CP Ships Report 3Q Results

Wednesday, October 29, 2003
CP Ships Ltd. was able to report a 37% increase in net income in the third quarter despite higher costs, due to continuing general improvement in industry conditions. The company said its operating profit in the latest quarter was the highest since it went public in October 2001. Third-quarter net income was $33 million or 36 cents a share, up from $24 million or 27 cents a year earlier. The Thomson First Call mean estimate was for net income of 41 cents in the latest quarter. Quarterly revenue rose 16% to $817 million from $704 million. Operating income was $44 million versus $34 million. It said it expects fourth-quarter operating income to be "broadly in line" with the third quarter. For all of 2003, operating income is expected to be about 50% above the 2002 level but short of the 2001 record level. In 2004, it expects "a generally positive trading environment." CP Ships Ltd. said operating and administrative costs increased from a year earlier. The weaker U.S. dollar hurt costs despite hedging gains. " Continuing high fuel prices and more expensive ship charter renewals offset ship-network efficiencies achieved from the recently completed ship-replacement program and schedule restructuring." It said volume of 554,00 TEU was up 6% from last year, or up 11% excluding the Asia-Europe services, which were discontinued in April. The company said operating income was up slightly in the Transatlantic market, down in the Australasian market and up strongly in the Latin American and Asian markets.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Maersk to Idle Vessel

The world's biggest container-ship operator Maersk Line  has confirmed market talk that it has temporarily idled one of its largest vessels - yet another sign that the industry is in dire straits,

Russian Navy Trying Hard for Facelift

Official announcements related to naval shipbuilding give the appearance of a Russian Navy that is undergoing a rapid revival. However, the reality is that many

USNS Maury Completes Acceptance Trials

USNS Maury (T-AGS 66) completed Acceptance Trials, November 6, following a week of extensive ship tests and underway events, included testing of major propulsion,


Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority 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: 0.0727 sec (14 req/sec)