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Stevedoring Services Releases Interim Six-Month Report
"Stevedoring Services Limited felt the effect of Hurricane Fabian as well as the three-day general strike on the net earnings for the six months ended September 30, 2003. The Company experienced a combination of factors, the first was empty containers left behind in Bermuda so that vessels could avoid bad weather and also keep schedule, and as revenue is linked to the loading time of these empties, the catch up effect took place in October. The second factor was the vast amount of overtime, which was necessary to keep delivery of containers going for emergency supplies as well as regular freight. The unusually high number of containers on the waterfront, which built up, slowed deliveries. The combined effect of these two events meant that four days had to be made up in overtime at overtime rates. This resulted in the month of September having a $177,312 loss. The results for the year to date show a net profit of $739,445 through to the end of September compared to the same period last year of $690,742 or an increase in 7.05 percent, in actual container loads the Company handled an additional 436 over the same period last year. A reduction in general and administrative expenses of 10.71 percent and a rate increase of on average 2.5 percent took effect on 1 September 2003.
Even though there was a three-day general strike there was never an issue between the Company and the Portworkers' Division of the B.I.U. The entire issue was related to another entity and unfortunately the company felt the effect. A good working relationship remains between the two parties, dialogue remains frank and honest.
The Company is still continuing its policy of replacing equipment, it has two new customised cranes which are due to arrive by the end of this year and research is taking place on other critical equipment which may change the way full containers are delivered to the container trucks which was suggested in the Corporation of Hamilton's Barberra Report.
The LCL (less than container load) cargo continues to be a problem area for the Company. It has now grown to the point that at times the sheds have been unable to hold any more of the stripped cargo which has created the impression that the Company has not been providing the level of service that the consignees expect. Oversized cargo is also creating space problems, the Corporation of Hamilton insists, where it can, that these items be pre-cleared and leave the dock immediately upon discharge, but here are occasions where this is not possible due to H.M. Customs requirements.
At September 30, 2003 the total Directors' and Officers' shareholdings were 61,211 shares. No rights to subscribe for shares in the Company have been granted to or executed by any Director or Officer.
In conclusion, the future of the Company appears good, we anticipate that the year will continue to show strong results compared to last year in spite of the effects of the items mentioned above."
Signed by:
Bruce Lines
President