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Stevedoring Services Ltd. Announces Annual Results For Year Ending 31st March 2003
"Our financial year ended with net revenue slightly down from that of last year ($640,884 vs. $676,700). Much of this decline can be attributed to the stock market and interest rate reductions. Our overseas investment portfolio declined in value and similarly our defined benefit pension fund's deficit has been increased as a result of the current stock market prices (note: this pension is no longer offered to employees, the Company now provides a defined contribution plan).
Our work on computerising our delivery of cargo has been extended to the LCL (less than container load) Sheds. We are gradually sharing this information with the Corporation of Hamilton, to enable them to charge demurrage on old cargo left in the Sheds. When this system was applied to FCL (full container loads) in the previous year it improved the throughput, and we are hopeful that the same will occur in the Sheds. It should be noted that the sheds are now being run at capacity, there are times when stripping containers has to be halted simply because there is nowhere to put the cargo. This gives the public the impression that service is poor when in actual fact we are hindered by consignees who are not willing to pick up their goods in a timely manner. The reinstatement of demurrage for cargo in the sheds may prompt consignees to pick up their cargo before the charge is applied. It has been a long and difficult project, which depends on information being provided by outside sources by electronic means from companies and individuals with varying computer skills.
During the past few years the Company has been searching for replacement cranes suitable for a port of our size. The Company has selected and has committed to the purchase of two new American HC275 cranes. These cranes will be fitted with high cabs and automatic spreader bars, which should bring the technology we use up to the same standards of many larger ports around the world. With the increased lifting capacity there will no longer be a need for workers to be on the top of containers, operating the spreader bars, and this should increase the safety of this aspect of our operation, and possibly increase our discharge rate. They are due to arrive in the fall of this year.
On the labour front we had a very pleasant set of open and frank negotiations with the Portworkers' Division of the Bermuda Industrial Union. The result was a two-year agreement
with a pay increase of 3% in each year, as well as a reduction in the ship's gang size once the new cranes mentioned above are put into service.
Overall it was a good year, barring any unforeseen circumstances the next year should be similar. We have been able to maintain our dividend at 10 cents per share quarterly."
Signed by
Bruce D. Lines
President & Chief Executive Officer