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
 


Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0848 sec (12 req/sec)