Thursday, July 30, 2009
General Maritime Corporation Announces Second Quarter and Six Months 2009 Financial Results
Thursday, 30 July 2009
General Maritime Corporation today reported its financial results for the three and six months ended June 30, 2009. Excluding other expense, the Company recorded net income of $7.7 million or $0.14 basic and $0.14 diluted earnings per share for the three months ended June 30, 2009 compared to $20.0 million or $0.52 basic and $0.50 diluted earnings per share for the three months ended June 30, 2008. The decrease in net income excluding other expense was principally the result of lower Time Charter Equivalent rates or TCE realized in the current quarter versus the prior year period as well as lower utilization primarily due to drydocking. Other expense, which includes realized and unrealized gains and losses on freight, bunker and currency derivatives, was $0.4 million for the quarter ended June 30, 2009 compared to $15.0 million in the prior year period. Net income was $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009 compared to net income of $5.0 million, or $0.13 basic and $0.12 diluted earnings per share, for the three months ended June 30, 2008. The increase in net income was principally the result of the reduction in other expense to $0.4 million for the quarter ended June 30, 2009 from $15.0 million for the prior year period.
John Tavlarios, President of General Maritime Corporation, commented, "General Maritime's past success expanding and extending its contracted revenue streams continued to provide benefits to shareholders during the second quarter. Specifically, the sizeable time charter coverage that General Maritime maintained during the quarter enabled the Company to achieve a level of stability in its results as tanker rates began to weaken. Going forward, we believe that the Company's future time charter coverage combined with its flexible deployment strategy provides shareholders with revenue and earnings visibility without sacrificing the ability to benefit from an improving rate environment in the future."
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 2.2% to $70.8 million for the three months ended June 30, 2009 compared to $69.3 million for the three months ended June 30, 2008. EBITDA for the three months ended June 30, 2009 was $37.0 million compared to $25.4 million for the three months ended June 30, 2008 (please see below for a reconciliation of EBITDA to net income). The increase was substantially due to an increase in the average size of General Maritimes fleet to 31 vessels for the quarter ended June 30, 2009 from 21 in the prior year period, offset by lower TCE rates and utilization. Net cash provided by operating activities was $31.1 million for the three months ended June 30, 2009 compared to $38.3 million for the prior year period. As of June 30, 2009 the Company's net debt (calculated as total long term debt less cash) was $891.9 million.
The average daily TCE rates obtained by the Company's fleet decreased by 26.0% to $27,649 per day for the three months ended June 30, 2009 compared with $37,384 for the prior year period. The Company's average daily rates for vessels on spot charters decreased by 80.4% to $8,157 for the three months ended June 30, 2008 compared to $41,633 for the prior year period.
Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 16.9% to $33.2 million for the three months ended June 30, 2009 from $28.4 million for the three months ended June 30, 2008. During the same periods, the average size of General Maritime's fleet increased by 47.6% to 31.0 vessels from 21.0 vessels. Daily direct vessel operating expenses increased 1.4% to $8,358 for the quarter ended June 30, 2009 compared to $8,240 for the prior year period. These increases reflect higher crewing costs, and maintenance and repair costs during the quarter ended June 30, 2009 compared to the prior year period, offset by the low fixed rate vessel management contracts of the Arlington vessels we acquired. General and administrative costs decreased by 23.0% to $9.7 million for the quarter ended June 30, 2009 compared to $12.6 million for the prior year period. This decrease was primarily attributable to a reduction in personnel costs associated with our New York office as well as a reduction in costs from ceasing to operate a corporate aircraft.
Financial Review: First Half 2009
Net income was $26.2 million or $0.48 basic and $0.47 diluted earnings per share, for the six months ended June 30, 2009 compared to $17.9 million, or $0.46 basic and $0.45 diluted earnings per share, for the six months ended June 30, 2008. Net voyage revenues increased 18.0% to $153.7 million for the six months ended June 30, 2009 compared to $130.2 million for the six months ended June 30, 2008. EBITDA was $85.7 million for the six months ended June 30, 2009 compared to $58.4 million for the six months ended June 30, 2008. Net cash provided by operating activities was $56.9 million for the six months ended June 30, 2009 compared to $52.5 million for the prior year period. TCE rates obtained by the Company's fleet decreased 19.2% to $29,227 per day for the six months ended June 30, 2009 from $36,187 for the prior year period. Total vessel operating expenses increased 23.2% to $68.0 million for the six months ended June 30, 2009 from $55.2 million for the prior year period, and daily direct vessel operating expenses rose 1.9% to $8,299 for the six month period ending June 30, 2009 from $8,145 from the prior year period. During the six months ended June 30, 2009 the average size of General Maritime's fleet grew 49.0% to 31 vessels from 21.0 in the prior year period.
Summary Consolidated Financial and Other Data
The following table summarizes General Maritime Corporation's selected consolidated financial and other data for the three and six months ended June 30, 2009 and 2008. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three and six months ended June 30, 2009 and 2008.
Three Months Ended
------------------
June - 09 June - 08
(Unaudited) (Unaudited)
----------- -----------
INCOME STATEMENT DATA
(Dollars in thousands, except
per share data)
Voyage revenues $80,226 $80,931
Voyage expenses (9,446) (11,660)
------ -------
Net voyage revenues 70,780 69,271
Direct vessel expenses 23,579 15,746
Other expenses - -
General and
administrative expenses 9,668 12,608
Depreciation and amortization 21,935 13,866
Loss on sale of vessels
and equipment 144 482
--- ---
Operating income 15,454 26,569
Net interest expense 7,788 6,573
Other (income) expense 387 15,036
--- ------
Net (Loss) Income $7,279 $4,960
====== ======
Basic (loss) earnings per share $0.13 $0.13
Diluted (loss) earnings per share $0.13 $0.12
Weighted average shares
outstanding, thousands 54,536 38,775
Diluted average shares
outstanding, thousands 55,592 39,966
Three Months Ended
------------------
June - 09 June - 08
(Unaudited) (Unaudited)
----------- -----------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $37,002 $25,399
Net cash provided by
operating activities 31,098 38,295
Net cash provided (used) by
investing activities (2,356) (17,423)
Net cash provided (used) by
financing activities (28,884) (39,621)
Capital expenditures
Vessel sales (purchases) net,
including
construction in progress - (13,896)
Drydocking or capitalized survey
or improvement costs (11,730) (596)
Weighted average long-term debt 940,500 617,066
FLEET DATA
Total number of vessels at
end of period 31 21
Average number of vessels (2) 31.0 21.0
Total voyage days for fleet (3) 2,560 1,853
Total time charter days for fleet 2,163 1,397
Total spot market days for fleet 397 456
Total calendar days for fleet (4) 2,821 1,911
Fleet utilization (5) 90.7% 97.0%
AVERAGE DAILY RESULTS
Time charter equivalent (6) $27,649 $37,384
Direct vessel operating expenses
per vessel (7) 8,359 8,240
EBITDA (8) 13,117 13,291
-------------------
Three Months Ended
-------------------
June-09 June-08
------- -------
EBITDA Reconciliation
Net Income $7,279 $4,960
+ Net interest expense 7,788 6,573
+ Depreciation & Amortization 21,935 13,866
------ ------
EBITDA $37,002 $25,399
======= =======
------- -----------
June-09 December-08
BALANCE SHEET DATA, at
end of period (unaudited) (Audited)
----------- ---------
(Dollars in thousands)
Cash $48,638 $104,146
Current assets, including cash 80,363 141,703
Total assets 1,486,183 1,577,225
Current liabilities, including
current portion of long-term debt 82,968 88,392
Current portion of long-term debt - -
Total long-term debt, including
current portion 940,500 990,500
Shareholders' equity 435,260 455,799
Six Months Ended
June - 09 June - 08
(Unaudited) (Unaudited)
----------- -----------
INCOME STATEMENT DATA
(Dollars in thousands, except
per share data)
Voyage revenues $172,575 $154,523
Voyage expenses (18,870) (24,285)
------- -------
Net voyage revenues 153,705 130,238
Direct vessel expenses 46,563 30,822
Other expenses - -
General and
administrative expenses 21,409 24,355
Depreciation and amortization 43,785 27,080
Loss on sale of vessels
and equipment 144 1,095
--- -----
Operating income 41,804 46,886
Net interest expense 15,698 13,456
Other (income) expense (69) 15,560
--- ------
Net (Loss) Income $26,175 $17,870
======= =======
Basic (loss) earnings per share $0.48 $0.46
Diluted (loss) earnings per share $0.47 $0.45
Weighted average shares
outstanding, thousands 54,523 38,803
Diluted average shares
outstanding, thousands 55,541 39,897
Six Months Ended
----------------
June - 09 June - 08
(Unaudited) (Unaudited)
----------- -----------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $85,658 $58,406
Net cash provided by
operating activities 56,842 52,478
Net cash provided (used) by
investing activities (4,481) (52,779)
Net cash provided (used) by
financing activities (107,816) (2,105)
Capital expenditures
Vessel sales (purchases) net,
including construction in progress - (47,400)
Drydocking or capitalized survey
or improvement costs (14,282) -
Weighted average long-term debt 948,787 601,857
FLEET DATA
Total number of vessels at
end of period 31 21
Average number of vessels (2) 31.0 20.8
Total voyage days for fleet (3) 5,259 3,599
Total time charter days for fleet 4,310 2,659
Total spot market days for fleet 949 940
Total calendar days for fleet (4) 5,611 3,784
Fleet utilization (5) 93.7% 95.1%
AVERAGE DAILY RESULTS
Time charter equivalent (6) $29,227 $36,187
Direct vessel operating expenses
per vessel (7) 8,299 8,145
EBITDA (8) 15,266 15,435
Six Months Ended
----------------
June-09 June-08
------- -------
EBITDA Reconciliation
Net Income $26,175 $17,870
+ Net interest expense 15,698 13,456
+ Depreciation & Amortization 43,785 27,080
------ ------
EBITDA $85,658 $58,406
======= =======
(1) EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is used by
management and certain investors as a measure of operating performance.
EBITDA is used by analysts in the shipping industry as a common
performance measure to compare results across peers. Management of the
Company uses EBITDA as a performance measure in consolidating monthly
internal financial statements and is presented for review at our board
meetings. The Company believes that EBITDA is useful to investors as the
shipping industry is capital intensive which often brings significant cost
of financing. EBITDA is not an item recognized by GAAP, and should not be
considered as an alternative to net income, operating income or any other
indicator of a company's operating performance required by GAAP. The
definition of EBITDA used here may not be comparable to that used by other
companies.
(2) Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the number of
days each vessel was part of our fleet during the period divided by the
number of calendar days in that period.
(3) Voyage days for fleet are the total days our vessels were in our
possession for the relevant period net of off hire days associated with
major repairs, drydockings or special or intermediate surveys.
(4) Calendar days are the total days the vessels were in our possession
for the relevant period including off hire days associated with major
repairs, drydockings or special or intermediate surveys.
(5) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by calendar days for the relevant period.
(6) Time Charter Equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing net voyage revenue by voyage days.
(7) Daily direct vessel operating expenses, is calculated by dividing
DVOE, which includes crew costs, provisions, deck and engine stores,
lubricating oil, insurance and maintenance and repairs, by calendar days
for the relevant time period.
(8) Daily EBITDA is total EBITDA divided by total vessel calendar days.
General Maritime Corporation's Fleet
As of July 29, 2009, General Maritime Corporation's fleet was comprised of 31 wholly owned tankers, consisting of 2 VLCC, 11 Suezmax, 12 Aframax 2 Panamax and 4 Products tankers, with a total carrying capacity of approximately 4.0 million deadweight tons, or dwt. The average age of the Company's fleet as of June 30, 2009 by dwt was 9.1 years compared to 8.9 years as of June 30, 2008.
Currently, 8 of General Maritime Corporation's Aframax tankers and 2 of its Suezmax tankers are operating on the spot market. 68% of the Company's fleet, consisting of 2 VLCC, 9 Suezmax, 4 Aframax, 2 Panamax, and 4 Products tankers are currently under time charter contracts, compared to 68% of the fleet under time charter contracts as of June 30, 2008. The table below outlines which vessels are on time charter at what rate and when the contracts are set to expire.
Vessel Vessel Type Expiration Date Daily Rate (1)
------ ----------- --------------- --------------
Genmar Agamemnon Aframax December 1, 2009 $25,000 (2)
Genmar Defiance Aframax December 25, 2009 $29,500
Genmar Princess Aframax October 24, 2009 $27,750
Genmar Strength Aframax August 20, 2009 $39,000
Stena Concept Handymax July 4, 2011 (3) $17,942 (5)
Stena Concord Handymax November 10, 2009 $16,642
Stena Consul Handymax November 10, 2010 (3) $16,642 (4)
Stena Contest Handymax July 4, 2011 (3) $17,942 (5)
Stena Companion Panamax November 10, 2009 $18,639
Stena Compatriot Panamax November 10, 2010 (3) $18,639 (6)
Genmar Argus Suezmax January 6, 2010 $38,500
Genmar George T. Suezmax August 28, 2010 $39,000
Genmar Harriet G. Suezmax June 1, 2010 $38,000
Genmar Horn Suezmax January 23, 2010 $38,500
Genmar Kara G. Suezmax June 1, 2010 $38,000
Genmar Orion Suezmax June 1, 2010 $38,000
Genmar Phoenix Suezmax January 1, 2010 $38,500
Genmar Spyridon Suezmax December 13, 2009 $38,500
Genmar St. Nikolas Suezmax February 7, 2011 $39,000
Stena Vision VLCC November 10, 2009 $37,316
Stena Victory VLCC November 10, 2009 $37,316
(1) Before brokers' commissions.
(2) Genmar Agamemnon replaced Genmar Minotaur
(3) Charter end date excludes periods that are at the option of the
charterer
(4) Rate increases to $16,964 per day commencing November 11, 2009
(5) Rate adjusts as follows: $18,264 per day from January 5, 2010
through January 4, 2011, $18,603 per day from January 5, 2011
through July 4, 2011
(6) Rate increases to $18,989 per day commencing November 11, 2009
The Company's primary area of operation is the Atlantic basin. The Company also currently has vessels employed in the Black Sea and Far East to take advantage of market opportunities and to position vessels in anticipation of drydockings.
Q2 2009 Dividend Announcement;
New Dividend Policy
The Company's Board of Directors declared a Q2 2009 quarterly dividend of $0.50 per share payable on or about September 4, 2009 to shareholders of record as of August 21, 2009. Including the Q2 2009 dividend, General Maritime has declared cumulative quarterly and special dividends of $21.49 per share.
The Company also announced that its Board of Directors has adopted a new dividend policy commencing with the third quarter of 2009. Under the Company's new dividend policy, the Company intends to declare quarterly dividends with a target amount of $0.125 per share. The declaration of dividends and their amount, if any, will depend upon the results of the Company and the determination of the Board of Directors.
Jeff Pribor, Chief Financial Officer of General Maritime Corporation, commented, "With a new $0.50 per share annual fixed dividend target, the Board has focused on creating a visible and consistent payout supported by the Company's current contracted revenue stream. The adoption of our new dividend target is the result of our Board's voluntary reassessment of our dividend policy based on current market conditions. We believe it will enable General Maritime to continue its tradition of distributing cash to shareholders during a challenging market environment. By implementing a more conservative payout ratio, we believe we have also strengthened our financial flexibility to enter into future value creating transactions and take advantage of strategic growth opportunities. In accomplishing this critical long-term objective, we intend to concentrate on transactions that have the potential to further expand the earnings power of our modern high-quality fleet, strengthen our industry leadership and create enduring value for the Company and its shareholders."
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: loss or reduction in business from the Company's significant customers; the failure of the Company's significant customers to perform their obligations owed to us; changes in demand; a material decline in rates in the tanker market; changes in production of or demand for oil and petroleum products, generally or in particular regions; greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; changes in rules and regulations applicable to the tanker industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; actions taken by regulatory authorities; actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; changes in trading patterns significantly impacting overall tanker tonnage requirements; changes in the typical seasonal variations in tanker charter rates; changes in the cost of other modes of oil transportation; changes in oil transportation technology; increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, the company's anticipated drydocking or maintenance and repair costs); changes in the itineraries of the Company's vessels; adverse changes in foreign currency exchange rates affecting the Company's expenses and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2008 and its subsequent reports on Form 10-Q and Form 8-K. The Company's ability to pay dividends in any period will depend upon factors including applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of the Company's financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary from the amounts currently estimated.
THREE MONTHS ENDED
-------------------
V-Max VLCC
June-09 June-08
%Change
From Prior Amount Amount
Period % of Total for % of Total for
Period Period
---------- -------------- --------------
Net Voyage Revenues 8,333 -
$ 1,000's 12% 0%
--------- -- -
Average Daily TCE 46,039 -
Time Charter Revenues 8,333 -
$ 1,000's 12% 0%
--------- -- -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 182 -
6% 0%
- -
Vessel Operating Days 181 -
7% 0%
- -
Capacity Utilization 99.5% 0.0%
# Days Vessels on Time
Charter 181 -
8% 0%
- -
# Days Vessels on
Spot Charter - -
0% 0%
- -
Average Daily Time
Charter Rate 46,039
Average Daily Spot
Charter Rate - -
Daily Direct
Vessel Expenses 8,956 -
(per Vessel)
------------
Average Age of Fleet at
End of Period (Years) 8.1 -
# Vessels at End
of Period 2.0 -
6% 0%
- -
Average Number of
Vessels 2.0 -
6% 0%
- -
DWT at End of Period 628 -
1,000's 16% 0%
------- -- -
Suezmax Fleet
June-09 June-08
%Change
From Prior Amount Amount
Period % of Total for % of Total for
Period Period
---------- -------------- --------------
Net Voyage Revenues -10.6% 33,185 37,117
$ 1,000's 47% 54%
--------- -- --
Average Daily TCE -4.1% 35,876 37,416
Time Charter Revenues -1.8% 33,185 33,789
$ 1,000's 49% 67%
--------- -- --
Spot Charter Revenues - 3,328
$ 1,000's 0% 18%
--------- - --
Calendar Days 0.0% 1,001 1,001
35% 52%
-- --
Vessel Operating Days -6.8% 925 992
36% 54%
-- --
Capacity Utilization -6.8% 92.4% 99.1%
# Days Vessels on
Time Charter 2.1% 925 906
43% 65%
-- --
# Days Vessels on
Spot Charter - 86
0% 19%
- --
Average Daily Time
Charter Rate -3.8% 35,876 37,296
Average Daily Spot
Charter Rate - 38,698
Daily Direct Vessel
Expenses -2.3% 8,415 8,613
(per Vessel)
------------
Average Age of
Fleet at End of
Period (Years) 7.7 6.7
# Vessels at End
of Period 0.0% 11.0 11.0
35% 52%
-- --
Average Number of
Vessels 0.0% 11.0 11.0
35% 52%
-- --
DWT at End of Period 0.2% 1,691 1,688
1,000's 44% 63%
------- -- --
Aframax Fleet
June-09 June-08
%Change
From Prior Amount Amount
Period % of Total for % of Total for
Period Period
---------- -------------- --------------
Net Voyage Revenues -41.1% 18,927 32,155
$ 1,000's 27% 46%
--------- -- --
Average Daily TCE -44.5% 20,731 37,347
Time Charter Revenues -4.9% 15,689 16,499
$ 1,000's 23% 33%
--------- -- --
Spot Charter Revenues -79.3% 3,238 15,656
$ 1,000's 100% 82%
--------- --- --
Calendar Days 20.0% 1,092 910
39% 48%
-- --
Vessel Operating Days 6.0% 913 861
36% 46%
-- --
Capacity Utilization 17.0% 83.6% 94.6%
# Days Vessels on Time
Charter 5.1% 516 491
24% 35%
-- --
# Days Vessels on Spot
Charter 7.3% 397 370
100% 81%
--- --
Average Daily Time
Charter Rate -9.5% 30,405 33,602
Average Daily Spot
Charter Rate -80.7% 8,157 42,313
Daily Direct Vessel
Expenses 17.8% 9,221 7,830
(per Vessel)
--------
Average Age of
Fleet at End of
Period (Years) 12.8 12.8
# Vessels at End of
Period 20.0% 12.0 10.0
39% 48%
-- --
Average Number of
Vessels 20.0% 12.0 10.0
39% 48%
-- --
DWT at End of Period 21.4% 1,208 995
1,000's 31% 37%
------- -- --
THREE MONTHS ENDED
-------------------
Panamax
June-09 June-08
%Change
From Prior Amount Amount
Period % of Total for % of Total for
Period Period
---------- -------------- --------------
Net Voyage Revenues 4,317 -
$ 1,000's 6% 0%
--------- - -
Average Daily TCE 24,390 -
Time Charter Revenues 4,317 -
$ 1,000's 6% 0%
--------- - -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 182 -
6% 0%
- -
Vessel Operating Days 177 -
7% 0%
- -
Capacity Utilization 97.3% 0.0%
# Days Vessels on
Time Charter 177 -
8% 0%
- -
# Days Vessels on
Spot Charter - -
0% 0%
- -
Average Daily Time
Charter Rate 24,390 -
Average Daily Spot
Charter Rate - -
Daily Direct
Vessel Expenses 6,422 -
(per Vessel)
------------
Average Age of
Fleet at End of
Period (Years) 5.3 -
# Vessels at End
of Period 2.0 -
6% 0%
- -
Average Number of
Vessels 2.0 -
6% 0%
- -
DWT at End of Period 145 -
1,000's 4% 0%
------- - -
Handymax
June-09 June-08
%Change
From Prior Amount Amount
Period % of Total for % of Total for
Period Period
---------- -------------- --------------
Net Voyage Revenues 6,017 -
$ 1,000's 9% 0%
--------- - -
Average Daily TCE 16,531 -
Time Charter Revenues 6,018 -
$ 1,000's 9% 0%
--------- - -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 364 -
13% 0%
-- -
Vessel Operating Days 364 -
14% 0%
-- -
Capacity Utilization 100.0% 0.0%
# Days Vessels on
Time Charter 364 -
17% 0%
-- -
# Days Vessels on
Spot Charter - -
0% 0%
- -
Average Daily Time
Charter Rate 16,534 -
Average Daily Spot
Charter Rate - -
Daily Direct
Vessel Expenses 6,288 -
(per Vessel)
------------
Average Age of
Fleet at End of
Period (Years) 4.8
# Vessels at End
of Period 4.0 -
13% 0%
-- -
Average Number of
Vessels 4.0 -
13% 0%
-- -
DWT at End of
Period 190 -
1,000's 5% 0%
------- - -
Total Fleet
June-09 June-08
%Change
From Prior
Period Amount Amount
---------- ------------ ----------
Net Voyage Revenues 2.2% 70,780 69,271
$ 1,000's
---------
Average Daily TCE -26.0% 27,649 37,384
Time Charter Revenues 34.3% 67,542 50,288
$ 1,000's
---------
Spot Charter Revenues -82.9% 3,238 18,984
$ 1,000's
---------
Calendar Days 47.6% 2,821 1,911
Vessel Operating Days 38.2% 2,560 1,853
Capacity Utilization -6.4% 90.7% 97.0%
# Days Vessels on
Time Charter 54.8% 2,163 1,397
# Days Vessels on
Spot Charter -12.9% 397 456
Average Daily Time
Charter Rate -13.3% 31,226 35,997
Average Daily Spot
Charter Rate -80.4% 8,157 41,633
Daily Direct Vessel
Expenses 1.4% 8,359 8,240
(per Vessel)
------------
Average Age of Fleet
at End of Period
(Years) 9.1 8.9
# Vessels at End
of Period 47.6% 31.0 21.0
Average Number of
Vessels 17.5% 31.0 21.0
DWT at End of
Period 43.9% 3,862 2,683
1,000's
-------
SIX MONTHS ENDED
V-Max VLCC
June-09 June-08
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues 17,042 -
$ 1,000's 11% 0%
--------- -- -
Average Daily TCE 47,208 -
Time Charter Revenues 17,042 -
$ 1,000's 13% 0%
--------- -- -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 362 -
6% 0%
- -
Vessel Operating Days 361 -
7% 0%
- -
Capacity Utilization 99.7% 0.0%
# Days Vessels on Time
Charter 361 -
8% 0%
- -
# Days Vessels on Spot
Charter - -
0% 0%
- -
Average Daily Time Charter
Rate 47,208 -
Average Daily Spot Charter
Rate - -
Daily Direct Vessel Expenses 8,996 -
(per Vessel)
------------
Average Age of Fleet at End
of Period (Years) 8.1 -
# Vessels at End of Period 2.0 -
6% 0%
- -
Average Number of Vessels 2.0 -
6% 0%
- -
DWT at End of Period 628 -
1,000's 16% 0%
------- -- -
Suezmax Fleet
June-09 June-08
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -5.6% 68,314 72,360
$ 1,000's 44% 56%
--------- -- --
Average Daily TCE -3.3% 35,842 37,070
Time Charter Revenues 1.6% 67,190 66,161
$ 1,000's 49% 70%
--------- -- --
Spot Charter Revenues -81.9% 1,124 6,199
$ 1,000's 6% 17%
--------- - --
Calendar Days 1.4% 1,991 1,964
35% 52%
-- --
Vessel Operating Days -2.4% 1,906 1,952
36% 54%
-- --
Capacity Utilization 1.4% 95.7% 99.4%
# Days Vessels on Time
Charter 3.5% 1,838 1,775
43% 67%
-- --
# Days Vessels on Spot
Charter -61.6% 68 177
7% 19%
- --
Average Daily Time Charter
Rate -1.9% 36,556 37,274
Average Daily Spot Charter
Rate -52.8% 16,533 35,023
Daily Direct Vessel Expenses 2.5% 8,389 8,182
(per Vessel)
------------
Average Age of Fleet at End of Period
(Years) 7.7 6.7
# Vessels at End of Period 0.0% 11.0 11.0
35% 52%
-- --
Average Number of Vessels 1.9% 11.0 10.8
35% 52%
-- --
DWT at End of Period 0.2% 1,691 1,688
1,000's 44% 63%
------- -- --
Aframax Fleet
June-09 June-08
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -17.0% 48,042 57,878
$ 1,000's 31% 44%
--------- -- --
Average Daily TCE -28.6% 25,074 35,141
Time Charter Revenues 12.1% 31,488 28,077
$ 1,000's 23% 30%
--------- -- --
Spot Charter Revenues -44.5% 16,554 29,801
$ 1,000's 94% 83%
--------- -- --
Calendar Days 19.3% 2,172 1,820
39% 48%
-- --
Vessel Operating Days 16.3% 1,916 1,647
36% 46%
-- --
Capacity Utilization -2.5% 88.2% 90.5%
# Days Vessels on Time
Charter 17.1% 1,035 884
24% 33%
-- --
# Days Vessels on Spot
Charter 15.5% 881 763
93% 81%
-- --
Average Daily Time Charter
Rate -4.2% 30,423 31,761
Average Daily Spot Charter
Rate -51.9% 18,790 39,057
Daily Direct Vessel Expenses 11.4% 9,032 8,106
(per Vessel)
------------
Average Age of Fleet at End of Period
(Years) 12.8 12.8
# Vessels at End of Period 20.0% 12.0 10.0
39% 48%
-- --
Average Number of Vessels 20.0% 12.0 10.0
39% 48%
-- --
DWT at End of Period 21.4% 1,208 995
1,000's 31% 37%
------- -- --
SIX MONTHS ENDED
Panamax
June-09 June-08
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues 8,322 -
$ 1,000's 5% 0%
--------- - -
Average Daily TCE 23,641 -
Time Charter Revenues 8,322 -
$ 1,000's 6% 0%
--------- - -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 362 -
6% 0%
- -
Vessel Operating Days 352 -
7% 0%
- -
Capacity Utilization 97.2% 0.0%
# Days Vessels on Time
Charter 352 -
8% 0%
- -
# Days Vessels on Spot
Charter - -
0% 0%
- -
Average Daily Time Charter
Rate 23,641 -
Average Daily Spot Charter
Rate - -
Daily Direct Vessel Expenses 6,548 -
(per Vessel)
------------
Average Age of Fleet at End
of Period (Years) 5.3 -
# Vessels at End of Period 2.0 -
6% 0%
- -
Average Number of Vessels 2.0
6% 0%
- -
DWT at End of Period 145
1,000's 4% 0%
------- - -
Handymax
% Change June-09 June-08
From Prior Amount Amount
Period % of Total % of Total
for Period for Period
Net Voyage Revenues 11,985 -
$ 1,000's 8% 0%
--------- - -
Average Daily TCE 16,554 -
Time Charter Revenues 11,985 -
$ 1,000's 9% 0%
--------- - -
Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -
Calendar Days 724 -
13% 0%
-- -
Vessel Operating Days 724 -
14% 0%
-- -
Capacity Utilization 100.0% 0.0%
# Days Vessels on Time
Charter 724 -
17% 0%
-- -
# Days Vessels on Spot
Charter - -
0% 0%
- -
Average Daily Time Charter
Rate 16,554 -
Average Daily Spot Charter
Rate - -
Daily Direct Vessel Expenses 6,378 -
(per Vessel)
------------
Average Age of Fleet at End
of Period (Years) 4.8 -
# Vessels at End of Period 4.0 -
13% 0%
-- -
Average Number of Vessels 4.0 -
13% 0%
-- -
DWT at End of Period 190
1,000's 5% 0%
------- - -
Total Fleet
% Change June-09 June-08
From Prior Amount Amount
Period
Net Voyage Revenues 18.0% 153,705 130,238
$ 1,000's
---------
Average Daily TCE -19.2% 29,227 36,187
Time Charter Revenues 44.3% 136,027 94,238
$ 1,000's
---------
Spot Charter Revenues -50.9% 17,678 36,000
$ 1,000's
---------
Calendar Days 48.3% 5,611 3,784
Vessel Operating Days 46.1% 5,259 3,599
Capacity Utilization -1.5% 93.7% 95.1%
# Days Vessels on Time
Charter 62.1% 4,310 2,659
# Days Vessels on Spot
Charter 1.0% 949 940
Average Daily Time Charter
Rate -10.9% 31,561 35,441
Average Daily Spot Charter
Rate 23.1% 18,628 38,298
Daily Direct Vessel Expenses 1.9% 8,299 8,145
(per Vessel)
------------
Average Age of Fleet at End of Period
(Years) 9.1 8.9
# Vessels at End of Period 47.6% 31 21.0
Average Number of Vessels 49.0% 31.0 20.8
DWT at End of Period 43.9% 3,862 2,683
1,000's
-------
Source: General maritime corp.
