Marine link
 

B+H Shareholders Favor R e o r g a n i z a t i on

B+H Ocean Carriers Ltd. reported that at the company's Annual Meeting of Shareholders on Oct. 11, shareholders voted by a 15 to 1 margin to approve both a reorganization of the company, converting it to a fully ongoing entity, and the removal of a limitation on indebtedness.

The company said that the approval of the reorganization proposal and the elimination of the debt restriction have the effect of converting the company into an entity which can participate to the fullest extent in the shipping industry. Opportunities for the enhancement of the shareholders' investment in the company would be increased because the reorganization would give the company the flexibility to attempt to increase revenues and diversify operating risks by entering into areas of the shipping industry which were previously closed to it.

For the six months ended June 30, 1995, the company reported a net loss of $981,000 or $0.24 per share. Revenues for the first six months of 1995 were $7,151,000. Although the product tanker market weakened in May and June, the net loss approximates the expense and related off-hire associated with the performance of Special Surveys on the MIT Alex and M/T Nike. The MIT Nike completed its Special Survey in July 1995. As a "foreign private issuer," as defined in Rule 3b-4 under the U.S. Securities Exchange Act of 1934, the company did not report operating results for the first six months of 1994. The company's net loss for the year ended Dec. 31, 1994, net of a $5,746,000 gain on sale of vessels, was $4,360,000 or $1.07 per share. The company intends to report operating results on a quarterly basis in the future. The company's fleet consists of six product tankers which trade in the Product Transport Corp. Ltd. pool.




Maritime Security History

A Family Tradition With legal battles in the rearview mirror, McAllister is set to thrive
Adm. Kime Honored For Efforts In Marltlmo Safety And Pollution Prevention
Aquaculture Relief Measure, NOAA Budget Considerations, Maritime Reform Bill Busies Senate
AWO AWO Continues To Support Maritime Issues
AWO's Regulatory Agenda: Challenge & Change
B+H Shareholders Favor R e o r g a n i z a t i on
Bay Area 4C's Standardizes RIN Procedure
Broad & Cassel Represents Commodore In Cruise Ship Acquisition
Clinton: Programs To Bring More Than $1 Billion To U.S. Yards
COMPANY PROFILE: IDB Mobile changes to compete
Details Of U.S. Maritime Subsidy Program Revealed
Gaming Boom Continues
Hearer, Faster & Cheaper,,. Distress Alerting Via Inmarsat
House Passes Maritime Subsidies Bill Overwhelmingly $1.2 Billion Earmarked For Maritime Security Fleet; Series Transition Payments To Come For Yards
ICC Faces New Challenges
IDB's Klein Touts Cost Effectiveness, Improved Service As Benefits Of IDB/ AMSC Agreement
Inland Issues Safety Of Towing Vessels, Environment; And Efficient Intermodal Shipping Top Agendas
IT Development Project Attracts Major Players
MarAd Modifies Rules
MarAd's Herberger Comments On FY '95 Budget
MARITIME POLICY Should Be The Foundation Of Economic Reform
Miami To Host Cruiso Shipping ' 96
Mr. Mel: Taking Care of Business Powered By "Cats"
Newport News President Inducted Into Maritime Hall Of Fame
Noise Control: Fincantieri first with Active Noise Control on cruise ship
OSI Wins U.S. Contract
Service With a Satellite: A Guide To Top Service Providers
Trinity Wins $80M Contract To Build RoRo For Alaska
U.S.C.G. Implements Simplification Of Vessel Documentation Procedures
USCG Announces Vessel Documentation Centralization Site
 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright