2Q Results from Arlington Tankers

Friday, July 28, 2006
Arlington Tankers Ltd. recently announced its unaudited financial results for the second quarter ended June 30, 2006. The company's total revenues were $17.3m, consisting of $16m in basic vessel charter hire and $1.3m in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results from operations, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on August 8, 2006 to shareholders of record at the close of business on August 4. The additional charter hire earned during the second quarter of 2006 was derived from profit sharing arrangements under the time charters of the company's V-Max, Panamax and Product vessels. Of the $1.3m in additional hire, $600,000 was attributed to contractually guaranteed profit sharing for the two V-MAX vessels. The remaining $700,000 was attributed to our Panamax and Product tankers. Average time charter equivalent rates for the Panamax and Product tankers under profit sharing agreements in the second quarter continued at levels above the guaranteed time charter levels for the vessels. The company's net income for the second quarter of 2006 was $7.7m, or $0.50 per share. Included in net income for the quarter was an unrealized gain of $3m, which contributed $0.19 per share to the company's earnings per share during the second quarter, and represented the change in the fair value of the company's interest rate swap arrangement related to its $229.5m, five-year, secured credit facility with The Royal Bank of Scotland plc.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

White House: Iran Talks Deadline Could Slip

The White House said Tuesday's deadline for negotiators in Vienna to come to a final, firm agreement on Iran's nuclear program could slip. When asked if President

SUNY Maritime College to Host e-Navigation Underway 2015

The State University of New York Maritime College will host the e-Navigation Underway 2015 – North America conference from September 28 to 30 on its Throggs Neck, N.

Port of New Orleans Goes Green

Green Marine, a North American environmental certification program for the marine, port and terminal industry, officially recognized the Port of New Orleans recently as a certified Green Port.

Tanker Trends

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore.

Proforma DAs on the Go

DA-Desk has launched a new service under its PortSpend ManagementTM solution, the Proforma Disbursement Account (PDA) Approval Mobile App. The mobile app is available

CMES Rides High on Hope

China Merchants Energy Shipping (CMES), a Chinese international oil tanker operator, projects doubled profit in the first half of 2015 from a year ago.    The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1876 sec (5 req/sec)