Results for the three and six months ended 30 June 2018 and 2017
For the second quarter of 2018, the company’s GAAP net income was US$0.8 million, or US$0.01 per diluted share. For the same period in 2017, the company’s GAAP net loss was US$13.4 million, or US$0.19 loss per diluted share. Total vessel revenues for the second quarter of 2018 were US$60.6 million, compared to US$37.7 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter of 2018 and 2017 were US$28.1 million and US$10.8 million, respectively.
For the six months ended 30 June 2018, the company’s GAAP net loss was US$5.0 million or US$0.07 loss per diluted share. For the same period in 2017, the company’s GAAP net loss was US$48.0 million, or US$0.67 loss per diluted share. Total vessel revenues for the first half of 2018 were US$114.9 million, compared to US$72.5 million for the same period in 2017. EBITDA for the six months ended June 30, 2018 and 2017 were US$48.4 million and a loss of less than US$0.1 million, respectively.
While the first half of 2018 included no non-GAAP adjustments to net income, the company’s first half of 2017 net income included a loss/write-off of vessels and assets held for sale of US$17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of US$0.5 million. Excluding these items, the company’s first half of 2017 adjusted net loss was US$29.8 million, or US$0.41 adjusted loss per diluted share. Adjusted EBITDA for the first half of 2017 was US$17.7 million.
