Six Months 2012 Results:
- Net income for the six months ended June 30, 2012 was $14.6 million, or $0.71 per share, compared to a net loss of $2.1 million, or $(0.10) per share, for the six months ended June 30, 2011. Lower voyage and operating costs, gain on sale of vessel and a lower derivative loss has resulted in the net income being higher despite revenues being lower.
- Voyage revenues for the six months ended June 30, 2012, amounted to $58.3 million, a decrease of $3.6 million, or 5.8%, compared to voyage revenues of $61.9 million for the six months ended June 30, 2011. The decrease in revenues was firstly due to the lower number of vessels in the fleet and secondly due to more of the vessels operating under bareboat charters in the 2012 period.
- Voyage expenses and vessels' operating expenses for the six months ended June 30, 2012 were $5.3 million and $15.2 million, respectively, compared to $8.9 million and $20.4 million for the six months ended June 30, 2011. The $3.6 million, or 40.4%, decrease in voyage expenses was due primarily to the lower number of vessels under spot charters in the 2012 period. The $5.2 million, or 25.5%, decrease in vessels' operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2012 period.
- Included in the first six months 2012 results are net losses from interest rate derivative instruments of $0.8 million. This amount includes $2.4 million, or $0.12 per share, of interest paid on recurring interest rate swap arrangements. The Company also realized a $1.4 million gain on sale of vessels. Adjusted net income was $11.7 million or $0.57 per share compared to $6.1 million or $0.29 per share for the same period last year.
- EBITDA for the six months ended June 30, 2012 amounted to $33.4 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.
An average of 36.7 vessels were owned by the Company in the six months ended June 30, 2012, earning an average time-charter equivalent rate of approximately $8,083 per day as compared to 38.5 vessels, earning an average time-charter equivalent rate of $7,726 per day for the same period of 2011.
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