For the same period, TCE revenues increased by about $3.6 mill, or 140%, to $6.2 mill, compared to the same period in 2018.
Net loss was reduced by $3.3 mill to $0.8 mill and adjusted EBITDA increased by $3.6 mill to $2.1 mill in each case, compared to the same quarterly period in the previous year.
Valentios Valentis, Chairman and CEO, commented: “Our operating results for the third quarter of 2019 reflected the positive impact of staggered timecharters for our MR product tankers, as well as continued operational cost discipline.
“The average daily TCE for our MRs was over $14,400 during the quarter with utilisation of 99.7%. As of 11th November, 2019, we had 57% of our remaining days in 2019 covered and our MR’s have an average daily TCE of $15,300, exclusive of certain charterer options to extend existing timecharters.
“Our third quarter 2019 results also reflected continued focus on the efficiencies of our operating platform as fleet-wide daily operating expenses were slightly over $5,500 per vessel and represented good consistency for the nine month period. Total daily operational costs, which include management fees and general and administrative expenses, for our eco-efficient MRs continued to be consistent and competitive within our sector at approximately $7,500.
“We believe that the fourth quarter 2019 represents the potential beginning of a period of sustainable improvement in vessel earnings beyond the traditional seasonal uplift. As we previously mentioned, this is based upon the positive fundamentals of supply and demand growth, plus incremental demand for the MR sector with the start of IMO2020 regulations.
“Continued worldwide demand growth for refined petroleum products of approximately 3% per annum should outpace the declining orderbook for MRs, given the low level of newbuild orders, vessel scrapping and delays in new vessel deliveries. Starting this quarter, the distribution of new compliant low-sulfur fuels through the massive global network of ports and marine storage facilities should increase tonne/mile demand and expand trading routes for product tankers. However, global trade tensions and recent geo-political events continue to create an added layer of uncertainty, which could undermine this positive outlook to some extent.
“Moving forward, we plan to continue to focus on providing safe and efficient means of transporting refined products for our customers with a strategy of mixed chartering employment. We expect to continue to explore avenues of growth, strategically and through capital formation. We are optimistic about the near-term prospects for our sector and the company, and look forward to taking advantage of various opportunities as they arise to enhance shareholder value,” he said.