Arlington Tankers 2Q Results
Arlington Tankers announced financial results for the second quarter ended June 30, 2008. For the quarter ended June 30, 2008, the company’s total revenues were $17.4m, consisting of $16.5m in basic vessel charter hire and $900,000 in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results, ’s Board of Directors has declared a cash dividend of $0.56 per share. The dividend is payable on August 5, 2008 to shareholders of record at the close of business on August 1, 2008. The additional charter hire earned during the second quarter of 2008 was derived from profit sharing arrangements under the time charters of the Company’s V-MAX, Panamax and Product tankers.
TEN Announces Long Term Time Charter
Tsakos Energy Navigation Limited (TEN) announced a new long-term time-charter contract for the Suezmax Triathlon with Sun International Limited/Sunoco Inc. The seven-year contract, with a three-year option, begins in mid January, 2004 upon the expiration of Triathlon's next fixed voyage. The rate obtained for the new time charter has an accretive minimum and provides for profit sharing between TEN and Sun International when market rates exceed the minimum. "We are very excited to announce our latest time charter agreement," stated Nikolas P. Tsakos, President and CEO of TEN. "Once again, TEN has secured an attractive, long-term charter that will help to provide a steady and predictable flow of earnings and strengthen its balance sheet.
Arlington Tankers Announces Results
Arlington Tankers Ltd. (NYSE: ATB) announced financial results for the third quarter and the nine months ended September 30, 2007. For the quarter ended September 30, 2007, the Company's total revenues were $17.5m, consisting of $16.5m in basic vessel charter hire and $1.0m in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The additional charter hire earned during the third quarter of 2007 was derived from profit sharing arrangements under the time charters of the Company's V-MAX, Panamax and Product vessels.
