Quintana Reports First Quarter 2007 Results

Tuesday, May 08, 2007
Quintana Maritime Limited announced its operating and financial results for the three months ended March 31, 2007. For the first quarter of 2007, Quintana reported net income of $12.5 million, or $0.23 per diluted share. This includes a non-cash unrealized swap loss of $2.2 million on the previously disclosed interest-rate swap. Before this loss, net income was $14.7 million, or $0.27 per diluted share, an increase of approximately 17% over $0.23 per diluted share in the first quarter last year. Net revenues for the first quarter were $47.8 million, an increase of approximately 121% over $21.6 million of net revenues in the first quarter of 2006. Adjusted EBITDA for the first quarter of 2007 was $38.6 million, an increase of $23.4 million, or almost 154%, over Adjusted EBITDA of $15.2 million in the first quarter of 2006. During the first quarter of 2007, Quintana operated an average of 24.5 vessels, earning an average time charter equivalent (TCE) rate of $23,053 per ship per day. During the corresponding period in 2006, the Company operated an average of 10.0 vessels, earning an average TCE rate of $23,935 per day.

Completion of Metrobulk Fleet Acquisition and Late Delivery Payments: The Company has successfully completed the acquisition of the Metrobulk fleet. It has taken delivery of all 17 vessels it contracted to acquire in early May last year at the price of $735 million. The last vessel was delivered to the Company on April 3, 2007.

During the quarter, Quintana collected approximately $1.7 million from the sellers of the Metrobulk fleet. These collections represented charter-hire earned by Quintana in accordance with the signed purchase agreements with the sellers. However, as the vessels had not been delivered to Quintana on the contractual delivery dates, those collections were not recorded to the income statement but were instead applied against the vessels' cost. The Company has collected an aggregate of $3.1 million in payments from the sellers of the Metrobulk fleet, reducing the aggregate purchase price of the Metrobulk fleet to approximately $732 million.

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

Contracts

De Beers Orders Specialized Ship from Kleven

Kleven signed a contract with diamond company De Beers Marine Namibia, part of De Beers Group, on the building of a highly specialized vessel for deep water mineral exploration.

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

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Finance

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
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: 0.5225 sec (2 req/sec)