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Bermuda Container Line Ltd. Issues Letter To Shareholders
"The rate of cargo growth in the third quarter, ended 30th September 2004, slowed somewhat from the first part of the year but gross freight revenue was still up by an impressive 9% in this quarter. As noted in the last quarterly letter the "Oleander" was dry-docked in August and we are pleased to report that she passed her third special survey with flying colours. Major refurbishment projects were undertaken and these continue with up-grading of the ship's cell guides. The "Oleander" has many years of useful life ahead of her.
On the other hand the costs of dry-docking have increased substantially. In addition, your Company faces cost pressure in a number of areas. Fuel prices are at an all time high and look set to continue at this high level. There have also been increases in various stevedoring rates. The healthy growth in cargo volume has allowed your Company to absorb these cost increases while still creating a healthy profit but we cannot expect cargo volume into Bermuda to continue at the heady levels experienced this year.
In early December your Company will reach a milestone when it celebrates its 25th anniversary and enters its 26th year of operations."