Top Tankers 1Q Profit Rises

Greek oil shipping company Top Tankers Inc. said first-quarter earnings rose sharply as the company increased the size of its fleet under operation. Net income rose 59 percent to $30.4m, or $1.06 per share, from $19.1m, or 69 cents per share, in the year-ago period. The latest quarter included charges of $3.2m, or 12 cents per share related to stock options and financing. Revenue more than doubled to $101.7m from $47.3m last year. At the end of March, the company operated 27 vessels, or 2.6 million dry-weight tons, up sharply from 18 vessels, or 1.3 million dwt, a year ago. Top shares rose 61 cents, or 7.5 percent, to $8.62 in early trading on the Nasdaq. The stock has moved between $7.07 and $18.32 in the past year. (Source: Houston Chronicle)