OceanFreight Inc., a global provider of marine transportation services, yesterday announced its financial results for the quarter ended September 30, 2009. Excluding the above items Net Income for the third quarter of 2009 would be $9.5 million or $0.11 per share.

Anthony Kandylidis, the Company’s President and Chief Executive Officer, commented:

“Excluding the one off charges due to the sale of an older panamax
vessel, our net income on an operating basis would have been about 11
cents per share, well above analyst expectations. OceanFreight is very
privileged not to have any capital commitments at this time. With our
proven access to capital and our track record of sourcing modern high
quality tonnage with fixed employment we continue to renew our fleet
and enhance the longevity of our cash flows. As of the day of this
press release we have secured gross revenues of $115 million until the
end of 2010 with 92% fleet charter coverage for the remainder of 2009
and 72% for 2010. We remain uniquely positioned among our competitors
to use fresh capital to finance asset opportunities at historically low
values, which we believe will be accretive to shareholder value over
the long term.”

Third Quarter 2009 Results

For the third quarter ended September 30, 2009, Voyage Revenues
amounted to $29.5 million, Operating Loss amounted to $6.7 million
which includes the effect of the loss from the sale of vessels and Net
Loss amounted to $13.3 million or $(0.15) per share. EBITDA(1) for the
third quarter of 2009 was $17.7 million as adjusted for the effect of
the loss from the sale of vessels.

An average of 12.7 vessels were owned and operated during the third
quarter of 2009, earning an average Time Charter Equivalent, or TCE
rate, of $31,495 per day.

Source: OceanFreight Inc.

Search to find what you want

• Ocean Freight Inc. Announces Results for the fourth quarter and year ended 2009

    OceanFreight Inc., a global provider of marine transportation services, announced its financial results for the quarter ended December 31, 2009. Financial Highlights For the three-month period ended December 31, 2009, the Company reported Net Loss of $135.9 million or basic and diluted loss per share of $0.98

• China COSCO warns of annual loss

    China COSCO Holdings Co Ltd, the fifth-largest container terminal operator in the world, is likely to post loss for 2009 after reporting RMB 5.31 billion in net loss during the first three quarters of this year, said the company in a statement on Thursday. The loss mainly resulted from the

• Seafreight Inc. Reports Financial Results for the second quarter of 2009

     OceanFreight Inc., a global provider of marine transportation services, yesterday announced its financial results for the quarter ended June 30, 2009. Financial Highlights For the three-month period ended June 30, 2009, the Company reported Net Loss of $32.8 million or basic and diluted loss per share of $0.51. Included in these

• Top Ships results for the fourth quarter and fiscal year 2009 Financial Results

     TOP Ships Inc. today announced its financial results for the fourth quarter and the fiscal year ended December 31, 2009. For the fourth quarter of 2009, the Company reported: - A net loss of $35.9 million or $1.20 per share. The results of the fourth quarter of 2009 include an impairment charge

• Star Bulk Carriers Corp. Reports Financial Results for the Fourth Quarter and Fiscal Year 31.12.09

    Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced yesterday its unaudited financial and operating results for the fourth quarter and the year ended December 31, 2009. Akis Tsirigakis, President and CEO of Star Bulk, commented: “We are pleased to report that

• Hess reports results for the third quarter of 2009 estimated

    Hess Corporation reported net income of $341 million for the third quarter of 2009 compared with net income of $775 million for the third quarter of 2008. Exploration and Production earnings were $397 million in the third quarter of 2009 compared with $699 million in the third quarter of 2008

• Israel Corp. Zim problems drag down to the loss

    Israel’s largest holding company, Israel Corp. (TASE: ILCO) reported a third quarter net loss of $11 million, compared with profit of $253 million in the corresponding quarter of 2008.

• Seanergy Maritime Reports Financial Results for the fourth quarter and fiscal year to 31.12.2009

    Seanergy Maritime Holdings Corp. announced yesterday its operating results for the fourth quarter and the year ended December 31, 2009. Dale Ploughman, the Company’s Chief Executive Officer, stated: “Despite the difficult market conditions we are pleased to report strong results for 2009.

• Russian steelmaker Severstal reports half year loss of $ 944 mln

    Russia steelmaker Severstal reported on Monday a net loss of $944 million calculated to International Financial Reporting Standards, compared with an almost $2 billion profit in the same period of last year. The company’s net loss in the second quarter fell more than 50% on the first quarter to $290 million.

• STEALTHGAS Inc. Reports Third Quarter and nine months of 2009 Financial and Operating Results

    StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced yesterday its unaudited financial and operating results for the third quarter and nine months ended September 30, 2009. Third Quarter 2009 Results: For the three months ended September 30, 2009, voyage

• Excel Maritime Reports Results for the fourth quarter and the year ended 31 December 2009

    Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced yesterday its operating and financial results for the fourth quarter yet another profitable quarter with increased cash flow generation. Our balanced fleet deployment

• STEALTHGAS Inc. Reports Second Quarter and six months of 2009 Financial and Operating Results

    StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced yesterday its unaudited financial and operating results for the second quarter ended June 30, 2009. Second Quarter 2009 Results: For the three months ended June 30, 2009, voyage revenues amounted to $27.1 million, a

• Star Bulk Carriers Announces Financial Results for the third quarter and the nine quarters ended 09-30, 2009

    Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced yesterday its unaudited financial and operating results for the third quarter and nine-month period ended September 30, 2009. Akis Tsirigakis, President and CEO of Star Bulk, commented: “We are pleased to report strong

• Star Bulk Carriers Corp. Reports Financial Results for the second quarter and first half 2009

    Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced yesterday its unaudited financial and operating results for the second quarter and first half ended June 30, 2009. Akis Tsirigakis, President and CEO of Star Bulk, commented: “Our Company remains financially strong and strategically

• Piraeus Port Authority reports financial results

    The Board of Directors of P.P.A.