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

People & Company News

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

New Research Group to Spur Maritime Transport

A new research initiative, entitled Vessels for the Future, was launched with the aim of improve shipping’s safety record, sustainability and global competitiveness.

Former BP Boss Browne is DEA Chairman

Lord John Browne heads DEA's supervisory board * LetterOne co-owners Fridman, Khan also join * Unit changes name to DEA Deutsche Erdoel AG FRANKFURT, March 3 (Reuters) - DEA,

Passenger Vessels

Holland America Line Appoints Geivett as Director, Social Media

Holland America Line has hired Kathryn Geivett as director, social media. In this capacity Geivett’s primary responsibility will be to drive, plan and oversee

Zeroing in on Zukunft

The U.S. Coast Guard Commandant addresses a packed Passenger Vessel Association meeting and outlines both the challenges and opportunities facing his organization.

Corvus Energy Wins Order for Battery Hybrid Ferries

Scandlines ferries designed with battery hybrid propulsion to operate on the Rostock-Gedser commercial route.    Corvus Energy, Siemens AS and Scandlines have

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
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: 0.3074 sec (3 req/sec)