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Sea Containers Ltd News

22 Jun 2015

TransAtlantic Speed Record: Will it Ever be Broken Again?

The Incat built high speed catamaran Hoverspeed Great Britain, which broke the record winning  the Hales Trophy on 23 June 1990, held the record and the owners held the Trophy, until 1998 when another Incat built ship Catalonia took the record in June 1998, then just a month later in July 1998 yet another ship built by Incat, CatLink V broke the record.

Will the prestigious TransAtlantic speed and endurance record ever be broken? Should it? Twenty five years ago headlines around the world announced a new world record, the fastest crossing of the Atlantic Ocean, by a ship built in Australia. Incat Tasmania reports that June 23, 2015, marks 25 continuous years that Incat built fast ships have held the record for the fastest Transatlantic Crossing. On 23 June 1990 Hoverspeed Great Britain, a ship (Incat hull 025) built by Incat in Tasmania…

05 Mar 2013

Change of Guard at BIMCO

Mr. Angus Frew

BIMCO has announced that its new Secretary General/CEO to succeed Mr Torben C. Skaanild on his retirement later this year will be Mr Angus R. Frew, currently Chief Executive of the UK Chamber of Shipping. The appointment of Mr Frew was unanimously approved last week by the BIMCO Executive Committee at its meeting in Shanghai. It is expected that Mr Frew, who will be relocating to Denmark, will take up his appointment on 1st October 2013. Mr Skaanild will continue in a support role to the new Secretary General, and the incoming President of BIMCO, for a period of six months thereafter.

23 Jun 2010

Incat Holds World Record for Two Decades

Incat Robert Clifford with the Hales Trophy at a ceremony in London in 1998 following the win by the ship CatLink V. (Photo courtesy Incat)

Twenty years ago headlines around the world announced a new world record, the fastest crossing of the Atlantic Ocean, by an Incat Tasmania-built ship. June 23 marks twenty continuous years that Incat-built fast ships have held the record for the fastest Transatlantic Crossing. On June 23, 1990 Hoverspeed Great Britain, a ship built by Incat in Tasmania, for operation between England and France by Sea Containers Ltd, broke the record for the fastest crossing of the Atlantic Ocean by a commercial passenger ship.

08 Sep 2003

Former U.K. MCA Chief is Hatsu’s New Head

Maurice Storey, the former Chief Executive of the U.K. Maritime & Coastguard Agency (MCA), is to become Chairman of Evergreen Group’s U.K. affiliate Hatsu Marine Ltd., effective December 1, 2003, while Jason Lin continues as president of Hatsu Marine Ltd. Established in January 2002, Hatsu has its headquarters in London and currently owns a fleet of seven new U.K.-flag container vessels including five 6,332-teu ships currently operating in the transpacific trades. Within the next two to three years…

20 Oct 2003

Sea Containers Declares Cash Dividends on Class A and Class B Common Shares

The Board of Directors of Sea Containers Ltd. today declared quarterly cash dividends on the Company's Class A and Class B common shares. The dividend will be $0.025 per share on the Class A common shares and $0.0225 per share on the Class B common shares. Class B common shares are convertible at any time into Class A common shares. The dividends will be payable November 20, 2003 to shareholders of record November 5, 2003. The Class A and B common shares of Sea Containers Ltd. are listed on the New York Stock Exchange under the symbols SCRA and SCRB, respectively.

20 Jan 2004

Sea Containers Declares Cash Dividends

The Board of Directors of Sea Containers Ltd. today declared quarterly cash dividends on the Company's Class A and Class B common shares. The dividend will be US$0.025 per share on the Class A common shares and US$0.0225 per share on the Class B common shares. Class B common shares are convertible at any time into Class A common shares. The dividends will be payable February 20, 2004 to shareholders of record February 5, 2004. The Class A and B common shares of Sea Containers Ltd. are listed on the New York Stock Exchange under the symbols SCRA and SCRB, respectively.

22 Mar 2002

Sea Containers Announces 2001 and 4Q Results

Sea Containers Ltd. announced its results for the quarter and year ended December 31, 2001. Net losses for the quarter were $9.1 million on revenue of $296 million, compared with net losses in the fourth quarter of 2000 of $15.8 million on revenue of $306 million. This improvement of $6.7 million was accomplished despite leisure earnings net of minority interest being $5.6 million less primarily due to the effects of the September 11th terrorist attack. Strong fourth quarter performance from the company's ferry operations, particularly the Silja and Isle of Man Steam Packet subsidiaries, as well as a $3 million improvement in container leasing earnings after interest expense, contributed to the better results.

07 May 2002

Sea Containers to Increase Its Shareholding in Silja

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor, announced today that various Finnish and Swedish leading companies had exercised their option to require Sea Containers to purchase 26 percent of the shares of Silja Oyj Abp at $36 million. This will bring Sea Containers' shareholding to 76 percent of Silja. Completion of the purchase is required by June 20, 2002. Sea Containers intends to acquire the balance of Silja's shares by tender offer to the remaining shareholders for cash or common shares in Sea Containers. Lazard AB, Stockholm has been engaged to advise the company on these transactions.

15 May 2002

Sea Containers Announces First Quarter Results

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor, announced its results for the first quarter ended March 31, 2002. Net loss for the period was $6 million compared with a net profit of $0.9 million in the first quarter of 2001. The prior year period benefited from a $15.2 million gain on the sale of port assets. Revenue for the first quarter of 2002 was $272 million compared with $291 million in the prior year period. The prior year's revenue included the gain on sale of port assets. The first quarter is the seasonally worst period of the year with many ferry services suspended, hotels closed for the winter and container demand at its lowest ebb due to factory closings and lower consumer demand following the Christmas season.

28 Mar 2001

Sea Containers Posts Loss

Marine transport company Sea Containers Ltd. posted a fourth-quarter loss, versus a profit a year earlier, citing a bigger fuel bill and a drop in demand for container rentals. The company posted a net loss of $15.8 million, or 85 cents per share, compared with a profit of $8.0 million, or 43 cents per share, a year earlier. Shares of Sea Containers closed on Tuesday at $19.90 on the New York stock Exchange, above a 52-week low of $18.50 and off a year high of $29.69. - (Reuters)

03 Jul 2002

Sea Containers Acquires Part of Silja

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, today announced that it has increased its shareholding in Silja Oyj Abp from 50 percent to 75.32 percent effective June 20, 2002 through the issue of 2,474,196 Sea Containers Class A common shares in payment for the Silja shares acquired. The increase in share capital is expected to be anti-dilutive. On June 25, 2002 a Sea Containers subsidiary, Silja Holdings Ltd., announced that it had launched a tender offer for the remaining shares in Silja Oyj Abp as well as for Silja’s outstanding Convertible Bonds which have a par value of Euro 55.5 million. The offer is Euro 2.25 for each common share and 92.4% of the par value of the bonds.

31 Jul 2002

Sea Containers Hoverspeed Subsidiary Wins High Court Action

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor announced today that its subsidiary Hoverspeed Ltd. operator of fast ferry services on the English Channel, has been successful in its legal challenge of UK Customs and Excise procedures. HM Customs and Excise have been checking and detaining Hoverspeed passengers and seizing their goods and the vehicles in which they travelled. The High Court ruled today that the Customs' policy currently in place could be regarded as a "disproportionate executive policy" and Hoverspeed won on all points. President of Sea Containers Ltd., Mr. James B. Sherwood said the implications of the judgement are very far reaching. "No longer will HM Customs and Excise be entitled to stop passengers at random.

07 Aug 2002

Sea Containers Acquires 92 Percent of Silja

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, announced that its wholly-owned subsidiary, Silja Holdings Ltd., had received acceptances of its tender offer to acquire all the outstanding common stock of Silja Oyj Abp, bringing its total shareholding in Silja to 92 percent. The significance of the 90 percent threshold is that Silja Holdings may now compulsorily acquire all the remaining shares in Silja in accordance with Finnish law. Sea Containers shareholding in Silja was increased to 75% in the second quarter of 2002 which will result in consolidation of Silja's assets and liabilities with those of Sea Containers at June 30th.

26 Aug 2004

Sea Containers Announces Sale of Folkestone Port

Sea Containers Ltd., marine container lessor, passenger and freight transport operator and leisure industry investor, today announced that it had sold its subsidiary Folkestone Properties Ltd, owners of Folkestone Harbour on the south east coast of the United Kingdom. Contracts were signed for the port sale on July 2, 2004 and the purchase, by businessman Mr Roger De Haan who is well known as chairman of the Folkestone-based Saga Group, was completed on August 24, 2004. The sale price was $20 million (GBP11 million). President of Sea Containers Ltd., Mr James B. Sherwood, said the gain will be recorded in the company's third quarter results.

16 Oct 2006

Sea Containers Files for Chapter 11

Sea Containers Ltd. Announced that, in order to achieve a financial restructuring, Sea Containers Ltd and two subsidiaries, Sea Containers Services Ltd and Sea Containers Caribbean Inc, have voluntarily filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filings were made on October 15 in the U.S. Bankruptcy Court for the District of Delaware. Other than the two subsidiaries listed above, no other subsidiary company within the group has filed for protection. Operating subsidiaries such as Great North Eastern Railway (GNER), the U.K. rail operator, and the SeaStreak ferry services in New Jersey, will continue their normal day to day operations. GE SeaCo, the joint venture container leasing business, is

02 Oct 2006

Sea Containers to Be Delisted From NYSE

Sea Containers Ltd., a container leaser and operator of ferry lines and high-speed train services, on Monday said it expects to lose its listing the New York Stock Exchange prior to the opening bell on Tuesday. The Hamilton, Bermuda-based company said it received a written notice of the involuntary delisting from the exchange on Friday because its regulatory filings were not current. Sea Containers said it is not in a position to contest the ruling because it is presently focused on a restructuring and reorganization of the company. The company said it is uncertain when it will file the documents, which include its 2005 annual report and quarterly reports for 2006.

19 Jul 2006

Sea Containers Completes Sale of Ferry Business

Sea Containers Ltd. announced that it has completed the sale of its Baltic ferry subsidiary Silja Oy Ab to Estonian ferry operator AS Tallink Grupp. The sale, which was announced on June 12, was subject to receipt of regulatory approvals from Finnish, Swedish and Estonian competition authorities, all of which have been granted. The consideration for the sale of Silja's core business is $563m and 5m ordinary shares in Tallink equivalent to $22m. Corporate approval was given by Tallink shareholders at an EGM on June 22. The transaction does not include Silja's fast ferry services from Helsinki, Finland to Tallinn, Estonia and the two SuperSeaCat ferries, which will be retained by Sea Containers and operated as a stand-alone business under the SuperSeaCat brand name

21 Apr 2006

Sea Containers Being Investigated

New York against Sea Containers Ltd. matter. charges. sales. newly identified assets had been identified as impaired. financial results for the first three quarters of 2005. on March 24, 2006, constituting a drop of nearly 38% in a single day.

27 Mar 2006

Sea Containers to Quit Ferry Business

Sea Containers Ltd. said it would withdraw from the ferry business, and it now expects to take $500 million in charges for the fourth quarter, sending its shares down 9 percent. The company, which runs the SeaStreak commuter service linking New Jersey with New York City, said the charges would reduce its net worth by $475 million, making it unable to comply with certain bank borrowing agreements. The passenger transport and marine container leasing company said in a statement that its board had decided to exit the ferry business, resulting in a noncash impairment charge of $415 million on a pretax basis for the fourth quarter. The company had previously estimated that it would take a fourth-quarter charge of $112 million.

27 Mar 2006

Sea Containers Quitting Ferries

Sea Containers Ltd. has announced that the company is completely quitting the ferry business, including its SeaStreak commuter service between New York City and New Jersey, taking a $500 million charge and was in talks to amend some of its loan agreements. Shares of the Bermuda-registered passenger transport and marine container leasing company fell as much as 29 percent after the announcement. Sea Containers said it would restate its earnings for all four quarters of 2005 and delay filing its annual reports with the U.S. Securities and Exchange Commission until April to allow time to finalize bank negotiations and outstanding accounting issues.

04 Nov 2005

Sea Containers to Restructure Ferries Division

its ferries division and other matters. Background The company's ferries business is composed of three units. ferries, ro-pax ships, fast ferries and cruise ships. European waters other than in the Baltic. Manhattan. services to Estonia, the unsuccessful m.v. the Swedish market introduced by competitors. reputation for quality, with its core business remaining profitable. large measure to high fuel prices. recover the extra cost through fuel surcharges. earnings. capacity and reduced profits from low tax merchandise sales. Channel. loss in 2005 due largely to high fuel costs. such increases to a certain level before switching to cars, buses and trains. eliminate or greatly reduce the operating losses being incurred. to buy the business. controlled auction of Silja.

02 Dec 2005

Sea Containers Names Durant CFO

Ltd. Chief Executive duties on an interim basis for health reasons. as Chairman of the Board. the office on a part time basis. delayed pending his full time return to the company. during Mr Sherwood's hospitalization. year.

30 Dec 2005

Sea Containers Sells Remaining Properties in Newhaven Port

Sea Containers Ltd. has completed the sale of Newhaven Marina, West Quay and Railway Quay in Newhaven, East Sussex, England to Oakdene Homes PLC for $20.7 million (GBP11.25 million) in cash. Sea Containers will report a profit on the transaction of $10.4 million in the fourth quarter of 2005 and proceeds from the sale will be used to reduce company debt. Sea Containers has now sold almost all of its port property interests in the UK and the sale forms part of Sea Containers' ongoing strategy to focus on its core businesses.