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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1301 sec (8 req/sec)