Stelmar Shipping Reports 3Q Results

Tuesday, October 22, 2002
For the third quarter of 2002, the company reported net income of $12,300,000, or $0.73 per diluted share, compared with $11,947,000, or $1.00 per diluted share, for the third quarter of 2001. The weighted average number of diluted shares used in the computations was 16,870,434 and 11,944,273 for the third quarters of 2002 and 2001 respectively, as the Company completed a secondary offering in April of this year. Operating income increased to $17,343,000 from $16,621,000 in the third quarter of 2001. EBITDA for the quarter was $27,691,000 compared with $23,859,000 for last year's third quarter. On a time charter basis, revenues for the quarter were $41,771,000 an increase of 29.9 percent over the $32,157,000 recorded in the third quarter of last year, mainly due to the expansion of the fleet. Time charter earned revenues for the third quarter of 2002 were $40,110,000 approximately 96.0 percent of revenues, on a time charter basis, as opposed to $22,628,000 or 70.4 percent of revenues, on a time charter basis, for the same quarter last year. Peter Goodfellow, Chief Executive Officer of Stelmar Shipping, commented, "We are pleased at the continuing success of our time charter approach, which has enabled us to post thirty-one consecutive quarters of profitability, seven of these since going public last year. Our focus on signing long-term time charter contracts has proven its worth as a way to generate considerable profitability in a challenging tanker market. In the third quarter, we continued to sign profitable contracts that will provide our shareholders with significant earnings visibility through 2004."

Maritime Today

The Maritime Industry's original and most viewed E-News Service

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


Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0807 sec (12 req/sec)