Arlington Tankers Announces Unaudited 2Q 2007 Results

Wednesday, July 25, 2007
Arlington Tankers Ltd. announced financial results for the second quarter and the six months ended June 30, 2007. For the quarter ended June 30, 2007, the Company's total revenues were $17.8 million, consisting of $16.5m in basic vessel charter hire and $1.3 million in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the second quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on August 6, 2007 to shareholders of record at the close of business on August 3, 2007.

The additional charter hire earned during the second quarter of 2007 was derived from profit sharing arrangements under the time charters of the company's V-MAX, Panamax and Product vessels. Of the $1.3 million in additional charter hire, $545,000 was attributed to contractually guaranteed profit sharing for the two V-MAX vessels. The additional $751,000 was attributed to additional charter hire from the Company's two Panamax tankers and the Company's two Product tankers that are eligible to earn additional charter hire. For these four vessels, the average time charter equivalent rates under the Company's profit sharing agreements over the preceding twelve months were in excess of contractual minimum levels. The company's operating expenses during the second quarter of 2007, including depreciation costs of $3.8 million and administrative expenses of $614,000, were $9.4 million. The Company's interest expense, net of interest income for the second quarter of 2007, was $3.2 million. This expense represents interest under the company's $229.5m, secured credit facility with The Royal Bank of Scotland plc. The Company's net income for the second quarter of 2007 was increased by an unrealized gain of approximately $3.4 million, representing the change in the fair value of the Company's interest rate swap arrangement related to its secured credit facility with The Royal Bank of Scotland plc. As a result, the company's net income for the second quarter of 2007 was $8.5m, or $0.55 per share. Excluding the effect of this unrealized gain, the Company's net income for the second quarter of 2007 was $5.1m, or $0.33 per share.

Maritime Today


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

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

People & Company News

Massive Layoff Ahead for Hyundai Heavy

Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.

USCG Foundation Run to Remember Events Announced

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced this year’s Run

Port of Vancouver CEO Coleman to Step Down

Todd Coleman, CEO of Port of Vancouver USA, step down from his position May 19, after 15 years with the port.   Coleman, a Professional Engineer, began his career with the port in 2001,

Finance

Daewoo Shipyard Posts Q1 Operating Loss

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects.   First-quarter

Yilport Acquires Sweden's Gavle Terminal

Turkish terminal operator Yilport Holding has gained full control of Gävle’s terminals.   Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG).

USCG Foundation Run to Remember Events Announced

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced this year’s Run

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
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: 0.0965 sec (10 req/sec)