Stelmar Shipping Reports 2Q Results

Wednesday, July 24, 2002
Stelmar Shipping Ltd., announced operating results for the second quarter and the six months ended June 30, 2002. For the second quarter of 2002, the Company reported net income of $11,453,000, or $0.73 per diluted share, compared with $7,678,000, or $0.64 per diluted share, for the second quarter of 2001. The weighted average number of diluted shares used in the computations was 15,591,267 and 11,967,259 respectively, as the Company completed a secondary offering in April of this year. Operating income increased to $16,043,000 from $10,768,000 in the second quarter of 2001. EBITDA for the quarter was $24,878,000 compared with $15,384,000 for last year's second quarter. On a time charter basis, revenues for the quarter were $36,716,000, an increase of 63.3 percent over the $22,490,000 recorded in the second quarter of last year, mainly due to the expansion of the fleet. Time charter earned revenues for the second quarter of 2002 were $33,890,000 approximately 92.3 percent of revenues, on a time charter basis, as opposed to $15,411,000 or 68.5 percent of revenues, on a time charter basis, for the same period last year. Peter Goodfellow, Chief Executive Officer, commented, "The second quarter marks Stelmar's thirtieth consecutive quarter of profitability. Our solid performance in this challenging market environment has further underscored the benefits and value of our time charter strategy for operating profitably in diverse tanker markets. We have continued to sign long-term time charters at profitable rates while still being able to secure shorter-term contracts at rates higher than those currently offered in the spot market. This has enabled us to achieve high utilization rates in a challenging market and to position ourselves for significant earnings visibility out to 2004."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

Environmental

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics 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: 0.1258 sec (8 req/sec)