Marine Link
Sunday, December 4, 2016

Crude Carriers Reports First Quarter Results

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) (“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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News