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

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Finance

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Repair 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: 0.0908 sec (11 req/sec)