MC Shipping Announces Year End Results

Wednesday, March 17, 2004
MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20.0 million and the ratio of EBITDA to interest expense was approximately 3.1. EBITDA is defined by the Company as Net Income before income taxes, interest, depreciation and amortization and provision for impairment loss. Total revenues (excluding interest income) in 2003 were $35,797,522 compared to $41,858,999 in 2002. Vessel operating expenses were $17,875,984 for the year 2003 compared to $19,547,436 in 2002. Operating expenses were approximately 50.0% of revenues as compared to 46.7% in the prior year. The fleet on-hire performance was 95.1% in 2003 down from 97.6% in 2002. For the quarter ended December 31, 2003, net income was $742,744 or $0.09 per share, compared to a net income of $600,621 or $0.07 per share in the same quarter of 2002. Revenues for the quarter were $7,688,106, compared to $10,507,773 posted in the same quarter of 2002. In light of the continued profitable operations, the Company's Board of Directors has decided to distribute a stock dividend of 1 share for every 20 shares owned. A separate press release will outline the details of the dividend distribution. In January 2004, the Company received appraisals for its fleet from recognized independent shipping brokers. The average current market value of the company fleet was approximately $61.8 million. This value is approximately equal to the book value of the vessels.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Repair 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: 0.2781 sec (4 req/sec)