Ocean Tankers lift ’07 profit by 112%

…stands by forecast for USD 20 mln profit in ‘08

 

Ocean Tankers Holdings Pcl (OCT) lifted 2007 net profit by 112.67% to USD 3.7 mln or EUR 2.55 mln from USD 1.7 mln or EUR 1.2 mln in 2006 on the back of a sharp increase in turnover as the Group’s shipping fleet increased to 11 double-haul tankers from 3 in 2006.

Total turnover jumped 70% YoY to USD 16.6 mln or EUR 11.47 mln in FY07 as the Group boosted the number of its double-haul tankers by the addition of eight ships. Specifically, the M/T Kalia was added in January, the Lisa in April, the Marim in August, the Anefani and Frachtis in November and the Prodromi, Bergengaria and Green Forest in December 2007 in addition to the three ships already owned from 2006.

Net revenue from ships improved to USD15.9 mln in FY07 from USD9.3 mln in FY06, but the gross margin deteriorated to 95.76% from 96.01%. Total expenses jumped 74.6% YoY to USD 5.7 mln from USD 3.2 mln.

The company expects a tremendous improvement in 2008 results as it will receive a further 3 ships in April 2008, which have been chartered for 7 plus 3 years to Lukoil with net daily income of USD 15.300.

In August 2008, Ocean Tankers will receive the M/T Gemi while in November 2008, the company will get its second super-tanker M/T Vasi of 12800 tonnes capacity. Previously, during an investor road show held in Athens in December, Ocean Tankers had forecast that its total turnover would reach USD 60 mln and its net profit would exceed USD 20 mln in 2008. The statement was made by Vice Chairman, Giorgos Ioannides during an investor presentation held in Athens, within the framework of the corporate presentations organized by the Union of Institutional Investors.