Penguin International

[Ben]

Penguin has also added/replaced the following new first paragraph in its home page…..
http://www.penguin.com.sg

"It Just Keeps Getting Better In 2014, Penguin Shipyard International will unveil the brand new Flex-40 series, successor to the best-selling Flex-38 series. the new Flex-40 line-up features expanded fuel tanks, larger deck space, a knuckle boom crane, new reclining seats and a host of engineering enhancements. Whether you are fighting pirates in the Gulf of Aden or rushing critical spares to a drilling rig, the new Flex-40 series is the fast and furious solution."

Thank dydx for highlighting the updated website. “It Just Keeps Getting Better”…I simply like this tag line. It speaks volume of the management confidence of the company future performance.

Another quote from the website:

“Rise of the Flex. In June 2013, Penguin Shipyard International completed its 50th Flex crewboat, a Flex-38SL, for a Russian ship owner. Christened "Kirrie", the vessel will join a global deployment of Flexes, from Asia to Africa. With a build cycle of less than six months - from keel lay to end of commissioning - we are the world's fastest builder of crewboats. And with more than 20 Flex crewboats under construction in 2013, we are also the world's most prolific crewboat builder. Come visit us at the Home of the Flex! “

In the 9 months ended 30 Sep 2013, Penguin sold 10 crewboats to third party and took delivery of five crewboats for its chartering business. That means 15 crewboats were built and sold as of Q3. Obviously, some of these crewboats must have been built/partially build in previous years. Since there are more than 20 crewboats under construction in 2013, less off 15 completed as of Q3, and make adjustment for those that were built in previous years, and also adjust for some that were incomplete as of end 2013, I believe Q4 numbers for crewboats sold and/or for in house chartering will be high and nice.

Building more than 20 crewboats a year means Penguin is reaching its capacity. So it will be interesting to see what the company expansion plan is. We can tell that over the years, it is building bigger boats, from Flex 36 to Flex 38, and now Flex 40 and Flex 50. Obviously, a bigger boat will sell for more money, or charter out at higher rate.

It Just Keeps Getting Better….