ACLÆS 4TH-QUARTER, FULL-YEAR EARNINGS JUMP
Atlantic Container Line reported one of its best years in company history, as net profit improved 106.3 percent for the fourth quarter and 210.4 percent for the year ending Dec. 31.
Fourth-quarter net profit was 66 million Swedish krona ($6.7 million), compared with SEK 32 million for the year-earlier period. Operating income for the quarter improved 37.9 percent to SEK 812 million ($83 million).
For 2000, net profit was SEK 208 million ($21.2 million), up from SEK 67 million for 1999. Operating income rose 29.5 percent to SEK 2.88 billion ($293 million).
ACL carried 237,800 TEUs in 2000, up 6.0 percent from 1999. Of that total, 69 percent were containers, the carrier said.
Transatlantic volumes improved, though revenue gains in the westbound direction offset losses in the weaker eastbound market, ACL said. Overall container freight rates improved 2.8 percent, while roll-on/roll-off and car rates improved 6.4 percent. Overall utilization of cargo capacity improved to 76 percent, from 71 percent in 1999.
ACL's container imbalance improved slightly, with 35 percent more westbound volume than eastbound.
The carrier's management said 2001 levels should be similar to 2000.
“The container imbalance should improve further and the average freight rates in the three cargo segments should increase slightly,” ACL said. “Continued cost pruning and improved operational efficiencies will offset a forecasted higher inflation in ACL's trading area.”