Horizon Lines in Red, But EBITDA Rises in Q1 2013

Press Release
Thursday, May 02, 2013
Horizon Lines Ship: Photo courtesy of Horizon Lines

First quarter 2013 net loss amounted to US$ 20.1 million, while rate, net of fuel, increased 1.9% & adjusted EBITDA was up 25.7% from a year ago.

Sam Woodward, Horizon Lines' President and Chief Executive Officer said:

"The positive factors resulting in adjusted EBITDA growth were partially offset by reduced container volume, higher stock-based compensation expense, mechanical issues on one of our vessels and increased vessel operating expenses.

"In recent months, we have taken steps to improve the competitiveness of our Puerto Rico service by reducing sailings between Jacksonville and San Juan to once a week and moving our northeast service to Philadelphia," Mr. Woodward said.  "The move to Philadelphia resulted in a $4.1 million charge in the first quarter, but, along with our other initiatives, should allow Horizon to strengthen the financial performance of our Puerto Rico trade lane."

Outlook
The company continues to expect 2013 revenue container volume and rates to be slightly higher than 2012 levels, excluding the loss of revenue loads associated with the Puerto Rico service reduction. Revenue container rate increases are necessary to mitigate contractual and inflationary increases in expenses, including the company's vessel payroll costs and benefits, stevedoring, port charges, wharfage, inland transportation costs, and rolling stock costs, among others.

About Horizon Lines
Horizon Lines, Inc. is one of the nation's leading domestic ocean shipping companies and the only ocean cargo carrier serving all three noncontiguous domestic markets of Alaska, Hawaii and Puerto Rico from the continental United States.  The company owns a fleet of 14 fully Jones Act qualified vessels and operates five port terminals in Alaska, Hawaii and Puerto Rico.
 

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

People & Company News

Unique Technologies Improve Port Security

Practical results from the SUPPORT (Security UPgrade for PORTS) project, coordinated by BMT Group Ltd. and part-funded by the European Commission’s FP7 Security

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

Finance

BIMCO: Positive Economic Developments Benefits Shipping

The recovery of the Eurozone continues as job creation returns across the region. The hiring of more staff indicates that manufacturing and service industries believes

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co.

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

Container Ships

Shippers Vapores, Hapag-Lloyd Merger

A significant majority of shareholders in Chilean shipper Compania SudAmericana de Vapores lent their support to the firm's merger with Germany's Hapag-Lloyd,

USCG to Medevac Injured Mariners Battling Rough Seas off Alsaka

The U.S. Coast Guard said it is preparing to medevac three injured mariners from a vessel currently more than 300 miles south of Kodiak Monday after a large wave

Novorossiysk: New Tonnage Dues Rates

GAC informs that tonnage dues rates in the port of Novorossiysk will be increased about 9% with effect from April 27, 2014. The rate increases are as follows: Tankers - Rates in force: 2.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Repair 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: 0.1321 sec (8 req/sec)