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Fleet growth drives strong TOP Tankers performance.
(From Lloyds List)
Byline: Tony Gray
SHARES in recently listed TOP Tankers were hoisted to new highs after strong second quarter and first-half results.
And TOP Tankers has also taken delivery of the seventh of 10 tankers the company is acquiring from Sovcomflot with the help of the $146m raised in association with its Nasdaq listing.
The company's debut results as a public vehicle saw second quarter net income lifted to $5.7m, or $0.95 per fully diluted share, from $355,000, or $0.06 in the like period of 2003.
Six-month net income rose to $6.95m, or $1.16 per share, from $900,000, or $0.15 per share.
At midday in New York, the shares were up 93cents to $11.90, although earlier they had touched $13.25. The shares' previous high was $11.83, while TOP Tankers' July initial public offering was priced at $11.
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