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2002 Results

Rowan Reports Improved Operating Results

For the three months ended June 30, 2002, Rowan incurred a net loss of $8.7 million, or $.09 per share, on revenues of $148.5 million, compared to net income $87.7 million, or $.92 per share, on revenues of $137.8 million in the first quarter of 2002, and net income of $34.3 million, or $.36 per share, on revenues of $210.4 million in the second quarter of 2001. First quarter 2002 results included net proceeds from the settlement of the Gorilla V contract dispute, which increased net income by approximately $102 million, or $1.07 per share. Excluding the effects of the settlement, the Company's first quarter 2002 results would have been a net loss of approximately $14 million, or $.15 per share. Rowan's offshore rig utilization was 87 percent during the second quarter of 2002, versus 80 percent in the first quarter and 90 percent in the year-earlier period, and our average offshore day rate of $30,500 decreased by $2,400, or 7 percent, from the first quarter and by $30,600, or 50 percent, from the year-earlier period. Land rig utilization was 68% during the second quarter of 2002, versus 84 percent in the year- earlier period, and our average land rig day rate of $10,200 decreased by $400, or 4 percent, from the first quarter and by $4,100, or 29 percent, from the year- earlier period.


Northrop Grumman Reports 2Q Results

Northrop Grumman Corporation reported income from continuing operations of $207 million, or $1.09 per share, compared with $181 million, or $1.52 per share, for the same period of 2002. Second quarter 2003 earnings per share are based on weighted average diluted shares outstanding of 184.4 million versus 114.8 million for the second quarter of 2002. Sales for the 2003 second quarter increased to $6.6 billion from $4.2 billion for the same period of 2002.


Trailer Bridge Reports 2Q Results

Trailer Bridge, Inc. reported financial results for the second quarter ended June 30, 2002 highlighted by a significantly reduced losses, profits in the months of May and June and the beginning effects from what is anticipated to be sharp and continuing improvements in market conditions in the Puerto Rico lane. When the company released its first quarter results, it disclosed a just announced transaction where a competitor with a 27 percent market share and operating under Chapter 11 of


Carnival's Shares Plummet 40 Percent

Carnival Corporation reported net income of $116.3 million ($0.20 Diluted EPS) on revenues of $959.1 million for its fourth quarter ended November 30, 2001, compared to net income of $193.8 million ($0.33 Diluted EPS) on revenues of $850.3 million for the same quarter in 2000. Net income for the year ended November 30, 2001, was $926.2 million ($1.58 Diluted EPS) on revenues of $4.54 billion, compared to net income of $965.5 million ($1.60 Diluted EPS) on revenues of $3


IM Skaugen Announces Results

The IM Skaugen group reported a pre-tax result of MUSD 20.3 in 2003 including a net gain from sale of assets of MUSD 19.3 - (MUSD 4.8 in 2002). The result on EBITDA basis is MUSD 24.8 in 2003 (MUSD 25.8 in 2002 and MUSD 33.9 in 2001). The Board has decided to recommend to the Annual General Meeting on March 1st 2004 to pay a dividend of NOK 7.- per share (NOK 7.50 in 2002 and 7.00 in 2003). The payment of this dividend, for the calendar year 2003


Carnival Reports 3Q Earnings

Carnival Corporation & plc reported net income of $734.3 million ($0.90 Diluted EPS) on revenues of $2.52 billion for its third quarter ended August 31, 2003, compared to net income of $500.8 million ($0.85 Diluted EPS) on revenues of $1.44 billion for the same quarter in 2002. Net income for the nine months ended August 31, 2003 was $988.9 million ($1.42 Diluted EPS) on revenues of $4.90 billion, compared to net income of $824.6 million ($1.40 Diluted EPS) on revenues of $3


DHS Issues Rule on SAFETY Act Implementation

The Department of Homeland Security issued a final rule implementing the Support Anti-terrorism by Fostering Effective Technologies Act of 2002 (the SAFETY Act). The purpose of the regulations is to facilitate and promote the development and deployment of anti-terrorism technologies that will save lives. This final rule amends the previous interim rule to incorporate changes resulting from comments submitted regarding the earlier rule. The changes come into effect on July 10. 71 Fed. Reg


Waterfront Commission Grants Joint-Recommendation

The Waterfront Commission of New York Harbor announced that it granted the joint-recommendation of the New York Shipping Association-International Longshoremen's Association Contract Board which requested that the Commission accept applications from 400 persons for inclusion in the Longshoremen's Register and also that the Commission accept applications for the replacement of up to 415 potential retirees for the period of October 1, 2002 to September 30, 2003.


Port of Le Havre Container Traffic sets Record

For the third time since the beginning of the year, Le Havre broke its monthly record for containerized traffic as it handled over 155,000 TEUs (twenty-foot equivalent units) in July. This record caps off several months of exceptional results at the port, with shipments measured in tonnage showing growth of 14% since the beginning of 2002. The Port of Le Havre registered over 1.5 million TEUs last year, with


Greece To Liberalize Shipping By 2002

Greek Prime Minister Costas Simitis said on Wednesday that island shipping would be liberalized by 2002, two years ahead of schedule as a result of last week's sinking of ferry Express Samina. Shipping officials have partly blamed the ferry's sinking last Tuesday on the near-monopolies that have developed in the Aegean, saying some healthy competition would improve the quality of ships and services. Simitis said shipping companies were merging for strength ahead of the opening of the


SAFE Boats Names Willis VP of Program Management

Janice Willis (Photo: SAFE Boats International)

SAFE Boats International has promoted Janice Willis to the position of Vice President Program Management.   Willis joined SAFE Boats in December 2010 as a member of the Business Development team, and in 2014 became the Director of Program Management


Litter Levels in the Arctic Depths On the Rise

Map FRAM (Graphic Thomas Soltwedel)

The Arctic has a serious litter problem: in just ten years, the concentration of marine litter at a deep-sea station in the Arctic Ocean has risen 20-fold. This was recently reported in a study by researchers at the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI).


Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened.


Dry Bulk Back from the Brink

Photo: Dennis Schnell, Bulldog and Partners

While the tanker industry worries about OPEC reducing output and the container industry rushes to consolidate, dry bulk values have been quietly increasing. VesselsValue senior analyst William Bennett digs through the data to uncover the reasons why.  


Dryships Sells Panamax ‘at 10% premium’

Dryship HO Courtesy Dryship

 DryShips Inc. (NASDAQ:DRYS), or the Company, an international, owner of drybulk carriers and offshore support vessels, today announced that it has sold the 2002 built Panamax drybulk carrier MV Oregon. The vessel MV Oregon, along with the associated bank debt


Obama Taps Foss VP for USMMA Board

Susan Hayman (Photo: Foss Maritime)

Susan Hayman, Foss Maritime VP of HSQE & External Affairs, has been nominated by President Barack Obama to the United States Merchant Marine Academy's (USMMA) Board of Visitors. This key administrative post is for a term of two years, commencing at the beginning of each Congress.  


Recent Vessel Sales: October 2016

Vessel sales for October2016 (as of November 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported - Vessel Name - DWT - Year Built - (Age) - Price in Millions USD   Bulk Carriers 10/16 - ORIENTAL PHOENIX - 14,181 - 1999 - (17) - $2.35


Shipbuilding: Capacity is a Tricky Business

Graph: Clarksons Research

 As in many sectors of economic activity, provision of just the right amount of capacity is a tricky business, and the shipbuilding industry is no exception, says Clarksons Research.   As a result, in stronger markets the ‘lead time’ between ordering and delivery extends


Rivertrace Appoints Bestobell-Aquatronix as a Canadian Distributor

Rivertrace has announced the recent appointment of Bestobell-Aquatronix as a Canadian based agent and distributor, bringing the number of agents and distributors added this year alone to six, in locations including Canada, the U.S., Philippines, France and Malaysia.


Rederij Doeksen Plans Freight Catamaran Conversion

The hull of Noord-Nederland will be lengthened by 20 meters as part of a comprehensive vessel conversion plan. (Photo: Damen)

Rederij Doeksen has contracted Damen Shiprepair Harlingen to carry out the conversion of its 47.15-meter-long freight catamaran, Noord-Nederland. The conversion work will provide Rederij Doeksen with increased capacity to manage seasonal fluctuations in freight demands.  


Albert Takes the Helm at VT Halter

Paul J. Albert (Photo: VT Halter)

Paul J. Albert has been appointed as the President and CEO for VT Halter Marine, effective immediately. “Paul's proven leadership and operational skills in managing complex shipbuilding projects makes him the right choice to lead VT Halter Marine


China's Ying Kou Port Group chairman sentenced to 14 years for bribery

The chairman of China's Ying Kou Port Group was sentenced to 14 years in prison for accepting around 26.8 million yuan ($3.86 million) in bribes, said the official Xinhua news agency on Saturday. President Xi Jinping has waged a widespread campaign to wipe out systemic corruption since he came


DP World Reaffirms Commitment to India's Growth

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem with the Honourable Prime Minister of India Shri. Narendra Modi at the 8th edition of the Vibrant Gujarat Global Summit held in Ahmedabad, India. Photo DP World

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem met with the Honourable Prime Minister of India Shri. Narendra Modi at the 8th edition of the Vibrant Gujarat Global Summit held in Ahmedabad, India.   Discussions highlighted the immense potential of India’s growing economy


Eimskip Acquires Mareco in Belgium

Mareco offices worldwide Image Eimskip

Eimskip has strengthened its position in worldwide reefer logistics services by acquiring 80% of the forwarding company Mareco N.V. The company was founded in 2002 and its headquarters are located in Antwerp,Belgium. The current management team will continue to own a 20% share in the company and


US Coast Guard Awards Navigation System Contract

The Coast Guard's Command, Control and Communications Engineering Center (C3CEN) awarded a contract to FLIR Maritime US, Inc., of Nashua, New Hampshire, Wednesday, for the Scalable Integrated Navigation System, Two (SINS-2). The single award Firm Fixed Price Indefinite Delivery






 
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