Five product tankers to be trading in 2008
After close of first quarter, Aker American Shipping took delivery of its fourth product tanker, the Overseas New York, on April 11, 2008. This vessel was delivered on schedule and was bareboat chartered to OSG America L.P. The vessel subsequently went on time charter to Shell.
The Overseas Los Angeles, delivered in November 2007, and the Overseas Long Beach, delivered in June 2007, are trading on the US West Coast for the account of BP. The Overseas Houston, delivered in February 2007, has been working in various trades for the account of Shell.
Aker American Shipping's operating revenues for Q1 2008 were USD 6.2 million compared to USD 1.2 million in Q1 2007, reflecting the bareboat charter hire revenue from the full service of the first three vessels of a twelve vessel series: Overseas Houston, Overseas Long Beach and Overseas Los Angeles. EBITDA was positive USD 5.4 million in the first quarter 2008 compared to USD 1.0 million in the first quarter 2007. For Q1 2007, Aker Philadelphia Shipyard is included as discontinued operations as the yard was sold in December 2007.
Operating expenses were USD 0.8 million in Q1 2008. EBIT was USD 2.1 million in Q1 2008 compared to USD 0.3 million in Q1 2007.
Enclosed please find the Q1 2008 report.
