Horizon Says Company will Work on Debt

Monday, February 27, 2006
Charles G. (Chuck) Raymond, CEO and President of Horizon Lines Inc., said in an interview that the carrier, which completed a initial public offering (IPO) last September, “will generate significant free cash going forward and that will enable us to pay down debt and grow.” Mr. Raymond added that the anticipated acquisitions “will not be small deals.” Since going public at $10 a share on September 27, Horizon’s (HRZ) stock has increased as much as 30 per cent and has exceeded the average performance of 2005 IPOs compiled by Renaissance Capital. “It indicates what we are capable of achieving,” said Raymond. While some analysts have urged the carrier to begin replacing some of its older tonnage, Chuck Raymond noted that there are “well-defined plans” for updating the fleet but would not disclose specifics at this time. “An announcement will be forthcoming,” he said, noting that the goal is to increase business in the major markets of Alaska, Guam, Hawaii and Puerto Rico served by Horizon Lines. Among the other opportunities Horizon Lines has been exploring is short sea shipping along the U. S. coast and even on intercoastal waterways. Delivery by sea is a potential alternative to trucking which has jammed the highway systems and various pro-active groups have been investigating these possibilities. “Through its 50-year history our company has been in the forefront of innovation and cutting-edge transportation,” noted Mr. Raymond. Horizon was founded as Sea-Land Service by Malcom McLean as the carrier that commenced containerized shipments of cargo in 1956.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

Passenger Vessels

Clipper Yacht Race: Making The Turn

Strong winds in the Da Nang New Discovery of Asia Race have led to some thrilling racing conditions for the Clipper Race fleet, with teams recording speeds of

Meyer Turku Lays Keel of Tallink’s LNG Ferry

The keel of the Tallink’s new LNG-powered fast ferry Megastar was laid at the Meyer Turku shipyard   The hull assembly of Tallink’s new fast ferry Megastar started

PVA Elects 2016 Leadership

During the PVA Annual Convention at MariTrends 2016 held January 23-26 in Crystal City, Va., members of the Passenger Vessel Association (PVA) elected Margo Marks of Beaver Island Boat Company,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
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: 0.1092 sec (9 req/sec)