ISH: Steel Import Sanctions Hurt 4Q Earnings

Friday, January 24, 2003
International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65.9 million during the same period in the previous year. For the year ended Dec. 31, the company recorded revenues of $217.7 million versus $289.9 million during the previous year. This is countered with reduced voyage expenses (Three months ended $45.9 million vs. $53.5 million in 2001; 12 months ended $177.8 million vs. $246.2 million in 2001) producing more favorable gross voyage profit for both three months and 12 months ended. The reduction in revenues and operating costs and the improvement in gross profit as a percent of revenues in the fourth quarter and full year of 2002 occurred primarily as a result of the company's decision, announced in the second quarter of 2001, to terminate certain of its unprofitable operations and dispose of the related assets. The disposition of assets occurred in the company's U.S. flag LASH service which operated between the U.S. Gulf and Atlantic coasts and the Middle East, East Africa, the Indian sub-continent and Southeast Asia. During the second quarter of 2002, the company announced that it was reviewing the possibility of reactivating a U.S. flag service between the U.S. Gulf and South Asia due to several changes in circumstances that have occurred since the its decision in the second quarter of 2001 to suspend the previous service. As a result, the company has recommissioned one of its foreign flag LASH vessels, which had been idle and scheduled for disposal, together with a certain number of LASH barges. After its upgrade, the foreign flag vessel entered the company's Transatlantic LASH operation on November 21, 2002, replacing one of the vessels operating in that service. The replaced vessel transferred to U.S. Flag for use in the renewed U.S. Flag service which commenced operation November 13, 2002.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

Casualties

USCG Monitoring Barge adrift in Beaufort Sea

U.S. Coast Guard personnel and Canadian federal agencies, including the Canadian coast guard, Transport Canada and Environment Canada, are monitoring a 134-foot

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Documentary Examines Shipbreaking Practices in Bangladesh

Toxic ships for Bangladesh: TV documentary on German ship owners and their shipbreaking practices A new documentary titled "Giftiger Tankerschrott für Bangladesch

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1118 sec (9 req/sec)