Double Hull Tankers Inc., which owns and operates a fleet of crude oil tankers, said Wednesday its second-quarter earnings rose 11 percent on strong charter rates and continued demand for its vessels.
The company earned $7.4m, or 25 cents per share, compared with $6.7m, or 22 cents per share in the second quarter of 2006.
Shipping revenues - or revenue less voyage expenses, a performance indicator for shipping companies - increased 7 percent to $20.7 million, from $19.4 million in the year-ago period.
Analysts were expecting a profit of 26 cents per share on revenue of $20.5 million.
The company attributed its gains to the continued strength of tanker charter rates
and tanker demand in China.