Horizon Says Company will Work on Debt

Monday, February 27, 2006
Charles G. (Chuck) Raymond, CEO and President of Horizon Lines Inc., said in an interview that the carrier, which completed a initial public offering (IPO) last September, “will generate significant free cash going forward and that will enable us to pay down debt and grow.” Mr. Raymond added that the anticipated acquisitions “will not be small deals.” Since going public at $10 a share on September 27, Horizon’s (HRZ) stock has increased as much as 30 per cent and has exceeded the average performance of 2005 IPOs compiled by Renaissance Capital. “It indicates what we are capable of achieving,” said Raymond. While some analysts have urged the carrier to begin replacing some of its older tonnage, Chuck Raymond noted that there are “well-defined plans” for updating the fleet but would not disclose specifics at this time. “An announcement will be forthcoming,” he said, noting that the goal is to increase business in the major markets of Alaska, Guam, Hawaii and Puerto Rico served by Horizon Lines. Among the other opportunities Horizon Lines has been exploring is short sea shipping along the U. S. coast and even on intercoastal waterways. Delivery by sea is a potential alternative to trucking which has jammed the highway systems and various pro-active groups have been investigating these possibilities. “Through its 50-year history our company has been in the forefront of innovation and cutting-edge transportation,” noted Mr. Raymond. Horizon was founded as Sea-Land Service by Malcom McLean as the carrier that commenced containerized shipments of cargo in 1956.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Passenger Vessels

Carnival’s Costa Brand Orders Two LNG Cruise Ships

Costa’s two new cruise ships will be the largest ever built based on guest capacity; Costa will join sister brand AIDA Cruises in building the first-ever cruise

Pearl Seas Cruises Adds Voyages to Cuba

Pearl Seas Cruises plans to launch a series of “cultural voyages” from the United States to Cuba beginning in the spring of 2016, the cruise line announced today.

Calais DFDS Ferries to Restart Tuesday; Talks to Reconvene

DFDS Seaways Calais-Dover ferry service, suspended by a workers' blockade of Calais port during the weekend, will resume on Tuesday morning, Transport Minister

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction
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: 0.1316 sec (8 req/sec)