MC Shipping reports improved results
Monaco-based MC Shipping Inc. said its second quarter net profit improved to $2.4 million from $2 million in the year-earlier period, as revenue jumped to $16.4 million from $9.9 million.
The results reflect a larger fleet and higher charter rates, said Tony Crawford, president and chief executive officer. MC Shipping expected revenue and earnings growth as it takes delivery of three new liquefied petroleum gas vessels acquired from the Komaya Group, the return to service of another LPG carrier, and improved earnings on another ship as the freight market for very large gas carriers improves.
MC Shipping, whose stock is traded on the American Stock Exchange, has agreed to acquire another LPG vessel from a subsidiary of Vitol SA, a major international oil and gas trading company. All told, MC Shipping fully or partially owns and operates a fleet of 19 vessels, and has contracted to purchase five additional vessels that serve the world’s major oil, gas, shipping and trading companies.
On July 30, MC Shipping signed an agreement to be acquired by a newly formed company controlled by Bear Stearns Merchant Banking.