Higher revenues reflect a jump in shipping rates. The company reported revenues of $195.5m up 34% over the same period last year. Higher sales reflect a 29% increase in TCE rates to $27,139. Adjusted EBITDA rose 107% to $44.2 million. The large increase in EBITDA reflects higher revenues combined with only modest increases in operating costs. Net income rose 30% to $25.0 million. Next quarter should be good as well. The company has locked in 3,026 shipping days, or about 60% of its rates at a TCE rate of $25,600. Management reports that it has no planned dry dock days for the rest of 2022, so we expect high utilization rates. Finally, we would note that the upcoming September quarter has 92 days versus lower levels in each of the first two quarters. Read More >>