2005 Results News

Tidewater Inc. announced fourth quarter net earnings for the period ended March 31, 2005, of $52.4 million, or $.91 per share, on revenues of $179.6 million. For the same quarter last year, there was a net loss of $7.0 million, or $.12 per share, on revenues of $154.2 million. For fiscal year ended March 31, 2005, net earnings were $101.3 million, or $1.78 per share, on revenues of $692.2 million. For the fiscal year ended March 31, 2004, net earnings were $41.7 million, or $.73 per share, on revenues of $652.6 million. Included in both the fourth quarter and year ended March 31, 2005 results is a non-cash tax benefit of $31.8 million ($.55 per share) resulting from the positive tax impact from the American Jobs Creation Act of 2004.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its un-audited results for the second quarter 2005 and the first half of 2005 ended June 30th. Total revenues for the second quarter 2005 amounted to $31.9 million, an increase of 138% when compared to the $13.4 million earned during the second quarter of 2004. Net income amounted to $14.6 million versus $8.6 million in the second quarter of 2004, an increase of 70%. Earnings per share for the quarter were $0.73 compared to $0.74 in the second quarter of 2004. For the first half of 2005, total revenues amounted to $49.2 million, an increase of 86% from the $26.5 million earned in the first half of 2004.

Stratos Global Corp. announced financial results for the second quarter ended June 30, 2006. For the quarter, the corporation reported revenue of $139.3m, a 50 percent increase compared with the $92.7m achieved in the same quarter of 2005. This growth primarily reflected the recently completed Xantic acquisition, which was consolidated with Stratos beginning February 14, 2006. The corporation also reported a net loss of $4.1m, or $0.10 basic loss per share, for the second quarter of 2006, compared with net earnings of $400,000, or $0.01 basic earnings per share, reported for the same period last year. Results for the second quarter of 2006 were negatively impacted by $400…

Stratos Global Corp. announced financial results for the first quarter ended March 31. Its first quarter results were negatively impacted by non-cash, after-tax write-offs of approximately $23.3m, primarily related to the acquisition of Xantic, which was completed on February 14. These after-tax charges included the write-down of $19.6m of capital assets related to the Goonhilly land earth station as a result of the planned post-acquisition network rationalization; the write-off of $1m of deferred financing costs reflecting the successful financing of the Xantic acquisition; and, the write-off of capital assets of $2.7m related to the breach-of-contract claim recently filed against a provider of business process solutions.

Hamburg (ots) - Hamburg Süd and its sister company Aliança Navegação é Logística Ltda. & Cia. saw its cargo volume in the liner services increase by 10 percent to over 1.5 million TEU. In parallel, the average container inventory for the year rose by just under 10 per cent to 204,000 units. The slot capacity of the deployed fleet offered in the liner services grew by 17 per cent to 198,600 TEU (2004: 169,000 TEU). At the end of 2005 the fleet comprised 146 units (2004: 141), including 56 tramp ships (2004: 59). The fleet owned by the Group rose to 27 vessels with the addition of three further vessels of the "Monte" class. The turnover of the Hamburg Süd Group rose by 19 per cent on 2004, $3.77b.

FreeSeas a provider of sea borne transportation services for dry bulk commodities through the ownership and operation of dry bulk vessels, completed an action packed two-week period in New York City. On Friday, March 17 the company held its Quarterly Board Meeting in New York City approving among other topics the fourth quarter and full year 2005 results and accounts. On the same day, the company's management rang the Closing Bell at NASDAQ, which was featured on the home page of NASDAQ's websites and broadcasted by major financial channels such as Bloomberg and CNBC thereby augmenting the company's visibility among the US investment community.

A/S Steamship Co TORM (TORM) shipping company announced its results for its fiscal year ended December 31, 2005. The company said that the results for 2005 were better than expected, and has proposed a dividend of $3.6 per share. In addition the Company has increased expectations for 2006 profit before tax to $140-160 million. Net profit after tax for the year was $299 million. Earnings per share rose to $ 8.6 in 2005 from $5.4 in 2004. EBITDA was $351 million. The market value of the fleet as of December 31, 2005, exceeded the book value by $768 million compared to $573 million in 2004 equivalent to $22.0 per share excluding treasury shares.

Grupo TMM, S.A. reported earnings of $0.41 per share for the fourth quarter of 2005 compared to a loss of $1.62 per share a year ago, and earnings of $3.02 per share for the full year of 2005 compared to a loss of $1.80 per share in the same period of last year. TMM reported the following results for the fourth quarter: Revenue of $88.3 million, up 30.2 percent from $67.8 million the previous year; Operating income of $2.8 million, up from an operating loss of $0.1 million a year ago; Operating margin of 3.2 percent, up 3.3 percentage points from the previous year; Net income of $23.6 million compared to a net loss after discontinuing operations of $92.3 million the previous year.

Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5.5 million in additional hire under our profit sharing arrangements with OSG. Of the additional hire, $2.9 million relates to the VLCCs and $2.6 million relates to the Aframax vessels.

Hornbeck Offshore reported that fourth quarter revenues increased $19.3 million, or 51.1%, to $57.1 million compared to $37.8 million for the fourth quarter of 2004. Operating income was $24.9 million, or 43.6% of revenues, for the fourth quarter of 2005 compared to $10.2 million, or 27.0% of revenues, for the prior-year quarter. These record operating results were primarily driven by continued full practical utilization of the Company's offshore supply vessel (OSV) fleet in the U.S. Gulf of Mexico (GoM) at record dayrates and greater tug and tank barge (TTB) fleet capacity due to 2005 vessel deliveries under TTB Newbuild Program #1.

GlobalSantaFe Corporation announced that the continuing surge in demand and dayrates for offshore oil and gas contract drilling services helped drive operating income sharply higher and boost net income in the fourth quarter of 2005 to $180.2 million, or 73 cents per diluted share, on revenues of $603.5 million, compared with a net loss of $7.6 million, or 3 cents per diluted share, on revenues of $498.3 million in the fourth quarter of 2004. The improved fourth quarter 2005 results included an after-tax gain of $23.5 million, or 9 cents per diluted share, resulting from the sale of the Glomar Robert F. Bauer drillship. Results for the comparable period of 2004 included a tax charge of $42.5 million…

Wilh. Wilhelmsen ASA (WW) posted its results for 2005. Net operating profit was $232 million, while total operating income came to $2.2 billion. Profit before taxes was $209 million. WW's net operating profit for the fourth quarter of 2005 came to $67 million, with total operating income at $608 million. Profit before taxes came to $21 million, compared with $45 million in the same period of 2004. This decline is entirely attributable to a repricing, without liquidity effect, of future hedging contracts as a result of new accounting principles which reduced fourth quarter profit before taxes by $45 million. An extensive newbuilding program is being pursued by WW to secure new and modern tonnage, with 11 ships ordered by the group for delivery in 2006-09.