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

Shipbuilding

Largest All-Electric Pipe Bender Starts Operations at Newport News Shipbuilding

Unison has commissioned what is believed to be the largest all-electric tube bending machine ever produced. The machine has started operations at Newport News Shipbuilding,

SeaZip Takes Delivery of Damen Crew Suppliers

On 28 March, SeaZip Offshore Service named two new Damen Fast Crew Suppliers (FCS) 2610 at Damen Shipyards Gorinchem.   The two vessels, named SeaZip 3 and SeaZip 4,

Damen Delivers Stan Patrol Vessel to RBDF

The Royal Bahamas Defence Force (RBDF) has taken delivery of the fourth and final Stan Patrol 4207, named HMBS Rolly Gray. The four Stan Patrol 4207s form part of the six-year Sandy Bottom project.

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1766 sec (6 req/sec)