Financial Condition And Results Of Operations .................................................................................................................................................. F4 Report of Independent Auditors .............................................................................................................. F10 Consolidated Balance Sheets ................................................................................................................... F12 Consolidated Statements Of Comprehensive Income / (Loss) ............................................................ F13 Consolidated Statements Of Shareholders’ Equity............................................................................... F14 Consolidated Statements Of Cash Flows .............................................................................................. F15 Notes To Consolidated Financial Statements ....................................................................................... F16 Appendices ............................................................................................................................................... F46 Company’s Fleet As Of June 25, 2018 .................................................................................................. F47 Selected Financial Data .......................................................................................................................... F48 Corporate Information ............................................................................................................................ F50 2 RISK FACTORS i) Risks Relating to Our Industry Global economic instability has negatively impacted, and may continue to negatively impact, the tanker industry and our business. Global economic downturn that commenced in previous years led to a significant adverse shift in the business facing tight credit, weak demand for goods and services, deteriorating international liquidity conditions and declining markets. While the global economy has since improved, any future decline may create downward pressure on charter rates. If the global economy worsens, we may be, or may continue to be, negatively affected in the following ways: we may not be able to employ our vessels at charter rates as favourable to us as historical rates or operate our vessels profitably; the market value of our vessels could decrease significantly, which may cause us to recognise losses if any of our vessels are sold or if their values are impaired. In addition, such a decline in the market value of our vessels could prevent us from borrowing under our credit facilities or trigger a default under their covenants; and charterers could seek to renegotiate the terms of their charters with us or have difficulty meeting their payment obligations to us. Further disruptions in world financial markets and the resulting governmental action in Europe, the United States and in other parts of the world could have a material adverse impact on our ability to obtain financing required to acquire vessels or new businesses. Furthermore, such a disruption would adversely affect our results of operations, financial condition and cash flows. Global financial markets and economic conditions have been disrupted and volatile in recent years and remain subject to significant vulnerabilities, such as the deterioration of fiscal balances and the rapid accumulation of public debt, continued deleveraging in the banking sector and a limited supply of credit. While the global economy may be improving, it remains subject to downside risk. There can be no assurance that global economic weakness or a recession will not return and that tight credit markets will not continue or become more severe. In addition, the process of the UK to exit the European Union, as well as continued turmoil and hostilities in the Middle East or potential hostilities elsewhere in the world, could contribute to volatility in the global financial markets. These circumstances, along with the re-pricing of credit risk and the reduced participation of certain financial institutions from financing of the shipping industry, will likely continue to affect the availability, cost and terms of vessel financing. If financing is not available to us when it is needed, or is available only on unfavorable terms, our business may be adversely affected, with corresponding effects on our profitability, cash flows and ability to pay dividends. Moreover, as a result of the continuing economic crisis in Greece and the related austerity measures implemented by the Greek government, as well as the capital controls in effect in Greece since mid-2015, our operations may be subjected to new regulations that may require us to incur new or additional compliance or other administrative costs and may require that we pay to the Greek government new taxes or other fees or that dividends we pay be subject to withholding taxes. Furthermore, the commitments by the Greek government to the nations’ creditors and potential shift in its policies may potentially lead to Greece’s exit from the Eurozone, if not satisfied, which could affect our technical and commercial managers’ operations located in Greece. The implementation by the U.S. or other governments of protectionist trade measures, including tariffs or other trade restrictions, could also adversely affect the world oil and petroleum markets. The cyclical nature of the tanker industry has led and may continue to lead to volatility in charter rates and vessel values which may adversely affect our business, cash flow and financial condition. Historically, the overall tanker business has been highly cyclical, with attendant volatility in charter rates, profitability and asset values resulting from changes in the supply and demand for vessel capacity. Our ability to employ vessels profitably will depend upon, among other things, economic conditions in the tanker market. Our available cash flow has decreased in the past during periods when the tanker market has been depressed, and if the tanker market is depressed in the future, our available cash flow could decrease again. 3 A continuous decline in demand and/or increase in supply of tanker capacity could also cause declines in charter rates which could further adversely affect our business, cash flow and financial condition. The factors affecting the supply and demand for tankers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable. Ongoing global economic instability has intensified this unpredictability. The factors that influence demand for tanker capacity include: demand for and supply of refined petroleum products and liquefied gas, including LPG and ammonia (NH3) and other petrochemicals, including ethylene; global and regional economic conditions; increases and decreases in industrial production; political changes and armed conflicts; developments in international trade; changes in seaborne and other transportation patterns; regional availability of refining capacity; and the distance refined petroleum products, LPG and ammonia (NH3), are to be moved by sea. The factors that influence the supply of tanker capacity include: the number of new vessels built; the scrapping of older vessels; the efficiency of the world fleet; and government and industry regulation of maritime transportation and environmental practices. A decline in demand for refined petroleum products or LPG, ammonia (NH3), ethylene and other petrochemical gases or a shift in refined petroleum products or LPG, ammonia (NH3), ethylene and other petrochemical gas transport patterns, could materially and adversely affect our business, results of operations and financial condition. The demand for tanker capacity to transport refined petroleum products or LPG, ammonia (NH3), ethylene and other petrochemical gases depends upon world and regional markets for these products. A number of factors
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