Howard Smith Claims Tug Division

Thursday, January 18, 2001
Howard Smith Ltd. said its tugboat division was not for sale, despite market speculation about an impending divestment that boosted its share price. "We do not have a 'For Sale' sign on our tugs at this time," Howard Smith managing director Ian Tsicalas. Tsicalas said the Australian tugboat business was a solid earner, while U.K. towage was a "good steady business without being spectacular". "It's a steady-as-she-goes type of operation with good cash flows and we're happy with that," he said. The sale rumor pushed Howard Smith as much as five percent ahead to an eight-month high of A$9.15, before it eased to close up 32 cents or 3.7 percent at A$9.02, outpacing a stronger overall market. "There's a bit of talk that Howard Smith is looking to sell their tugs so that's pushing the stock ahead," said Wayne Nicholls, head of trading at fund manager BT Funds Management, which manages A$46 billion in assets in Australia and A$213 billion worldwide. Chairman Frank Conroy told the annual meeting two months ago that Howard Smith's Australian towage performance had been flat and its U.K. tug revenues had fallen due to refinery closures. Conroy at the time also addressed speculation on a possible sale of its towage operations, flagging that Howard Smith saw its growth coming from the hardware business. "The board and management have deliberately chosen not to add to the speculation of whether a divestiture is to occur in the future except to say that while our towage operations are an important contributor to overall profit performance and generate good cash flows, the growth for Howard Smith will come from our distribution business," Conroy said. - (Reuters)
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

BHGI-designed ATB Unit Under Construction

Bristol Harbor Group, Inc. (BHGI) informs it is currently completing the detail design phase of a 399’ x 74’ x 30’ 80,000 BBL double hull oil tank barge and a 120’

Horizon Delivers Second 80’ Towboat to FMT

Horizon Shipbuilding, Inc. announced the delivery of another 80’ Inland River Towboat, the M/V Chip Stiebing, to Florida Marine Transporters (FMT) of Mandeville, La.

USCG Searching for Missing Boaters in Mobile Bay Area

The Coast Guard continues to search for at least five people in the Mobile Bay area Sunday. Rescuers searched throughout the night for the missing boaters and have covered a total of 1,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1183 sec (8 req/sec)