Maritrans Reports 3Q Results

Thursday, October 31, 2002
Maritrans Inc. announced its third quarter financial results, declared its quarterly dividend and announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended September 30, 2002 was $1.7 million, or $0.20 diluted earnings per share, on revenues of $30.6 million. This compares with net income of $1.4 million, or $0.14 diluted earnings per share, on revenues of $28.3 million for the quarter ended September 30, 2001. During the quarter, the Company purchased 36,000 shares under its authorized share buyback program. The Company has purchased 2,434,700 shares through September 30, 2002 under the program. Maritrans also declared a quarterly dividend of $0.11 per share, payable on December 4, 2002, to shareholders of record on November 20, 2002. On a Time Charter Equivalent (TCE) basis, a commonly used industry measure where direct voyage costs are deducted from revenue, TCE revenue increased from $23.3 million to $25.7 million, or 10 percent, over the comparable quarter in 2001. Maritrans enters into various types of charters, some of which involve the customer paying substantially all voyage costs, while other types of charters involve Maritrans paying some or substantially all of the voyage costs. Maritrans monitors the TCE basis because it essentially nets the voyage costs and voyage revenue to yield a measure that is comparable between periods regardless of the types of charters utilized. The spot market in which the Company operates remained depressed during the quarter. The U.S. airline industry continued to experience decreased demand resulting in lower levels of jet fuel consumption. Higher than normal volumes of refined products were being imported into the country resulting from lower international petroleum consumption and low international tanker rates. Increases in contract rates experienced in 2001 have helped to reduce the impact of the weak spot market rates in 2002 and result in an increase in TCE. Several hurricanes hit the Gulf of Mexico during September and into October, lowering both revenue and utilization of the Company's fleet for those periods. The rebuilding to a double hull of the barge OCEAN 250 and the refurbishment of her married tug INTREPID are on schedule for delivery during the fourth quarter. Having this unit out of service has a negative impact on revenue and operating income. In addition, the company continues to experience increases in insurance premiums and professional fees.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.3239 sec (3 req/sec)