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Exhibit
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Description
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99.1
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Press
Release dated May 11, 2007 of Double Hull Tankers, Inc.
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Double Hull Tankers, Inc. | ||
(Registrant) | ||
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Date: May 11, 2007 | By: | /s/ Eirik Ubøe |
Eirik Ubøe | ||
Chief Financial Officer |
1Q
2007
Jan.
1-March 31, 2007
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1Q
2006
Jan.
1-March 31, 2006
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Shipping
revenues
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$20,231
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$24,198
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Vessel
expenses
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4,775
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4,496
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Depreciation
and amortization
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4,171
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4,171
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General
and administrative
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807
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604
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Total
operating expenses
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9,753
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9,271
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Income
from vessel operations
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10,478
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14,927
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Interest
income
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220
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196
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Interest
expense and amortization of deferred debt issuance cost
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3,492
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3,468
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Net
income
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7,206
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11,655
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Basic
net income per share
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$0.24
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$0.39
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Diluted
net income per share
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$0.24
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$0.39
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Weighted
average shares (basic)
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30,013,954
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30,006,250
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Weighted
average shares (diluted)
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30,027,438
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30,013,806
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March
31, 2007
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Dec.
31, 2006
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Current
Assets
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Cash
and Cash Equivalents
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$16,635
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$17,680
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Voyage
receivables from OSG
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3,163
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4,009
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Unrealized
gain on interest rate swap
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525
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1,712
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Prepaid
Expenses
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631
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331
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Prepaid
Technical Management Fee to OSG
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1,281
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1,324
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Total
Current Assets
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22,235
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25,056
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Vessels,
net*
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318,406
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322,577
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Other
assets incl. deferred debt issuance cost
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1,367
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1,407
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Total
Assets
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$342,008
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$349,040
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Current
Liabilities
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Accounts
payable and accrued expenses
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$3,736
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$3,456
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Unrealized
loss on interest rate swap
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-
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-
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Deferred
Shipping Revenues
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5,970
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6,169
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Total
Current liabilities
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9,706
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9,625
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Long
term debt
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236,000
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236,000
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Total
Stockholders equity*
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96,302
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103,415
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Total
Liabilities and Stockholders' Equity
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$342,008
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$349,040
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