Quintana Maritime Ltd. Reports 3Q Results, Dividend

Tuesday, November 06, 2007
Quintana Maritime Limited (NASDAQ: QMAR), a leading international provider of dry bulk transportation services, announced its operating and financial results for the three months and nine months ended September 30, 2007. Highlights include: initiated strategic review process to enhance shareholder value; increased net revenues by approximately 156% to $64.0m from $ 25.0m in the third quarter of 2006; increased Adjusted Net Income by approximately 262% to $22.1m from $6.1m in the third quarter of 2006; increased Adjusted EBITDA by approximately 163% to $46.6m from $17.7m in the third quarter of 2006; completed sale-leaseback transactions for 7 oldest Panamax vessels, receiving net proceeds of approximately $250m; and paid down $185m of debt with part of the net proceeds from the sale-leaseback. For the third quarter of 2007, Quintana reported net income of $7.6m, or $0.13 per diluted share, compared to a net loss of $7.6m, or $0.19 per diluted share, in the third quarter of 2006. This includes a non-cash unrealized swap loss of $14.5m on our interest-rate swap. Before this loss, our net income was $22.1m , or $0.39 per diluted share, an increase of approximately 144% over the $0.16 per diluted share in the third quarter last year. Net revenues for the third quarter were $64.0m compared to $25.0m in the third quarter of 2006. Adjusted EBITDA for the third quarter of 2007 was $46.6m, an increase of $28.9m, or approximately 163%, over Adjusted EBITDA of $17.7m in the third quarter of 2006. During the third quarter of 2007, Quintana operated an average of 29 vessels, earning an average time charter equivalent (TCE) rate of $25,517 per ship per day. During the corresponding quarter in 2006, the Company operated an average of 13.4 vessels, earning an average TCE rate of $21,439 per day.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Navy

Powerful Submarines Join Israel’s Navy

The Israel Navy’s fourth submarine, the ISS Tanin (Crocodile), is expected to become fully operational in a few weeks and participate in naval operations.   The

Germany Fights for Indian Submarine Contract

German giant ThyssenKrupp Marine Systems (TKMS), the parent company of leading submarine builder HDW, will offer India its HDW Class 214 vessel, with an eye to

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2123 sec (5 req/sec)