2004 Earnings Begin to Roll In – Some Break Records, Others See Mixed Results

Public tanker companies OMI Corporation and Teekay Shipping both started the year off with a bang by announcing last year’s results, showing growth that was virtually off the charts. Tanker yield play Knightsbridge also brought exceedingly strong numbers, enough to prompt Jefferies analysts Magnus Fyhr and Douglas Mavrinac to commend the company for exceeding expectations, though not enough to lift the company any further than its HOLD rating. CP Ships enjoyed modest growth of both net income and revenue, even as the company recovers from its results restatement in 2003 and deals with the class action lawsuits that followed in its wake. Meanwhile, US-flag petroleum transporter Maritrans saw a rise in revenue paired with a drop in net income, though.

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