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

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

Environmental

Atlantic Slows Warming, Temperature Rises Seen Resuming from 2030

The Atlantic Ocean has masked global warming this century by soaking up vast amounts of heat from the atmosphere in a shift likely to reverse from around 2030 and spur fast temperature rises,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Revision Proposed for Fishing Vessel Cargo Regs

The U.S. Coast Guard (USCG) proposed revisions to its regulations for commercial fishing vessels carrying flammable or combustible liquid cargos in bulk. The

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair 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: 0.1432 sec (7 req/sec)