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 Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Crowley Ships Massive Electrical Equipment

Crowley Maritime Corporation’s liner services group recently transported two massive electrical equipment enclosures with a combined weight of 196,000 pounds to San Juan, Puerto Rico.

Maersk Drilling Secures Contract for Newest Drillship

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract

Passenger Vessels

Royal Sells Splendour to Tui Cruises

Royal Caribbean International is saying sayonara to yet another of its older vessels. Its cruise ship Splendour of the Seas will join the Thomson Cruises’ fleet from Summer 2016.

Corvus Energy Wins Order for Battery Hybrid Ferries

Scandlines ferries designed with battery hybrid propulsion to operate on the Rostock-Gedser commercial route.    Corvus Energy, Siemens AS and Scandlines have

Her Majesty The Queen to Name Britannia

Her Majesty The Queen, accompanied by His Royal Highness The Duke of Edinburgh, will name the new P&O Cruises vessel Britannia in Southampton on March 10, 2015, P&O Cruises announced.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2643 sec (4 req/sec)