DH Tankers Earnings Rise

Thursday, August 30, 2007
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. Source: AP

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