Knightsbridge Tankers 1Q Profit Falls

Wednesday, May 17, 2006
Knightsbridge Tankers Ltd. reported a 14 percent decline in first-quarter profit as revenue fell and operating costs rose. The Bermuda-based company reported quarterly net income of $14.2m, or 83 cents per share, compared with $17.1m, or $1 per share, in last year's first quarter. Operating revenue fell to $27.2m from $29.4m. Analysts were expecting a profit of 87 cents per share. Prices for very large crude carriers continued downward early in the quarter, the company said, following a downward trend that began in November. The industry enjoyed a pricing spike in late January and early February, but rates then eased through the rest of the quarter, the company said. The company's total operating expenses grew to $11.8m from $11.4m in last year's first quarter. The company said the market for very large crude carriers has improved from April levels, but refinery maintenance in some areas may lower demand for oil, which could drag down rates. (Source: Houston Chronicle)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navigation

Sunken Barge Salvage Stops Traffic on Chicago River

The U.S. Coast Guard said it is restricting vessel traffic on the Chicago River to allow for salvage of a sunken barge. All cargo has been removed from the sunken

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Long Beach Port Honors OOCL Executive

Andrew Tung, CEO and Managing Director of Orient Overseas Container Line, was presented today with the prestigious “Port Pilot Award” by the Long Beach Board of Harbor Commissioners.

Finance

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.5929 sec (2 req/sec)