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 Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

HHI to Deploy 3DEXPERIENCE Design Platform

Hyundai Heavy Industries Selects Marine & Offshore Industry Solution Experiences for Design and Engineering of Offshore Structures Dassault Systèmes,

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Finance

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction 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: 0.2929 sec (3 req/sec)