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

Legal

Largest Vessel to Call ICTSI, Rijeka

Adriatic Gate Container Terminal (AGCT), International Container Terminal Services, Inc.’s (ICTSI) container handling facility in the Port of Rijeka, Croatia, recently

MOL President Reports Slack Performance

MOL President, President, Koichi Muto reported that the performance of the company was slack.   Muto reported, "I am sad to report that our business performance fell short,

Focus on Environment at Suny Maritime

The State University of New York Maritime College’s 140th Anniversary Speaker Series presented a panel discussion on March 26 in the College’s Maritime Academic Center.

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion 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: 0.2800 sec (4 req/sec)