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Steady Sailing for Horizon Lines

first_imgzoom U.S. domestic ocean carrier Horizon Lines’ third-quarter adjusted EBITDA increased 12.6% from the same period a year ago, according to Steve Rubin, Horizon Lines President and Chief Executive Officer.This was primarily driven by lower claims-related expense, higher volume, and lower fuel and labor costs associated with vessel dry-docking, Rubin said.“The positive factors driving adjusted EBITDA growth were partially offset by lower container rates and contractual labor and other expense increases.A USD 12.5 million or 4.6% improvement in operating revenue versus the third quarter of 2013 was generated largely by an 8.9% revenue container volume increase.In addition, we experienced growth in non-transportation services revenue in our Hawaii and Alaska markets. These favorable variances were partially offset by a 5.1% decrease in average revenue per container. The decline in our container rates was primarily due to a shift in cargo mix mainly to include more automobiles and increased competition in our markets,” Rubin added.In terms of the market outlook Horizon Lines expects 2014 revenue container loads to be above 2013 levels.This projected volume growth takes into consideration the estimated impact of all deployment changes in the Puerto Rico markets.“Overall, container rates are expected to be below 2013 levels due to competitive market conditions and an increase in automobile volume, which generally has lower container rates.”The expected 2014 financial results should approximate 2013 results, with 2014 adjusted EBITDA projected between USD 90.0 million and USD 95.0 million, compared with USD 95.2 million in fiscal 2013, the company said.Press Releaselast_img read more

Marrakech Cafe Shooting Ten Senior Officers of the Gendarmerie Arrested

Rabat – Seven months after a shooting in La Crème Cafe in Marrakech where two masked suspects killed a 26-year old man and injured two other individuals, the police have arrested 10 senior officers of the royal gendarmerie in several cities for their involvement in the activities of the international criminal network linked to the shooting. According to Al Massae, the investigating judge in charge of financial crimes in the Court of Appeals in Marrakech presided over  the 10 officials who report to the Royal Gendarmerie in Larache, Tangiers, Tangier Med, Tetouan, Agadir, Settat, and Marrakech. Placed in pre-trial detention, the ten face prosecution for corruption, disclosure of trade secrets and participation in international drug trafficking. The masked gunmen were targeting the cafe owner in the evening shooting, but they killed a medical student who was in the wrong place at the wrong time. The cafe owner allegedly received death threats before the incident.The shooting was an act of “settling scores” in connection with an international drug trafficking network. The statement added that the network is also involved in similar crimes in some European countries.The arrestat of the officials culminates a lengthy investigation. In the course of the investigation, police listened to more than 600 telephone conversations of 100 people alleged to have links to the shooting.According to the same source, the officials were actually reported by the drug trafficking network, whiche operates in Morocco from abroad.On the day after the November 2 shooting, Moroccan authorities made six arrests in connection with the shooting, in which one was killed and two were injured.The arrests took place in Casablanca. read more