Omega Reports 2Q Results

Tuesday, August 26, 2008

Omega Navigation Enterprises Inc., reported second-quarter results that topped analysts' expectations, helped by higher charter rates and number of operating days of its Panamax tankers.

For the quarter, the company's net income more than doubled to $8 million, or 53 cents per basic share. Excluding a non-cash gain and a non-cash loss, Omega Navigation reported a net income of $5.7 million, or 38 cents per basic share.

Revenue rose 7 percent to $19.3 million.

Operating days of the Panamax tankers rose nearly 5 percent to 546, while the time charter equivalent rate grew by $33 to $25,050 per day. Interest expense and finance costs fell more than 33 percent to $3.2 million.

Source:  Reuters

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transocean Swings to Loss on Falling Revenue

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent

Japan to Hand Over Data Ahead of Australia Submarine Bid

Japan will agree this month to give Australia classified submarine data, an unprecedented step signalling Tokyo's intent to join competitive bidding to sell Canberra a fleet of stealth subs,

Maersk Issues 'letter of undertaking' to Iran

Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1144 sec (9 req/sec)