Reports Q4 revenue $90.9M vs. $90.5M last year. The company said, “We are pleased to deliver stellar financial performance for the fourth quarter in line with our previous guidance. Our Time Charter Equivalent rate for the fleet of $75,319/day was slightly ahead of guidance of $73-75,000/day. Adjusted EBITDA was $68.7 million, also in line with guidance of close to $70 million. We recorded substantial profits on our portfolio of interest rate swaps as we increased our interest rate hedging significantly during the interest rate slump at the beginning of September. During the fourth quarter, interest rates rallied, and we therefore booked $20.1 million of gains on these derivatives of which $5.1 million were realized during the quarter. Hence, adjusted net income for the fourth quarter came in at $30.8 million, corresponding to earnings per share and adjusted earnings per share of $0.84 and $0.57 respectively.”
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