K-Sea Announces 2Q Results

Tuesday, February 03, 2004
K-Sea Transportation Partners L.P. reported earnings for its predecessor, K-Sea Transportation LLC and subsidiaries, for the three and six month periods ended December 31, 2003. On January 14, 2004, the business of K-Sea Transportation LLC and its subsidiaries was contributed to K-Sea Transportation Partners L.P. in connection with the initial public offering of common units representing limited partnership interests in K-Sea Transportation Partners L.P. For the three months ended December 31, 2003, net income was $0.2 million, compared to $0.4 million for the three months ended December 31, 2002. The decrease of $0.2 million resulted from a decrease of $0.4 million in operating income, partially offset by reduced interest expense. For the six months ended December 31, 2003, net income increased to $1.5 million from $0.3 million for the six months ended December 31, 2002. The increase of $1.2 million resulted from an increase in operating income of $1.0 million and a reduction of interest expense of $0.2 million. For the three months ended December 31, 2003, operating income was $2.2 million, compared to $2.6 million for the three months ended December 31, 2002. The decrease of $0.4 million resulted primarily from a greater number of scheduled shipyard days for K-Sea's tug and barge fleet. The increase in scheduled shipyard days resulted in lower utilization of certain larger coastwise vessels including the KTC 155, which began its double-hulling process in the second quarter, and increases in certain related operating expenses. For the six months ended December 31, 2003, operating income was $5.9 million, compared to $4.9 million for the six months ended December 31, 2002. The increase of $1.0 million resulted primarily from the operation of two newbuild tank barges, the DBL 81 and DBL 82, which were delivered in February and June, respectively, of 2003. For the three months ended December 31, 2003, net voyage revenue (voyage revenue less voyage expenses) was $17.3 million, which approximated the net voyage revenue for the three months ended December 31, 2002. For the six months ended December 31, 2003, net voyage revenue was $35.9 million, compared to $33.9 million for the six months ended December 31, 2002. The increase of $2.0 million resulted primarily from the operation of the newbuilds DBL 81 and DBL 82.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Navig8 Chemical Adds New Tanker from Kitanihon

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co.

Expansion Planned for Newport News Industrial

Huntington Ingalls Industries (HII) announced that its Newport News Industrial subsidiary will undergo a 52,000-square-foot expansion at its headquarters facility in Newport News.

BigLift Shipping Expands Heavy Lift Fleet

BigLift Shipping said it has ordered a third Happy S-type vessel. The new build vessel, to be named Happy Sun, will be identical to BigLift’s Happy Star and will

Finance

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports korea Herald.   A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.0829 sec (12 req/sec)