Sea Containers Announce First Quarter Results

Wednesday, May 14, 2003
Sea Containers marine container lessor, passenger and freight transport operator, and leisure industry investor, today announced its results for the first quarter ended March 31, 2003. Net earnings for the period were a loss of $10.3 million (loss of $0.49 per common share) on revenue of $351 million, compared with a loss of $6 million (loss of $0.32 per common share) on revenue of $218 million in the prior year period. The first quarter is traditionally loss making because of the seasonality of the company's passenger and freight transport business. It is also the weakest period for marine container leasing because of reduced consumer purchasing post Christmas and Asian holidays which cause factory closures. In the first quarter of 2002 the company owned only 50% of Silja Oyj Abp while in the first quarter of 2003 it owned 100%, thus it had to include 100% of Silja's first quarter seasonal losses this year. Silja's first quarter 2003 revenue was $115 million compared with $94 million in the year earlier period. This winter has been exceptionally harsh with heavy ice conditions which cause fuel consumption to rise and prevent operation of aluminum hulled fast ferries. Fuel costs were $3 million higher than budget in the period due to ice and fears of disruption to world oil supplies because of the Iraq war and Venezuelan strikes, causing a short term spike in prices. Oil prices have now declined back to more normal levels and Silja is 50% hedged for the second and third quarters at prices lower than current levels so it should recover the overspend in the first quarter in the remainder of the year. (The company's other ferry operations are similarly hedged.) Silja also had a large passenger ship out of service for drydocking (this work is always done in the slow first quarter) and this caused a $1 million reduction in revenue.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Somali Pirate Sentenced to 12 Years by German Court

A German court sentenced a Somali asylum-seeker to 12 years in jail on Thursday, for his involvement in the pirate hijacking of a tanker in the Indian Ocean in 2010.

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0923 sec (11 req/sec)