Stocks that Float: TANKERS & DRY BULK SHIPPERS

[xanadu90]

OCNF $19.94. Quite a growth in the quarter!


UPDATE 1-OceanFreight Q4 profit rises on higher average day-rate
Tue Feb 12, 2008 5:59pm EST

(Recasts; adds details, share movement)

Feb 12 (Reuters) - Greek dry bulk carrier OceanFreight Inc (OCNF.O: Quote, Profile, Research) reported fourth-quarter earnings that beat Wall Street view due to a sequential increase in average day-rate, sending shares up by 12 percent in after-hours trade.

The company also raised its quarterly dividend by about 50 percent to 77 cents a share.

Fourth-quarter earnings were $6.4 million, or 44 cents a share, compared with $974,000 or 11 cents a share in the previous quarter.

Quarterly gross revenue was $23.2 million and voyage revenue rose about 50 percent sequentially to $20.6 million.

Analysts on average were expecting earnings of 37 cents a share, on revenue of $20.50 million.

OceanFreight, which went public last April, reported quarterly average time charter equivalent rate -- a measure of dayrate -- of $31,554 a day, compared with $25,399 in the third quarter. (Reporting by Sakthi Prasad in Bangalore; Editing by Jarshad Kakkrakandy)