Aries reports improved results
Aries Maritime Transport Ltd., an Athens-based owner of tankers and containerships, said its second quarter net profit jumped to $4.2 million from $533,000 in the same 2006 period.
Revenue was $26 million for the quarter, up from $22.5 million in the second quarter of 2006.
As of June 30, Aires fleet comprises 10 product tankers and five containerships.
Mons S. Bolin, president and chief executive officer, attributed the improved results to improved utilization of ships. The company reduced out-of-service time for its fleet by 76 days when compared to the first quarter of 2007.
The company also continued “successful execution of our charter strategy during the second quarter,' Bolin said. 'Specifically, we commenced an extended period charter for the Ocean Hope, a 1989-built container vessel, for a period of 24 months at a net rate of $13,300 per day.”
“Based on our success in securing long-term period charters for our vessels in the second quarter and year-to-date, we have significantly enhanced our revenue and earnings visibility for the benefit of shareholders. Currently, we have a large portion of our vessels locked away on long-term period charters with an average duration of approximately 1.4 years,” he added.
Aries stock is traded on Nasdaq.
Aries reports improved results
