Ocean Yield reported a 33% increase in net income for the fourth quarter as revenue grew 25%. But the company also reported an impairment charge on the 11,000-dwt Lewek Connector (built 2011).
The Lars Solbakken-led company reported net profit outside of one-time items of $36.9m compared to $27.6m in the year earlier quarter. Revenue of $82m was up from the $65.6m reported in the year earlier quarter.
The company reported an impairment charge of $35.6m relating to the Lewek Connector due to the failure of its charterer Ezra Holdings. Net profit including the impairment charge and other one-time items would have been $0.7m for the quarter.
Ocean Yield said it took delivery of another six vessels during the fourth quarter with time charter lasting from 10 to 15 years.
The Board of Directors declared a dividend of $0.1825 per share during the quarter, bringing the annualised dividend to $0.73 per share.
