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

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

Coast Guard

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

Boater Rescued from Sailboat Blaze

The U.S. Coast Guard assisted with the rescue of a boater Monday after the man's 33-foot sailboat caught fire five miles west of Windmill Point in the Chesapeake Bay.

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

 
 
Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1372 sec (7 req/sec)