Top Tankers Q3 loss widens

Top Tankers Q3 loss widens; shares hit year-low
Nov 8th, 2007
(Reuters)

Top Tankers Inc. (TOPT), which transports refined petroleum products and crude oil, reported a wider third-quarter loss on lower demand and rates for its vessels, sending shares down as much as 12 percent to a new year-low.

Prolonged warm weather in most parts of Europe and the United States, higher-than-anticipated fuel-oil inventories at the beginning of the period and constant rise of oil prices, led to a softer demand for crude oil during the quarter, the Greek company said.

Total available ship days fell to 1,987 during the latest third quarter, from 2,484 in the year-ago quarter. Total average time charter equivalent fell 20 percent to $22,467 per ship per day.

For the third quarter, the company reported a net loss of $18.4 million, or 50 cents a share, compared with a net loss of $11.4 million, or 35 cents a share, in the same quarter last year.

Voyage revenue fell 27 percent to $51.2 million.

Analysts on average were expecting the company to post a loss of 41 cents a share, before special items, on revenue of $46.3 million.

The stock was trading down 5 percent at $4.79 in late morning trade on the Nasdaq, after hitting a low of $4.41 earlier in the session. (Reporting by Hezron Selvi in Bangalore; Editing by Gopakumar Warrier)