Passenger Carries Hurt

Friday, November 09, 2001
American Classic Voyages Co. subsidiaries Delta Queen will trim its upcoming cruise schedule by a combined total of 27 cruises. Delta Queen Coastal Voyages will eliminate three cruises in 2001. Also, the 2002 summer and fall schedule of the 174-passenger Delta Queen will be enhanced to meet passenger demand for more variety. Moody's Investors Service confirmed the A2 senior ratings of Carnival Corporation, but changed the rating outlook to negative reflecting the uncertain economic and industry conditions that the company faces in the wake of the attacks on the U.S. Moody's believes the events of September 11 will further stress industry conditions that were already suffering from price weakness. Moody's expects Carnival to continue its focus on cost reduction and cash conservation in light of industry conditions. Carnival has firm orders for 15 new ships currently expected to be delivered between 12/01 - 5/05 for an aggregate cost of about $6.6 billion.

The Manitowoc Company, Inc. was the recipient of an approximated $120 million contract to build three ferries for the City of New York (see story, page 8),=. The Kennedy Class ferries will measure 310 x 70 ft., and will replace existing ferries built in 1965. The company expect to build the ferries at Marinette Marine, which was acquired just last year, and the first ferry is scheduled for delivery in fall of 2003. Morgan Stanley cut its 2002 earnings estimates on oil service companies Diamond Offshore Drilling, Ensco International, Transocean Sedco Forex and Noble Drilling Corp., citing weakness in the Gulf of Mexico jackup market and sharply lower utilization of jackup rigs there.

Global Industries, Ltd. (Nasdaq: GLBL) announced that its wholly owned subsidiary Global Offshore Mexico S. de R.L. de C.V. has executed a contract with PEMEX Exploration & Production to perform the EPC 45 Project in the Bay of Campeche's Cantarell Field.

Kirby Corp. (NYSE: KEX) said 3Q earnings will exceed expectations because of higher shipping volumes and rates for refined petroleum and chemical products in the U.S. Midwest. Kirby said the higher rates are the result of a mid-August fire at a Chicago-area refinery, which has created an anomaly in the normal distribution patterns of refined products into the U.S. Midwest.

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