Maritrans Adds to Fleet as Profit Jumps

Wednesday, May 03, 2006
Maritrans Inc. reported net income for the quarter ended March 31 was $5.8 million, or 48 cents a share, compared with $3.7 million, or 43 cents a share, in the same quarter last year. Revenue for the first quarter of 2006 was $47.4 million, compared to $43.5 million in the year-ago period. Tampa-based Maritrans which primarily provides marine transportation services for petroleum products in the Gulf of Mexico and along the Atlantic seaboard, said utilization of its fleet was lower in the first quarter of 2005 than in the year-ago period. In a release, Jonathan Whitworth, chief executive, said higher than expected refinery maintenance cut the volume of products available to move and lowered results. Net income for the just-ended first quarter included $4 million in insurance proceeds, resulting in a gain of $2.9 million or 15 cents a share, related to the loss of the tugboat Valour, the release said. Three crewmembers died when the tug sank in January off the coast of North Carolina.

Maritrans said it has entered into a letter of intent and is close to finalizing an agreement with Bender Shipbuilding & Repair Co. to build two new 8,000-horsepower tugboats, including one tug to replace the Valour. The new tugs are expected to be delivered in the fourth quarter of 2008 and the first quarter of 2009, with a total cost of $32 million. The company also is continuing with a program to rebuild barges and equip them with double hulls. The rebuild of the company's seventh barge began on Jan. 26, the release said, and will cost about $30 million. When it is completed by the third quarter of this year, Maritrans expects to rebuild an eighth barge, also for $30 million. Source: Tampa Bay Business Journal

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ONR Funds UW Oceanographic R/V Refit Contract

The US Department of Defense informs that the University of Washington (UW), Seattle, Washington, is being awarded a $12,776,050 cost reimbursement contract for

Navy, Other Agencies, Award Bio-refinery Contracts to 3 Firms

As part of a 2011 Presidential directive, the Departments of Navy, Energy, and Agriculture have announced that three companies have been awarded contracts to construct

NNS Identify 124 Employees as 'Models of Excellence'

Huntington Ingalls Industries says that 124 employees from the company's Newport News Shipbuilding division have been recognized with Model of Excellence (MOE) awards.

Coast Guard

Bald Eagle Rescued from River by Coast Guard Crew

A Coast Guard crew from Station Saginaw River, Michigan recently rescued a juvenile bald eagle from the Saginaw River. The eagle was reported to watchstanders

USCG Crew Rescues Three in Tomales Bay

The Coast Guard rescued three individuals from the water in Tomales Bay, Sunday morning. At approximately 8:30 a.m., Coast Guard Sector San Francisco Command

USCG Search for Pompano Beach Diver Near Ft. Lauderdale

Coast Guard crews and other agencies are searching for a missing diver after he never resurfaced one mile east of Ft. Lauderdale, Florida, Saturday. Missing is Marc Raroha,

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1376 sec (7 req/sec)