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Ridgebury’s Strong Finish
February 26, 2015
Ridgebury Tankers made waves Wednesday after reporting a fourth-quarter profit that exceeded gains generated by some of its closest competitors in the same period.
The Westport, Connecticut-based operator turned in net income of $3.4m for the three months to 31 December, versus a profit of $0.3m in the previous quarter.
Ridgebury generated $11.2m in earnings before interest, taxes, depreciation and amortization (Ebitda) in the fourth and $17.3m in revenue.
The owner, which was formed less than a year ago, noted this represents a 22% increase when compared to what it raked in during the third quarter of last year.
Going forward, the company is confident that its performance will continue to improve in the coming months.
“Although the first quarter of 2015 did not see rates spike to quite the levels of the previous year, the seasonal strength has been far more enduring, so that the quarter is expected to produce substantially higher rates overall,” it said.
Ridgebury noted that 84% of its available fleet days for the first-quarter have been fixed with daily rates of approximately $42,000 on average.
“There have been consistent weather-related delays in key market areas, strong interest in fuel oil arbitrage movements, and a supportive ‘contango’ oil price structure,” the owner continued.
“Management expects first quarter 2015 revenue and Ebitda to surpass the levels of fourth quarter 2014.”
Ridgebury is led by chief executive Bob Burke. At last check its fleet included seven Suezmaxes, six medium-range product tankers and a pair of Aframaxes.
25 February 2015, 19:21 GMT