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

Shipbuilding

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

ClassNK Updates Steel Ships Survey/Construction Guide

Classification society ClassNK has released printed versions of its 2016 Rules and Guidance for the Survey and Construction of Steel Ships.   ClassNK regularly

Finance

FedEx Completes Takeover of TNT Express

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately.   The

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.1191 sec (8 req/sec)