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General Maritime Corporation Announces Fourth Quarter and Full Year 2007 Financial ResultsAchieves Net Income of $44.5 Million for Full Year 2007Declares Dividend of $0.50 per Share Relating to Q4 2007Takes Delivery of Final Suezmax Newbuilding
NEW YORK, Feb. 27 /PRNewswire-FirstCall/ -- General Maritime Corporation NYSE: GMR today reported its financial results for the three months and full year ended December 31, 2007. Financial Review: 2007 Fourth Quarter Excluding the $4.4 million of other expense, the Company recorded net income of $9.6 million or $0.32 basic and $0.31 diluted earnings per share for the three months ended December 31, 2007. Net income was $5.2 million or $0.17 basic and $0.17 diluted earnings per share for the three months ended December 31, 2007 compared to net income of $22.4 million, or $0.73 basic and $0.71 diluted earnings per share, for the three months ended December 31, 2006. The decrease in net income was principally the result of a rise in other expense and net interest expense compared with the prior year period. Other expense included $2.6 million unrealized non-cash loss associated with the change in fair value of our freight derivatives as well as a $2.0 million loss associated with the monthly cash settlements of our freight derivatives offset by $0.2 million of other income. Net interest expense was higher due to increased borrowings to fund our $15.00 special dividend paid in March 2007. Net income in the quarter was also impacted by a 5.5% decrease in average daily TCE and lower utilization due to additional off hire. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "During 2007, General Maritime continued to achieve notable accomplishments as we further differentiated the Company by providing both strong results and unlocking shareholder value in diverse shipping rate environments. Specifically, we posted solid financials results and declared dividends of $2.00 per share, which is directly related to our prior success in placing a significant portion of our fleet on attractive time charters. During a time, in which we continued to expand our fleet with modern double- hull vessels, we also unlocked value through the distribution of a $15 per share special dividend and opportunistic share repurchases." Net voyage revenue, which is gross voyage revenue minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 4.6% to $55.0 million for the three months ended December 31, 2007 compared to $52.6 million for the three months ended December 31, 2006. EBITDA for the three months ended December 31, 2007 was $25.7 million compared to $32.8 million for the three months ended December 31, 2006 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $16.2 million for the three months ended December 31, 2007 compared to $54.3 million for the prior year period. The average daily time charter equivalent for vessels on spot charters decreased by 18.5% to $28,157 for the three months ended December 31, 2007 compared to $34,537 for the prior year period. The Company's spot Aframax vessels earned $30,408 and the Company's spot Suezmax vessel earned $16,878 for the quarter ended December 31, 2007. Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 14.8% to $24.8 million for the three months ended December 31, 2007 compared to $21.6 million for the three months ended December 31, 2006. During the same periods, the average size of General Maritime's fleet increased 11.1% to 20 vessels from 18 vessels in the prior year period. Daily direct vessel operating expenses increased 5.7% to $7,032 per vessel day during the fourth quarter of 2007, from $6,650 per vessel day during the same period in 2006. The increase was attributable to higher crew costs and insurance as well as higher costs for lubricating oil and maintenance and repair. General and administrative expenses increased 12.2% to $11.9 million for the three months ended December 31, 2007 from $10.6 million in the prior year period. Financial Review: Full Year 2007 Net income was $44.5 million or $1.46 basic and $1.43 diluted earnings per share, for the full year ended December 31, 2007 compared to $156.8 million, or $4.98 basic and $4.87 diluted earnings per share, for the full year ended December 31, 2006. Net voyage revenues decreased 11.7% to $216.9 million for the full year ended December 31, 2007 compared to $245.6 million for the full year ended December 31, 2006. EBITDA was $117.2 million for the full year ended December 31, 2007 compared to $197.8 million for the full year ended December 31, 2006. Net cash provided by operating activities was $95.8 million for the full year ended December 31, 2007 compared to $189.7 million for the prior year period. TCE rates obtained by the Company's fleet decreased 4.7% to $32,876 per day for the full year ended December 31, 2007 from $34,487 for the prior year period. Daily direct vessel operating expenses per vessel for the year ended December 31, 2007 increased 8.6% to $6,844 compared to $6,301 for the prior year period. The year over year increase in daily direct vessel operating expenses per vessel is mostly attributable to higher crew costs, higher lube oil costs, as well as higher maintenance and repair and higher insurance costs. General and administrative expenses increased 4.7% to $46.9 million for the year ended December 31, 2007 compared to $44.8 million for the prior year period. This increase is mainly attributable to fees paid in connection with banking advisory services relating to the special divided paid in March of 2007. Summary Consolidated Financial and Other Data The following table summarizes General Maritime Corporation's selected consolidated financial and other data for the periods indicated below. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three month and full year periods, ended December 31, 2007 and 2006.
Three Months Twelve Months
Ended Ended
December-07 December-06 December-07 December-06
INCOME STATEMENT DATA
(Dollars in thousands,
except per share data)
Voyage revenues $67,937 $66,621 $255,015 $325,984
Voyage expenses (12,963) (13,974) (38,069) (80,400)
Net voyage revenues 54,974 52,647 216,946 245,584
Direct vessel expenses 12,938 11,012 48,213 47,472
Other expenses - - - 2,430
General and administrative
expenses 11,850 10,577 46,920 44,787
Depreciation and
amortization 12,595 11,199 49,671 42,395
Net (loss) gain on
sale of vessels
and equipment 68 19 417 (46,022)
Operating income 17,523 19,840 71,725 154,522
Net interest expense 7,939 (833) 23,059 (1,455)
Other (income) expense 4,422 (1,735) 4,127 (854)
Net Income $5,162 $22,408 $44,539 $156,831
Basic earnings per
share $0.17 $0.73 $1.46 $4.98
Diluted earnings per
share $0.17 $0.71 $1.43 $4.87
Weighted average shares
outstanding, thousands 29,710 30,711 30,403 31,472
Diluted average shares
outstanding, thousands 30,444 31,493 31,213 32,217
12 Months 12 Months
Ended Ended
BALANCE SHEET DATA, December-07 December-06
at end of period
(Dollars in thousands)
Cash $44,526 $107,460
Current assets,
including cash 82,494 137,865
Total assets 835,035 843,690
Current liabilities,
including current
portion of
long-term debt 35,502 27,147
Current portion of
long-term debt - -
Total long-term debt,
including
current portion 565,000 50,000
Shareholders' equity 228,657 763,913
Three Months Twelve Months
Ended Ended
December-07 December-06 December-07 December-06
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $25,696 $32,774 $117,269 $197,771
Net cash provided by
operating activities 16,202 54,325 95,833 189,717
Net cash provided (used)
by investing activities (3,915) (8,819) (84,516) 285,264
Net cash provided (used)
by financing activities (116) (22,486) (74,251) (464,497)
Capital expenditures
Vessel sales (purchases)
net, including
construction in progress(2,763) (6,124) (80,061) 290,299
Drydocking or capitalized
survey or improvement
costs (7,182) (5,050) (11,815) (11,929)
Weighted average
long-term debt 547,826 50,000 414,137 93,085
FLEET DATA
Total number of
vessels at end of
period 20 18 20 18
Average number of
vessels (2) 20.0 18.0 19.3 20.6
Total voyage days for
fleet (3) 1,691 1,530 6,599 7,121
Total time charter
days for fleet 1,150 679 4,641 2,300
Total spot market
days for fleet 541 851 1,958 4,821
Total calendar days
for fleet (4) 1,840 1,656 7,045 7,534
Fleet utilization (5) 91.9% 92.4% 93.7% 94.5%
AVERAGE DAILY RESULTS
Time charter
equivalent(6) $32,510 $34,410 $32,876 $34,487
Direct vessel operating
expenses per vessel (7) 7,032 6,650 6,844 6,301
EBITDA (8) 13,965 19,791 16,646 26,250
Three Months Twelve Months
Ended Ended
December-07 December-06 December-07 December-06
EBITDA Reconciliation
Net Income $5,162 $22,408 $44,539 $156,831
+ Net interest
expense 7,939 (833) 23,059 (1,455)
+ Depreciation &
Amortization 12,595 11,199 49,671 42,395
EBITDA $25,696 $32,774 $117,269 $197,771
(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
On February 7, 2008, the Company took delivery of the Genmar St. Nikolas, a 150,000 dwt newbuilding at Universal Shipbuilding in Nagoya Japan. The Genmar St. Nikolas is the final of 4 newbuildings ordered at this yard and completes our Suezmax newbuilding project. As of February 25, 2008, General Maritime Corporation's fleet was comprised of 21 wholly owned tankers, consisting of 10 Aframax and 11 Suezmax tankers, with a total carrying capacity of approximately 2.7 million deadweight tons, or dwt. The average age of the Company's fleet as of December 31, 2007 by dwt was 8.9 years compared to 9.5 years as of December 31, 2006. The average age of the Company's Aframax tankers was 12.3 years and the average age of the Company's Suezmax tankers was 6.8 years. Currently, 7 of General Maritime Corporation's Aframax tankers and 1 of its Suezmax tankers are operating on the spot market. 62% of the Company's fleet, consisting of 3 Aframax tankers, and 10 Suezmax tankers are currently under time charter contracts, compared to 53% of the fleet under time charter contracts as of December 31, 2006. 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 Hope Suezmax August 13, 2009 $ 36,500
Genmar Spyridon Suezmax October 12, 2009 $ 38,500
Genmar Princess Aframax October 24, 2009 $ 27,750
Genmar Phoenix Suezmax November 1, 2009 $ 38,500
Genmar Ajax (2) Aframax December 1, 2009 $ 29,500
Genmar Defiance Aframax December 25, 2009 $ 29,500
Genmar Argus Suezmax January 6, 2010 $ 38,500
Genmar Horn Suezmax January 23, 2010 $ 38,500
Genmar Orion Suezmax June 1, 2010 $ 38,000
Genmar Harriet G. Suezmax June 1, 2010 $ 38,000
Genmar Kara G. Suezmax June 1, 2010 $ 38,000
Genmar George T Suezmax August 30, 2010 $ 39,000
Genmar St. Nikolas Suezmax February 15, 2011 $ 39,000
(1) Before brokers' commissions.
(2) Rate is reduced to $25,000 per day on 12/1/08.
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.
Q4 2007 Dividend Announcement
On February 25, 2008 the Company's Board of Directors declared a Q4 2007 quarterly dividend of $0.50 per share payable on or about March 28, 2008 to shareholders of record as of March 14, 2008. Under the Company's dividend policy, the Company intends to declare quarterly dividends with a target amount of $0.50 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. Share Repurchase During the fourth quarter of 2007 the Company bought back 174,200 shares at an average price of $24.54 per share under its previously announced share repurchase program. For the full year 2007 the Company bought back 1.35 million shares at an average price of $24.16. Since December 31, 2007 the Company has repurchased 711,300 shares at an average price of $23.03 and as of February 27, 2008 has 31,318,240 shares of its common stock outstanding. Forward Interest Rate Swap Agreements As of February 27, 2008 the Company has entered into three interest rate swap transactions with an aggregate notional amount of $275 million to manage interest costs and the risk associated with changing interest rates. Effective October 1, 2007 the Company entered into an interest rate swap agreement. The notional principal amount was $100 million and has a fixed interest rate on the notional amount of 4.748% through October 1, 2010. Effective January 31, 2008, the Company entered into another interest rate swap agreement. The notional principal amount of the swap is $100 million and has a fixed interest rate on the notional amount of 3.515% through September 30, 2012, when it expires. Effective February 5, 2008, the Company entered into a third interest rate swap agreement. The notional principal amount of the swap is $75 million and has a fixed interest rate on the notional amount of 3.39% through September 30, 2012, when it expires. Mr. Georgiopoulos concluded, "With 67% of our fleet currently on time charters, representing contracted revenue of $175.8 million for 2008, General Maritime is in a strong position to provide shareholders with a high degree of earnings visibility. Complementing this approach, we will seek additional opportunities to unlock future shareholder value. With approximately $300 million in liquidity, we believe that General Maritime has the financial strength to achieve this important objective. We plan to draw upon our consolidation success to seek opportunities to further grow our fleet. We also intend to distribute dividends through our fixed annual dividend target, which remains at $2.00 per share. As we have done since the inception of our repurchase program, we will also continue to look for opportunities to further implement our share repurchase program." About General Maritime Corporation General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. We also currently operate tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 21 tankers -- 10 Aframax, and 11 Suezmax tankers -- with a carrying capacity of approximately 2.6 million dwt. Conference Call Announcement General Maritime Corporation announced that it will hold a conference call on Thursday, February 28, 2008, at 8:30 a.m. Eastern Time to discuss its 2007 fourth quarter and year end financial results. To access the conference call, dial (719) 325-4795 and ask for the General Maritime Corporation conference call or enter passcode 8075456. A replay of the conference call can also be accessed until March 13, 2008 by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers, and entering the passcode 8075456. The conference call will also be simultaneously webcast and will be available on the Company's website, www.GeneralMaritimeCorp.com. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call. "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: 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; 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; 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, 2006 and its subsequent reports on Form 10-Q and Form 8-K. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the Company's share repurchase program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company's discretion and without notice. Repurchases will be subject to the restrictions under the Company's existing credit facility. 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
Aframax Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period % of Total % of Total
for Period for Period
Net Voyage Revenues -21.7% 22,658 28,944
$ 1,000's 41% 55%
Average Daily TCE -9.4% 29,312 32,340
Time Charter Revenues -20.7% 8,944 11,281
$ 1,000's 23% 49%
Spot Charter Revenues -22.4% 13,714 17,663
$ 1,000's 90% 60%
Calendar Days 0.0% 920 920
50% 56%
Vessel Operating Days -13.6% 773 895
46% 58%
Capacity Utilization -13.6% 84.0% 97.3%
# Days Vessels on Time
Charter -11.5% 322 364
28% 54%
# Days Vessels on Spot
Charter -15.1% 451 531
83% 62%
Average Daily Time Charter
Rate -10.4% 27,776 30,992
Average Daily Spot Charter
Rate -8.6% 30,408 33,264
Daily Direct Vessel Expenses
(per Vessel) 17.9% 7,310 6,198
Average Age of Fleet at
End of Period (Years) 12.3 11.3
# Vessels at End of Period 0.0% 10.0 10.0
50% 56%
Average Number of Vessels 0.0% 10.0 10.0
50% 56%
DWT at End of Period 0.0% 989 989
1,000's 39% 44%
Suezmax Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period % of Total % of Total
for Period for Period
Net Voyage Revenues 36.3% 32,316 23,702
$ 1,000's 59% 45%
Average Daily TCE -5.7% 35,203 37,327
Time Charter Revenues 157.2% 30,797 11,974
$ 1,000's 77% 51%
Spot Charter Revenues -87.0% 1,519 11,728
$ 1,000's 10% 40%
Calendar Days 25.0% 920 736
50% 44%
Vessel Operating Days 44.6% 918 635
54% 42%
Capacity Utilization 15.7% 99.8% 86.3%
# Days Vessels on Time
Charter 162.9% 828 315
72% 46%
# Days Vessels on Spot
Charter -71.9% 90 320
17% 38%
Average Daily Time Charter
Rate -2.2% 37,194 38,013
Average Daily Spot Charter
Rate -53.9% 16,878 36,650
Daily Direct Vessel Expenses
(per Vessel) -6.4% 6,753 7,214
Average Age of Fleet at End of
Period (Years) 6.8 7.2
# Vessels at End of Period 25.0% 10.0 8.0
50% 44%
Average Number of Vessels 25.0% 10.0 8.0
50% 44%
DWT at End of Period 21.8% 1,541 1,265
1,000's 61% 56%
Total Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period
Net Voyage Revenues 4.4% 54,974 52,646
$ 1,000's
Average Daily TCE -5.5% 32,510 34,410
Time Charter Revenues 70.9% 39,741 23,255
$ 1,000's
Spot Charter Revenues -48.2% 15,233 29,391
$ 1,000's
Calendar Days 11.1% 1,840 1,656
Vessel Operating Days 10.5% 1,691 1,530
Capacity Utilization -0.5% 91.9% 92.4%
# Days Vessels on Time
Charter 69.4% 1,150 679
# Days Vessels on Spot
Charter -36.4% 541 851
Average Daily Time Charter
Rate 0.9% 34,557 34,249
Average Daily Spot Charter
Rate -18.5% 28,157 34,537
Daily Direct Vessel Expenses
(per Vessel) 5.7% 7,032 6,650
Average Age of Fleet at
End of Period (Years) 8.9 9.5
# Vessels at End of Period 11.1% 20 18.0
Average Number of Vessels 11.1% 20.0 18.0
DWT at End of Period 12.2% 2,530 2,254
1,000's
TWELVE MONTHS ENDED
Aframax Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period % of Total % of Total
for Period for Period
Net Voyage Revenues -21.7% 97,949 125,118
$ 1,000's 45% 51%
Average Daily TCE 5.1% 29,863 28,423
Time Charter Revenues 19.8% 55,496 46,327
$ 1,000's 35% 77%
Spot Charter Revenues -46.1% 42,453 78,791
$ 1,000's 71% 43%
Calendar Days -21.5% 3,650 4,650
52% 62%
Vessel Operating Days -25.5% 3,280 4,402
50% 62%
Capacity Utilization -5.1% 89.9% 94.7%
# Days Vessels on Time
Charter -2.1% 1,894 1,935
41% 84%
# Days Vessels on Spot
Charter -43.8% 1,386 2,467
71% 51%
Average Daily Time Charter
Rate 22.4% 29,301 23,941
Average Daily Spot Charter
Rate -4.1% 30,630 31,938
Daily Direct Vessel Expenses 15.2% 6,965 6,048
(per Vessel)
Average Age of Fleet at
End of Period (Years) 12.3 11.3
# Vessels at End of Period 0.0% 10.0 10.0
50% 56%
Average Number of Vessels -21.3% 10.0 12.7
52% 62%
DWT at End of Period 0.0% 989 989
1,000's 39% 44%
Suezmax Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period % of Total % of Total
for Period for Period
Net Voyage Revenues -1.2% 118,997 120,466
$ 1,000's 55% 49%
Average Daily TCE -19.1% 35,853 44,305
Time Charter Revenues 632.5% 102,023 13,929
$ 1,000's 65% 23%
Spot Charter Revenues -84.1% 16,974 106,537
$ 1,000's 29% 57%
Calendar Days 17.7% 3,395 2,884
48% 38%
Vessel Operating Days 22.1% 3,319 2,719
50% 38%
Capacity Utilization 3.7% 97.8% 94.3%
# Days Vessels on Time
Charter 652.6% 2,747 365
59% 16%
# Days Vessels on Spot
Charter -75.7% 572 2,354
29% 49%
Average Daily Time Charter
Rate -2.7% 37,140 38,162
Average Daily Spot Charter
Rate -34.4% 29,675 45,258
Daily Direct Vessel Expenses
(per Vessel) 0.0% 6,713 6,710
Average Age of Fleet at
End of Period (Years) 6.8 7.2
# Vessels at End of Period 25.0% 10.0 8.0
50% 44%
Average Number of Vessels 17.7% 9.3 7.9
48% 38%
DWT at End of Period 21.8% 1,541 1,265
1,000's 61% 56%
Total Fleet
December-07 December-06
% Change
From Prior Amount Amount
Period
Net Voyage Revenues -11.7% 216,946 245,584
$ 1,000's
Average Daily TCE -4.7% 32,876 34,487
Time Charter Revenues 161.4% 157,519 60,256
$ 1,000's
Spot Charter Revenues -67.9% 59,427 185,328
$ 1,000's
Calendar Days -6.5% 7,045 7,534
Vessel Operating Days -7.3% 6,599 7,121
Capacity Utilization -0.9% 93.7% 94.5%
# Days Vessels on Time
Charter 101.8% 4,641 2,300
# Days Vessels on Spot
Charter -59.4% 1,958 4,821
Average Daily Time Charter
Rate 29.6% 33,941 26,198
Average Daily Spot Charter
Rate -21.0% 30,351 38,442
Daily Direct Vessel Expenses
(per Vessel) 8.6% 6,844 6,301
Average Age of Fleet at
End of Period (Years) 8.9 9.5
# Vessels at End of Period 11.1% 20 18.0
Average Number of Vessels -6.5% 19.3 20.6
DWT at End of Period 12.2% 2,530 2,254
1,000's
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