Knightsbridge Tankers Announce 4Q Results

Wednesday, February 15, 2006
Knightsbridge Tankers Limited reported a net income of $15.9 million and earnings per share of $0.93 for the fourth quarter of 2005. The average daily time charter equivalents ("TCEs") earned by the company's five VLCCs in the quarter was $58,600 compared with $34,700 in the immediately preceding quarter. This increase reflects the strengthening of the market experienced in the fourth quarter. During the fourth quarter, the vessel TI Qingdao (formerly named Kensington) was drydocked at a cost of $515,000 and resulting in approximately 13 days offhire. The vessel TI Ningdo (formerly named Hampstead) is scheduled to be drydocked in the first quarter of 2006. Following this, all of the Company's five vessels will have completed their scheduled ten year drydocking and special survey. For the financial year ended December 31, 2005 the company reported an annual net income of $44.0 million and earnings per share of $2.57 compared with $85.8 million and $5.02, respectively in 2004. The average daily TCE's earned in 2005 were $47,100 compared with $68,700 in 2004. Net interest expense for the period was $4.3 million (2004: $7.4 million).
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

Energy

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1397 sec (7 req/sec)