Higher rates lift tanker companiesÆ earnings
Higher rates lifted the earnings of two tanker companies in the quarter ending Sept. 30.
General Maritime Corp. said its third quarter net income was $24 million, compared to $7.2 million in the same period a year earlier.
The company said the increase was 'principally the result of higher voyage revenues attributable to a generally higher rate environment in the third quarter of 2006 compared to the prior year.'
Teekay Shipping Corp. said its third quarter net income was $79.8 million, up from $42.7 million in the year-earlier period. Net voyage revenues were $344.3 million, up from $317.8 million.