MC Shipping Announces 2Q Results

Wednesday, August 04, 2004
MC Shipping Inc. announced a Net Income for the quarter ended June 30, 2004 of $670,800 or $0.08 per share, compared to a net income of $515,231 or $0.06 per share in the corresponding period in 2003.

Total revenues in the second quarter of 2004 were approximately $7.9 million compared to $9.9 million in the corresponding quarter of last year. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $3.1 million, and the ratio of EBITDA to interest was 3.4x. In the corresponding quarter of 2003, EBITDA was approximately $4.7 million and the ratio of EBITDA to interest was 3.7x. In the first six months of 2004, Net Income totaled $1,530,484 or $0.18 per share compared to a net income of $983,959 in the first six months of 2003. Total revenues were approximately $15.8 million for the first six months of this year, compared to approximately $20.2 million for the same period in 2003. The fleet on-hire performance was 99 % in the first half of 2004, versus 94.6 % in the same period of 2003.

“Our results this past quarter were severely impacted by the expenses incurred in relation to the change of ownership and the offers for additional equity received by the Company. These expenses added approximately $400,000 to our overhead for the quarter.” said Tony Crawford the newly appointed CEO. Mr. Crawford added: “ At the same time the company has commenced the restructuring of its management team and that team plans to bring to the Board in the near future a business plan that will reflect our intention to grow the company.”

The Company currently owns and operates a fleet of 11 gas carriers and mid size container vessels which trade worldwide primarily under time charter employment and two seariver vessels.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Iconic Star Ferry in Move to New Wan Chai Pier

With effect from the first departure on Saturday 30 August 2014, Hong Kong's “Wan Chai – Tsim Sha Tsui” ferry service will operate from the new Wan Chai Ferry Pier.

New Maximum Draft Restriction at Jaigarh Port

Jaigarh Port authorities have advised that from today the post monsoon maximum permissible draft [at Jaigarh Port] shall be 13.5 metres with tide. The displacement

Port Metro Vancouver Approves $15m Coal Transfer Project

Port Metro Vancouver, Canada's largest port, said on Thursday it has approved a new facility to transfer coal from trains onto barges at Fraser Surrey Docks, a

Finance

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

Bid to Rescue Clyde Shipbuilder Ferguson

Jim McColl, one of Scotland's richest men, has tabled a bid to rescue collapsed Clyde shipbuilder Ferguson and aims to return the yard to its former glory by creating hundreds of jobs,

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators 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: 0.2190 sec (5 req/sec)