Maritrans Reports First Quarter Earnings

Friday, May 03, 2002
Maritrans Inc., today announced its first quarter financial results and declared a quarterly dividend. Maritrans also announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended March 31, 2002, was $3.0 million, or $0.32 diluted earnings per share, on revenues of $31.3 million. This compares with net income of $2.7 million, or $0.24 diluted earnings per share, on revenues of $31.6 million for the quarter ended March 31, 2001. In the quarter, Maritrans completed a self-tender offer resulting in the purchase of 2,176,296 shares of common stock. In addition, the company has authorization to purchase an additional 601,300 shares under the existing stock buyback program. Maritrans also announced its quarterly dividend of $0.10 per share payable on June 5, 2002, to shareholders of record on May 22, 2002. On a Time Charter Equivalent (TCE) basis, a commonly used industry measure where direct voyage costs are deducted from revenue, TCE revenue increased from $25.6 million to $26.9 million, or 5 percent, over the comparable quarter in 2001. Maritrans enters into various types of charters, some of which involve the customer paying substantially all voyage costs, while other types of charters involve Maritrans paying some or substantially all of the voyage costs. Maritrans monitors the TCE basis because it essentially nets the voyage costs and voyage revenue to yield a measure that is comparable between periods regardless of the types of charters utilized.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

WFP: Aid Cargo for Yemen will be Delivered After Ship Docks

The World Food Programme will deliver a cargo of Iranian aid for Yemen once the ship carrying it reaches Djibouti's port, the U.N agency said on Friday. Earlier

Environmental

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

DP World Extends Title Sponsorship Until 2020

Dubai is set to remain at the epicenter of golf on The European Tour for the foreseeable future after global port operator DP World announced today that it will

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.1323 sec (8 req/sec)