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Business Briefs

For Saturday, November 8, 2008

By Star-Bulletin staff

POSTED: 01:30 a.m. HST, Nov 08, 2008

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Isle gas prices decline again

Gasoline prices experienced another week of double-digit declines again throughout Hawaii and dropped another 20 cents a gallon in Honolulu. The statewide average also declined by 17 cents to $3.26 a gallon for regular unleaded, according to AAA.

Yesterday's average price in Honolulu was $3.14 a gallon for regular unleaded, 88 cents less than last month, and five cents higher than this time last year. In Hilo, the average price was $3.29 a gallon, 86 cents less than last month, and the same price as last year. The average price in Wailuku was $3.73 a gallon, down 78 cents from last month, and 24 cents higher than last year.

"This is our sixth week of double-digit declines and continued great news for consumers," AAA Hawaii Regional Manager Richard Velazquez said in a statement. "The price of oil continues to hover in the $60-65 dollar a barrel range, and we'll see if it drops any lower to bring more relief to drivers."

Hawaii crude oil imports decline

The state Department of Business, Economic Development and Tourism October monthly energy trend data released Thursday shows that in August, Hawaii imported 3.9 million barrels of foreign crude oil. In comparing the first eight months of 2008 with 2007, Hawaii's import of crude oil decreased by about 14 percent.

The nation's regular unleaded gasoline price for September averaged $3.71 a gallon, while Hawaii's statewide regular unleaded gasoline price for September averaged $4.31 a gallon. Hawaii's statewide price was 26% higher for the January to September period.

Hawaii's consumption of gasoline during the first eight months of 2008 decreased by 7.5 percent from the same period last year, while highway use of diesel showed a 0.2 percent decrease.

Horizon makes debt payment

Charlotte, N.C.-based ocean shipper Horizon Lines Inc. said yesterday that it has made an additional payment of $5 million on its revolving credit facility, bringing the total debt reduction during the company's fourth quarter to $10 million. These payments are in addition to $22.5 million of voluntary payments made in the second and third quarters.

The principal payments reduce borrowings on Horizon Lines' $250 million revolving credit facility to $147.5 million and total debt outstanding to $598 million.

"Horizon Lines' commitment to pay down debt continues in the fourth quarter," said Mike Avara, senior vice president and chief financial officer. "These debt reductions and the associated interest expense savings further strengthen Horizon Lines' financial position. The second-largest shipper in Hawaii will endeavor to make additional voluntary principal reductions before its fiscal year-end."

Superferry lays off some workers

Hawaii Superferry has laid off "less than 10 of about 200 people" it employs on Oahu and Maui, according to spokeswoman Lori Abe.

She called it a realignment, effective last week, in keeping with its "winter schedule," when Hawaiian waters are rougher than during other parts of the year.

News reports identified two of those laid off as Terry O'Halloran, director of business development and Duane Kim, Maui operations manager, but Abe said the company does not discuss specifics of personnel matters.

O'Halloran did not return calls and Kim could not be reached. O'Halloran's bio was still on the Superferry Web site as of yesterday afternoon.

 

Isle gas prices decline again

Gasoline prices experienced another week of double-digit declines again throughout Hawaii and dropped another 20 cents a gallon in Honolulu. The statewide average also declined by 17 cents to $3.26 a gallon for regular unleaded, according to AAA.

Yesterday's average price in Honolulu was $3.14 a gallon for regular unleaded, 88 cents less than last month, and five cents higher than this time last year. In Hilo, the average price was $3.29 a gallon, 86 cents less than last month, and the same price as last year. The average price in Wailuku was $3.73 a gallon, down 78 cents from last month, and 24 cents higher than last year.

"This is our sixth week of double-digit declines and continued great news for consumers," AAA Hawaii Regional Manager Richard Velazquez said in a statement. "The price of oil continues to hover in the $60-65 dollar a barrel range, and we'll see if it drops any lower to bring more relief to drivers."

Hawaii crude oil imports decline

The state Department of Business, Economic Development and Tourism October monthly energy trend data released Thursday shows that in August, Hawaii imported 3.9 million barrels of foreign crude oil. In comparing the first eight months of 2008 with 2007, Hawaii's import of crude oil decreased by about 14 percent.

The nation's regular unleaded gasoline price for September averaged $3.71 a gallon, while Hawaii's statewide regular unleaded gasoline price for September averaged $4.31 a gallon. Hawaii's statewide price was 26% higher for the January to September period.

Hawaii's consumption of gasoline during the first eight months of 2008 decreased by 7.5 percent from the same period last year, while highway use of diesel showed a 0.2 percent decrease.

Horizon makes debt payment

Charlotte, N.C.-based ocean shipper Horizon Lines Inc. said yesterday that it has made an additional payment of $5 million on its revolving credit facility, bringing the total debt reduction during the company's fourth quarter to $10 million. These payments are in addition to $22.5 million of voluntary payments made in the second and third quarters.

The principal payments reduce borrowings on Horizon Lines' $250 million revolving credit facility to $147.5 million and total debt outstanding to $598 million.

"Horizon Lines' commitment to pay down debt continues in the fourth quarter," said Mike Avara, senior vice president and chief financial officer. "These debt reductions and the associated interest expense savings further strengthen Horizon Lines' financial position. The second-largest shipper in Hawaii will endeavor to make additional voluntary principal reductions before its fiscal year-end."

Superferry lays off some workers

Hawaii Superferry has laid off "less than 10 of about 200 people" it employs on Oahu and Maui, according to spokeswoman Lori Abe.

She called it a realignment, effective last week, in keeping with its "winter schedule," when Hawaiian waters are rougher than during other parts of the year.

News reports identified two of those laid off as Terry O'Halloran, director of business development and Duane Kim, Maui operations manager, but Abe said the company does not discuss specifics of personnel matters.

O'Halloran did not return calls and Kim could not be reached. O'Halloran's bio was still on the Superferry Web site as of yesterday afternoon.

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