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Monday, August 24, 2009

Ocean Tankers: Six-month results 2009

Monday, 24 August 2009

The Board of Directors of Ocean Tankers Holdings Public Company Limited approved the unaudited results for the period from January 1, 2009 to June 30, 2009.  The results for the said period have declined compared to the corresponding period of 2008 but they are fairly satisfactory, taking into account the global crisis that affected shipping very much. The profit attributable to the shareholders for the period stood at $4,555,290 compared to a profit of $7,022,486. This differentiation is attributable to the following reasons: In the first half of 2009, the Company was affected negatively by the global economic crisis, which affected the shipping industry and reduced the transport of oil and chemicals. The impact on the Company was the drop in its revenues for the four tankers that are not time chartered and are in spot market and the readjustment of the charters for the eight tankers that are time chartered with Lukoil for the next six years.
The direct expensed increased significantly due to the transfer of drinkable water from Greece. The procedure was finalized on April 22, 2009.
The Company’s operating expenses showed an increase due to the increase in its fleet from 12 tankers on June 30, 2008 to 15 on June 30, 2009.
The finance cost recorded an increase by $6,886,464 compared to the corresponding period of 2008 due to the pre-agreed increase in SWAP rate from 2% to 6.2% and the increase in interbank loan for the acquisition of three tankers during the second half of 2008.
For the period ended June 30, 2009, it was decided for a provision for bad debts for the sum of $2,000,000, which represents trade receivable sums by charterers.
Having analyzed the main reasons for the decline in the profitability, the Company continues to be profitable and enforces its targets.

Source: Ocean Tankers