Hamilton, Bermuda-based Knightsbridge Tankers Ltd. (VLCCF), Friday revealed its preliminary report earnings that came in below consensus estimates, hit by a drop in the average daily Time Charter Equivalents.
Knightsbridge reported a fourth quarter net income of $7.8 million or $0.45 a share for the fourth quarter. In the previous third quarter, the company reported a net income of $11.3 million or $0.55 per share.
On an average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the fourth quarter. Analysts' estimates typically exclude one-time items.
The average daily Time Charter Equivalents, or TCEs, earned by the company's four oil tankers declined to $43,900 from $46,800. Fourth quarter earnings reflect a decrease in the profit share on vessels Hampstead and Kensington.
For the full year 2008, the company reported net income of $48.1 or $2.81 a share. Earnings included a gain of $49.1 million or $2.87 per share resulting from the sale of a vessel. The average daily TCEs in 2008 increased to $52,600 from $41,700 in 2007.
Thursday, Knightsbridge declared a dividend of $0.25 per share payable on or around March 2, 2009 to shareholders on the record as of February 18, 2009, and with ex-dividend date of February 13, 2009.
With two Capesize bulk carriers under construction at Daehan Shipbuilding Co. Ltd. at total contract price of $162 million , the company entered into long-term time charters for employment of the vessels upon their scheduled delivery in 2009.
VLCCF is currently trading at $14.65, down $2.01 or 12.06%, on the Nasdaq.
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