Operating profit before depreciation and disposals was $53.5 million for the second quarter of 2008, compared to $64.9 million in the second quarter of 2007. Gain on the sale of vessels amounted to $12.1 million, compared to $14.3 million in the second quarter of 2007.
Operating profit was $38.9 million in the second quarter of 2008, compared to $52 million in the same period of 2007. Profit before tax amounted to $39.7 million in the second quarter of 2008, compared to $55.5 million in the second quarter of 2007.
The second quarter of 2008 showed decreasing freight rates for the very large gas carriers (VLGCs), stable freight rates for the large gas carriers and increasing freight rates for the mid-size gas carriers, compared to the same period in 2007.
The increase in bunker prices continued to have an adverse effect on earnings, particularly for the VLGCs. The operating profit in the liquefied petroleum gas segment amounted to $21.8 million in the second quarter of 2008, compared to $32.5 million in the second quarter of 2007.
Operating profit in the liquefied natural gas segment amounted to $21 million in the second quarter of 2008, compared to $24.4 million in the second quarter of 2007. Operating expenses increased by $7.1 million from $54.2 million in the second quarter of 2007 to $61.3 million in the second quarter of 2008.
