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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Greeks at Frontline of Migrant Crisis Angry at EU Critics

ABOARD THE AGIOS EFSTRATIOS, Aegean Sea, Feb 11: Greek Captain Argyris Frangoulis lifts his binoculars and with eyes fixed on the Aegean Sea horizon, steers his

Tanker Trends

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

Total Proposes 0.61 ‎€ per Share Dividend

The Board of Directors of Total met on February 10, 2016, and agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0882 sec (11 req/sec)