Shipping transportation services provider OceanFreight Inc. (OCNF) Tuesday reported a loss for the third quarter, compared to a profit last year, hurt by lower revenues from voyage services and a loss from the sale of vessel.
The Athens, Greece-based company's net loss for the third quarter was $13.26 million or $0.15 per share, compared to an income of $8.93 million or $0.61 per share in the previous year. Results for the quarter include a book loss of about $20.8 million associated with the sale of vessel and a loss of $2.00 million associated with the change in fair value of interest rate swaps.
On an adjusted basis, net income for the quarter was $9.50 million or $0.11 per share.
Gross revenue for the quarter declined to $37.92 million from $40.30 million last year.
Voyage revenues declined to $29.49 million from $37.70 million last year. Imputed revenue for the quarter was $8.18 million, up from $2.59 million a year ago.
Vessels operating expenses rose to $8.25 million from $6.29 million in the previous year. Depreciation charges were $12.77 million, up from $10.48 million last year. Management fees increased to $1.35 million from $0.72 million a year ago.
Interest and finance costs increased marginally to $4.71 million from $4.08 million in the previous year.
The company noted that an average of 12.7 vessels were owned and operated during the third quarter, compared to 11 vessels last year. Time charter equivalent rate, a measure of the average daily revenue performance of a vessel on a per voyage basis, for the quarter declined to $31,495 from $35,649 in the previous year.
OCNF closed Tuesday's regular trading at $1.00, down 0.03 or 2.91%, on a volume of 3.42 million shares on the Nasdaq. In after hours, the stock gained 0.09 or 9.00%, trading at $1.09.
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