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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.


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.


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


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


Kvaerner Group Reports 2Q Results

Kvaerner has announced its results for the six months ending June 30, 2002. The positive trend in the Kvaerner Group continued in the second quarter. Profit before tax for the first half of the year was $69 million, compared with $27 million in the same period last year. Several special operating charges, sales and exchange gains are included in the accounts. Earnings before interest, tax and amortisation (EBITA) and excluding the exceptional gains and special operating charges


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


ClassNK releases PrimeShip-GREEN/ProSTA

PrimeShip and the concept of Total Ship Care

  ClassNK released PrimeShip-GREEN/ProSTA, making it the world’s first classification society to develop software which analyzes and calculates a ship’s speed trial results for EEDI calculation in compliance with the latest IMO Guidelines on 1 May 2015.  


Hapag Lloyd Back in the Black

Image: Hapag-Lloyd AG

 German container line Hapag-Lloyd has defied the challenging market environment in the containership market and returned to profit in the first quarter of 2015 euros as a stronger dollar and lower bunker prices helped to offset weaker freight rates.  


ICTSI Efforts to Labor Slowdowns

Senator James E. Risch

  The Preventing Labor Union Slowdowns Act of 2015 (PLUS Act) was introduced last Thursday in the United States Senate to help prevent the type of maritime labor slowdowns at the Port of Portland and 28 other West Coast ports that disrupted domestic and international trade and nearly brought


Aker Philadelphia Appoints New CFO

Photo: Aker Philadelphia Shipyard

  Aker Philadelphia Shipyard ASA has appointed Jan Ivar Nielsen as Chief Financial Officer effective September 2015. Since 2009, Nielsen has held the position of CFO of VARD Holdings, a publicly listed global designer and builder of offshore and specialized vessels with 10 facilities


Royal IHC Acquires Majority Stake in Brastec Technologies

Royal IHC has acquired a majority stake in Brazilian-based Brastec Technologies, a designer and builder of tailor-made production lines for the production of umbilicals and flexible pipes.   According to IHC, the agreement fulfils two important elements of its business strategy: a foothold


Brandy Christian is New Port of New Orleans COO

Brandy D. Christian, Chief Operating Officer of the Port of New Orleans

Current COO Patrick J. Gallwey to Retire in March After 34 Years. Brandy D. Christian has been named the new Chief Operating Officer of the Port of New Orleans by President and CEO Gary LaGrange, succeeding Patrick J. Gallwey, who will retire March 1 after 34 years with the Port


Tsuneishi Builds 200th Kamsarmax Bulk Carrier

Ultra Lion (Photo: Tsuneishi Shipbuilding)

Tsuneishi Shipbuilding Co., Ltd. finished building an 82,000-mt D/W type bulk carrier Ultra Lion on January 7, 2015, marking the completion of the builder’s 200th Kamsarmax model vessel.   Built by Tsuneishi Group Shipbuilding, Inc


Bureau Veritas Selects New Offshore Lead

Matthieu de Tugny (Image: Bureau Veritas)

Matthieu de Tugny to lead Bureau Veritas' offshore activities Bureau Veritas has appointed Matthieu de Tugny as Senior Vice President in charge of offshore activities within the marine and offshore operating group. He is tasked with driving forward Bureau Veritas Group initiatives in the oil


Petrobras Expects 3Q Unaudited Results Jan 27

Brazil's Petroleo Brasileiro SA expects to release unaudited third-quarter financial results on Jan. 27 after a scheduled meeting of its board of directors, the state-run oil company said Wednesday in a statement.   Petrobras, as the company is known


GE Electric Propulsion Equipment for LNG Carriers

GE Power Conversion receives first order in Japan from Kawasaki Heavy for electric propulsion motor equipment for LNG vessels   GE’s Power Conversion business has received a new order from Kawasaki Heavy Industries, Ltd. for electric power and propulsion systems for two LNG carriers


LOC Relocates Florida Office

Global marine engineering consultant company London Offshore Group Ltd (LOC) opened an office in Houston in 1985, signaling the start of 30 years of involvement in U.S. marine warranty surveying and maritime consulting.   In 2002, the group established a Miami office to serve clients in


Shortage in Supramax

Supramax bulk carrier (Pic: United Seven GmbH & Co)

 As tonnage in the East Coast South America (ECSA) region continued to outnumber fresh grain requirements, Supramax front-haul freight rates fell this week, reports Platts, quoting shipping sources.   The rate for carrying a 50,000 mt grain stem from ECSA to the Far East continued at


Norwegian Shipowners See Challenges Ahead

Falling oil prices, heightened geopolitical tensions and sluggish, uncertain growth in the global economy are directly impacting the maritime industry, causing Norwegian shipowners to be less optimistic than last year regarding both turnover and profitability


Huat Retires as Non-Ex Dir. of ST Engineering

Quek Poh Huat

  Singapore Technologies Engineering Ltd (ST Engineering) today announced the retirement of Mr Quek Poh Huat as non-executive Director of the Company at its Annual General Meeting on 23 April 2015.  Mr Quek has decided not to seek re-election.


Falklands' Oil Drilling at Isobel Deep Suspended

 Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.   Operator Premier Oil has suspended operations on the 4/20-1 (Isobel Deep) well






 
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