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David Ryan News

13 Jun 2000

Adsteam Cuts Towage Personnel

Adsteam Marine expects to reduce most harbor towage teams to three personnel from four after the Maritime Union of Australia accepted a new enterprise bargaining agreement (EBA). Managing director David Ryan said the EBA and the reduction in crew members would result in a full year net saving of around $1.7 million, with the savings to be shared with its customers. The issue of crew sizes has caused disputes between management and the union since November, with the Australian Industrial Relations Commission stepping in to mediate talks.

15 Mar 2001

Adsteam To Buy Howard Smith Ltd.

Australia's largest marine towage group Adsteam Marine Ltd. has agreed to buy Howard Smith Ltd's Australian and U.K. towage businesses for A$500 million. "The transaction is in line with Adsteam Marine's previously stated objective of using strategic international acquisitions to grow its harbor services operations into a global business," David Ryan, Adsteam's managing director said. The purchase would double Adsteam's earnings before interest, tax, depreciation and amortization (EBITDA) and enhance its earnings per share before goodwill in the first full year of operations. Howard Smith said around A$250 million of the sale proceeds would be used to fund share buybacks both on- and off-market, and the balance would repay debt and fund potential acquisitions.

22 Aug 2001

Adsteam Posts $1 Million Drop in Profits

Australia's biggest marine towage group Adsteam Marine Ltd posted a net profit on Wednesday of $8.6 million for 2000/01, down from $9.6 million a year ago, but said it saw early signs of improved performance. "There are early signs for an improved performance by the group's global operations in the current financial year," managing director David Ryan said in a statement. Adsteam, which recently paid around $268.8 million for Howard Smith Ltd's towage business, said it expected to match market expectations for 2001/02, currently for a pre-abnormal net profit of $18.8 million to $19.3 million. "We put out a warning late in June because we'd seen a softening in the market that was affecting our results…

27 Aug 1999

Adsteam Marine Looks For Improved Profits

Tugboat operator Adsteam Marine Ltd. is aiming for improved profits in 1999/2000 after reporting a 1998/99 net profit of $11.1 million. The company achieved a 1997/98 net profit of $10.8 million. Managing director David Ryan said the company was enthusiastic about improved returns from its Newcastle operations, which were expected to return to profit this year. Ryan said earnings before interest, tax and abnormals had grown 5.8 percent in 1998/99 to $18.9 million. Revenue rose to $77.9 million from $70.2 million, with net earnings affected by a 23.2 percent higher tax provision. "The company was targeting further earnings growth in the current financial year - both from traditional operations and from newly acquired assets," he said.

15 Oct 1999

Holyman To Back New Lang Bid

Holyman Ltd.'s board of directors will recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46. "We have discussed it and obviously we think it's good news for shareholders," managing director James Bryant said. "The board of directors will recommend that shareholders accept in the absence of another bid," he said. Adsteam Marine chief executive David Ryan said the company would consider its next move.

22 Oct 1999

Adsteam Fails To Take Control Of Holyman

Tugboat operator Adsteam Marine Ltd.'s bid for Holyman Ltd. closed on Oct. 18 with shareholder acceptances falling well short of the level Adsteam needed to gain control of the shipping and transport group. While Adsteam remains the largest stakeholder with around 23.3 percent of Holyman's ordinary shares, stevedore Lang Corp. Ltd. now looks set to take control of the company with its bid of approximately $.70 a share, valuing Holyman at about $82 million. Adsteam originally offered $.46 a share for Holyman in late July before upping its hostile bid to $.52 in September and again to $.65 after Lang Corp. unveiled its interest last month. Its final offer valued Holyman at $76 million. "There was value in the acquisition for us up to A$1.00 ($.65).

19 Nov 1999

Adsteam Performance Ahead of Last Year

Adsteam Marine Ltd. is performing better than in the same period last year, but company officials said no decision has yet been made on or not to sell the firm's stake in Holyman Ltd. "Current trading after the first four months of the new financial year is ahead of the same time last year - that is revenue, earnings before interest and tax and net profit after tax," David Ryan, Adsteam's managing director, said. The company posted a net profit after abnormals of $11 million in 1998/99, up from $10.8 million on the year. Adsteam, whose $74.9 million takeover offer for Holyman was recently bettered by a $80.9 million offer from Lang Corp. Ltd., held around 23 percent of Holyman's ordinary shares and 68.3 percent of its listed options when its bid closed.

29 Feb 2000

Australian Company Buys Into U.S. Inland Market

Towage group Adsteam Marine Ltd unveiled a $55 million investment in an Alaskan barge group last week, a move, which was reportedly designed to drive further growth through a foothold in what many perceive as the fragmented United States market. Adsteam also reported a 44 percent rise in net profit to A$11.44 million, said it was still on track to improve its full year earnings on 1998/99's A$17.12 million net profit. "We are ahead of the same stage last year and we expect to exceed last year at every line," managing director David Ryan said, although he declined to give more details. Ryan said Adsteam, Australia's largest marine towage operator…