Leif Hoegh Enjoys Healthy 2001

Wednesday, April 25, 2001
Norwegian shipping group Leif Hoegh forecast higher operating profit in 2001, helped by a larger RoRo vehicle transport fleet, after a smaller-than-expected 59 percent jump in the first quarter. "After a slow start to the year for the Ro/Ro and reefer segments, the markets picked up in March, a trend which has continued into the second quarter," the company said. "The operating profit, excluding sales gain or loss, is expected to increase from last year through (the) larger RoRo fleet, the Hoegh Galleon charterparty and the transfer of the liner service," it said. It added that bunker prices, foreign exchange movements and interest rates would all affect the company's results. The liquefied natural gas carrier Hoegh Galleon was rebuilt last year at a cost of $25 million and was delivered to Enron on March 21 under a 17-year charterparty. Germany's Egon Oldendorff oHG took over Hoegh's liner service from March 5. Operating profit in the first three months of 2001 rose to $27 million from $17 million in the same period of 2000. Leif Hoegh said that net profit rose to $11 million from six million. It said that the rise in operating profit was "somewhat lower than expected due to weakening markets both for the Ro/Ro and reefer segments." Leif Hoegh's HUAL RoRo and vehicle carrier division, in which Hoegh raised its stake to 100 percent last year from 50 percent, had a first quarter operating profit of $8.0 million, which the company said was lower than expected. "The slowdown in the world economy led to stagnating new car sales and lower capacity utilization of the vessels during the first couple of months. But a weaker Japanese yen buoyed volumes of cars from Japan from March. "Continued high activity in the Middle East, largely due to stable, high oil prices, led to good cargo volumes, both from Europe and the United States," it said. - (Reuters)
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Hapag-Lloyd Adds North Europe-USEC Service

Hapag-Lloyd will open a new weekly service between North Europe and the US East Coast, the company said in its press release.     The new route – to be christened

Khamenei Says Iran Nuclear Weapons are a U.S. "Myth"

Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat,

Finance

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1501 sec (7 req/sec)