This was mainly due to an increase in fleet size, which today stands at three MRs and two Handysize tankers with another MR to come in the third quarter of this year. All of the vessels are on long term charters, including the newbuilding, ‘Nord Valiant’, which for example, has been fixed to NORDEN for five years, plus options.
Net income improved from a negative $5.4 mill in 1H15 to a positive $290,000 this year. The company also recorded an operating loss of $149,000, against $5.4 mill in 1H15.
Total assets were $121.7 mill against total liabilities of $83 mill for 1H16, the company said.
Evangelos Pistiolis, president and CEO, said, “As our newbuilding programme successfully draws to an end and our vessels are deployed to their profitable timecharters, we are increasingly optimistic about our earnings and cash flow generation capacity in the near and mid-term future.”