Crude Carriers Reports First Quarter Results

Press Release
Friday, May 13, 2011

Highlights:

* Declared a cash dividend of $0.25 per share for the first quarter of 2011.
* Reported first quarter net loss of $0.5 million or $0.03 per share (“EPS”).
* Earned average Time Charter Equivalent (“TCE”) of $30,050 per day for the two Very Large Crude Carriers (“VLCCs”) and $18,536 per day for the three Suezmaxes in the Company’s fleet.
* Announced on May 5, 2011 that Crude Carriers Corp. entered into a definitive agreement to  merge with Capital Product Partners L.P. (“CPLP”).

Crude Carriers Corp. (NYSE: CRU), today reported its financial results and declared a cash dividend of $0.25 per share for the first quarter of 2011 payable on June 1, 2011 to shareholders of record on May 23, 2011.

The Company reported a net loss for the quarter of $0.5 million, or $0.03 per share, principally as a result of the weaker spot crude tanker market. Revenues amounted to $12.8 million for the quarter, including $1.0 million of profit sharing revenues earned by three of our vessels employed under the spot index linked time charter arrangement with Shell Shipping & Trading Co.

Total voyage and vessel operating expenses for the quarter amounted to $6.4 million, of which $2.4 million were voyage expenses, comprised mostly of bunker costs, and $3.9 million of operating expenses. General and administrative expenses were $1.6 million for the quarter, of which $0.5 million was a noncash charge related to the Equity Incentive Plan.

Interest expense and finance cost for the first quarter of 2011 was $1.3 million, principally relating to interest on the $134.6 million outstanding debt drawn under our $200.0 million revolving credit facility.

Source: http://www.crudecarrierscorp.com
 

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

Finance

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Wartsila Sees Low Oil Price Impacting Shipping

CEO cautious on 2015 outlook. Finnish ship engine and power plant maker Wartsila reported a smaller-than-expected quarterly profit and warned lower crude prices

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair
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: 0.1592 sec (6 req/sec)