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Friday, July 20,
2000
Order for 42 knot commuter ferries
Lighthouse Landings Inc, parent of New York Fast Ferry Services
Inc., has signed a contract with Derecktor Shipyards of Mamaroneck,
N.Y. It covers the construction of a 35 m aluminum high-speed
passenger catamaran that will be the first of four to be built
for an already acquired run from Stamford, Conn., to New York
City. Total contract price for the first vessel
is $5.25 million.
Each will be capable of carrying up to
290 passengers at a full load service speed of 42 knots. The
fastest commuter ferries ever built in the U.S., they will be
capable of making the Stamford to Wall Street run in less than
one hour.
New York Fast Ferry Services Inc., currently
provides High-Speed commuter service between Highlands, N.J.,
and New York City, carrying over 1,200 passengers per day on
two Derecktor-built catamarans.
The new vessels have been designed by Nigel
Gee and Associates of Southhampton, England, specifically for
the Stamford service. Construction is expected to take ten months
for the first vessel, with the second following four months later.
Interior seating will be for 250 passengers
on two decks, with a mix of table seats, airline-style row seating
and lounge areas. There will be exterior seating for approximately
40 passengers. A full refreshment bar will be located on the
main deck, with a service bar on the second deck. Lavatory facilities
will be on both decks.
Fully air conditioned, the vessels will
offer commuters a high degree of comfort as well as features
such as power outlets, public cell phones, and a satellite TV
and DVD/CD entertainment system. State-of-the-art navigation
and safety equipment will be fitted, including high-speed ARPA
radars and a digital chart plotting system with radar overlay.
Litton gets go ahead to start LPD 17
full production
Litton Avondale Industries has
received approval by the U.S. Navy to begin full, sustained production
of the lead ship in the U.S. Navy's new SAN ANTONIO (LPD 17)
Class of amphibious assault ships.
Start of production of the LPD 17 lead
ship follows a 36-month period of design, material procurement
and engineering. Through the use of extensive automation, advanced
materials and equipment, and reduced crew size, the ships will
be produced for the lowest possible operating and maintenance
costs over their lifetime in the fleet.
As prime contractor for the LPD 17 program,
Litton Avondale leads a team comprised of General Dynamics' Bath
Iron Works, Raytheon Electronic Systems and Intergraph Corporation.
In addition to design work begun for the new class in 1997, Litton
Avondale has already constructed a series of pilot ship sections
to demonstrate the maturity of the design and efficient production
processes.
To date, four ships have been awarded in
the 12-ship program, with eight additional ships planned in the
next four to five years. The first ship in the new class will
be delivered in late 2003. Value of the four ships awarded to
date is in excess of $2 billion. Eight of the ships will be built
at Litton Avondale in New Orleans, while four are currently planned
for production at Bath Iron Works in Maine.
``In this program, the Litton Avondale
Alliance and the Navy are achieving unprecedented levels of design
completion before start of production,'' said Thomas M. Kitchen,
president of Litton Avondale. ``With this concept, the Navy and
Litton have completed over 70% of the LPD 17 design -- an unprecedented
design completion rate for a ship program of this magnitude.''
The LPD 17 Amphibious Transport Dock Ships
are designed to be 208.4 meters (684 feet) long and 31.9 meters
(105 feet) wide, and will be the functional replacement for the
LPD 4, LSD 36, LKA 113, and LDT 1179 Classes of Amphibious ships.
The LPD 17 ship's mission is to embark, transport, and land elements
of a landing force in an assault by helicopters, landing craft,
and amphibious vehicles to conduct an amphibious warfare mission.
ISC reports results
New Orleans- based International Shipholding Corporation
today reported results for the six months and the quarter ended
June 30, 2000. International Shipholding Corp., through its subsidiaries,
operates a diversified fleet of United States and foreign flag
vessels. At December 31, 1999, its fleet consisted of 35 ocean-going
vessels, four towboats, 16 river barges, 28 special purpose barges,
1,864 LASH (Lighter Aboard Ship) barges, and related shoreside
handling facilities.
Unaudited results for the periods indicated
along with prior year results are (in thousands except share
and per share data):
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
Revenues $85,265 $82,476 $170,614 $167,265
Subsidy Revenue 3,672 3,359 7,347 6,999
---------- ---------- ---------- ----------
88,937 85,835 177,961 174,264
---------- ---------- ---------- ----------
Operating Expenses:
Voyage Expenses 65,797 59,950 135,704 126,159
Vessel and Barge
Depreciation 9,841 9,640 19,783 19,282
---------- ---------- ---------- ----------
Gross Voyage Profit 13,299 16,245 22,474 28,823
---------- ---------- ---------- ----------
Administrative and
General Expenses 5,862 6,134 11,568 12,148
Gain on Sale of
Land/Vessels 5,063 7,753 5,063 10,161
---------- ---------- ---------- ----------
Operating Income 12,500 17,864 15,969 26,836
---------- ---------- ---------- ----------
Interest:
Interest Expense 8,346 7,672 16,870 15,241
Investment Income (459) (320) (718) (695)
---------- ---------- ---------- ----------
7,887 7,352 16,152 14,546
---------- ---------- ---------- ----------
Income (Loss) Before
Provision for Income
Taxes and Equity in
Net Income of
Unconsolidated
Entities 4,613 10,512 (183) 12,290
---------- ---------- ---------- ----------
Provision for
Income Taxes 1,730 3,754 188 4,509
---------- ---------- ---------- ----------
Equity in Net Income
of Unconsolidated
Entities (Net of
Applicable Taxes) 59 65 14 65
---------- ---------- ---------- ----------
Net Income (Loss) $2,942 $6,823 $(357) $7,846
========== ========== ========== ==========
Basic and Diluted
Earnings Per Share:
Net Income (Loss) $0.48 $1.04 $(0.06) $1.20
========== ========== ========== ==========
Weighted Average
Shares of Common
Stock Outstanding 6,082,887 6,498,637 6,083,021 6,538,721
Earnings Before
Interest, Taxes,
Depreciation, and
Amortization (EBITDA)
(Includes
Gains/Losses on
Sales of Assets) $28,681 $33,141 $48,509 $57,400
.
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