ABS Reports Strong Performance in 2001

Tuesday, April 23, 2002
ABS Chairman and CEO Frank J. Iarossi has reported continued strong performance by the classification society and its affiliate, the ABS Group of Companies Inc. in 2001. Iarossi reported that the ABS-classed fleet had reached a new tonnage record of 360 ft. (109.8m) gt in October 2001. He also noted that a significant contribution came from the expanding risk management and associated activities of the principal operating subsidiary, ABS Consulting.

Consolidated gross revenues for ABS and the ABS Group of Companies increased 3.6 percent over 2000 to a new record $370.9 million, reflecting the continuing steady growth of the organization's non-classification activity. Just over 60 percent of the revenue came from marine classification activity with the remainder contributed from non-marine business. The contribution from the affiliated companies is projected to strengthen in 2002 following the elimination of various non-recurring expenses associated with the previous acquisition of EQE International Inc., now part of ABS Consulting.

Consolidated operating income after tax surged almost 100 percent over the previous year to reach $19- million.

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

Legal

ECDIS Related Detentions on the Rise

ClassNK has been informed by Australian Maritime Safety Authority (AMSA) that during PSC inspections it has been increasingly reported that vessels have been detained

CMA CGM Crosses 90% Ownership Threshold in NOL

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private.

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

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.

Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for

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

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0775 sec (13 req/sec)