Nordic Tankers: Weak Rates Drive Revenues Down
In its summary of interim report Q3 2011, Nordic Tankers said that in the third quarter of 2011 the time charter equivalent (TCE) revenue dropped back to the low levels of the first quarter of 2011. The main reason was the continued weak freight rates, a result of low general market activity combined with a slow summer market in the first two months of the quarter. EBITDA was $0.7 million in Q3 2011, down from $4.8 million in Q2 2011. Nevertheless compared to the first nine months of 2010 both revenue and EBITDA have developed positively, the primary reason being an improved leverage of the cost base. Year to date the TCE revenue in Nordic Tankers increased by $23.5 million to $74.1 million compared to the same period in 2010 ($50.6 million).
Nordic Tankers: 2Q "Slightly Improved"
The second quarter of 2011 saw slightly improved time charter equivalent (TCE) revenue resulting in improved results compared to the first quarter 2011, and led to an impoved H1 2011 EBITDA compared with H1 2010. EBITDA in Q2 2011 was $4.8 million, up from $1.5 million in Q1 2011, and cash flow was a positive USD 4.3 million compared to a negative cash flow in Q1 2011 of USD 6.1 million, Nordic Tankers reported for the first half of 2011. In H1 2011 Nordic Tankers’ TCE revenue increased by $20.4 million compared to H1 2010 to $51.2 million ($30.8 million). EBITDA was $6.3 million in H1 2011 ($1.9 million) and the result before tax was a loss of $5.9 million ($-12.0 million).
Motia Takes Two New Tankers
tankers. Shipbuilding Co and will enter service with the Handytankers pool. welcome these two new vessels to our fleet. aframaxes from China - all due for delivery between 2007 and 2009. The Italian-flag Alice and Aurora will be managed from Venice by Motia. capability of 2,700 cu m/hr with six segregations. speed of 14.6 knots.
