Saga Tankers plunges to the depths

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13 Nov 2011

Saga_tankersSoon to be wound up Saga Tankers reported a net loss for 3Q11 of $104.3 mill.However, the net loss adjusted for impairment charges, loss on sale of vessels and amortised

borrowing costs was $2.3 mill. These are non-cash items, the company said.
Gross freight revenues for 3Q11 were $15.1 mill, while operating revenues for were $6.6 mill. EBITDA for the third quarter was $1.9 mill.
The company reported average TCE daily rates obtained on all the four VLCCs was $18,750 during the quarter, while average TCE for the three spot trading vessels was $13,031 per day.
Average OPEX per vessel was $12,027 per day, while the average OPEX year to date was $11,408 per day.
Saga Tankers is to hold an EGM in the next few days to decide the company's fate.
Source: Tanker Operator

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