| We deployed two additional chartered-in tugs in Western Australia and an average of three additional chartered-in vessels in Queensland and elsewhere in Australasia, increasing to 45 the average number of towage vessels we operated in 2012 |
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Improved profits generated a return on net assets of 17% reflecting strong asset utilisation and more chartered-in vessels to supplement our owned assets |
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Utilisation of our deployed tug fleet increased to 97% on growth in harbour jobs and long-term charters for offshore project work. Barge utilisation increased to 76% due to additional longer term charters in Gladstone and the Middle East |
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Our fleet of deployed tugs and barges generated average revenue of US$3.8 million per vessel in 2012 on increased vessel utilisation and job numbers
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Our vessel costs averaged US$2.6 million reflecting the cost of additional chartered-in vessels and normal inflationary increases in vessel operating costs |
