World News
Conrad Points to Loss on LNG Bunker Barge for Q1 Results
Conrad Industries, Inc. (Conrad) Monday, in its financial report for 2017's Q1, said results during the period were affected by losses on its construction of a liquefied natural gas (LNG) bunkering barge.
"Despite the losses we have incurred on the construction of the LNG Barge, the first vessel of its kind ever constructed in North America, we believe that we have developed the resources to establish ourselves as a leader in LNG marine-related construction in North America," said Johnny Conrad, President and CEO at Conrad.
"Management continues to focus on effectively executing our backlog, adding new contracts, improving efficiencies, and controlling costs."
For the quarter ended March 31, 2017, Conrad reports a net income of $119,000, compared to net income of $2.6 million during the same period of 2016.
"Our results reflect a continued difficult operating environment and we expect 2017 to be another challenging year," said Conrad.
Conrad's latest financial report in relation to the LNG bunker barge is similar to those of previous quarters - in its report on 2016's Q3 and nine month period to the end of September 30, 2016, Conrad said that it had sustained a $12.5 million gross loss on the construction of the vessel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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