Excel Maritime Carriers benefited from a strong shipping market in the second quarter to turn in a profit that was more than triple net income from a year ago.
Voyage revenue climbed 40 percent year-over-year. Vessel management brought in a much more modest number but increased even faster. Total revenue was $37.3 million, up 40 percent from a year earlier. Total revenue for the six months ended June 30 was $73.4 million, up 31 percent.
Net revenue for the second quarter was $20 million, a 349 percent increase over the $4.7 million in the second quarter of 2006. The difference was primarily due to the $10.6 million increase in voyage revenue but another $6.2 million came from the sale of a dry bulk vessel. Net income increased 174 percent to $32.6 million in the six month period.
The company said it increased its charter coverage to 53 percent of the fleet and is taking advantage of spot market opportunities as they arise.
"We are pleased to report another quarter with strong operational and financial results, as our company continues to benefit from the strength in the shipping markets and the consistent implementation of our balanced fleet deployment strategy," said CEO Christopher Georgakis.