Maritrans Reports Loss

Friday, May 12, 2000
Maritrans Inc. reported a net loss for the quarter ended March 31, 2000, of $67 thousand or $.01 diluted loss per share, on revenues of $30.7 million.

This compares to the quarter ended March 31, 1999 results of $2.1 million, or $.17 diluted earnings per share, on revenues of $38.4 million. Results in the first quarter of 1999 included a gain of approximately $.19 per share, net of tax, related to non-strategic asset sales, while there were no comparable transactions in the first quarter of 2000.

Maritrans also announced its quarterly dividend of $.10 per share, payable on June 7, 2000, to shareholders of record on May 24, 2000. Maritrans has reacquired 869,400 shares through March 31, 2000, under the stock buyback plan begun in February 1999. In the fourth quarter of 1999, the Board authorized an additional one million shares be added to the plan.

Stephen A. Van Dyck, Chairman and Chief Executive Officer commented, "Overall operating revenues and expenses for the quarter are down due to our selective reduction of assets in 1999. Competitive factors continue to exert pressure in our markets, and every operator is experiencing the struggle. However, we expect an eventual upturn in our markets and believe Maritrans will enter that time from a position of strength."

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

Contracts

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Rolls-Royce to Design, Equip Stern Trawler for Ramoen

The Armon shipyard in Gijón, Spain has entered into a contract to build a new Stern Trawler for the Norwegian fishing company Ramoen. The vessel will be a Rolls-Royce design,

India to Develop Iran's Chabahar Port

India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers.

Finance

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1118 sec (9 req/sec)