Stelmar Shipping Reports 2Q Results

Tuesday, July 20, 2004
Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003. Net income for the quarter included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process. The weighted average number of diluted shares used in the computations was 17,529,674 and 17,366,833 for the second quarters of 2004 and 2003, respectively. For the second quarter of 2004, operating income was $19,704,000, compared with $16,324,000 for the second quarter of 2003. EBITDA for the second quarter was $32,507,000, compared with $27,266,000 for last year's second quarter. Revenues from vessels for the quarter were $58,959,000, compared to $44,442,000 recorded in the second quarter of last year. Time charter earned revenues for the second quarter of 2004 were $37,313,000 or approximately 68% of revenue on a time charter basis, as opposed to $36,488,000 or approximately 87.3% for the same quarter last year. For the six months ended June 30, 2004, Stelmar reported net income of $31,568,000, or $1.80 per fully diluted share, compared to $15,914,000, or $0.93 per fully diluted share, for the first half of 2003. Net income for the six months ended June 30, 2004, included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process. The weighted average number of diluted shares used in the computations was 17,496,575 and 17,178,434 for the six month periods ended June 30, 2004 and 2003, respectively. For the six month period ended June 30, 2004, operating income was $39,441,000, compared with $32,498,000 for the first half of 2003. EBITDA for the first six months of 2004 was $64,008,000, compared to $54,340,000 for the same period last year. Revenues from vessels for the six month period ended June 30, 2004 were $111,257,000, compared to $88,811,000 recorded in the first half of 2003. Time charter earned revenues for the six month period ended June 30, 2004 were $77,863,000 or approximately 74.9% of revenue on a time charter basis, as opposed to $72,388,000 or approximately 86.6% for the same period last year. Peter Goodfellow, President and Chief Executive Officer of Stelmar Shipping, commented, "We are pleased to have achieved record earnings for both the second quarter and the six month period. Our strong results reflect our continued success with a range of ongoing initiatives that are designed to maximize Stelmar's ability to take advantage of strong market conditions without sacrificing earnings visibility. Through our joint venture with Cape Tankers, we have been able to more fully benefit from the substantial operating leverage provided by Panamax tankers. In addition, our success with other initiatives such as optimizing our overall time charter/spot balance and signing profit sharing agreements have also increased our upside potential. Finally, the Company's success at significantly expanding its operating days in a strong market has also contributed to our strong results."
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

URAG Orders Two ASD Tugs from Damen

URAG, a German port and offshore towage provider based in Bremerhaven, has placed an order for two Damen ASD 2411 tugs. The contract was signed at the SMM exhibition in Hamburg.

iSURVEY Awarded Two-year Contract with Island Offshore

iSURVEY has been awarded a two-year contract with offshore vessel owner, Island Offshore Management, which will see iSURVEY AS provide positioning services to Island

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Finance

Houston Shipping and Offshore Conference Program Announced

The fourth Houston Shipping and Offshore Conference has announced the final program for its Friday, October 10 conference at the Houstonian Hotel, Club & Spa, 111 N.

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

 
 
Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.2146 sec (5 req/sec)