Baltic Index Up On Higher Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, crawled up for the second straight session on higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up six points, or 0.6 percent, at 1,007 points. The capesize index rose 64 points, or 4.07 percent, to 1,635 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $364 to $12,446.
ACL 2009 Q4 Results
American Commercial Lines Inc. (NASDAQ: ACLI) announced results for the fourth quarter and year ended December 31, 2009. Revenues for the quarter were $226.9 million, a 16.4% decrease compared with $271.6 million for the fourth quarter of 2008. The decrease in revenue in 2009 was primarily due to changes in the mix of commodities shipped by our transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices (which are generally passed through to our customers). Total ton-mile volume declined by 1.4% compared to the fourth quarter 2008. Income from continuing operations for the quarter was $14.2 million or $1.09 per diluted share, compared to $22.9 million or $1.81 per diluted share for the fourth quarter of 2008.
ACL Reports Q3 Results
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced results for the quarter and nine months ended September 30, 2009. Revenues for the quarter ended September 30, 2009 were $216.0 million, a 31.1% decrease compared with $313.7 million for the quarter ended September 30, 2008. The decrease in revenue was primarily due to changes in the mix of commodities shipped by our customers in the respective quarters into lower revenue commodities and to lower volume in the current year. The impact of lower fuel prices which contractually is passed through to our customers in the current year quarter also contributed to the decline in revenue and was partially offset by the increase in manufacturing segment's revenues in the quarter.
Shipbuilders Rally as Hope Builds
Shipbuilder stocks in Korea rallied today, apparently fueled on hopes the shipbuilding industry had hit bottom in the second quarter and that demand for new vessels may revive as world economies stabilize, according to a Reuters report. Reuters reported that Daewoo Securities said in a note on Thursday that a sectoral turnaround was expected in the third quarter, adding that companies with strong offshore plants were recommended. A precipitous fall in steel pricing has helped shipbuilder's profitability. Hyundai Heavy Industries, the world's largest shipbuilder, rose 3.85 percent to 189,000 won and Samsung Heavy Industries advanced 5.89 percent to 27…
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.
ACL 3Q Results
American Commercial Lines Inc. (Nasdaq: ACLI) ("ACL" or the "Company") announced results for the three and nine months ended September 30, 2008. Revenues for the quarter were $313.7 million, a 21% increase compared with $258.4 million for the third quarter of 2007. Income from continuing operations for the quarter was $18.4 million or $0.36 per diluted share, compared to $15.9 million or $0.30 per diluted share for the third quarter of 2007. Michael P. Ryan, President and Chief Executive Officer, stated, "The third quarter presented us with both challenges and opportunities. We again had multiple significant weather events, including two hurricanes, which limited our operating capabilities throughout the quarter.
Brownsville Marine Products Hopes to Cash In
According to the Tribune Review, an aging barge fleet coupled with high scrap steel pricing and demand from the biodiesel and ethanol industries has launched a barge-building boom, the likes of which hasn't been seen since the 1970s, industry experts say. Brownsville Marine Products, LLC, of Fayette County, hopes to cash in on the construction boom, and is building barges as it can, carrying on a tradition of barge building on that stretch of the Monongahela River that began with the old Hillman Barge Co. in 1938. Nationally, a fleet of more than 27,000 barges moves over 800 million tons a year of raw materials and finished goods over the 25,000-mile inland waterway system, adding about $5 billion annually to the U.S. economy, according to the trade group.
