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2005 Results

K-Sea Announces Record Results

K-Sea Transportation Partners L.P. reported record results of operations for its fiscal 2006 first quarter ended September 30, 2005. The Company also announced that its distribution to unitholders in respect of the first quarter will increase by $0.01 to $0.57 per unit, or $2.28 per unit annualized. The distribution will be payable on November 14, 2005 to unitholders of record on November 8, 2005. For the three months ended September 30, 2005, the Company reported operating income of $6.2 million, an increase of $1.7 million, or 37%, compared to $4.5 million of operating income for the three months ended September 30, 2004. The increase resulted from the expansion of the Company's fleet barrel-carrying capacity over the past year and continued strong vessel utilization, plus improved average daily rates in the Company's coastwise trade as a result of continuing strong demand for refined petroleum products and higher oil prices. Additional vessels put into service over the past year include the tank barges acquired as part of the Norfolk acquisition in December 2004, which are now contributing positively to operating results, one vessel which was placed back in service in September 2004, after being double hulled, and one vessel placed back in service in May 2005 after being retrofitted. Hurricanes Katrina and Rita had no significant impact on operations for the quarter.


TOP Tankers Reports Financial Results

TOP Tankers Inc., announced its operating results for the third quarter and nine-month period of 2006 and restatement of first, second quarter and first half of 2006 unaudited financial statements. For the three months ended September 30, 2006, the company reported net loss of $11,394,000, or $0.35 per share, compared with net income of $7,921,000, or $0.28 per share, for the third quarter of 2005. The weighted average numbers of basic shares used in the computations were 32,163,137 and 28


Aker Releases 3Q Results

Aker Yards ASA reported an EBITDA of NOK 304 million for the third quarter of 2006, an increase of 7.8 percent compared with the third quarter of 2005. Challenges on three RoRo container vessels gave a negative result effect in the quarter of approximately NOK 60 million for the business area Merchant Vessels. Additionally, capacity costs related to low capacity utilization in France resulted in a negative effect of NOK 90 million in the quarter, slightly more than anticipated


Aker Yards’ Backlog Doubles

Aker Yards ASA reported an EBITDA of NOK 240 million for the second quarter of 2005, which corresponds to an EBITDA margin of 5.9 percent. The margin year to date is 5.3 percent. The order intake in the second quarter was NOK 9.3 billion, giving a total order backlog of NOK 36.3 billion at the end of the quarter, representing 110 vessels to be built at the groups' 13 yards. Aker Yards confirms its guidance for 2005 that foresees a growth in revenues to a level in the range of NOK 16-18 bn


Euronav Announces Record Results

The executive committee of Euronav NV reported its financial results for the three months ended March 31, 2006. The company had net income of $93.5 million (2005: $80.8 million) or $1.78 (2005: $1.92) per share, for the three months ended March 31, 2006. This is the highest result for a first quarter ever. EBITDA for the same period was $141.3 million (2005: $98.7 million). The average daily time charter equivalent rates, or TCE


VT Group Benefits from Acquisitions

Support services and shipbuilding firm VT Group said its interim results benefited from the positive impact of recent acquisitions, which traded in line with expectations. The company's earning per share jumped 22.3% to 12.89p. Due to the strong results, the company increased the interim dividend payable to 3.25p a share, an 8.3% increase from 2005. Within the next six months, the group will find out whether its bids for three large military PFI support programmes have been successful


Eagle Reports 2Q Results

Eagle Bulk Shipping, Inc., the largest U.S. based owner of Handymax dry bulk vessels, reported its financial results for the second quarter ended June 30, 2005. Members of Eagle Bulk's senior management team hosted a teleconference and webcast at 8:30 a.m. this morning to discuss the results.


Diamond Offshore Drilling Announces 3Q Results

Diamond Offshore Drilling, Inc. reported net income of $82 million, or $0.60 per share on a diluted basis, for the third quarter of 2005, compared to net income of $2.9 million, or $0.02 per share on a diluted basis, in the same period a year earlier. Revenue for the third quarter of 2005 was $310.5 million, compared to revenue of $208.2 million for the third quarter of 2004. For the nine months ended September 30, 2005, the company reported net income of $153.4 million, or $1


Continued Success for WW

Continued progress characterized results for Wilh. Wilhelmsen ASA (WW) in the first half of 2005. The group has never delivered such high quarterly figures, including an operating income of $511 million in 2Q 2005 (vs. $452 million in 2Q 2004). WW's net operating profit for the second quarter was $72 million, an improvement of $15 million from the same period of 2004. Profit before tax for the quarter came to $64 million, compared with $51 million for April-June last year.


BC Ferries Announces 3Q Results

British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2005/06 with a net loss of $0.9 million for the three months ended December 31, 2005, compared to a net loss of $4.2 million in the same quarter last year. Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the spring and summer quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year.


U.S. GHGas down by 10 % - EPA

U.S. greenhouse gas emissions fell nearly 10 percent from 2005 to 2012, more than halfway toward the United States' 2020 target pledged at United Nations climate talks, according to the latest national emissions inventory. The report showed that emissions dropped 3


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


Transas Names Pfeiffer Navigation Director

Jens Pfeiffer

Transas Marine has announced the appointment of Jens Pfeiffer as a Business Division Director, Navigation, Transas Marine. Jens Pfeiffer first joined Transas as a Sales Manager, Navigation in the company’s German office in 2005 where he worked for two years


Staten Island Ferry Safety Statistics Released

Guy V. Molinari (Photo: Staten Island Ferry)

The U.S. Coast Guard (USCG) sets the standards passenger vessels, such as the Staten Island Ferry, must meet and then inspects the vessels regularly to ensure that they are in compliance. For large passenger vessels, the Coast Guard conducts four safety inspections each year


Konecranes Appoints Flynn as Executive VP

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Ryan Flynn is returning to Konecranes Plc and he has been appointed Executive Vice President and Head of Business Area Equipment. Flynn will be a member of the Konecranes Group Executive Board and will report to Pekka Lundmark, President & CEO


HAVEP: Two Passenger Vessels Detained

Preliminary results from the Harmonized Verification Program (HAVEP) on passenger ships, carried out between January 1, 2013 and December 31, 2013 in the Paris MoU region show that two passenger ships were detained over the 12 month period as a direct result of the HAVEP for deficiencies related


China Now World's Largest Liquid Fuels Importer

Graph courtesy of USEIA

U.S. Energy Information Administration, Short-Term Energy Outlook, March 2014 reveals that in September 2013 China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world


Topaz Revenue up 22%

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Topaz Energy and Marine, a offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd. for the 12 months ended December 31, 2013. The period has seen continued strong and profitable growth across the group’s activities with revenues up 22% and EBITDA up 17%


Topaz Reports NMEL Results

2013 revenue up 22% over last year to $376.5 million as a result of the expansion of the core vessel fleet and high vessel utilization Topaz Energy and Marine, an offshore support vessel company, announced the results of its subsidiary Nico Middle East Ltd


FLIR Systems Elects Two New Directors

FLIR Systems, Inc. announced that Cathy Stauffer and Catherine A. Halligan have been elected to its Board of Directors, effective immediately. The addition of Stauffer and Halligan increases FLIR Systems' Board of Directors to 10 members, eight of whom are independent.


ISS–Tositti Expands Presence in East Adriatic

ISS-Tositti, the joint venture formed at the beginning of 2005 between the independent marine services organization, Inchcape Shipping Services (ISS), and Venice-based Tositti & C., is teaming up in a new strategic partnership with the Koper-based port agency, Navigo Logistika


Port Strike to Bring Delays in Vancouver

Photo: Port Metro Vancouver

Inchcape Shipping Services (ISS) warned that this week’s industrial action by truck drivers serving Port Metro Vancouver is expected to severely impact Canada's largest and most diverse port. A strike notice has been issued to the port authority by the United Truckers Association


Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012.


SatComms Australia Named Gold Service Provider

Inmarsat, a provider of global mobile satellite communications services, today announced that SatComms Australia, a provider of mobile and fixed satellite solutions, has been appointed as a Gold Service Provider. An Inmarsat service provider since 2005


Tankship Asset Price Forecasting Mysteries Explained

Tankship clean sector supply: Image credit McQuilling

Marine transport advisors, McQuilling Services recently released its 2014-2018 Tanker Market Outlook that forecasts spot freight rates across eight tanker classes and 13 major trading routes.  This year’s edition also includes a forecast of asset prices over the same period for


 
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