Video: BNV With Polaris CEO Warren Jones

August 21, 2020 | 0 Comments

Polaris Holding Company CEO Warren Jones joined host Don Burgess this morning [Aug 21] for the latest Bernews News & Views episode, with Mr. Jones discussing the impacts of Covid-19 on the Stevedoring Services business, with the company previously noting they have seen a 25% decline in container cargo and a 43% decline in breakbulk cargo.

In a filing with the Bermuda Stock Exchange [BSX] the company previously said, “Like the rest of the island, SSL has been severely impacted by the Covid-19 pandemic.

“Our financial projections for fiscal 2021, following the ‘shelter in place’, suggested a 10 – 15% decline in cargo volumes for the year. The reality is that over the first quarter of this fiscal year, we have seen a 25% decline in container cargo and a 43% decline in breakbulk cargo.

“We have considered several initiatives to offset our declining revenue and it is our intent to implement these on or before 01 September:

  • “Suspend Lunchtime ‘Over the Road Service’ – This will provide a saving of $120K per year.
  • “Outsource the Garage – SSL presently supports a garage of 8 staff who have responsibility for the maintenance and repair of our dock handling equipment. The cost of maintaining payroll and benefits for this operation is just under $840K per year. It is our intent to outsource the garage function.
  • “Suspend the hiring of new staff – Between January 2020 and December 2021, SSL has 9 staff retiring or retired; they will not be replaced. This represents a saving of just over $1M.

“SSL’s priority is to do everything possible to maintain the employment of our staff and to sustain the business. If SSL were to do nothing, we would suffer a loss in the region of $1M.

“We believe that the impact of Covid-19 will last through the next two to three years. These steps position SSL to stand firm through this period and to come out of it in a solid financial position.”

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