SEACOR SMIT Announces First Quarter Results

Tuesday, April 30, 2002
SEACOR SMIT announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000, or $0.62 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000, or $0.93 per fully diluted share, on operating revenues of $109,804,000. Operating revenues declined $6,161,000, or 5.6 percent, from the fourth quarter of 2001. Lower offshore marine revenues accounted for $4,723,000, or 77%, of this decrease. Fleet utilization declined in the U.S. but increased internationally. Worldwide rates per day worked were lower except for U.S. anchor handling towing supply and overseas supply and crew vessels. Marine related revenues also reflected lower gross income from vessel sales and time out of service while converting a supply boat to standby safety service. Offsetting these declines were additional revenues generated by new vessels added to the fleet and the return to service of certain vessels previously relocated between operating regions. The remaining $1,438,000, or 23%, decline in operating revenues resulted primarily from less retainer fees and spill response activity of the company's environmental service business. Fifteen U.S. utility vessels were permanently removed from service at the beginning of 2002 and are being held for sale. Excluding the effect on utilization of these vessels, which did not operate in either the fourth or first quarter, worldwide fleet utilization was 80.6 percent in the first quarter of 2002, down from 83.5 percent in the fourth quarter. Twenty-eight additional vessels, primarily U.S. utility and crew, were out-of-service at the end of the first quarter due to market conditions.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Golden Ocean, Knightsbridge Set for Merger

Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping

Delay in Relocating Guangzhou Shipyard

Guangzhou Shipyard International (GSI) has not commenced the relocation of its factory. According to the plan of Guangzhou city, the shipyard should have finished

Mitsubishi Bags Fourth LPG Carrier Order from Astomos

Tokyo-based Astomos Energy Corp has placed an order today with Mitsubishi Heavy Industries (MHI) for a very large liquefied petroleum gas (LPG) carrier.     The 83,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage 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: 0.1278 sec (8 req/sec)