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Bermuda Container Line Ltd. Comments On Half Year Revenue Prospects for 2004
"As we noted in communications to you earlier this year, cargo imports into Bermuda are booming and this is reflected in the freight revenues being earned by your Company. Though the final figures for the first half of 2004 are not available yet, consolidated freight revenue for this period is more than $2 million or 15% ahead of the first half of 2003. It is the intention to release the Interim Report during the last full week in September. While the increased cargo volume and revenue is welcome, it is creating operational difficulties particularly on the Hamilton Docks. Your Company believes that the LCL operation must be removed from Hamilton Docks as quickly as possible to ensure that the docks continue to work smoothly.
The "Oleander" is presently undergoing her regular two-yearly dry-docking in Halifax and will be out of service for two voyages. Unfortunately replacement ships are very scarce and therefore expensive. This dry-docking will be quite a bit more expensive than the one two years ago due to the high cost of the replacement ship and also an increase in the value of the Canadian Dollar.
Overall though, we expect that the year 2004 will be an excellent one for your Company."