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

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Environmental

MSC Approves SOLAS Amendments

SOLAS amendments to make IGF Code mandatory approved by Maritime Safety Committee   The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC),

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Stena Bulk Joins World Ocean Council

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Simulators Sonar 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: 0.0876 sec (11 req/sec)