ANANGEL-AMERICAN REPORTS LOSS FOR 4TH QUARTER, YEAR
Anangel-American Shipholdings Ltd. reported a net loss of $17.32 million for the year ending Dec. 31, compared to a lost of $5.67 million in 1998.
The company blamed the loss on poor freight markets, particularly during the first six months of 1999, and a charge of $8.5 million due to the decline in values of the company's bond portfolio, compared to a gain of $3.8 million in 1998.
For the fourth quarter, also ending Dec. 31, AASL reported a net loss of $1.27 million, compared to a loss of $1.38 million for the year-earlier period. The charge for decline in value of the company's bond portfolio was $2.4 million, compared to a gain of $1 million in the fourth quarter of 1998. However, the company posted a net operating income of $3.68 million for the fourth quarter, reversing a string of quarterly operating losses dating back to the second quarter of 1998.
AASL said it expects freight markets to continue to improve in 2000. The company said that since all but one of its vessels will be off charter after 2000, AASL will be 'well positioned to take advantage of the freight market and produce gradually higher earnings through the year.