Robert Mackenzie News

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.