OceanFreight reports first results
OceanFreight Inc., a Nasdaq-listed bulk shipping company that completed its initial public offering in late April reported net income of $883,000 on total voyage revenue of $2.1 million in its first quarter ending June 30.
Bob Cowen, chairman and chief executive officer, said that during OceanFreight’s first quarter as a public company, it has taken delivery of five vessels through July.
One of those ships is its only capesize vessel, the Juneau. It was chartered for two years at a rate of $46,800 per day, more than $4,000 per day higher than the rate assumed at the time of its IPO. The 1990-built ship is undergoing a special survey before going into service in August.
The company had initially planned a fleet of seven ships. Cowen said the company has now committed to acquiring an eighth vessel for delivery in November, increasing its fleet to more than 660,000 deadweight tons. The other six ships are Panamax vessels built from 1995 to 2000. The company said it would be able to finance the ships using its initial credit facility.
OceanFreight reports first results
