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Lightship Tankers Llc News

30 Jan 2001

Hvide Completes Lightship Transaction

Hvide Marine Incorporated (HMI) received Hart-Scott-Rodino clearance and has completed the purchase of the remaining 24.25% equity interest in Lightship Tankers LLC previously held by Newport News Shipbuilding. The transaction, originally announced on December 22, is valued at $11 million and gives HMI 100% ownership of these five 1998- and 1999-built double-hull, state-of-the-art product tankers. The five Lightship tankers -- HMI Ambrose Channel, HMI Brenton Reef, HMI Cape Lookout Shoals, HMI Diamond Shoals, and HMI Nantucket Shoals -- are engaged in the domestic Jones Act trade, which limits the shipment of cargo between U.S. ports to U.S.-built, U.S.-crewed, U.S.-flagged and U.S.-owned vessels.

30 Apr 2001

Seabulk International: The Metamorphosis Continues

Over four decades ago, Hans J. Hvide and three partners formed Port Everglades Towing Company, the predecessor company of Hvide Marine, started with two harbor tugs. Under Hvide’s leadership, Port Everglades Towing expanded rapidly, eventually forming the three major business segments—Offshore Energy Support, Offshore & Harbor Towing, and Marine Transportation—of Hvide Marine Incorporated (HMI). Today, the company has grown into a worldwide enterprise, publicly traded on the Nasdaq stock exchange, with a fleet of nearly 240 vessels, more than 2,000 employees worldwide, and annual revenue exceeding $320 million. However, the past three years have been anything but smooth sailing for Hvide Marine.

28 Oct 1999

Hvide Marine Reports Third Quarter Loss

Hvide Marine Inc. today reported a net loss of $20.1 million or $.129 per diluted share on revenues of $86 million for the quarter ended September 30, 1999. In the period one year earlier, the company had a net income of $3.9 million or $.25 per diluted share on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999 of Lightship Tankers LLC, a 50.7 percent owned subsidiary, which was previously accounted for under the equity method.

29 Oct 1999

Hvide Marine Reports Third Quarter Loss

Hvide Marine Inc. reported a net loss of $20.1 million or $.129 per diluted share on revenues of $86 million for the quarter ended September 30, 1999. In the period one year earlier, the company had a net income of $3.9 million or $.25 per diluted share on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999 of Lightship Tankers LLC, a 50.7 percent owned subsidiary, which was previously accounted for under the equity method. On an operating basis, the company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19 million in the 1998 quarter.

15 Nov 1999

Hvide Marine Struggles to Return to Black

Hvide Marine Incorporated reported a net loss of $20.1 million or on revenues of $86 million for the quarter ended September 30, 1999. In the year-earlier period, the company had net income of $3.9 million on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999, of Lightship Tankers, LLC, a 50.75 percent-owned subsidiary, which was previously accounted for under the equity method. On an operating basis (results from operations before interest and taxes), the company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19.0 million in the 1998 quarter.