OceanFreight shares jump

Shares in Greek owner OceanFreight were on the fringe of breaking the $1.00 mark Friday even after it reported a second-quarter loss.

While the Nasdaq-listed outfit posted a deficit of $0.81m in the three months to 30 June, it was a flurry one-time items that took a bite out of the bottom line.

The result amounted to $0.01 in a basic and diluted loss per share.

Excluding a $1.4m loss tied to interest rate swaps, a $1.3m expense linked to drydocking and a gain of $1.5m from an S&P deal, OceanFreight says it would have posted a profit of $0.39m or $0.01 per share.

The result narrowed a loss of $32.8m logged in the same period a year prior.

In the second-quarter of 2010, the company generated $24m in gross revenue against $32m earned a year ago.

While OceanFreight is still working to keep its stock above the $1.00 threshold, the Athens-based owner's chief executive is feeling positive about the coming quarters.

"Operating income for the second quarter of 2010 was in line with expectations and moving forward we will continue our fleet renewal and expansion program that will improve our operational efficiency, enhance our profitability and increase shareholder value,” chief executive Anthony Kandylidis said in a statement.

Shares in the diversified owner slipped by 1.01% to hit $0.98 when this article was published.

As TradeWinds has reported, the stock has jumped as much as 42% after the company launched a reverse split aimed at gaining compliance with Nasdaq's $1.00 minimum bid requirement.

Printable version Newsletter sign up