SEA CONTAINERS SEES DIP IN EARNINGS, LEASING VOLUMES

SEA CONTAINERS SEES DIP IN EARNINGS, LEASING VOLUMES

   Sea Containers, the container leasing subsidiary of Sea Containers Ltd., saw fourth-quarter and full-year earnings dip in 2000, due to container leasing demand “substantially below expectations.”

   Sea Container Ltd.'s earnings from container operations was $11.0 million for the fourth quarter, down from $14.8 million for the year-earlier period. Revenues were $36.1 million, down from $36.9 million.

   For 2000, earnings fell to $50.4 million, from $61.6 million, on revenue of $151.9 million, down from $154.9 million.

   The company and GE Capital Corp., its joint-venture partner in the marine container leasing business, have begun to implement a cost reduction plan, which is expected to produce savings in 2002, Sea Containers said.