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

Legal

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators 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: 0.1107 sec (9 req/sec)