Maritrans Reports 3Q Results

Thursday, October 31, 2002
Maritrans Inc. announced its third quarter financial results, declared its quarterly dividend and announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended September 30, 2002 was $1.7 million, or $0.20 diluted earnings per share, on revenues of $30.6 million. This compares with net income of $1.4 million, or $0.14 diluted earnings per share, on revenues of $28.3 million for the quarter ended September 30, 2001. During the quarter, the Company purchased 36,000 shares under its authorized share buyback program. The Company has purchased 2,434,700 shares through September 30, 2002 under the program. Maritrans also declared a quarterly dividend of $0.11 per share, payable on December 4, 2002, to shareholders of record on November 20, 2002. On a Time Charter Equivalent (TCE) basis, a commonly used industry measure where direct voyage costs are deducted from revenue, TCE revenue increased from $23.3 million to $25.7 million, or 10 percent, over the comparable quarter in 2001. Maritrans enters into various types of charters, some of which involve the customer paying substantially all voyage costs, while other types of charters involve Maritrans paying some or substantially all of the voyage costs. Maritrans monitors the TCE basis because it essentially nets the voyage costs and voyage revenue to yield a measure that is comparable between periods regardless of the types of charters utilized. The spot market in which the Company operates remained depressed during the quarter. The U.S. airline industry continued to experience decreased demand resulting in lower levels of jet fuel consumption. Higher than normal volumes of refined products were being imported into the country resulting from lower international petroleum consumption and low international tanker rates. Increases in contract rates experienced in 2001 have helped to reduce the impact of the weak spot market rates in 2002 and result in an increase in TCE. Several hurricanes hit the Gulf of Mexico during September and into October, lowering both revenue and utilization of the Company's fleet for those periods. The rebuilding to a double hull of the barge OCEAN 250 and the refurbishment of her married tug INTREPID are on schedule for delivery during the fourth quarter. Having this unit out of service has a negative impact on revenue and operating income. In addition, the company continues to experience increases in insurance premiums and professional fees.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä wins BWMS Order for 3 Vessels

Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping

New MD for Glander Int'l Bunkering (India)

Glander International Bunkering is proud to announce that Ajay Menon has been appointed as the Managing Director of Glander International Bunkering (India) Private Limited.

First Damen Twin Axe for Offshore O&G

To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities.

Finance

Superyacht Marina Planned at San Juan, Puerto Rico

Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

CNPC Eyes Myanmar for LNG Terminal

China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG).

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1939 sec (5 req/sec)