Did You Miss the Boat?
May 19, 2009
– Comments (5) |
RELATED TICKERS: PRGN
, NM
It's not too late to get on board. If you have not yet looked at Paragon Shipping you might want to navigate over to this smooth sailing stock that is leaving the others high and dry. They just reported 1Q earnings and here are a few excerpts:
Time charter revenue for the first quarter of 2009 was $41.6 million, compared to $40.5 million for the first quarter of 2008.
Excluding all non-cash items described below, adjusted net income for the first quarter of 2009 was $14.7 million, or $0.54 per basic and diluted share. This compares to adjusted net income of $14.2 million, or $0.54 and $0.53 per basic and diluted share, respectively, for the first quarter of 2008.
The Company operated 12 vessels during the first quarter of 2009, earning an average time charter equivalent rate or TCE rate, of $37,179 per day, compared to an average of 11 vessels during the first quarter of 2008, earning an average time charter equivalent rate of $39,098 per day.
Pursuant to its time chartering strategy, Paragon Shipping Inc. employs vessels under fixed rate charters for periods ranging from one to five years. The Company has secured under such contracts 98%, 64% and 39% of its fleet capacity under contract in the remainder of 2009, in 2010 and in 2011, respectively.
For the three months ended March 31, 2009, the Company generated net cash from operating activities of $23.3 million, compared to $17.0 million for the three months ended March 31, 2008.
For what its worth, I also think NM is worth a close look. They will be reporting 1Q results on Thursday, May 21.
(Disclosure: I am long PRGN and NM in my Roth IRA).
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