Excerpts from the press releases:
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) NYSE: TOO, has declared a cash distribution of $0.475 per unit for the quarter ended March 31, 2010, an increase of $0.025 per unit, or 5.6 percent, from the previous quarter. The cash distribution is payable on May 14, 2010 to all unitholders of record on May 7, 2010.
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) TGP, has declared a cash distribution of $0.60 per unit for the quarter ended March 31, 2010, an increase of $0.03 per unit, or 5.3 percent, from the previous quarter. The cash distribution is payable on May 14, 2010 to all unitholders of record on May 7, 2010.
Dryships mid-year earnings
dryspr072810.pdf application/pdf Object.
I have just read through the earning release from Dryships for the 2nd quarter of 2010. I think Dryships management did a terrible job of managing the company through the boom and bust cycle of the shipping industry, but the company is starting to show some positive results.
Of note is the TCE for the company’s dry bulk fleet. The daily per ship earnings (TCE) for the 2nd quarter was $32,659 compared to $29,752 a year earlier. It has been a while since I have seen a meaningful increase in TCE. The Dryships fleet is primarily Panamax class vessels, so these are pretty strong rates.
Revenues were up and expenses were down for the quarter. Good signs. The company took a big hit on write-offs for interest rate swaps and interest expense was up 10% from a year earlier. These are indications of the previously mentioned management issues.
DRYS is way to speculative for my taste, but it is good to see some positive numbers coming from the dry bulk sector.