Marine Link
Wednesday, December 7, 2016

Omega Reports 2Q Results

August 26, 2008

Omega Navigation Enterprises Inc., reported second-quarter results that topped analysts' expectations, helped by higher charter rates and number of operating days of its Panamax tankers.

For the quarter, the company's net income more than doubled to $8 million, or 53 cents per basic share. Excluding a non-cash gain and a non-cash loss, Omega Navigation reported a net income of $5.7 million, or 38 cents per basic share.

Revenue rose 7 percent to $19.3 million.

Operating days of the Panamax tankers rose nearly 5 percent to 546, while the time charter equivalent rate grew by $33 to $25,050 per day. Interest expense and finance costs fell more than 33 percent to $3.2 million.

Source:  Reuters



 
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