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

People & Company News

IBIA Celebrates 23th Annual Dinner

Association appoints new board members and sets priorities for the future   The International Bunker Industry Association (IBIA) has appointed three new members

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Container Ships

First ‘Reachstacker’ Starts Duty in the Port of Ravenna

Liebherr Maritime Cranes delivered a LRS 545, the first model out of the new reachstacker series, to the Italian Port of Ravenna.   The Port of Ravenna is one

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

APM Terminals Broaden Portfolio, Business Model

APM Terminals’ increased invested capital to USD $6.2 billion in 2015 as ongoing strategic plans to drive portfolio growth, improve productivity and safety performance, generated USD $4.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0897 sec (11 req/sec)