General Maritime Corporation 2Q Results

Thursday, July 27, 2006
General Maritime Corporation GMR reported its financial results for the three and six months ended June 30, 2006. The company had net income of $26.1m, or $0.83 basic and $0.81 diluted earnings per share, for the three months ended June 30, 2006 compared to net income of $32.1m, or $0.86 basic and $0.84 diluted earnings per share, for the three months ended June 30, 2005. The decrease in net income was principally the result of lower voyage revenues attributable to a 53.3 percent decrease in fleet size. Included in the net income of $26.1m are certain non-recurring items as well as expenses associated with derivative financial instruments such as a gain on the sales of vessels of $11.2m; Other expense of $2.4m related to the anticipated settlement of a claim arising from the February 4, 2005 collision of the Genmar Kestrel involving a claim by a subsidiary of the Exxon Mobil Corporation; and Other expense of $0.7 principally comprised of non-cash mark to market for freight and other derivatives. Additionally there was a $3.7m reduction in net voyage revenue associated with an increase in reserves relating to customer claims on the time charter contracts of the company's OBO vessels. Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 49.1 percent to $51m for the three months ended June 30, 2006 compared to $100.1m for the three months ended June 30, 2005. EBITDA for the three months ended June 30, 2006 was $36m compared to $65m for the three months ended June 30, 2005. Net cash provided by operating activities was $38.3m for the three months ended June 30, 2006 compared to $58.2m for the prior year period. As of June 30, 2006, the company's net debt-to-book capitalization was reduced to 0 percent from 3.8 percent as of December 31, 2005.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Container Ships

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0912 sec (11 req/sec)