Arlington Tankers Announces Unaudited 3Q Results

Tuesday, October 24, 2006
Cash Dividend of $0.60 Per Share Arlington Tankers Ltd. announced unaudited financial results for the third quarter ended September 30, 2006. For the quarter ended September 30, 2006, the company's total revenues were $17.6 million, consisting of $16.2 million in basic vessel charter hire and $1.4 million in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results from operations, Arlington's Board of Directors has declared a cash dividend of $0.60 per share. The dividend is payable on November 7, 2006 to shareholders of record at the close of business on November 3, 2006. Third Quarter Results The additional charter hire earned during the third quarter of 2006 was derived from profit sharing arrangements under the time charters of the Company's V-MAX, Panamax and Product vessels. Of the $1.4 million in additional charter hire, $600,000 was attributed to contractually guaranteed profit sharing for the two V-MAX vessels. The remaining $800,000 was attributed to our Panamax and Product tankers where the average time charter equivalent rates under our profit sharing agreements were in excess of contractual minimum levels over the preceding twelve months.

The company's operating expenses during the third quarter of 2006, including depreciation costs of $4.1 million and administrative expenses of $562,000 were $9.2 million. The company's interest expense, net of interest income for the third quarter of 2006, was $3.2 million. This expense represents interest under the Company's $229.5 million, five-year, secured credit facility with The Royal Bank of Scotland plc.

The Company's net income for the third quarter of 2006 was reduced by a $5.2 million unrealized loss 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 third quarter of 2006 was $37,000, or $0.00 per share. Excluding the effect of this unrealized loss, the Company's net income for the third quarter of 2006 was $5.2 million, or $0.34 per share.

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

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

Finance

Golden Ocean, Knightsbridge Set for Merger

Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping

Delay in Relocating Guangzhou Shipyard

Guangzhou Shipyard International (GSI) has not commenced the relocation of its factory. According to the plan of Guangzhou city, the shipyard should have finished

Mitsubishi Bags Fourth LPG Carrier Order from Astomos

Tokyo-based Astomos Energy Corp has placed an order today with Mitsubishi Heavy Industries (MHI) for a very large liquefied petroleum gas (LPG) carrier.     The 83,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage 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: 0.1447 sec (7 req/sec)