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]