Nov. 11, 2014, 6:19 PM
- Ocean cargo carrier Matson (NYSE:MATX) agrees to acquire Horizon Lines' (OTCQB:HRZL) Alaska shipping business for ~$456M, which includes the repayment of HRZL's total outstanding debt.
- MATX expects the deal to contribute ~$70M to consolidated EBITDA and to be ~$1.00 accretive to annual cash flow/share within two years of the closing.
- HRZL also is selling its Hawaii operations to The Pasha Group for $141.5M and intends to shut down its Puerto Rico liner operations by the end of 2014.
- MATX +7.8%, HRZL +60% AH.
Jul. 30, 2014, 8:35 AM
- Horizon Lines (OTCQB:HRZL): Q2 EPS of $0.01
- Revenue of $281.2M (+8.2% Y/Y)
Feb. 2, 2013, 5:41 PM
A weekend deal between longshoremen and the U.S. Maritime Alliance (representing shipping companies and port associations in the East and Gulf coasts) will avert a strike that would cost the economy $1B/day and spur shortages of consumer goods. The largest port involved was the Port of New York and New Jersey; the dispute centered on container royalties shared between shippers and union members.| Feb. 2, 2013, 5:41 PM | 10 Comments
Jun. 27, 2011, 10:20 AM
Horizon Lines (HRZ +7.5%) pops after reaching an agreement on Friday with bankers to amend its line of credit, giving continued access to liquidity despite violating loan covenants.| Jun. 27, 2011, 10:20 AM