Top Tankers Shares Hit Year-low

Monday, November 12, 2007
Top Tankers Inc., which transports refined petroleum products and crude oil, reported a wider third-quarter loss on lower demand and rates for its vessels, sending shares down as much as 12 percent to a new year-low. Prolonged warm weather in most parts of Europe and the United States, higher-than-anticipated fuel-oil inventories at the beginning of the period and constant rise of oil prices, led to a softer demand for crude oil during the quarter, the Greek company said according to a Reuters report. Total available ship days fell to 1,987 during the latest third quarter, from 2,484 in the year-ago quarter. Total average time charter equivalent fell 20 percent to $22,467 per ship per day. For the third quarter, the company reported a net loss of $18.4m, or 50 cents a share, compared with a net loss of $11.4m, or 35 cents a share, in the same quarter last year. Voyage revenue fell 27 percent to $51.2m. Analysts on average were expecting the company to post a loss of 41 cents a share, before special items, on revenue of $46.3m. [Source: Reuters]

Maritime Today


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

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators 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: 0.0891 sec (11 req/sec)