Norwegian VLCC owner Saga Tankers reported a net profit of $0.1 mill for 1Q11. Gross freight revenues for the same period were $20.4 mill. Operating revenues were $10.1 mill, while EBITDA for the first quarter came in at $5.2 mill.
Average TCE obtained on all four vessels was $28,113 per day in the quarter, while the average TCE for the three spot trading vessels was $25,960 per day.
Average OPEX per vessel was $11,973 per day, which includes $316 per day in expensed tonnage tax for the fiscal year 2010.
Saga said that its strategy for growth was to purchase secondhand VLCCs built in 2003 of younger.
The company also said that it would like to charter out one more vessel and stressed that it does not get involved in significant hedging of interest rates, bunkers, or freight.
As for the market, Saga said that 23 VLCCs were delivered this year thus far and the number of remaining large tankers to be delivered in 2011 stood at 53.
However, 16 VLCCs were scheduled for delivery during 4Q10, six in December and the company said that it assumed that some will be postponed into 2012.
A number of conversions were also seen in the first quarter into drybulk carriers and LNGCs, thus reducing the number still to come out of the shipyards.
Average TCE obtained on all four vessels was $28,113 per day in the quarter, while the average TCE for the three spot trading vessels was $25,960 per day.
Average OPEX per vessel was $11,973 per day, which includes $316 per day in expensed tonnage tax for the fiscal year 2010.
Saga said that its strategy for growth was to purchase secondhand VLCCs built in 2003 of younger.
The company also said that it would like to charter out one more vessel and stressed that it does not get involved in significant hedging of interest rates, bunkers, or freight.
As for the market, Saga said that 23 VLCCs were delivered this year thus far and the number of remaining large tankers to be delivered in 2011 stood at 53.
However, 16 VLCCs were scheduled for delivery during 4Q10, six in December and the company said that it assumed that some will be postponed into 2012.
A number of conversions were also seen in the first quarter into drybulk carriers and LNGCs, thus reducing the number still to come out of the shipyards.