First quarter 2017 highlights
The net loss in the first quarter of 2017 is mainly a result
of the Group being in the start-up phase. Only 4 vessels
were delivered as of 31 March 2017 and expenses include
start-up costs and non-cash expenses by issuance of
warrants. As the Group was formed in Q4 2016, there exist no
comparatives from Q1 2016. The highlights below focus on
comparing Q1 2017 versus Q4 2016.
-Net loss was $1.8 million in Q1 2017, compared to $2.0
million in Q4 2016.
-Total TC-out days were 240 in Q1 2017, TC-out days in Q4
2016 were 17.
-Total time charter earnings were $1.5 million in Q1 2017,
up from $0.1 million in Q4 2016.
-Average time charter equivalent (TCE) in Q1 2017 was $6 289
per day, compared to $6 591 in Q4 2016.
-Total operating days were 255 in Q1 2017, operating days in
Q4 2016 were 22.
-Ordinary ship operating expenses (OPEX) in Q1 2017 were $5
097 per day, compared to $5 315 in Q4 2016. In addition to
ordinary OPEX, start-up costs for delivery of vessels in Q1
2017 amounted to $263 thousand.
Please find full report attached
For further information please contact
Herman Billung
hb@blystad.no