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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

MV Cape Ray Signals DTRA 'Mission Complete'

The Defense Threat Reduction Agency announces the successful completion of the Cape Ray's mission to destroy Syria's chemical weapons components at sea. The Defense Threat Reduction Agency/U.

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Finance

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Asia–U.S. Container Lines to Introduce Freight Increase

The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority 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: 0.2064 sec (5 req/sec)