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 Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Finance

Hermes Unit, Canadian Fund to Buy $2.4B Stake in UK Ports Group

The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.

Baltic Sea Freight Index Up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates.   The index,

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Simulators 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: 0.1925 sec (5 req/sec)