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Tankships’ voyage revenue and expenses increased

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Revenue

For the nine-month period ending on September 30, 2014, voyage revenue increased by $29.9 million, or 34%, to $117.9 million from the same period last year. Out of the total, an increase of $28.2 million is attributable to increased hire rates. The increase of $1.7 million, or 1.9%, is attributable to the increase to 2,730 days from 2,678 days in the same period last year.

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Voyage expenses

Voyage expenses increased by $9.3 million, or 17.4%, to $62.6 million for the nine-month period ending on September 30, 2014—compared to $53.3 million for the nine-month period ending on September 30, 2013. The increase relates to the respective increase in the bunker expenses.

Vessel operating expenses

Vessel operating expenses decreased by $0.5 million, or 2.5%, to $19.4 million for the nine-month period ending on September 30, 2014—compared to $19.9 million for the nine-month period ending on September 30, 2013. The decrease is mainly due to the increased initial expenses incurred during the nine-month period ending on September 30, 2013, for the delivery of three vessels—Alicante, Mareta, Bordeira.

Peers analysis

The revenue growth for other companies in the industry (SEA)—like Teekay Tankers (TNK), DHT Holdings (DHT), Frontline Ltd. (FRO), and Tsakos Energy Navigation Ltd. (TNP)—stood at 13.8%, 73.3%, 7.2%, and 12.4%, respectively.

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