CP Ships Reports 2Q Results

Thursday, July 31, 2003
CP Ships Limited has announced an unaudited operating income for second quarter 2003 of $40 million, nearly double the $21 million operating profit in second quarter 2002 and a $42 million improvement from the $2 million operating loss before exceptional items of $10 million in first quarter 2003. Basic earnings per share was $0.32 compared with $0.20 in second quarter 2002 and basic loss per share before exceptional items of $0.12 in first quarter 2003. Net income was $29 million compared to $16 million in the same period 2002 and a net loss of $11 million before exceptional items in the first quarter 2003. Volume at 558,000 teu was a quarterly record, up 12% from second quarter last year. This reflected the inclusion of Italia Line 5%, the elimination of Asia-Europe services, which were discontinued at the very beginning of the quarter (6%) and underlying growth of 13%. Average freight rate on a comparable basis increased 7% from second quarter 2002 and 5% from first quarter 2003. EBITDA was $69 million and cash from operations before payments related to exceptional items $23 million in the quarter. Operations returned to normal after a difficult first quarter. The weaker US dollar continued to adversely affect costs despite hedging gains. Fuel price was down from first quarter, but higher than last year. Operating income before exceptional items for the first half 2003 was $38 million compared with $15 million in the same period last year. Stronger volume up 15%, higher freight rates up 5%, and lower ship network costs other than fuel were partly offset by the adverse effect of the weaker US dollar and higher fuel price. Net income after exceptional items was $8 million compared with $5 million. During the quarter, CP Ships took delivery of Canmar Venture, a new 4100 teu ice-strengthened ship and two long-term chartered 4100 teu ships under the company's $800 million ship replacement program. In July the remaining two ice-strengthened ships, one new and one used, were delivered, thereby completing the current ship replacement program. With completion of the current program, the proportion of owned and long-term chartered ships has increased to 63% of total capacity. As a result of service expansion, the acquisition of Italia Line and future trade growth prospects we are actively considering the addition of further owned and long-term committed ships to reduce our reliance on short and medium-term charters. The ship fleet was 86 ships on 30th June, unchanged from 31st March.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

OSI to Integrate Software for UK Royal Navy

OSI Maritime Systems (OSI) announced the signing of a contract to integrate its flagship software, ECPINS-W Sub, into the U.K. Royal Navy’s T45 Destroyer Integrated Bridge System (IBS).

HHI to Deploy 3DEXPERIENCE Design Platform

Hyundai Heavy Industries Selects Marine & Offshore Industry Solution Experiences for Design and Engineering of Offshore Structures Dassault Systèmes, the 3DEXPERIENCE Company,

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Finance

Matson Declares Q2 2014 Dividend

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues

Cruise Ship Liability & Compensation Treaty Kicks In

The International Maritime Organization (IMO) informs that substantially increased limits of liability for the death of, or personal injury to, a passenger on a ship apply from 23,

Oceanteam Financial Transformation Aids 2013 Business

Diversified offshore shipping company Oceanteam's CEO, Haico Halbesma, writes in the Annual Report 2013 that it was a year of consolidation and operational focus for Oceanteam Shipping ASA.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.8631 sec (1 req/sec)