Seacon Holdings Releases Preliminary Results

Friday, January 26, 2001
Seacon Holdings recorded a profit before taxation of £996,449 for the year ending September 30, 2000, compared to a profit before taxation of £3,284,681 reported the previous year, of which £408,181 was related to the trading activities of the company and £2,876,500 to the sale of the London Steel Terminal. Seacon Shipping recorded a £40,000 contribution to operating profit for the financial year, having reported a loss of £205,000 in the previous year. Ship Operations operating a fleet of six time-chartered coastal vessels during the year, moved from a small profit at the interim stage to a modest loss for the full year, as spot market freight rates and the availability of contract cargoes, mainly involving steel exports, moved below expectations. The Agency department increased the number of vessels provided with agency services to produce a significant improvement in results over the previous year. The fleet, which has been reduced to five vessels, has been operating in adverse market and meteorological conditions since the end of the financial year. However, efforts are being made to increase and consolidate contracted cargoes for the ships, which primarily carry steel and newsprint. Seacon Terminals TheTower Wharf Terminal, which continued to operate in a competitive environment, handled 730,000 tons during the financial year - an increase of 12 percent - with steel, lead, copper and newsprint accounting for 99 percent. While steel imports at 450,000 tons were up 25 percent and lead at 186,000 tons by 8 percent, the additional income only partly compensated for the loss of revenue from a reduction in newsprint imports. As a result, the trading contribution to operating profit at £270,000 is lower than the contribution of £433,000 reported last year, which included above average newsprint income. However, taking into consideration a significant rebate on business rates, primarily relating to earlier years, the total contribution attributable to the terminal has increased to £630,000.

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

Contracts

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.0842 sec (12 req/sec)