The WorkBoat Stock Index suffered another down month in July, losing 87 points, or 2.7%. For the month losers topped winners 16-9.
Top percentage gainers for July included Great Lakes Dredge & Dock Corp. (GLDD), which saw its shares rise over 5% in July. GLDD’s backlog on June 30 was $454.4 million.
The company ended the second quarter with net income of $2.1 million and adjusted EBITDA of $20.2 million compared to the second quarter of 2020 that ended with $9 million of net income and $28.1 million in adjusted EBITDA. The company’s first half 2021 results did not meet expectations due to Covid impacts and increased operational challenges. The company expects much stronger results in the second half of 2021.
“In the first half of 2021, our operations saw a substantial impact as a result of the Covid-19 pandemic,” Lasse Petterson, president and CEO, said during the company’s second quarter earnings call. “As the third wave of the pandemic spread through our population, we started to see significant additional direct cost and operational interruptions in the first quarter of 2021. Several of our vessel crews were infected despite extensive testing and isolation protocols. In order to mitigate continued outbreaks, in the second quarter, we initiated an extensive vaccination effort of our crews and staff as vaccines became available and set an ambitious target to have a majority of our employees vaccinated by the end of the quarter.
“Thus far, we have been successful, and our company-wide vaccination currently stands at 71% of our staff being fully vaccinated or partially vaccinated. We are now implementing new protocols, including requiring all new projects to have 100% vaccination prior to startup and all vessels coming back into operations from drydocks to have 100% vaccinated crews. Additionally, we require proof of vaccination to access any of our main offices.”