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

Contracts

Rushton Gregory Inks Gemeco Marketing Deal

Rushton Gregory Communications announced today the latest addition to its industry-leading client roster, Gemeco Marine. Based in Lake City, South Carolina,

Wintershall Takes Over Operatorship of Norwegian Subsea Oil and Gas Field

Wintershall has taken over the operatorship of the subsea oil and gas field Vega from Statoil, Wintershall announced today.   Vega is the BASF subsidiary’s

Two Mooring Tugs Delivered to NSW

Nakilat Damen Shipyards Qatar (NDSQ) has delivered two new Qatari-built mooring tugs to towage operator Nakilat SvitzerWijsmuller (NSW).   The delivery of the

Finance

Scandlines Concludes Sale of Freight Routes

First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. The contract with First State Investments

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

Irish Ferries Owner Revenues up 9.6%

Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year (2014) in taking Euro 290.1 million.   ICG's ferry division

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1142 sec (9 req/sec)