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

Contracts

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

Young Brothers Orders Four New Tugs from Conrad

Young Brothers, Limited, Hawai‘i’s largest inter-island cargo service provider, and Conrad Shipyard, signed a contract to build four new tugs, a nearly $80 million

Finance

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.0847 sec (12 req/sec)