Winland Ocean Shipping (WLOL) research, news, and more from GeoInvesting

Company description

Fri, 19 Sep 2008 04:00:00 GMT

On August 13, 2008, Trip Tech, Inc., "blank check" company, announced completion of a share exchange, through which it acquired SkyAce Group Limited, a comprehensive, modern international shipping company having its world headquarters based in China. The Company is mainly engaged in a comprehensive range of international shipping and logistics services such as bulk cargo transportation, chartering, shipping agents, logistics, ship trading, spare parts supplies, crew recruitment and shipping porter operation, as well as relevant industry news and data analysis and advertising.

Based in the port city of Dalian, in the People's Republic of China (The PRC), Winland Online Shipping Holdings Corporation is a rapidly growing global shipping company with a fleet of 13 Company-owned vessels, mainly in the Handysize and MPP (Multi-Purpose Vessel) category, engaged in international bulk cargo transportation. The company also owns and operates "Shipping Online" -- www.sol.com.cn -- which is China's largest shipping industry portal. Helping to transform the shipping industry in China, the site functions as not just an information provider, but as a business platform, providing on-line and off-line international shipping and logistics services, such as bulk cargo chartering, container booking, shipping agents, ship trading and building, spare parts supplies, crew recruitment as well as shipping news and data. Its experienced off-line team at branches throughout China assists in providing a full range of these services.

Auditor trail

Mon, 02 Jan 2012 05:00:00 GMT

Effective as of December 22, 2011 (the “Effective Date”), the board of directors (the “Board”) of Winland Ocean Shipping Corp., a Texas corporation (the “Registrant”), dismissed Weinberg & Company, P.A. (“Weinberg”) as the Registrant’s principal independent registered public accounting firm. Weinberg had been engaged to audit the Registrant's financial statements since October 28, 2008.

During the Registrant’s two (2) most recent fiscal years, as well as the subsequent interim period through the Effective Date, there were no disagreements between the Registrant and Weinberg on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreement in connection with any report prepared by Weinberg.

Comments & Business Outlook

Tue, 20 Dec 2011 05:00:00 GMT

HONG KONG, December 20, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping Company, today announced an Annual Contract to transport over a half million ton pig iron and HBI ("Hot Briquetted Iron") from the Black Sea Area and South America to Asia, and the total value of the contract is about US$ 7.6 Million.

The company signed this annual contract with an active Singapore based trader, and will arrange several vessels to carry out the shipment in one year's time. According to the contract, all the cargoes will be loaded in main ports around the Black Sea and South America, and then discharged in main ports in Asia designated by the shipper.

"We are very pleased to sign this big contract by the end of this tough year." Ms. Xue Ying, CEO, said, "For the whole year, we worked hard to provide our high quality transportation services to customers in one hand, and in another hand, we also made a lot of efforts to optimize the versatility of our fleet to prepare for the recovery of the market. Besides, we continue to build on our brand and increase customer loyalty, which we believe will make the company more competitive and profitable." Added Ms. Xue Ying, "We keep executing the company's strategies to add value to our customers and shareholders. This contract is a kind of reward to our effort and is also a wonderful Christmas and New Year present to the Company."

Comments & Business Outlook

Sat, 17 Dec 2011 05:00:00 GMT

WINLAND OCEAN SHIPPING CORP.

(FORMERLY WINLAND ONLINE SHIPPING HOLDINGS CORPORATION)

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF

INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

REVENUES	$	14,697,536		$	15,304,244		$	45,436,489		$	42,477,241

COSTS AND EXPENSES
Vessel operating costs		12,127,440			11,856,382			35,842,270			32,066,623
Depreciation and amortization		1,661,023			1,050,953			4,377,536			3,194,966
General and administrative		544,982			524,392			1,578,429			1,396,225
Selling		93,984			81,219			257,818			262,553
TOTAL COSTS AND EXPENSES		14,427,429			13,512,946			42,056,053			36,920,367

OTHER EXPENSES

Interest, net		(1,137,360	)		(336,148	)		(2,790,942	)		(853,599	)
Other income, net		14,791			201,521			110,221			142,122

(LOSS) INCOME FROM CONTINUING OPERATIONS		(852,462	)		1,656,671			699,715			4,845,397

DISCONTINUED OPERATIONS

Gain from disposition of discontinued operations		4,216,285			-			1,612,882			-
(Loss) gain from discontinued operations		(358,024	)		(64,800	)		(375,421	)		1,385,428
Income tax expense from discontinued operations		-			(8,387	)		(9,382	)		(25,531	)

NET GAIN (LOSS) FROM DISCONTINUED OPERATIONS		3,858,261			(73,187	)		1,228,079			1,359,897

NET INCOME		3,005,799			1,583,484			1,927,794			6,205,294

OTHER COMPREHENSIVE INCOME

Foreign currency translation gain		156			49,310			5,919			68,349

COMPREHENSIVE INCOME	$	3,005,955		$	1,632,794		$	1,933,713		$	6,273,643

Weighted average shares outstanding
- Basic		195,000,000			195,000,000			195,000,000		195,000,000
- Diluted		195,000,000			195,000,000			195,000,000		195,000,000

(Loss) income per share from continuing operations
- Basic	$	(0.00	)	$	0.01		$	0.00	$	0.02
- Diluted	$	(0.00	)	$	0.01		$	0.00	$	0.02

Gain (loss) per share from discontinued operations
- Basic	$	0.02		$	(0.00	)	$	0.01	$	0.01
- Diluted	$	0.02		$	(0.00	)	$	0.01	$	0.01

Net income per share
- Basic	$	0.02		$	0.01		$	0.01	$	0.03
- Diluted	$	0.02		$	0.01		$	0.01	$	0.03

HONG KONG, Nov. 14, 2011 /PRNewswire-Asia-FirstCall/

"We are pleasant we have maintained a profit for the first three quarters this year," said Ms. Xue Ying, CEO. "The global shipping industry is still full of volatility and challenges. The majority of China's state-owned shipping companies, including COSCO and China Shipping, have suffered huge losses. The average Baltic Dry Index for the first three quarters this year dropped 50% from the same period last year, which evidenced the global shipping industry is experiencing a most difficult time." She continued, "We are glad we have withstood the difficulties and challenges in the depressed market and we are confident we will continue to maintain our growing pace."

"Our profitable performance for the 3rd quarter was mainly contributed by significant gains from the disposition of three old vessels," added Mr. Li Honglin, President. "In addition, two new 57,000 ton dry bulk carriers placed in service in the first half of this year have contributed to the profit. It evidences our fleet optimization strategy has made steady progress, and lays up a solid foundation for further optimizing our fleet structure."

GeoTeam Note: WLOL would have lost money in the 2011 third quarter had it not been for one time non-operational gains.

Comments & Business Outlook

Thu, 15 Dec 2011 05:00:00 GMT

HONG KONG, Dec. 15, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping Company, is pleased to announce an annual contract to transport 150,000 to 200,000 tons of dolomite for Sojitz Corporation ("Sojitz") from China to Japan.

According to the contract, the company will arrange several vessels to transport the contracted cargo from port cities along the Yangtze River to nominated ports in Japan in one year's time. The total value of the contract is about US $2.5 million.

"We are very pleased to provide our high quality transportation services to Fortune 500 companies like Sojitz. Actually, our relationship has been established over many years," Ms. Xue Ying, CEO, said. "As a global shipping company and one of the leading players in the Asia-Pacific, we have many valuable clients like Sojitz. They are our great assets which, we believe, will make the Company more competitive. We could also see more contracts in the coming months."

The company signed this contract with a Hong Kong based trading company named CTB Xinhai Limited as shipper and Sojitz as consignee.

Comments & Business Outlook

Mon, 12 Dec 2011 05:00:00 GMT

HONG KONG, December 12, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping Company, today announced a new US$ 2.88 Million Contract to transport steel product from the Black Sea to Far East.

To better fulfill the demand of the cargo owner, the company chartered in a 57,000 DWT bulk cargo vessel from a European ship owner to carry the contracted cargo, it took less than two month to carry out the contract and earned US$ 2.88 Million in revenue.

"We are very pleased to enter this contract in such a market downturn," Ms. Xue Ying, CEO, said. "Shipping capacity has continued to increase in recent years while cargo transportation demand is still depressed. The signing of this contract reflects our high-level operation and wide client base. We will not rule out acquiring more large capacity vessels to meet our customers' changing and various transportation needs."

Comments & Business Outlook

Tue, 06 Dec 2011 05:00:00 GMT

HONG KONG, December 6, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping company, today announced Fon Tai Shipping Co., Limited, a subsidiary of the Company, and Viterra Asia Pte Ltd. Singapore have entered a USD 2.2 million shipping contract to transport 53,300 MT yellow peas from Canada to India.

M/V Fon Tai will carry the contracted cargo. Fon Tai will leave Rizhao, China, load the cargo in Vancouver, Canada, call port at Singapore for bunkering and then discharge the shipment in the ports of Vizag and Kolkata in India.

"We are very pleased to provide our high quality transportation services to Viterra," Ms. Xue Ying, CEO, said, "We deeply understand our customers' demand on fast, safe and stable shipping services, therefore, we continue to optimize the fleet structure, improve the service procedure and upgrade the business management system. We will continuously advance our service quality to meet our customers' changing and various transportation needs."

Comments & Business Outlook

Thu, 12 May 2011 04:00:00 GMT

HONG KONG, May 12, 2011 /PRNewswire-Asia/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping Company, today announced 2011 first quarter financial results that were affected by the downturn in the shipping market.

The Company reported that revenues decreased 2.7% to $13.3 million in the first quarter of 2011 compared with $13.6 million in the same period in 2010. The Company had a net loss of $(1.8) million compared to net income of $1.6 million for the comparable period.

The Company stated that the shipping market plunged as the Baltic Dry Index decreased 55% while fuel cost, one of the Company's main vessel operating costs, climbed 29% and 20% in MGO rate and IFO rate, respectively, for the comparable period. "In addition to the negative impact from the global shipping market," said Ms. Xue Ying, CEO. "The disposition of our former variable interest entities resulted in a $2.6 million loss from disposition resulting in our net loss in the first quarter."

Comments & Business Outlook

Sun, 03 Apr 2011 04:00:00 GMT

WINLAND OCEAN SHIPPING CORP.

(FORMERLY WINLAND ONLINE SHIPPING HOLDINGS CORPORATION)

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

	2010		2009

REVENUES	$	74,319,289	$	50,178,721

COSTS AND EXPENSES
Vessel operating costs		55,550,118		40,200,329
Service costs		3,109,900		3,423,667
Vessel impairment loss		297,420		-
Depreciation and amortization		6,460,028		7,481,360
General and administrative expenses		3,848,743		4,106,919
Selling expenses		418,831		343,289
TOTAL COSTS AND EXPENSES		69,685,040		55,555,564

OTHER EXPENSES

Interest expense, net		1,325,303		627,836
Other expense, net		109,876		649,731

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		3,199,070		(6,654,410	)

INCOME TAX EXPENSE		57,189		90,084

INCOME (LOSS) FROM CONTINUING OPERATIONS		3,141,881		(6,744,494	)

DISCONTINUED OPERATIONS

Gain from disposition of discontinued operation		-		5,195
Loss from discontinued operation		-		(219,656	)

NET LOSS FROM DISCONTINUED OPERATIONS		-		(214,461	)

NET INCOME (LOSS)		3,141,881		(6,958,955	)



Weighted average shares outstanding
- Basic		195,000,000		195,000,000
- Diluted		195,000,000		195,000,000

Income (loss) from continuing operations per share
- Basic	$	0.02	$	(0.03	)
- Diluted	$	0.02	$	(0.03	)

Loss from discontinued operations per share
- Basic	$	0.00	$	(0.00	)
- Diluted	$	0.00	$	(0.00	)

Net income (loss) per share
- Basic	$	0.02	$	(0.04	)
- Diluted	$	0.02	$	(0.04	)

GeoTeam Note: Fourth Quarter 2010 vs 2009 EPS was $0.03 vs. nil.

The increase in the dry bulk shipping segment was driven by the acquisition of a new vessel with large tonnage in September 25, 2009, and the utilization of a short-term chartering vessel during May to October 2010. Total voyages completed increased by 30, or 17%, during 2010 compared with 2009.

The increase in total revenue also benefited from the improvement of the global shipping market and recovery of the global economy from the financial crisis and economic recession in place since late 2008. The Baltic Dry Index, a leading indicator of the global dry bulk shipping market, increased approximately 5% for the year ended December 31, 2010 compared with 2009

Investor Alert

Thu, 17 Feb 2011 05:00:00 GMT

WLOL baord abandons internett media business to concentrate on core operations:

On February 16, 2011, Wallis Development and Beijing Huate voluntarily entered into a Termination of Services Agreement with the VIEs and the stockholders of the VIEs, effective immediately, whereby all of the Service Agreements have terminated and are of no further force or effect. The disinterested Board of Directors of the Registrant resolved to terminate the Service Agreements with the belief that such disposition will help the Company focus on its core business of dry bulk shipping and charter brokerage services. No termination penalties were incurred by the Company in connection with the Termination Agreement. Pursuant to the terms of the Termination Agreement, the Company shall receive a fee in the amount of RMB1,000,000.

Comments & Business Outlook

Sun, 21 Nov 2010 05:00:00 GMT

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009

REVENUES	$	19,266,425		$	11,841,798		$	55,266,164		$	36,368,521

COSTS AND EXPENSES
Vessel operating costs		14,249,245			9,586,920			38,276,906			30,757,559
Service costs		810,878			505,173			2,363,173			2,488,842
Depreciation and amortization		1,538,447			1,770,878			4,955,766			5,513,270
General and administrative expenses		784,194			748,348			2,279,115			2,057,126
Selling expenses		81,219			88,907			262,553			253,064
TOTAL COSTS AND EXPENSES		17,463,983			12,700,226			48,137,513			41,069,861

OTHER EXPENSES

Interest expense, net		(336,148	)		(43,478	)		(998,546	)		(131,978	)
Other income (expense), net		125,577			(149,229	)		100,720			(218,667	)

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES		1,591,871			(1,051,135	)		6,230,825			(5,051,985	)

INCOME TAX EXPENSE		(8,387	)		(16,049	)		(25,531	)		(49,060	)

INCOME (LOSS) FROM CONTINUING OPERATIONS		1,583,484			(1,067,184	)		6,205,294			(5,101,045	)

DISCONTINUED OPERATION

Gain from disposition of discontinued operation		-			5,195			-			5,195
Loss from discontinued operation		-			(108,004	)		-			(230,747	)

NET LOSS FROM DISCONTINUED OPERATION		-			(102,809	)		-			(225,552	)

NET INCOME (LOSS)		1,583,484			(1,169,993	)		6,205,294			(5,326,597	)

OTHER COMPREHENSIVE INCOME

Foreign currency translation gain (loss)		49,310			3,863			68,349			(41,635	)

COMPREHENSIVE INCOME (LOSS)	$	1,632,794		$	(1,166,130	)	$	6,273,643		$	(5,368,232	)

WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED		130,000,000			130,000,000			130,000,000			130,000,000

NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED	$	0.01		$	(0.01	)	$	0.05		$	(0.04	)

According to the Company, the increase in its dry bulk shipping segment in the third quarter was driven by the acquisition of a new vessel on September 25, 2009, and the utilization of a new vessel the Company chartered from a third party in May, 2010. The Company also reported continuing growth of its online portal in the period, as global shipping activity continued to improve.

Ms. Xue Ying, CEO of Winland, stated, "The Company is pleased to report another strong quarter, benefitting from our decisions in prior periods to increase shipping capacity. Looking ahead, we believe the acquisitions we made in the previous quarter of two vessels currently under construction will provide further opportunity for future revenue increases as the world economy continues to recover."

She added, "As we continue to focus on ways to improve and develop our business through the opportune acquisitions of vessels to increase our capacity, we also remain focused on further development of our 'Shipping Online' portal, which we continue to see as a key element in our future success."

Liquidity Requirements

Sun, 21 Nov 2010 05:00:00 GMT

To increase our cash resources, on March 5, 2010 the Company obtained an extension of the due dates to July 19, 2012 of two notes payable to related parties amounting to $2,961,739. On March 26, 2010, the Company obtained a term loan facility of $37 million from China Merchant Bank Co., Ltd. to finance the construction of two new vessels. As of September 30, 2010, we drew down $8,500,000 and as of the date of this filing, we drew down $19,900,000 from the loan facility and executed four new notes payable totaling $14,450,000 in the aggregate for purposes of building such vessels. In November 2010, the Company obtained a short-term bank loan for $1.47 million. Also in 2010, the Company obtained commitments from certain shareholders and related parties to provide working capital to the Company, if needed, in the form of notes payable or personal loans. We believe our working capital will increase and liquidity will be improved. We also believe the Company has sufficient cash to sustain operations for the next 12 months.

Liquidity Requirements

Thu, 13 May 2010 04:00:00 GMT

We had a working capital deficit of $5.3 million at March 31, 2010 as compared to a working capital deficit of $10.1 million at December 31, 2009. This is principally attributable to the increase in net income of $4.8 million and also due to the decreased current portion of long-term notes payable with maturity extended from 2010 to 2012. To improve liquidity, the Company changed the registration of the flags of two of its vessels. As a result of the new flag registrations, dry dock fees continued to decrease (while the vessels continued to meet certification and inspection standards). To increase its cash resources, the Company obtained commitments from certain shareholders and related parties to provide working capital to the Company, if needed, in the form of notes payable or personal loans. We expect that our working capital will continue to increase and liquidity will continue to improve as the shipping industry recovers. We believe the Company has sufficient cash to sustain operations for the next twelve months.

We will make major capital expenditures in the event we purchase new vessels. We expect we will incur other major capital expenditures on developing our shipping online portal and marketing our shipping online services. We expect other capital expenditures to include funding dry dockings of our fleet to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations.

We intend to finance capital expenditures on vessel acquisitions through bank loans. On March 26, 2010, the Company obtained a term loan facility in the amount of $37 million toward the financing of two new vessel purchases. There is no signed commitment to purchase additional vessels as of the date of this filing. We intend to finance other capital expenditures mainly from cash flows from our operations, and from notes payable and personal loans, if needed. We believe that cash flow from our operations will continue to improve as the Company continues to bring in profits and the shipping industry begins to recover

Financials

Thu, 13 May 2010 04:00:00 GMT

	Three Months Ended March 31,
	2010		2009

REVENUES	$	14,686,702	$	12,528,173

COSTS AND EXPENSES
Vessel operating costs		9,561,638		11,454,217
Service costs		573,544		1,268,861
Depreciation and amortization		1,707,097		2,005,536
General and administrative expenses		738,892		653,078
Selling expenses		100,214		92,110
TOTAL COSTS AND EXPENSES		12,681,385		15,473,802

OTHER EXPENSES

Interest expense, net		342,979		52,186
Other expense, net		10,116		196,748

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		1,652,222		(3,194,563	)

INCOME TAX EXPENSE		7,939		1,322

NET INCOME (LOSS)		1,644,283		(3,195,885	)

OTHER COMPREHENSIVE INCOME

Foreign currency translation gain (loss)		1,096		(45,990	)

COMPREHENSIVE INCOME (LOSS)	$	1,645,379	$	(3,241,875	)

WEIGHTED AVERAGE SHARES OUTSTANDING,
BASIC AND DILUTED		130,000,000		130,000,000

NET INCOME (LOSS) PER SHARE,
BASIC AND DILUTED	$	0.01	$	(0.02	)

GeoBriefs

Sun, 12 Apr 2009 04:00:00 GMT

Company Says World Economic Situation Will Lower Results in 2009 but Provide Excellent Opportunity for Fleet Expansion While It Continues to Develop Industry Modernizing "Shipping Online," the Largest Shipping Industry Web Portal in China.

Source: Marketwire (April 1, 2009)

Financials

Fri, 19 Sep 2008 04:00:00 GMT

As stated in first press release, year over year net profit of acquired company grew 200%. The GeoTeam is working to verify the transparency of this number. A portion of the financial summaries can be seen in their latest August 12, 2008 8-K:

2007 summary

2006 summary