HOUSTON--(BUSINESS WIRE)--#oilandgas--Enstor Gas, LLC (“Enstor”) today announced the completion of the sale of its Waha Gas Storage assets to WhiteWater Midstream, LLC (“WhiteWater”). The assets are located in Northwest Texas, near the Waha Hub. Waha Gas Storage assets have the capacity, when fully developed, to store approximately 10 billion cubic feet of natural gas and include six underground storage caverns and permits for five additional caverns.

“I am extremely proud of our team for rapidly advancing this transaction to close, particularly during the COVID pandemic,” said Enstor Chief Executive Officer Paul Bieniawski. “WhiteWater Midstream’s acquisition of the Waha Gas Storage assets is a win-win for everyone at the table. The facility is a great fit with the WhiteWater asset portfolio and provides a positive return for our investor.”

Enstor was represented by Willkie Farr and Gallagher LLP. Sidley Austin LLP provided legal counsel to WhiteWater.

About Enstor Gas, LLC

Enstor is one of the largest and most geographically diverse, independent natural gas storage operators in the U.S. The company’s eight storage facilities are strategically located across five states and Alberta, Canada. Enstor’s diversified asset base provides direct connectivity to major pipelines and key supply and demand markets. Enstor is backed by ArcLight Capital Partners, LLC, a leading private equity firm focused on North American energy infrastructure investments. For more information, please visit www.enstorinc.com.

About WhiteWater Midstream, LLC

WhiteWater Midstream is a management-owned, Austin-based midstream company. WhiteWater Midstream is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners, Denham Capital Management, First Infrastructure Capital and the Ontario Power Generation Inc. Pension Plan. Since inception, WhiteWater has reached final investment decision on ~$3 billion in greenfield development projects. For more information about WhiteWater Midstream, visit www.whitewatermidstream.com.

Media Contact:
Casey Nikoloric
303.507.0510 m
303.433.4397, x101 o
This email address is being protected from spambots. You need JavaScript enabled to view it.

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced fourth quarter 2020 financial results including the following highlights compared to the same quarter of 2019:

• Diluted Net Earnings Attributable to Shareholders per share (EPS¹) increased 47% to $1.16
• Net Earnings Attributable to Shareholders increased 45% to $199 million
• Operating Income increased 56% to $282 million
• Revenues increased 55% to $3.2 billion
• Airfreight tonnage volume increased 10% and ocean container volume increased 19%

“We moved more freight in the fourth quarter of 2020 than in any other quarter in our history,” said Jeffrey S. Musser, President and Chief Executive Officer. “We set Company bests in airfreight tonnage and ocean containers shipped, as well as in revenue, operating income and net earnings. All 17,500 people in our international network performed at levels we have never experienced before and in one of the most challenging operating environments in our 40-year history. I cannot thank our people enough and am tremendously proud to be part of an organization capable of performing at these levels while facing so many disruptions due to the COVID-19 pandemic. I credit our strong knowledge-based culture and our ability to collectively work as one team as primary factors in our success.

“Air buy and sell rates were elevated and volatile during the quarter, and supply and demand remained severely out of alignment, as demand for certain goods, particularly from North Asia, drove record high air tonnage. Air capacity remained extremely tight, as passenger flights have not returned to anywhere near their pre-COVID-19 pandemic levels. We anticipate that air supply/demand and pricing conditions are likely to remain unsettled well into 2021.

“Our ocean services business also experienced significant marketplace imbalance during the quarter, as demand soared and volumes increased, particularly on exports from North and South Asia, which drove higher average buy and sell rates. In addition, port congestion from labor and equipment shortages have significantly disrupted sailing schedules. We expect the pressure on buy rates to remain elevated until those conditions subside.

“In addition to our diverse workforce and our inclusive culture, our solid performance was largely based on the strength of our carrier relationships – both in air and ocean. Here, too, I applaud the extra focus and dedication of our people to keep those relationships strong and to secure available space for our customers in such unpredictable conditions. The marketplace remains very fluid. Despite some signs of improved COVID-19 conditions in certain parts of the world, supply chains continue to be disrupted. We remain focused on keeping our people safe, first and foremost, while continuing to serve our customers at the very highest level.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We also experienced strong growth in Customs Brokerage, Order Management, Transcon and Distribution, as our customers’ businesses improved and we on-boarded new customers. These latest results are particularly striking in comparison to the fourth quarter of 2019, when average sell rates had declined faster than our average buy rates, and both air and ocean volumes fell as slowing trade to and from China impacted overall freight movement around the globe just as the earliest effects of COVID-19 were being felt. While we are unable to predict how ongoing disruptions related to COVID-19 will affect our future operations or financial results going forward, we do not expect these unprecedented operating conditions to persist long-term. We will continue to make important investments in people, processes and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.”

Mr. Powell noted that the Company’s effective tax rate for the full year of 2020 was 27.0%, compared to 25.6% in 2019. Earnings of our international subsidiaries, which on average have higher effective tax rates when compared to U.S. Federal and State tax rates, were proportionally higher in 2020 than in the U.S.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

The twelve months ended December 31, 2019 includes the effect of changing our presentation of certain import services from a net to a gross basis and our revised presentation of destination services that started in the second quarter of 2019, which increased revenues and directly related operating expenses in customs brokerage and other services but did not change operating income.

During the three and twelve months ended December 31, 2020, we repurchased 0.2 million and 4.6 million shares of common stock at an average price of $90.81 and $72.26 per share, respectively. During the three and twelve months ended December 31, 2019, we repurchased 1.2 million and 5.3 million shares of common stock at an average price of $73.89 and $72.91 per share, respectively.

Investors may submit written questions via e-mail to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions received by the end of business on February 19, 2021 will be considered in management's 8-K “Responses to Selected Questions.”

Disclaimer on Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements,” such as statements relating to management’s views with respect to future events and underlying assumptions that involve risks and uncertainties, including statements such as our expectations of continued volatility in air pricing, ongoing pressure for elevated buy rates in the ocean services business, that the COVID-19-related operating conditions will not continue long-term, and that the Company expects to continue making investments in people, processes and technology. Future financial performance could differ materially because of factors such as: our ability to perform at these levels while facing several disruptions due to the COVID-19 pandemic, including employee retention and their health and safety; our ability to execute during port congestion due to labor and equipment shortages and disrupted sailing schedules; the timing of passenger flights returning close to their pre-COVID-19 levels; the impact on our ocean volumes; continued volatility in airfreight and ocean buy and sell rates; our access to carrier capacity; our ability to keep our global offices open and operating; our ability to execute our business continuity plans; the strength of our financial position and our ability to continue to make investments in our strategic initiatives; our ability to remain a strong, healthy, unified and resilient organization; and the future impact of changes in the mix of domestic and foreign income on our effective tax rate. The COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in “Item 1A. Risk Factors” of the Company’s most recent Quarterly Report on Form 10-Q. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them except as required by law.

Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433

Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412

Geoffrey Buscher
Director - Investor Relations
(206) 892-4510

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the fourth quarter 2020.

Fourth Quarter 2020 Highlights

• Total revenues were $158.4 million for the fourth quarter 2020, compared to $178.2 million for the fourth quarter 2019.
• Net loss was $1.5 million for the fourth quarter 2020, compared to net income of $9.3 million for the fourth quarter 2019.
• Net cash provided by operating activities was $97.5 million for the fourth quarter 2020, compared to $91.7 million for the fourth quarter 2019.
• Adjusted EBITDA was $98.3 million for the fourth quarter 2020, compared to $109.2 million for the fourth quarter 2019.
• Distributable Cash Flow was $50.5 million for the fourth quarter 2020, compared to $58.0 million for the fourth quarter 2019.
• Announced cash distribution of $0.525 per common unit for the fourth quarter 2020, consistent with the fourth quarter 2019.
• Distributable Cash Flow Coverage was 0.99x for the fourth quarter 2020, compared to 1.14x for the fourth quarter 2019.

“USA Compression wrapped up 2020 with a fourth quarter that reflected very modest quarter-over-quarter declines in utilization and revenue, demonstrating a level of operational stability that would have been hard to imagine nine months ago,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “While we continued to see some impact of the ongoing industry softness in certain operating regions, at the same time, other regions performed well and helped balance out our overall business.”

He continued, “The broader natural gas market finished the year on a positive note, with natural gas prices having their best quarter of the year in the fourth quarter. And with the EIA estimating that 2020 dry natural gas production was down a mere 1.9% from 2019’s level, the continued robust demand and production numbers point to the importance of natural gas as a fuel and a raw feedstock for a wide array of products that consumers demand. Given the vast natural gas infrastructure and abundance of supply, we believe that natural gas will remain an important part of this country’s energy landscape.”

“During the quarter, we continued to focus on controlling expenses, resulting in operating margins in line with our historical levels. Our capital spending for the quarter was further reduced from previous quarters, and for the year came in meaningfully below initial expectations. Looking ahead to 2021, we have no new units on order, exercising capital discipline in a still-uncertain marketplace. While the exact timing and duration of a recovery is still unknown, we expect to power through by continuing to focus on operational excellence and customer-focused service.”

Expansion capital expenditures were $10.9 million, maintenance capital expenditures were $5.4 million and cash interest expense, net was $30.0 million for the fourth quarter 2020.

On January 14, 2021, the Partnership announced a fourth quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution was paid on February 5, 2021 to common unitholders of record as of the close of business on January 25, 2021.

________________________

Liquidity and Long-Term Debt

As of December 31, 2020, the Partnership was in compliance with all covenants under its $1.6 billion revolving credit facility. As of December 31, 2020, the Partnership had outstanding borrowings under the revolving credit facility of $473.8 million, $1.1 billion of borrowing base availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $284.2 million. As of December 31, 2020, the outstanding aggregate principal amount of the Partnership’s 6.875% senior notes due 2026 and 6.875% senior notes due 2027 was $725.0 million and $750.0 million, respectively.

Full-Year 2021 Outlook

USA Compression is providing its full-year 2021 guidance as follows:

• Net income range of $0.0 million to $20.0 million;
• A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow;
• Adjusted EBITDA range of $385.0 million to $405.0 million; and
• Distributable Cash Flow range of $193.0 million to $213.0 million.

Conference Call

The Partnership will host a conference call today beginning at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss fourth quarter 2020 performance. The call will be broadcast live over the Internet. Investors may participate either by phone or audio webcast.

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

Non-GAAP Financial Measures

This news release includes the Non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Management believes that Adjusted gross margin is useful as a supplemental measure to investors of the Partnership’s operating profitability. Adjusted gross margin is impacted primarily by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume and per unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units and property tax rates on compression units. Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin, its most directly comparable GAAP financial measure, or any other measure of financial performance presented in accordance with GAAP. Moreover, Adjusted gross margin as presented may not be comparable to similarly titled measures of other companies. Because the Partnership capitalizes assets, depreciation and amortization of equipment is a necessary element of its costs. To compensate for the limitations of Adjusted gross margin as a measure of the Partnership’s performance, management believes that it is important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership’s operating profitability.

Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership’s results of operations, and the Partnership tracks this item on a monthly basis both as an absolute amount and as a percentage of revenue compared to the prior month, year-to-date, prior year and budget. The Partnership defines EBITDA as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense. The Partnership defines Adjusted EBITDA as EBITDA plus impairment of compression equipment, impairment of goodwill, interest income on capital lease, unit-based compensation expense, severance charges, certain transaction expenses, loss on disposition of assets and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of its financial statements, such as investors and commercial banks, to assess:

• the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure or historical cost basis of the Partnership’s assets;
• the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;
• the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and
• the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure.

Management believes that Adjusted EBITDA provides useful information to investors because, when viewed with GAAP results and the accompanying reconciliations, it provides a more complete understanding of the Partnership’s performance than GAAP results alone. Management also believes that external users of its financial statements benefit from having access to the same financial measures that management uses in evaluating the results of the Partnership’s business.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP as measures of operating performance and liquidity. Moreover, Adjusted EBITDA as presented may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense, depreciation and amortization expense, unit-based compensation expense, impairment of compression equipment, impairment of goodwill, certain transaction expenses, severance charges, loss on disposition of assets, proceeds from insurance recovery and other, less distributions on the Partnership’s Series A Preferred Units (“Preferred Units”) and maintenance capital expenditures.

Distributable Cash Flow should not be considered as an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance and liquidity. Moreover, the Partnership’s Distributable Cash Flow as presented may not be comparable to similarly titled measures of other companies.

Management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors and others to compare basic cash flows the Partnership generates (after distributions on the Partnership’s Preferred Units but prior to any retained cash reserves established by the Partnership’s general partner and the effect of the Distribution Reinvestment Plan) to the cash distributions the Partnership expects to pay its common unitholders.

Distributable Cash Flow Coverage Ratio is defined as Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it allows management, investors and others to gauge the Partnership’s ability to pay distributions to common unitholders using the cash flows the Partnership generates. The Partnership’s Distributable Cash Flow Coverage Ratio as presented may not be comparable to similarly titled measures of other companies.

This news release also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership in its 2021 fiscal year. A forward-looking estimate of net cash provided by operating activities and reconciliations of the forward-looking estimates of Adjusted EBITDA and Distributable Cash Flow to net cash provided by operating activities are not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow.

See “Reconciliation of Non-GAAP Financial Measures” for Adjusted gross margin reconciled to gross margin, Adjusted EBITDA reconciled to net income (loss) and net cash provided by operating activities, and net income (loss) and net cash provided by operating activities reconciled to Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Forward-Looking Statements

Some of the information in this news release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “if,” “project,” “outlook,” “will,” “could,” “should,” or other similar words or the negatives thereof, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2021 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors noted below and other cautionary statements in this news release. The risk factors and other factors noted throughout this news release could cause actual results to differ materially from those contained in any forward-looking statement. Known material factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements include:

• changes in the long-term supply of and demand for crude oil and natural gas, including as a result of uncertainty regarding the length of time it will take for the U.S. and the rest of the world to slow the spread of COVID-19 to the point where applicable authorities are comfortable continuing to ease, or declining to reinstate certain restrictions on various commercial and economic activities; such restrictions are designed to protect public health but also have the effect of reducing demand for crude oil and natural gas;
• the severity and duration of world health events, including the recent COVID-19 outbreak, related economic repercussions, actions taken by governmental authorities and other third parties in response to the pandemic and the resulting disruption in the oil and gas industry and negative impact on demand for oil and gas, which continues to negatively impact our business;
• changes in general economic conditions and changes in economic conditions of the crude oil and natural gas industries specifically, including the ability of members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) to agree on and comply with supply limitations;
• uncertainty regarding the timing, pace and extent of an economic recovery in the U.S. and elsewhere, which in turn will likely affect demand for crude oil and natural gas and therefore the demand for the compression and treating services we provide and the commercial opportunities available to us;
• the deterioration of the financial condition of our customers, which may result in the initiation of bankruptcy proceedings with respect to customers;
• renegotiation of material terms of customer contracts;
• competitive conditions in our industry;
• our ability to realize the anticipated benefits of acquisitions;
• actions taken by our customers, competitors and third-party operators;
• changes in the availability and cost of capital;
• operating hazards, natural disasters, epidemics, pandemics (such as COVID-19), weather-related delays, casualty losses and other matters beyond our control;
• operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions;
• the restrictions on our business that are imposed under our long-term debt agreements;
• information technology risks including the risk from cyberattack;
• the effects of existing and future laws and governmental regulations;
• the effects of future litigation; and
• other factors discussed in the Partnership’s filings with the SEC.

All forward-looking statements speak only as of the date of this news release and are expressly qualified in their entirety by the foregoing cautionary statements. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

Investor Contacts:
USA Compression Partners, LP
Matthew C. Liuzzi
Chief Financial Officer
512-369-1624
This email address is being protected from spambots. You need JavaScript enabled to view it.

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced that it will release its fourth-quarter and full-year 2020 financial results before the market opens on Friday, March 5, 2021, and host a conference call that morning for investors and analysts.

The call also will be webcast live and archived on the Investor Relations section of the Global Partners website, https://ir.globalp.com.

About Global Partners LP

With approximately 1,550 locations primarily in the Northeast, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit https://www.globalp.com/.

Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800

Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800

• Advances portfolio to non-material revenue exposure of <2% to upstream oil and gas market
• Progressing on next phase of transformation focusing on sustainability-oriented industrial markets

DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell a majority interest in its High Pressure Solutions (HPS) Segment to the private equity firm American Industrial Partners (AIP).

Ingersoll Rand will receive cash proceeds of approximately $300 million at closing for its majority interest and will retain a 45% common equity interest in the business. The transaction, subject to standard closing conditions, is expected to be completed in the first half of 2021.

“Today’s transaction is a meaningful step forward in our transformation and achieves many of the goals we have previously communicated,” said Vicente Reynal, chief executive officer of Ingersoll Rand. “It significantly reduces our direct exposure to the upstream oil and gas market to non-material revenue exposure of <2%, and accelerates our ESG commitments. We are pleased to achieve an attractive valuation for our shareholders with the opportunity to continue to benefit from future economic upside, and secure significant upfront cash that we will use to support growth. After a successful year during 2020 despite the pandemic, we now enter the next phase of our journey with a portfolio focused on core, higher-growth, sustainability-oriented industrial markets, including water, life sciences, and renewable energy, supported by strong secular trends.”

Ingersoll Rand selected AIP due to the firm’s successful track record in carve-out transactions, deep experience in the industrial economy, including HPS’s end markets, and its emphasis on engineering and operational excellence.

“High Pressure Solutions has an outstanding reputation, a history of innovation, a focus on serving its customers and a talented workforce,” said Alex Menkhaus, a partner at AIP. “We are excited to partner with the HPS team to continue to provide our customers with leading technology, quality and service.”

Simmons Energy, a division of Piper Sandler & Co., is serving as exclusive financial advisor to Ingersoll Rand, Citi is serving as special advisor and Kirkland & Ellis LLP is serving as legal counsel.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

About American Industrial Partners

American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions. For more information on AIP, visit www.americanindustrial.com.

Forward-Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to our intent to sell the assets of the High Pressure Solutions segment, the expected benefits of the proposed transaction and the timing of the transaction. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to timely obtain, if ever, necessary regulatory approvals of the proposed transaction; adverse effects on the market price of our ordinary shares and on our operating results because of our inability to timely complete, if ever, the proposed transaction; our ability to fully realize the expected benefits of the proposed transaction; negative effects of announcement or consummation of the proposed transaction on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the proposed transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; and the impact of the proposed transaction on the company’s employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Media:
Misty Zelent
This email address is being protected from spambots. You need JavaScript enabled to view it.
 
Investors:
Vikram Kini
This email address is being protected from spambots. You need JavaScript enabled to view it.

SARASOTA, Fla.--(BUSINESS WIRE)--ule.Helios Technologies (Nasdaq: HLIO), a global leader in highly engineered motion control and electronic controls technology for diverse end markets, announced today that it will release its fourth quarter and full year 2020 financial results after the market closes on Monday, March 1, 2021. Josef Matosevic, President and Chief Executive Officer, and Tricia Fulton, Chief Financial Officer, will host a conference call and webcast the following day to review the Company’s financial and operating results, and discuss its corporate strategies and outlook.

Fourth Quarter 2020 Financial Results Conference Call:

Tuesday, March 2, 2021
9:00 a.m. Eastern Time
Phone: (201)-689-8573
Internet webcast and accompanying slide presentation: www.heliostechnologies.com.

A telephonic replay will be available from approximately 12:00 p.m. ET on the day of the call through Tuesday, March 9, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13715001. The webcast replay will be available in the investor relations section of the Company’s website at www.heliostechnologies.com, where a transcript will also be posted once available.

About Helios Technologies

Helios Technologies is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine, health and wellness. Helios sells its products to customers in over 85 countries around the world. Its strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition. The company has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997. For more information please visit: www.heliostechnologies.com

Tania Almond
VP, Investor Relations & Corporate Communications
(941) 362-1333
This email address is being protected from spambots. You need JavaScript enabled to view it.

Deborah Pawlowski
Kei Advisors LLC 
(716) 843-3908 
This email address is being protected from spambots. You need JavaScript enabled to view it.

AUSTIN, Texas--(BUSINESS WIRE)--WhiteWater Midstream (WWM), operator of the Agua Blanca and Whistler pipelines, today announced the acquisition of Enstor’s Waha gas storage assets. The assets will be held in a newly formed joint venture entity, Waha Gas Storage LLC, which will be jointly owned by Whistler Pipeline, LLC and Delaware Basin Residue, LLC, owner of Agua Blanca. The Waha gas storage facilities will be connected to Agua Blanca’s Waha header system and will provide material storage capacities to customers of both the Agua Blanca and Whistler pipelines. With six existing caverns and five additional permitted caverns, the Waha Gas Storage facilities can provide approximately 10 billion cubic feet of storage capacity once fully developed.

“The Waha Gas Storage assets are strategically located near the Waha hub and our new joint venture plans on further optimizing these facilities and their capabilities in the near-term to better serve the customers of the Agua Blanca and Whistler pipelines,” said Christer Rundlof, CEO of WhiteWater. “We are extremely excited to provide our customers with another premier residue service and unmatched flexibility for their residue transportation needs.”

The Waha Gas Storage facilities are expected to be in service in the fourth quarter of 2021, pending the receipt of customary regulatory and other approvals. Inquiries regarding Waha Gas Storage facilities and services should be directed to This email address is being protected from spambots. You need JavaScript enabled to view it..

About Waha Gas Storage LLC

Waha Gas Storage is a Joint Venture between the Agua Blanca and Whistler pipelines.

About Agua Blanca

Agua Blanca (Delaware Basin Residue, LLC) is a joint venture between MPLX LP (NYSE: MPLX) and WhiteWater Midstream. The pipeline is capable of moving 3 Bcf/d of gas from Delaware Basin gas process plants to delivery points in and around Waha.

About Whistler Pipeline LLC

Whistler Pipeline LLC is a joint venture owned by MPLX LP (NYSE: MPLX), WhiteWater Midstream, Ridgemont Equity Partners and a joint venture between affiliates of Stonepeak Infrastructure Partners and West Texas Gas, Inc. (WTG). Once in operation, the Whistler pipeline will be capable of delivering 2 Bcf/d from the Permian Basin to South Texas.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com

About WhiteWater Midstream

WhiteWater Midstream is a management owned, Austin based midstream company. WhiteWater Midstream is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners, Denham Capital Management, First Infrastructure Capital and the Ontario Power Generation Inc. Pension Plan. Since inception, WhiteWater has reached final investment decision on ~$3 billion in greenfield development projects. For more information about WhiteWater Midstream, visit www.whitewatermidstream.com.

About First Infrastructure Capital

First Infrastructure Capital Advisors, LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages funds affiliated with First Infrastructure Capital, L.P. For more information about First Infrastructure Capital, visit www.firstinfracap.com.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65B of committed capital. www.ridgemontep.com

About Stonepeak Infrastructure Partners

Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is an infrastructure-focused private equity firm with over $29.2 billion of assets under management (as of September 2020) and with offices in New York, Houston, Austin and Hong Kong. Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.

About WTG

WTG (West Texas Gas, Inc. & affiliates) is composed of a family of related natural gas midstream and downstream entities headquartered in Midland, TX since 1976 with operations in more than 90 Texas and Oklahoma counties. These WTG entities operate more than 700 MMcfd of gas processing capacity with more than 10,000 miles of gathering systems, 1,800 miles of transmission pipelines and distribution systems serving approximately 25,000 LDC customers.

This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, statements with respect to forecasts regarding capacity, rates, incremental investment, market conditions and timing for becoming operational for the opportunities discussed above. You can identify forward-looking statements by words such as "anticipate," "design," "estimate," "expect," "forecast," "plan," "project," "potential," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies and are difficult to predict. Factors that could impact the opportunities described above are set forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2019, and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (SEC). In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPLX's Forms 10-K and 10-Q could also have material adverse effects on forward-looking statements. Copies of MPLX's Forms 10-K and 10-Q are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

Investor Relations Contacts:

WhiteWater Midstream
Bryan Willoughby
Director, Business Development
(512) 953-2100
www.whitewatermidstream.com

MPLX
Kristina Kazarian
Vice President, Investor Relations
(419) 421-2071

Stonepeak Infrastructure Partners
Dan Schmitz,
Investor Relations
(212) 907-5119 

WTG
David B. Freeman
Investor Relations
(432) 682-4349

Highly accurate ship performance models built off real-world data

PALO ALTO, Calif.--(BUSINESS WIRE)--#MOL--Bearing (www.bearing.ai) exits stealth mode and launches its AI-driven operations optimization platform, which provides a wide range of actionable insights to shipping companies, leading to improved efficiency, safety and reduced greenhouse gas emissions. Bearing’s platform is powered by highly accurate ship performance models built on real-world data, allowing it to predict fuel consumption, speed, and other performance factors much more accurately than existing solutions on the market. (e.g., Bearing’s typical prediction accuracy for fuel consumption is over 98% per voyage, compared to a typical existing accuracy of 80%).

The trillion-dollar maritime shipping industry moves 90% of the goods people interact with on a daily basis. However, the industry still struggles with significant inefficiencies and has traditionally been slow to adopt new technologies. The industry is now facing additional challenges on several fronts, from new environmental regulations to rapid shifts in global trade. To address these industry challenges, shippers are looking for new ways to streamline their operations. By working closely with many of the top-10 global shippers, Bearing has developed solutions that help shippers of all types (from tankers to containerships) improve their operations and, ultimately, their profit margins.

Based in Silicon Valley, Bearing’s team has deep roots in artificial intelligence (AI) and scaling large-scale data-driven products. Bringing this expertise to the shipping industry, Bearing has developed solutions that outperform the industry’s traditional solutions that are manually intensive and, therefore, expensive.

Core to Bearing’s technology is a platform that ingests data from various sources, including ship sensors, satellite positioning and weather data. Bearing combines this data with deep learning technologies to build hyper accurate models that predict vessel performance in a wide range of operating conditions, from storms to calm water. These models serve as the foundation for a range of products, including:

Smart Routing Engine: Automatically analyzes all potential routes for a given voyage and recommends the optimal route and speed profile for fuel efficiency, market opportunities and safety. Notably, the Smart Routing Engine continuously evaluates all possible route options and automatically adapts to changing weather conditions in real-time. Bearing built the Smart Routing Engine to integrate into existing workflows smoothly, so captains and operators can quickly receive and react to recommendations. The Smart Routing Engine also accurately projects the real-time profitability of a given voyage, removing much of the guesswork that exists in the industry today.

Bearing's Smart Routing Engine is already deployed with its initial partner, MOL, one of Japan’s largest shipping companies. MOL collaborated with Bearing in the initial testing and launch of the Smart Routing Engine because they recognized Bearing’s deep AI expertise and background in building technology products. “MOL, at its highest organizational levels, continuously monitors the condition of our fleet to ensure optimum operational efficiency and prudent, safe navigation by combining the technologies of Bearing as well as other existing and new solutions,” said President of MOL (Americas), Katsumi Nagata.

Performance Analysis Dashboard: Allows operators to see accurate trends in efficiency for their entire fleet. The dashboard proactively highlights actions that operators can take to improve fleet efficiency and allows operators to calculate the ROI for different actions, such as hull cleaning. Traditionally, measuring vessel performance against an objective baseline has been challenging to do, as vessel performance can vary significantly even on a single voyage due to factors like weather. Bearing’s technology allows operators to understand their fleet in a clear, quantitative way, thereby empowering them to make the right decisions.

“K” LINE, one of Japan’s leading shipping companies, collaborated closely with Bearing as a pioneer on the development and testing of the Performance Analysis Dashboard. “As a result of verifying the performance analysis by utilizing Bearing's technology, "K" LINE confirmed a much higher level of data accuracy compared with the existing performance analysis tool. Therefore, "K" LINE is going to adopt Bearing's Performance Analyzing Tool on 300+ vessels,” said General Manager of “K” LINE’s Advanced Technology Group, Shingo Kameyama. “High accuracy of ship's performance analysis is essential for all safety and energy-saving measures in ship operation. Bearing's technology contributes to our safe, economical operation and greenhouse gas reduction, which is one of the most significant maritime industries' challenges.”

Ship Profile API: Enables shipping companies and other service providers to tap into Bearing’s deep learning models via an easy-to-use API to power their own tools. Bearing has partnered with ZeroNorth, a spin-off of Maersk Tankers, to develop and launch this API. Bearing's API is currently helping to power ZeroNorth’s Optimise platform, allowing tramp shippers to optimize their operations and improve overall profitability.

Founders

Bearing’s cofounders are CEO Dylan Keil and Chief Engineer David Liu. Dylan has deep expertise in building products that leverage real-world sensor data. Before founding Bearing, Dylan was the CEO and Cofounder of Chronos, a startup that developed a leading contextual-awareness engine for mobile-devices. David has extensive experience building scalable, AI-enabled products. David spent over a decade at Intel, leading a wide variety of engineering efforts, focusing on Machine Learning.

Investors

With the support of the company’s investors, AI Fund (founded by Andrew Ng, a leading pioneer in AI) and Mitsui & Co., Ltd., the team has successfully brought AI to tackle the most significant challenges within the shipping industry. Total funding-to-date is $3 million.

"The AI Fund is proud to back Bearing. The maritime shipping industry is well positioned for AI to drive significant optimization. This will be good for shippers, manufacturers, consumers, and also the environment,” said General Partner of AI Fund, Dr. Andrew Ng. “Dylan, David and their team have the expertise required to not just train models but actually deploy and scale AI-enabled products. Full steam ahead!”

“We believe that there is a wide range of opportunities to use deep learning algorithms in the maritime and shipping industry, which can lead to various applications including greenhouse gas reduction,” said Representative Director, Senior Executive Managing Officer and Chief Digital Information Officer of Mitsui & Co., Ltd., Yoshio Kometani. “We are happy to join forces with Bearing and AI Fund to develop innovative technologies, expand the business, and help to create an eco-friendly society.”

About Bearing:

Based in Palo, Alto, CA, Bearing brings operational efficiencies to the maritime shipping industry. Through the use of artificial intelligence (AI), Bearing aggregates and analyzes data from multiple sources to provide actionable insights for fuel efficiency, optimal routing and vessel performance. Backed by AI experts and partnerships with global shippers, Bearing is helping its customers increase their profit margins and reduce greenhouse gas emissions. For more information on Bearing, go to www.bearing.ai.

Kimberly Rose
ShapeTechnology
This email address is being protected from spambots. You need JavaScript enabled to view it.
650-759-6385

ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2020.

Highlights for the Fourth Quarter and Year Ended December 31, 2020:

• Adjusted net income¹ of $47.8 million, or $2.29 per share, for the three months ended December 31, 2020 compared to $38.0 million, or $2.01 per share, for the three months ended December 31, 2019, an increase of 25.8%. Adjusted net income¹ of $170.9 million, or $7.18 per share, for the year ended December 31, 2020 compared to $148.7 million, or $9.17 per share, for the year ended December 31, 2019, an increase of 14.9%.
• Operating revenues of $119.6 million for the three months ended December 31, 2020 compared to $110.2 million for the three months ended December 31, 2019, an increase of 8.5%. Operating revenues of $461.6 million for the year ended December 31, 2020 compared to $447.2 million for the year ended December 31, 2019, an increase of 3.2%.
• Adjusted EBITDA¹ of $83.0 million for the three months ended December 31, 2020 compared to $78.1 million for the three months ended December 31, 2019, an increase of 6.3%. Adjusted EBITDA¹ of $318.3 million for the year ended December 31, 2020 compared to $310.6 million for the year ended December 31, 2019, an increase of 2.5%.
• Total contracted operating revenues were $1.2 billion² as of December 31, 2020, with charters extending through 2028 and remaining average contracted charter duration of 3.1 years, weighted by aggregate contracted charter hire.
• Charter coverage of 94% for the next 12 months based on current operating revenues and 91% in terms of contracted operating days.

Danaos’ CEO Dr. John Coustas commented:

"In the fourth quarter of 2020, we witnessed the most outstanding turnaround in the container industry for as long as I can remember. Market participants were caught by surprise as the chronic underinvestment in capacity coupled with a sudden resurgence of demand created a spike that drove container box rates to all-time highs. This led to a massive increase in our customers’ profitability and significantly diminished the counterparty risk that was so prevalent at the end of the first quarter of 2020. The charter market, in turn, rapidly strengthened, resulting in decade-high charter rates across almost all vessel types.

Now everyone is focused on whether the current market strength is sustainable and for how long. Fortunately, incremental vessel supply will remain low for the time being. Although there have been new orders placed, the current orderbook is at historically low levels. Since there is a two-year lead time for new orders to hit the water, supply growth should be moderate for the next couple of years. What will happen next depends a lot on the environmental initiatives, regulations and of course demand.

As far as Danaos is concerned we experienced a strong quarter, completed delivery of all contracted vessels, realized significant gains, displayed exceptional rechartering performance and entered into agreements for a very important refinancing.

This quarter we saw an improvement in Adjusted EBITDA and Adjusted Net Income compared to the same quarter in the prior year. This improvement should be even more pronounced in the coming quarters as new contracted charters at significantly higher rates start to contribute to our top line.

We have concluded 27 recharterings over the past three months for periods of 12-24 months at rates between two and three times the rates of the expiring charters. In doing so, we have practically covered 91% of our 2021 operating days and a significant portion of our 2022 operating days. We currently expect revenue in 2021 to exceed 2020 revenue by at least $100 million.

The recent performance of both ZIM and HMM has resulted in a $23.8 million increase in the recorded value of our bond holdings in these two companies, which increased in value to approximately $63 million as of the end of 2020. The ZIM IPO has also provided a marked-to-market value for our 10.2mn shares in ZIM, which have a value exceeding $200 million based on Zim’s closing share price of $20.12 per share on February 12, 2021. These shares were valued at $75,000 as of the end of 2020.

We have also recently concluded a $300 million bond offering, which was over three times oversubscribed, an extraordinary accomplishment for a first-time issuer. These funds, together with another $950 million of bank and lease financing, will be used to refinance most of our existing credit facilities and form the basis of our new strategy as we will not have any maturities until 2025.

We are happy that the market has acknowledged our accomplishments, leading to a dramatic outperformance of our share price as compared to our peers. We are well-positioned and committed to continue to take actions to create value for our shareholders."

Three months ended December 31, 2020 compared to the three months ended December 31, 2019

During the three months ended December 31, 2020, Danaos had an average of 58.5 containerships compared to 55.0 containerships during the three months ended December 31, 2019. Our fleet utilization for the three months ended December 31, 2020 was 97.9% compared to 97.0% for the three months ended December 31, 2019.

Our adjusted net income amounted to $47.8 million, or $2.29 per share, for the three months ended December 31, 2020 compared to $38.0 million, or $2.01 per share, for the three months ended December 31, 2019. We have adjusted our net income in the three months ended December 31, 2020 for amortization of non-cash fees and accrued finance fees charges of $4.6 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $9.8 million in adjusted net income for the three months ended December 31, 2020 compared to the three months ended December 31, 2019 is attributable mainly to a $9.4 million increase in operating revenues, a $6.0 million decrease in net finance expenses and a $0.5 million increase in the operating performance of our equity investment in Gemini Shipholdings Corporation (“Gemini”), which were partially offset by a $6.1 million increase in total operating expenses.

On a non-adjusted basis, our net income amounted to $43.2 million, or $2.07 earnings per diluted share, for the three months ended December 31, 2020 compared to net income of $33.8 million, or $1.79 earnings per diluted share, for the three months ended December 31, 2019.

Operating Revenues

Operating revenues increased by 8.5%, or $9.4 million, to $119.6 million in the three months ended December 31, 2020 from $110.2 million in the three months ended December 31, 2019.

Operating revenues for the three months ended December 31, 2020 reflect:

• a $7.6 million increase in revenues in the three months ended December 31, 2020 compared to the three months ended December 31, 2019 mainly as a result of contractual increases in charter rates of vessels under long-term charters, partially offset by lower re-chartering rates between the two quarters for certain of our vessels;
• a $6.1 million increase in revenues in the three months ended December 31, 2020 compared to the three months ended December 31, 2019 due to the acquisition of new vessels;
• a $2.1 million increase in revenues due to higher fleet utilization of our vessels in the three months ended December 31, 2020 compared to the three months ended December 31, 2019.
• a $6.4 million decrease in revenues in the three months ended December 31, 2020 compared to the three months ended December 31, 2019 due to lower non-cash revenue recognition in accordance with US GAAP; and

Vessel Operating Expenses

Vessel operating expenses increased by $4.2 million to $28.7 million in the three months ended December 31, 2020 from $24.5 million in the three months ended December 31, 2019, primarily as a result of the increase in the average number of vessels in our fleet and an overall increase in the average daily operating cost to $5,571 per vessel per day for vessels on time charter for the three months ended December 31, 2020 compared to $5,215 per vessel per day for the three months ended December 31, 2019. Management believes that our daily operating costs are among the most competitive in the industry.

Depreciation & Amortization

Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation

Depreciation expense increased by 6.1%, or $1.5 million, to $25.9 million in the three months ended December 31, 2020 from $24.4 million in the three months ended December 31, 2019 mainly due to the acquisition of the vessels Niledutch Lion, Phoebe, Charleston, Bremen and C Hamburg and the installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs increased by $0.4 million to $2.6 million in the three months ended December 31, 2020 from $2.2 million in the three months ended December 31, 2019.

General and Administrative Expenses

General and administrative expenses decreased by $0.6 million to $6.4 million in the three months ended December 31, 2020, from $7.0 million in the three months ended December 31, 2019. The decrease was mainly due to decreased non-cash recognition of share-based compensation.

Other Operating Expenses

Other Operating Expenses include Voyage Expenses.

Voyage Expenses

Voyage expenses increased by $0.6 million to $3.4 million in the three months ended December 31, 2020 from $2.8 million in the three months ended December 31, 2019 primarily as a result of the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income

Interest expense decreased by 32.2%, or $5.5 million, to $11.6 million in the three months ended December 31, 2020 from $17.1 million in the three months ended December 31, 2019. The decrease in interest expense is attributable to:

• a $6.0 million decrease in interest expense due to a decrease in debt service cost of approximately 2% and a $92.6 million decrease in our average debt (including leaseback obligations), to $1,482.5 million in the three months ended December 31, 2020, compared to $1,575.1 million in the three months ended December 31, 2019; and
• a $0.5 million increase in the amortization of deferred finance costs and debt discount related to our 2018 debt refinancing.

As of December 31, 2020, our outstanding bank debt, gross of deferred finance costs, was $1,368.1 million and our leaseback obligation was $123.4 million compared to bank debt of $1,423.8 million and our leaseback obligation of $138.2 million as of December 31, 2019.

Interest income remained stable at $1.7 million in each of the three months ended December 31, 2020 and December 31, 2019.

Other finance costs, net

Other finance costs, net remained stable at $0.3 million in each of the three months ended December 31, 2020 and December 31, 2019.

Equity income on investments

Equity income on investments increased by $0.5 million to $1.6 million of income on investments in the three months ended December 31, 2020 compared to $1.1 million in the three months ended December 31, 2019 due to the improved operating performance of Gemini, in which the Company has a 49% shareholding interest.

Loss on derivatives

Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended December 31, 2020 and December 31, 2019.

Other income, net

Other income, net was $0.2 million in the three months ended December 31, 2020 compared to $0.1 million in the three months ended December 31, 2019.

Adjusted EBITDA

Adjusted EBITDA increased by 6.3%, or $4.9 million, to $83.0 million in the three months ended December 31, 2020 from $78.1 million in the three months ended December 31, 2019. As outlined above, the increase is mainly attributable to a $9.4 million increase in operating revenues and a $0.5 million increase in the operating performance of our equity investees, which were partially offset by a $5.0 million increase in total operating expenses. Adjusted EBITDA for the three months ended December 31, 2020 is adjusted for stock-based compensation of $0.3 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Year ended December 31, 2020 compared to the year ended December 31, 2019

During the year ended December 31, 2020, Danaos had an average of 57.3 containerships compared to 55.0 containerships during the year ended December 31, 2019. Our fleet utilization for the year ended December 31, 2020 was 96.3% compared to 98.3% for the year ended December 31, 2019. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 97.2% in the year ended December 31, 2020.

Our adjusted net income amounted to $170.9 million, or $7.18 per share, for the year ended December 31, 2020 compared to $148.7 million, or $9.17 per share, for the year ended December 31, 2019. We have adjusted our net income in the year ended December 31, 2020 for amortization of non-cash fees and accrued finance fees charge of $17.3 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $22.2 million in adjusted net income for the year ended December 31, 2020 compared to the year ended December 31, 2019 is attributable mainly to a $19.1 million decrease in net finance expenses, a $14.4 million increase in operating revenues and a $4.7 million increase in the operating performance of our equity investment in Gemini, which were partially offset by a $16.0 million increase in total operating expenses.

On a non-adjusted basis, our net income amounted to $153.6 million, or $6.45 earnings per diluted share, for the year ended December 31, 2020 compared to net income of $131.3 million, or $8.09 earnings per diluted share, for the year ended December 31, 2019.

Operating Revenues

Operating revenues increased by 3.2%, or $14.4 million, to $461.6 million in the year ended December 31, 2020 from $447.2 million in the year ended December 31, 2019.

Operating revenues for the year ended December 31, 2020 reflect:

• a $24.5 million increase in revenues in the year ended December 31, 2020 compared to the year ended December 31, 2019 mainly as a result of contractual increases in charter rates of vessels under long-term charters, partially offset by lower re-chartering rates between the two quarters for certain of our vessels;
• a $16.1 million increase in revenues in the year ended December 31, 2020 compared to the year ended December 31, 2019 due to the acquisition of new vessels;
• a $22.2 million decrease in revenues in the year ended December 31, 2020 compared to the year ended December 31, 2019 due to lower non-cash revenue recognition in accordance with US GAAP; and
• a $4.0 million decrease in revenues due to lower fleet utilization of our vessels in the year ended December 31, 2020 compared to the year ended December 31, 2019 mainly due to the scheduled installation of scrubbers and dry-dockings of our vessels, of which $3.2 million relates to incremental delays in the Chinese shipyards where these activities were being performed due to the COVID-19 pandemic.

Vessel Operating Expenses

Vessel operating expenses increased by $8.4 million to $110.9 million in the year ended December 31, 2020 from $102.5 million in the year ended December 31, 2019, primarily as a result of the increase in the average number of vessels in our fleet and an overall increase in the average daily operating cost to $5,586 per vessel per day for vessels on time charter for the year ended December 31, 2020 compared to $5,506 per vessel per day for the year ended December 31, 2019. Management believes that our daily operating costs are among the most competitive in the industry.

Depreciation & Amortization

Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation

Depreciation expense increased by 5.2%, or $5.0 million, to $101.5 million in the year ended December 31, 2020 from $96.5 million in the year ended December 31, 2019 mainly due to the acquisition of the vessels Niledutch Lion, Phoebe, Charleston, Bremen and C Hamburg and the installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs increased by $2.3 million to $11.0 million in the year ended December 31, 2020 from $8.7 million in the year ended December 31, 2019.

General and Administrative Expenses

General and administrative expenses decreased by $2.5 million to $24.3 million in the year ended December 31, 2020, from $26.8 million in the year ended December 31, 2019. The decrease was mainly due to decreased non-cash recognition of share-based compensation.

Other Operating Expenses

Other Operating Expenses include Voyage Expenses.

Voyage Expenses

Voyage expenses increased by $2.7 million to $14.3 million in the year ended December 31, 2020 from $11.6 million in the year ended December 31, 2019 primarily as a result of the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income

Interest expense decreased by 25.8%, or $18.6 million, to $53.5 million in the year ended December 31, 2020 from $72.1 million in the year ended December 31, 2019. The decrease in interest expense is due to a decrease in debt service cost by approximately 1.5% and a $96.1 million decrease in our average debt (including leaseback obligations), to $1,519.9 million in the year ended December 31, 2020, compared to $1,616.0 million in the year ended December 31, 2019.

As of December 31, 2020, our outstanding bank debt, gross of deferred finance costs, was $1,368.1 million and our leaseback obligation was $123.4 million compared to bank debt of $1,423.8 million and our leaseback obligation of $138.2 million as of December 31, 2019.

Interest income increased by $0.2 million to $6.6 million in the year ended December 31, 2020 compared to $6.4 million in the year ended December 31, 2019.

Other finance costs, net

Other finance costs, net decreased by $0.4 million to $2.3 million in the year ended December 31, 2020 compared to $2.7 million in the year ended December 31, 2019 mainly due to the decrease in finance costs related to the leaseback obligations, partially offset by lease termination fees in the year ended December 31, 2020.

Equity income on investments

Equity income on investments increased by $4.7 million to $6.3 million of income on investments in the year ended December 31, 2020 compared to $1.6 million in the year ended December 31, 2019 due to the improved operating performance of Gemini, in which the Company has a 49% shareholding interest.

Loss on derivatives

Amortization of deferred realized losses on interest rate swaps remained stable at $3.6 million in each of the years ended December 31, 2020 and December 31, 2019.

Other income, net

Other income, net was remained stable at $0.6 million in each of the years ended December 31, 2020 and December 31, 2019.

Adjusted EBITDA

Adjusted EBITDA increased by 2.5%, or $7.7 million, to $318.3 million in the year ended December 31, 2020 from $310.6 million in the year ended December 31, 2019. As outlined above, the increase is mainly attributable to a $14.4 million increase in operating revenues and a $4.7 million increase in the operating performance of our equity investees, which were partially offset by a $11.4 million increase in operating expenses. Adjusted EBITDA for the year ended December 31, 2020 is adjusted for stock-based compensation of $1.2 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Recent Developments

On February 4, 2021 we announced the pricing of our offering of $300 million of 8.500% senior unsecured notes due 2028. We intend to use the net proceeds from the offering, together with a new $815 million senior secured credit facility and a new $135 million sale leaseback arrangement, to implement a $1.25 billion refinancing of a substantial majority of our outstanding senior secured indebtedness. The offering closed on February 11, 2021.

On January 27, 2021, ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares. We currently own 10,186,950 ordinary shares of ZIM, which shareholding interest was valued at $205.0 million as of February 12, 2021 (based on the last reported trading price of ZIM’s ordinary shares on the NYSE) and recorded at a book value of $75 thousand as of December 31, 2020.

On January 20, 2021 we received $3.9 million from Hanjin Shipping as a partial payment of common benefit claim applied to the unpaid charter hires plus other outstandings and interest for the period from the date of Hanjin Shipping’s filing for bankruptcy until the termination notices for each respective charterparty.

On February 12, 2021, the Board and the Compensation Committee awarded 150,000 shares of common stock to officers and directors of the Company and employees of our Manager, Danaos Shipping Co. Ltd., under the auspices of the Company’s Equity Compensation Plan.

In December 2020 we took delivery of the two 9,012 TEU container vessels built in 2009 Bremen and C Hamburg.

Conference Call and Webcast

On Tuesday, February 16, 2021 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until February 23, 2021 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 10152390# as the access code.

Audio Webcast

There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation

A slide presentation regarding the Company and the containership industry will also be available on the Danaos website (www.danaos.com).

About Da

Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations and Financial Media

Rose & Company
New York
Tel. 212-359-2228
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

WESTMINSTER, Colo.--(BUSINESS WIRE)--Pine Run Gathering LLC (“Pine Run Gathering”) announced today that it has completed a transaction to acquire Pine Run Midstream, LLC (“Pine Run Midstream”) from an affiliate of PennEnergy Resources, LLC (“PennEnergy”) and minority partners for $205 million. Pine Run Gathering is a joint venture owned by a subsidiary of Stonehenge Energy Resources III, LLC (“Stonehenge III”), a portfolio company of Energy Spectrum Partners VIII LP, and by a subsidiary of UGI Energy Services, LLC (“UGIES”), which is a subsidiary of UGI Corporation (NYSE: UGI).

PennEnergy, a Pittsburgh-based independent oil and gas company, is a leading Appalachian based producer and anchor customer on the Pine Run system. Stonehenge III is the third partnership between Energy Spectrum Capital and Stonehenge Energy Resources (“Stonehenge”) management. The transaction will be financed with equity capital from both Stonehenge III (51%) and UGIES (49%) as well as a senior secured loan credit facility.

Pine Run Midstream operates 43-miles of dry gas gathering pipeline and compression assets located in Butler and Armstrong counties in western Pennsylvania. The Pine Run Midstream system has been in operation since 2014 and will be operated by Stonehenge. Stonehenge and UGI expect the investment to be immediately accretive to earnings.

Pine Run Gathering is Stonehenge’s fourth venture in the Appalachian basin. “Stonehenge is pleased to add the Pine Run Midstream system to our operations in western Pennsylvania and views the strategic partnership with UGIES as a beneficial step to providing area producers with cost-effective, customer-focused services,” said Patrick Redalen, CEO of Stonehenge. “The Pine Run Midstream system is a high-quality asset that has been well managed and operated by the PennEnergy team. We are very pleased to have the chance to expand our relationship with Rich, Greg and the entire team at PennEnergy.”

This is the second recent investment in Appalachian basin natural gas gathering systems by UGIES as it continues to invest in assets well positioned in highly productive areas of the Marcellus Shale. UGIES will add its ownership stake in Pine Run Gathering to UGI Appalachia, LLC, which operates gathering assets in Pennsylvania, Ohio and West Virginia. “We are very pleased to announce this investment, which complements our existing portfolio of midstream assets,” said Robert F. Beard, Executive Vice President – Natural Gas, UGI. “Adding our stake in Pine Run Gathering to UGI Appalachia enhances and expands our footprint in western Pennsylvania and is consistent with the strategy outlined when we announced our acquisition of Columbia Midstream Group in 2019. Pine Run Midstream has direct connectivity to UGI’s Big Pine Pipeline, which is one of the assets acquired as part of the Columbia Midstream deal, and is well positioned to capture additional production nearby. Importantly, expansion of our natural gas portfolio enables us to provide low-cost, environmentally responsible energy to more consumers.”

Joseph L. Hartz, President of UGIES, stated, “Pine Run Gathering is a great addition to our portfolio. It is well run and has a strong operations team in place that fits nicely with our midstream business.” Hartz added, “This asset will accelerate the growth of our existing western Pennsylvania natural gas gathering business and is a great strategic fit for UGIES.”

In connection with the transaction, Baker Botts L.L.P. served as legal counsel for Pine Run Gathering and Winston & Strawn LLP served as legal counsel for PennEnergy.

Tudor, Pickering, Holt & Co. served as financial advisor for PennEnergy.

About Stonehenge

Headquartered in Westminster, CO and backed by Energy Spectrum Capital, Stonehenge Energy Resources is a private energy company focused on building, owning and operating midstream facilities in the Appalachian basin to support its producer-partners in the optimum development of their resources. Formed in 2007, Stonehenge supported the early Appalachian unconventional shale gas development by gathering and processing NGL-rich gas in Butler County, Pennsylvania. Stonehenge currently operates two natural gas gathering systems in Butler, Clarion and Armstrong Counties, Pennsylvania. For more information about Stonehenge, visit www.stonehengeenergy.com.

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

About Energy Spectrum Capital

Founded in 1995, Energy Spectrum Capital is a Dallas, Texas-based venture capital firm that makes direct investments in well-managed, lower-middle-market companies that acquire, develop and operate energy infrastructure assets in North America. Since inception, Energy Spectrum has raised more than $4.5 billion of equity capital across eight funds. For more information, please visit www.energyspectrum.com.

STONEHENGE MEDIA CONTACT
Pat Redalen
Chief Executive Officer
(303) 829-6221
This email address is being protected from spambots. You need JavaScript enabled to view it.

UGI MEDIA CONTACT
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

HERZLIYA, Israel & UMBERTIDE, Italy--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), announced today that the Company has been selected and will begin to supply full electrical powertrain units and batteries for the production of the Fiat E-Ducato light commercial vehicle.