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 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

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion 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: 0.0031 sec (327 req/sec)