TANKER OPERATOR GENERAL MARITIME MOVES INTO THE RED
A halving of tanker vessel charter rates and higher dry docking expenses pushed General Maritime Corp. into the red in the second quarter, as it reported a loss of $634,000, or $0.02 per share.
The second-quarter deficit of the New York Stock Exchange-listed tanker operator compares with a net income $9.8 million for the second quarter of 2001.
Voyage revenue increased to $54.6 million in the latest quarter, from $40.8 million, while operating income collapsed to $3.2 million, from $16.1 million.
Net voyage revenue, defined as gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs) was $34.3 million for the three months ended June 30, compared to $32.5 million in the same quarter of last year.
“Net voyage revenues reflect continued softness in the tanker spot rate market for the second quarter during which time our average time charter equivalent rate for the fleet was $14,255 per vessel day as compared to $27,037 per vessel day for the second quarter of 2001,” the shipping company said.
For the first six months of the year to June 30, General Maritime reported a net loss of $59,000, as compared to a net profit of $31.6 million in the first half of 2001. Voyage revenue for the six-month period increased to $107.5 million, from $88.9 million, while operating income decreased to $7.6 million, from $42.1 million.
