SeaNews Turkey
Home FAQ RSS Links Site Map Contact Saturday, 02.Aug.2014, 00:22 (GMT)
All News
INTERVIEW
TURKISH STRAITS
SEANEWS MAGAZINE
COLUMNISTS
WORLD SHIPPING
PORTS
SHIPPING NEWS
SHIPBUILDING
ACCIDENTS
PILOTAGE&TOWAGE
MARKETS
LOGISTICS
SHIP RECYCLING
IMO&EU NEWS
PIRACY
TURKISH PRESS REVIEW
SEA SPORTS
NEWS FROM TURKEY
INSIGHT/OPINION
SHIPBROKER REPORTS
OFFSHORE
GUEST COLUMNIST
MARITIME RSS
Poll
Will freight markets ever return pre-crisis levels?
Yes, in 2014
Yes, in 2015
Yes, after 2015
No, never!
Who knows?
Get Adobe Flash player


 
WORLD SHIPPING

Troubled Horizon Lines widens first quarter loss to US$26.8 million
Troubled Horizon Lines widens first quarter loss to US$26.8 million


JONES ACT carrier Horizon Lines has announced a first quarter net loss widening to US$26.8 million against a loss of $20.2 million in the same period last year.Friday, 11.May.2012, 22:21 (GMT)

JONES ACT carrier Horizon Lines has announced a first quarter net loss widening to US$26.8 million against a loss of $20.2 million in the same period last year.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) saw slight improvement to $5.6 million in the first quarter, up from $5 million in the same period in 2011, drawn on a growth of revenues to $263.4 from $240.7 million recorded in the first quarter last year.

"Horizon Lines generated slightly improved revenue container volume and higher EBITDA and adjusted EBITDA in the first quarter relative to a year ago, despite challenges that included severe winter weather in Alaska, higher fuel prices and increased expenses," said interim president and CEO Stephen Fraser.

Container volume in the first quarter totalled 57,086 revenue loads, up 0.4 per cent from 56,841 loads for the same period a year ago. Unit revenue per container totalled $4,257 in the first quarter versus $3,896 a year ago. First-quarter unit revenue per container, net of fuel surcharges, was $3,225, up one per cent from $3,192 a year ago. Bunker fuel costs averaged $693 per tonne in the first quarter, 26.5 per cent above the average price of $548 per tonne in the same quarter in 2011.

"Hawaii's performance improved significantly on solid customer support and an improving economy. Alaska's results were also better despite record cold and snowfall, which had a significant, adverse impact on customer demand and operations. Alaska was buoyed in part by domestic southbound volume that was driven by a strong seafood market. Earnings declined in Puerto Rico from the same period a year ago, due to continued slow business conditions and vessel service disruptions."

Horizon said it expects container volumes to "increase modestly, in the one per cent to two per cent range, and that container rates, net of fuel surcharges, will rise slightly from 2011 levels."

Fuel prices for 2012 are currently projected in the $725-$730 per tonne range, excluding additional costs for low sulphur fuel that will be required in the Alaska trade lane from August 1.

Said Mr Fraser: "In 2012, we are making significant investments in our Jones Act fleet with the dry-docking of three of our Puerto Rico vessels in Asia.

"Although dry-docking our vessels in Asia will add considerable transit expense in 2012, it will also facilitate extensive maintenance and high-quality enhancements that are instrumental in helping maintain service integrity in the Puerto Rico market."


Read: 2597 Times- Horizon Lines, -


Rating (Votes: 0)
Add your comment(Existing: 0)  Tell friend  Print

COMMENTS ( 0 Existing)

Related Articles:







Events
August 2014
Su Mo Tu We Th Fr Sa
          1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31            
 

COLUMNISTS
MOST READ TODAY
Iraqi Kurdish Oil Tanker Outside US Jurisdiction- 536
Paris, Tokyo MoUs Want Watckeepers Rested- 381
Drunk master ran cement tanker aground off Denmark- 286
Alang breakers approach international standard certification- 195
X-Press Feeders, Simatech start 4th Mideast Gulf-West India service- 191
MSC and Hamburg Süd add Montevideo on 'Ipanema' service- 186
MSC to call at Shanghai, Ningbo on 'Africa Express' from Asia- 167
Hamburg Sud to acquire Chile's CCNI to boost South American liner network- 164
CMA CGM-Delmas and Maersk revamp two Asia-West Africa services- 155
Refurbished Seajacks vessels leave Shipdock Amsterdam ready to work- 151

E-MAGAZINE
SeaNews June
October Issue
SeaNews June
September Issue
SeaNews June
July/August Issue
SeaNews June
June Issue
SeaNews June
May Issue

News in Pictures


Model Alexandra Fotopoulou holding the 9th issue of seanews magazine at the Posidonia Shipping Fair


Hot News
Turkey's Yilport Holding signs 10-year deal to operate Oslo container terminal
'K' Line Q2 profits fall 38.6pc to US$42.2 million, revenues rise 8.1pc
Paris, Tokyo MoUs Want Watckeepers Rested
NYK annual fleet safety promotion conference draws 150 delegates
UASC challenges FMC rules governing 'controlled' carriers

 
Archive Search