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 Today


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

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

Contracts

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

Finance

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage 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: 0.1043 sec (10 req/sec)