Maritrans Reports 2Q Earnings

Thursday, August 03, 2006
Maritrans Inc. announced its second quarter financial results and declared its quarterly dividend. Net income for the quarter ended June 30, 2006 was $3.6m, or $0.30 diluted earnings per share, on revenues of $43.9m. This compares with net income of $7.2m, or $0.84 diluted earnings per share, on revenues of $46.3m for the quarter ended June 30, 2005, which included $4m received in connection with the settlement of the company's lawsuit with Penn Maritime, which was equivalent to approximately $0.30 diluted earnings per share, net of tax. Diluted earnings per share for the quarter ended June 30, 2006 includes a $0.01 increase as a result of the company's decision in the second quarter to account for major maintenance through the deferral method instead of the accrual method which the company previously used. Operating income for the quarter ended June 30, 2006 was $4.8m compared to $8m for the quarter ended June 30, 2005. During the second quarter of 2006, the company delivered 21 million barrels of crude oil to lightering customers compared to 23.9 million barrels delivered during the first quarter of 2006, which was primarily a result of ongoing refinery maintenance at one Delaware River refinery and changes in the crude oil sourcing patterns of two lightering customers. On a Time Charter Equivalent (TCE) basis, revenue was $33.6m for the quarter ended June 30, 2006 compared to $34.7m for the quarter ended June 30, 2005, a decrease of $1.1m or 3.2 percent. During the second quarter of 2006, the company experienced lower overall utilization than in the second quarter of 2005. Utilization for the second quarter of 2006 was 77.5 percent compared to 81.8 percent in the second quarter of 2005.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Coast Guard

USCG Monitoring Barge adrift in Beaufort Sea

U.S. Coast Guard personnel and Canadian federal agencies, including the Canadian coast guard, Transport Canada and Environment Canada, are monitoring a 134-foot

EUCAP Nestor Train 30 Somali Coast Guards

On 21 October, the European Union’s Maritime Capacity Building Mission in the Horn of Africa and Western Indian Ocean (EUCAP Nestor) celebrated the successful completion of a two month Mentoring,

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1431 sec (7 req/sec)