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

People & Company News

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

Great Lakes Shipyard to Build Guatemalan Harbor Tug

U.S. shipbuilding and repair yard Great Lakes Shipyard informs it has signed a contract to build another of its HandySize Class, 3,400 HP twin-screw tugboat for

BAE Systems Welcomes Record Number of Paid Interns

More than 140 university students from across the country are being given a unique insight into working life at BAE Systems, as part of the company’s 12-week summer internship program.

Coast Guard

Fisherman Hit by Parted Line Lifted to Safety

A fisherman struck and injured by a parted line was medevaced south of San Juan Island and transported to Olympic Medical Center in Port Angeles, Wash. Thursday morning.

Fishing Boat Catches Fire off Maine

U.S. Coast Guard crews from Station South Portland, Maine, and Air Station Cape Cod responded to a report of a fishing boat fire Wednesday, about six miles from Jeffreys Ledge,

Malaysia, Indonesia Team up to Fight Piracy

An increase of incidents of piracy and armed robbery in SouthEast Asia has prompted Malaysian and Indonesian law enforcement to form a joint rapid deployment team in response,

 
 
Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.4769 sec (2 req/sec)