The New York-listed tanker owner turnedin a deficit of $1.9m, versus a loss of $3.2m in the comparable three months ayear prior.
Revenue rose to $35.9m from $26m year-on-yeardue to a larger fleet but was offset by an increase in expenses anddepreciation and amortisation, it said.
The result amounted to $0.04 in lostearnings per share, a penny ahead of Wall Street’s consensus forecast,according to Deutsche Bank’s Justin Yagerman.
In a note to investors, Frangou applaudedthe improved bottom line and contracting of all its available revenue days in2012 and 83% in 2013, which is equivalent to around $152.4m and $174.5m inrevenue, respectively.
The percentages were boosted by afixture involving the 50,000-dwt Nave Atria (built 2012), which was hired outfor $13,331 per day for three years in a contract that included a pair ofone-year options and 50% profit sharing.
In a note to clients, Michael Webber of WellsFargo Securities said the rate tied to the medium-range two (MR2) product carrierwas below his expectations but still “reasonable” given “current market conditions”as profit sharing provides a “degree of leverage” if the market rebounds.
