Adsteam Shares Drop 15%

Thursday, June 28, 2001
Shares in Adsteam Marine Ltd fell 15 percent on Thursday after it forecast growth in earnings in the year to end-June 2001, but said activity levels in some Australian ports were down in May and June. Consistent with the slowdown in the Australian economy, coal and grain traffic had eased and containerized trade was weaker, but U.S. earnings would boost the bottom line, Adsteam said. "Compared with last year, we now expect EBITDA to increase by approximately 40 percent and EBIT to increase by approximately 25 percent," Adsteam said. "We expect the full year's operational result to reflect the benefit of a full year's contribution from Northland in the U.S. and a small contribution from the recently acquired Howard Smith Towage business," it said. Adsteam posted an annual net profit of A$17.9 million for the year to June 30, 2000, up on the previous year's A$17.1 million, and recorded first half pre-abnormals net profit of A$9.4 million for the six months to end-December 2000. Adsteam said the integration of the Howard Smith unit, acquired for A$500 million in March, was underway with some synergy benefits already secured for the 2001/02 financial year. Adsteam has a 50-percent stake in U.S. maritime services unit Northland Holdings Ltd. - (Reuters)
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

MacGregor's Hatlapa Brand is 95 Today

November 2014 marks the 95th anniversary of MacGregor's Hatlapa brand. Since its foundation in 1919 by German engineer Max Hatlapa, the formerly independent Uetersen-based

Pair of ASD Tugboats Delivered to Keppel-Smit

The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first

Finance

Cost to Fuel Ships Falls

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming

Asia Tanker, VLCC Rates Could Climb

Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs)

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

 
 
Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.1570 sec (6 req/sec)