Bahri Posts 172% Surge in Q4 Net Profit
The National Shipping Company of Saudi Arabia (Bahri) has reported strong financial results for the quarter and the full year ended December 31, 2019, underpinned by an increase in returns of several business units.The transportation and logistics company said in a press release that its fourth-quarter net profit surged 172.48 percent to SAR 249.08 million ($66.4 million) from SAR 91.41 million reported in the same period in 2018.Total revenue came in at SAR 1.93 billion, up 8.85 percent from SAR 1.78 billion recorded in the corresponding period a year ago."The results show strong growth in profits despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year…
Bahri Profits Up in Q3
The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million), from SAR 81.28 million in the corresponding quarter in 2018, primarily due to an increase in returns of several operating segments.Bahri’s revenues during the three-month period between July and September jumped 6.28 percent to SAR 1.48 billion, from SAR 1.39 billion reported in the same period last year.
Port 'Failure to Act' Study Released by ASCE
American Society of Civil Engineers' (ASCE) quantifies infrastructure needs in airports, marine ports & inland waterway sectors. Aging infrastructure for marine ports, inland waterways, and airports threatens more than 1 million U.S. jobs according to a new Failure to Act report from the American Society of Civil Engineers (ASCE). Between now and 2020, investment needs in the nation’s marine ports and inland waterways sector total $30 billion, while planned expenditures are about $14 billion, leaving a total investment gap of nearly $16 billion.
ACL 2008 4Q and Annual Results
American Commercial Lines Inc. (Nasdaq: ACLI) announced results for the fourth quarter and year ended December 31, 2008. Revenues for the quarter were $289.9m, a 4.2% decrease compared with $302.5m for the fourth quarter of 2007. Income from continuing operations for the quarter was $23.5m or $0.47 per diluted share, compared to $23.6m or $0.46 per diluted share for the fourth quarter of 2007. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from continuing operations for the fourth quarter of 2008 was $56m with an EBITDA margin of 19.3% compared to $54.5m for the fourth quarter of 2007 with an EBITDA margin of 18.0%. The attachment to this press release reconciles net income to EBITDA.
President Proposes to Deepen Columbia River Channel
President George W. Bush recently delivered remarks on the Columbia River Channel Deepening Project in Portland, Ore., announcing a $15 million budget amendment for the U.S. Army Corps of Engineers to begin construction on the project. President George W. Bush said he will propose to add $15 million to the federal budget to fund deepening of the Columbia River navigation channel from the current 40 ft. depth to 43 ft.. This project, if approved, would allow ships to load larger grain cargoes for export. Following are excerpted comments from his speech, given August 13, 2004.
New York Ports Must Dig To Survive
The ports surrounding New York City, which handle most of the cargo arriving on the East Coast of the United States, must have deeper channels to stay viable and competitive, port commerce officials warn. The New York/New Jersey port complex, by far the biggest on the Atlantic seaboard, expects the amount of cargo it handles to double over the next 10 years, but only if shipping lanes can be made deep enough to handle the next generation of massive container vessels. That means digging up more of the seabed and finding a way to dispose of resulting muck, some of which is highly contaminated, in the face of tough environmental laws. "Looking at it conservatively, we will double our cargo within 10 years.
Survey Says: Shippers Diverting Cargo, Increase Stocks, Against More Port Shutdowns
U.S. shippers, uncertain over timely settlement of the West Coast ports dispute, are making contingency plans against additional service disruptions, according to a nationwide survey by logistics specialist BDP International (BDP). Currently favored actions, reported by 74 percent of supply-chain managers surveyed, include cargo diversions to East Coast ports, favored by almost 52% percent; increases in safety stocks, 34%; alternate sourcing, 29%; and diversions to Gulf Coast ports, 29%. Shippers also anticipate long-term changes in supply-chain management, to be prepared for similar disruptions in the future. West Coast ports reopened Oct. 9, after the Bush administration imposed an 80-day cooling-off period under the Taft-Hartley Act.
