General Maritime Corp. Announces 3Q Results

Wednesday, November 01, 2006
General Maritime Corporation reported its financial results for the three and nine months ended September 30, 2006. Financial Review: 2006 Third Quarter The company had net income of $24.0m, or $0.78 basic and $0.76 diluted earnings per share, for the three months ended September 30, 2006 compared to net income of $7.2 million, or $0.19 basic and $0.19 diluted earnings per share, for the three months ended September 30, 2005. The increase in net income was principally the result of higher voyage revenues attributable to a generally higher rate environment in the third quarter of 2006 compared to the prior year. Included in net income of $24.0m are certain non-recurring items including a reduction in gain on sale of vessels of $0.5 million and a reduction in net voyage revenue of $0.8 million resulting from the final settlement of customer claims relating to time charter contracts of the Company's formerly owned OBO vessels. Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 26.9% to $55.9 million for the three months ended September 30, 2006 compared to $76.5 million for the three months ended September 30, 2005. EBITDA for the three months ended September 30, 2006 was $34.0 million compared to $42.4 million for the three months ended September 30, 2005 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $15.6 million for the three months ended September 30, 2006 compared to $25.5 million for the prior year period. As of September 30, 2006, the Company's net debt-to-book capitalization (calculated as net debt divided by net debt plus shareholders' equity) was reduced to 0% from 3.7% as of December 31, 2005.

Maritime Today


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

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

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Winch
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: 0.0904 sec (11 req/sec)