This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Bermuda Container Line Ltd. Shareholder Letter
Hamilton, Bermuda: November 16, 2007 - "During the third quarter of 2007 the BCL service experienced a volume decline and a decline in freight revenue but the operating results of the service in the third quarter should be better than in the first half of the year due to the high dry-docking expense which was incurred in the first half. The SISL service experienced a healthy growth in both cargo volume and freight revenue in the third quarter and this growth has continued into the fourth quarter.
The fourth quarter to date has shown a small increase in the BCL service freight revenue which is encouraging. Also at the beginning of the fourth quarter BCL finalized the sale of its non-active U.S. subsidiary company, Tilbury Road Associates Inc., and this sale will generate a profit in the region of $1,500,000.
Overall, we do expect the Company to earn a healthy profit in 2007 despite the problems with the drydocking of the "Oleander" and the soft cargo volumes being experienced by the BCL NJ/Bermuda service."
Yours very truly
BERMUDA CONTAINER LINE LTD.
Geoffrey R. Frith
President