MARITRANS IMPROVES OPERATING RESULTS
Maritrans Inc., the U.S.-flag marine petroleum transport company, reported fourth-quarter net income of $700,000 after a one-time after-tax charge of $2.5 million related to early repayment of debt.
Excluding the charge, net income was $3.2 million, compared to $2.3 million for the fourth quarter of 2000. Revenues were $31.7 million, down $500,000 from the year-earlier period.
For 2001, net income was $7.7 million after the $2.5-million after-tax charge, compared with $5.0 million in 2000. Revenue was $123.4 million, down from $123.7 million.
Steven Van Dyck, chairman and chief executive officer of Tampa-based Maritrans, credited the improved 2001 results on 'better rates and continued cost control efforts.' The company projects 2002 earnings at $1.50 to $2.00 per share, which would mark a third consecutive year of stronger earnings.
The company renewed a number of long-term contracts for higher rates in 2001. 'Our goal is to have 75 to 85 percent of our capacity on long-term charters with the balance in the spot market,' Van Dyck said.
Maritrans anticipates the spot market to be soft for at least the first two quarters of 2002 due to milder winter conditions in the U.S. Northeast and lower demand for oil and refined products.