Page 6 - Sphere No.12 (Aug 2004)

Hongkong International Terminals
(HIT) handled its 80 millionth con-
tainer on June 10. It was discharged
from the vessel YMMarch.
SPHERE 4
Newsbites
Shenzhen-based Yantian International
Container Terminals (YICT) in April
signed a HK$3.3 billion (approximately
US$423 million) five-year term loan
facility with a consortium of banks.
The consortium, which includes Bank of
China, Industrial and Commercial Bank
of China, China Construction Bank,
Agricultural Bank of China and China
Development Bank, will provide YICT
with loan facilities in HK dollars,
US dollars and RMB, totalling HK$3.3
billion, to finance YICT’s Phase III
project. The facility was four times
oversubscribed.
With a total investment of HK$6.6 bil-
lion, the Phase III Project includes four
9,000-plus TEUs vessel berths along with
the necessary support facilities. The first
two berths commenced operations in
Oct. and Nov. 2003 respectively with the
remaining two due for this year. The
entire project will be completed in 2005.
YICT Loan to Fund Phase III Project
E N E R G Y & I N F R A S T R U C T U R E
Husky Energy reported net earnings of
C$263 million or C$0.60 per share
(diluted) in Q1 2004, compared with
C$408 million or $1.01 per share (dilut-
ed) in the same quarter of 2003. Cash
flow from operations was C$583 million
or C$1.36 per share (diluted), compared
with C$747 million or C$1.76 per share
(diluted) in the corresponding period
the year before. Sales and operating rev-
enues, net of royalties, were C$2.1 bil-
lion in the first quarter of 2004, com-
pared with $2.2 billion in the first quar-
ter of 2003.
The variance in results for net earnings,
cash flow and revenues is due to the
effects of lower exchange rates between
the Canadian and US dollar, and tax
related changes.
Husky increased
overall gas pro-
duction by 4%
compared with
the same peri-
od in 2003.
For full results,
see: www.huskyenergy.ca/investors/
SeaRose FPSO Arrives
The SeaRose FPSO, Husky’s Floating
Production, Storage and Offloading
vessel, docked at Marystown on the
eastern seaboard of Canada on April 6,
completing a 14,000-nautical mile
maiden journey from South Korea.
Public Offering
Husky Energy on June
16 announced a public
offering in the United
States of US$300 million
of 6.15%, 15-year notes,
due June 15, 2019. The
notes will rank pari passu
with other unsecured
indebtedness of Husky and significant-
ly extend the average term-to-maturity
of the Company’s debt. Sales closed on
June 18, 2004.
The net proceeds from the sale will
be used to repay existing bank indebt-
edness. The offering was lead
by Citigroup. Joint bookrunners were
CIBC World Markets and HSBC and
the issue was oversubscribed.
Husky Q1 Results
P O R T S
Hutchison Port Holdings (HPH)
in April launched its second Global
Leadership Development Programme,
which aims to identify and foster
management talent.
Over 30 managers selected from
the Group’s global network of ports
are enrolled in a training programme
held in three different countries over
a six-month period.
The course encompasses in-class
university training as well as
hands-on business experience at
ports worldwide.
HPH Cultivates Leaders
Noted