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发帖数: 16380 | 2 Star Bulk Carriers Corp. (SBLK) swung to a better-than-expected fourth-
quarter profit as revenue grew on higher charter rates and fleet utilization.
The bottom line greatly benefited from a $21.6 million settlement gain
related to the termination of a chartered vessel that occurred in July 2009.
The dry-bulk shipper--which transports iron ore, coal and grain--has
reported mixed bottom-line results in recent quarters. Revenue had suffered
the first three quarters of 2010 from pressure on utilization rates, a trend
that reversed in the final quarter of the year.
Star Bulk posted a profit of $20.7 million, or 33 cents a share, compared
with a year-earlier loss $4.6 million, or 7 cents a share. Excluding non-
cash items, earnings were 38 cents in the latest quarter. Revenue climbed 2.
1% to $31.9 million.
Analysts surveyed by Thomson Reuters expected a profit of 2 cents on revenue
of $28 million.
Star Bulk operated an average of 11 vessels during the quarter, fewer than
the average of 11.8 vessels a year earlier. The average daily time charter
equivalent rate, which measures the difference between voyage revenue and
expenses, climbed 16%. Fleet utilization, the percentage of time vessels
were available for revenue-generating days, increased to 99.1% from 95.4%.
Ahead of the results, investment firm FBR Capital Markets said broadly, the
decrease in cargoes from the Australian floods, the Indian iron ore export
ban, and heavy rains in India, Indonesia, and Colombia are in the process of
reversing. For Star Bulk, FBR says it doesn't expect the company to deploy
its cash in the near term until it increases its contract coverage for this
year and potentially contracts its newbuild Capesize vessel. |
