Saga Tankers plunges to the depths

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

13 Nov 2011

Soon 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