8.86%C 6.45 22.20%F 2.55 5.20%
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NEW YORK - Shares of U.S. Shipping Partners LP lost more than a quarter of their value Friday, after the petroleum and chemical shipper said it swung to a first-quarter loss, hurt by slipping charter rates and longer idle periods due to waning demand.
| USS | 0.56 |  -0.06 |
The Edison, N.J.-based company posted a loss of $5.7 million, or 31 cents per unit, compared with a year-ago profit of $5.6 million, or 31 cents per unit.
Voyage revenue rose 22 percent to $51.5 million, from $42.1 million a year earlier.
The loss was wider than Wall Street was expecting. Analysts, on average, predicted a loss of 9 cents per share, with revenue of $42.1 million, according to Thomson Financial.
The company said demand for its vessels was hurt by a weak U.S. economy and slower refinery activity. High fuel costs and increasing competition from newly built ships also hurt results, the company said.
Shares sank $2.91, or 24.8 percent, to $8.82 in afternoon trading, after hitting as low as $8.25 earlier in the session. The stock has traded between $8 and $22.45 in the past year.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
African Eagle Resources has raised its stake in the Mokambo joint venture to 87% and says 2008 drill results were "promising".
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