Safe Boats International has made no announcement whether it’s
staying in Kitsap County or leaving the area. The new owners’ board
of directors met last week, but at this point, no announcement is
being put out there.
A person associated with Safe Boats suggested Monday the company
is working on a long-term future in Kitsap.
Port of Bremerton Commissioner Bill Mahan and others had said
the Safe Boats board would make a decision to go or stay Jan. 24.
Safe Boats is one of the port’s major industrial-park tenants and a
big employer with close to 200 workers. They make security boats
sold around the world.
Safe Boats has taken a bit of a public thrashing lately for
allegedly tearing up the Port Orchard boat ramp when it tests its
boats. The port, now having leased the ramp from the city of Port
Orchard, most likely will put repairs at the top of its list. Port
leaders hope that will be a big inducement for Safe Boats to hang
its future here.
Beyond that, the facility Safe Boats leases in the port’s
industrial park is small and far less than ideal. I cannot imagine
that upgrades aren’t continuing to be a big part of the
Here’s some background:
So, all I can do is check in with the company regularly and hope
at some point someone will speak with me.
Midday Dow at 11,866, up 42 points.
NEW YORK (AP) — Energy stocks led indexes higher Monday on the
first day of trading since the growing unrest in Egypt sent stocks
to their biggest one-day drop in more than three months.
Exxon Mobil Corp. rose 1 percent after it reported that its
quarterly profit beat Wall Street’s expectations. Massey Energy Co.
jumped 16 percent after Alpha Natural Resources Inc. said that it
would buy the coal producer in a $7.1 billion deal. Alpha Natural
Resources fell 8 percent.
The Massey deal suggests “maybe coal isn’t dead,” said Kim Caughey
Forrest, equity research analyst at Fort Pitt Capital Group. It
also raises hopes for similar deals in the future, she said.
The Dow Jones industrial average gained 29 points, or 0.3 percent,
to 11,852 in midday trading. The broader Standard and Poor’s 500
index rose 6, or 0.5 percent, to 1,282. The Nasdaq composite index
gained 7, or 0.3 percent, to 2,693.
Eight of the 10 company groups that make up the S&P index rose.
Energy companies gained 1.7 percent, the most of any group.
Concerns remained over Egypt’s impact on oil prices, especially if
the Suez Canal, a key route for oil tankers and cargo ships, may be
closed. Oil prices rose 1.6 percent to $90.75 a barrel.
“The market wants to work its way higher,” said Sam Stovall, chief
investment strategist of Standard & Poor’s. “The big worry is
the unknown — the cascading effects that could occur.”
It could happen if oil transport bogs down in the Suez
So far, the local gas price stands at $3.24 per gallon of
unleaded, up a penny from last week. But with the price of oil
rising in reaction to the Egypt crisis, I shudder to think what’s
going to happen.
Here’s a bit of the oil-price story off the AP from this
NEW YORK (AP) — Brent crude oil topped $100 for the first time
since 2008 as investors kept an anxious eye on Egypt and worried
about unrest there disrupting the flow of oil from the Middle
Brent is the benchmark for oil prices in Europe and Asia. The price
of West Texas Intermediate, the benchmark in the U.S., rose $1.46
to $90.80 a barrel in midday trading on the New York Mercantile
While Egypt is not a major oil-producing country, each day almost
two million barrels of oil pass through the Suez Canal, which is
controlled by Egypt. The Suez remains open and shipping has not
“Those watching it closely do not believe it is terribly likely to
happen soon or at all, but recognize the possibility that it could
occur,” energy consultants Cameron Hanover said.
In London, Brent crude rose $1.18 to $100.60 a barrel on the ICE
Futures exchange. That’s the first break above $100 since September
Oil prices also got a boost from positive U.S. economic news and
rising stock markets. The Commerce Department said that consumer
spending rose sharply in December, and purchases for the whole year
increased at the fastest pace in three years.
Stocks of energy companies led major indexes higher after Exxon
Mobil reported its most profitable quarter since the third quarter
Up seven cents from a month ago, and up 23 cents from a year
ago. Oil prices may be moderating. See this from the AP this
NEW YORK (AP) — The price of oil fell on Monday after the Saudi
oil minister hinted that his country, the world’s biggest oil
producer, may raise supplies to put the brakes on higher oil
Benchmark crude for March delivery lost $1.36 at $87.75 per barrel
in afternoon trading on the New York Mercantile Exchange. The price
of oil has fallen more than 3 percent since Thursday, when it was
close to $92 a barrel.
Saudi Oil Minister Ali al-Naimi said he expected world oil demand
will increase this year to between 1.5 million and 1.8 million
barrels per day. That’s higher than forecasts from the Energy
Information Administration and the International Energy Agency. JP
Morgan analysts point out that al-Naimi’s prediction of stronger
demand probably means the Saudis are willing to raise
“It would seem more oil is on the way, which will reduce the supply
deficit and will moderate the price gain,” JP Morgan said.
Dow now at 11,995, up 83 points at midday
NEW YORK (AP) — Technology and materials stocks led broad gains
in the stock market Monday.
Technology stocks in the Standard and Poor’s 500 index rose 1
percent after Intel Corp. increased its dividend and said it would
buy back more of its stock. The company gained 1.5 percent.
Materials companies gained 1.4 percent after a report from the
National Association for Business Economics showed that economists
are more positive about economic growth and the job market than at
any time since the start of the Great Recession.
Vulcan Materials Co., Alcoa Inc. and Sealed Air Corp. each gained
more than 3 percent. Alcoa was the top-performing stock among the
30 that make up the Dow Jones industrial average.
All ten company groups that make up the Standard and Poor’s 500
The S&P 500 gained 8 points, or 0.6 percent, to 1,291 in midday
trading. The Dow gained 92, or 0.8 percent, to 11,964. The Nasdaq
composite rose 27, or 1 percent, to 2,716.
J.C. Penny Co. jumped 7 percent after the retailer said it would
close some stores and its catalog business to reduce costs.
American Express Co., CSX Corp. and Texas Instruments Inc. are
scheduled to release their results after the market closes.
Kitsap County has the most port districts of any county in the
state. We’ll see why we have so many, and ask the tough question
whether that configuration best suits us today.
We’ll look at another Washington county that does things
differently, and visit in on a Bainbridge man set on establishing a
13th port district here in Kitsap.
The package of stories is scheduled to begin Sunday.
Rachel Pritchett, reporter
By Rachel Pritchett
BREMERTON — Profile Composites, Inc., Canada-based maker of
lightweight composite products, is expanding to Bremerton, with
early indications it could create as many as 200 new jobs, many of
them for disabled veterans.
Company President Geoff Wood, speaking Thursday at a Decision
Makers Breakfast, made formal announcement of the company’s
arrival, saying the welcome received in Bremerton, as well as close
proximity to other developers and manufactures of lightweight
composite materials, helped him in his decision.
The company and local economic-development leaders have yet to
release details about the company’s arrival, but Wood said the
company will manufacture high-tech, foldable wheelchairs and
high-tech crutches at its new facility.
The Profile Composites activity will be in the Olympic View
Industrial Park in half of a building also occupied by General
Dynamics Electric Boat. The park is owned and run by the Port of
Wood, 54, told the gathering of business, political and educational
leaders that the carbon composite-products industry has gone
through its growing pains with the Boeing 787 and other projects.
But now, he said, the new materials can be used in “anything that
moves” where greater strength and less weight is desired. That’s
especially true in automobiles, he said.
“That’s where carbon fiber-composite industry is today,” he
The company is based in Sidney, British Columbia.
More information will be coming as this story develops.
Automobile club AAA says the average price of a gallon of
unleaded in Kitsap today is $3.24, up 4 cents from last week and 8
cents from a month ago. They’re predicted to head much higher.
This time last year, it was $2.90.
Midday Dow up 63 points to 11,850.
NEW YORK (AP) — Stocks swung between small gains and losses in
midday trading Tuesday. Apple Inc. weighed on the Nasdaq composite
index after the company announced that its CEO, Steve Jobs, was
taking another medical leave.
Boeing Co. led the Dow Jones industrial average higher. The
aircraft maker rose 3.3 percent after reporting that it expects to
deliver its long-awaited 787 jet in the third quarter.
Other indexes were mixed after Citigroup Inc. and Delta Air Lines
Inc. reported weak earnings.
Apple fell 3 percent to $338. The company will also report earnings
after the stock market closes, along with IBM Corp.
The Dow has already gained 2.3 percent this year as optimism builds
about the economy. The index rose 11 percent last year, or 14
percent including dividends.
Citigroup fell 6.5 percent after reporting earnings that fell short
of forecasts. Delta lost 6.1 percent after winter storms caused its
earnings to come in lower than investors had expected.
The Dow Jones industrial average rose 59, or 0.5 percent, to
11,846. Boeing was the biggest gainer of the 30 stocks that make up
the average, followed by Caterpillar Inc. and Alcoa Inc.
The Standard & Poor’s 500 index fell 0.4 to 1,292. The Nasdaq
composite index lost 0.5, or 0.1 percent, to 2,754.
European markets rose after Greece raised $865 million in another
successful bond auction. That allayed concerns about Europe’s
financial system, which have been a drag on U.S. markets.
Bond prices fell, pushing their yields higher. The yield on the
10-year Treasury note rose to 3.38 percent from 3.32 percent late
Friday. U.S. markets were closed Monday for the Martin Luther King
Look for my story soon. The Salvation Army and others instead
will have two new centers for homeless families at the former
municipal court building on Pacific and in the former Bremerton
police building on Auto Center Way. Start date for both is
mid-January. More coming. Call me.
Rachel Pritchett, 475-3783