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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 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


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


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


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


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.


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.


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.


Spivak Appointed CFO, Seaspan

Logo

 Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President


Mitsubishi Books Loss from Cruise Ship Business

Courtesy Mitsubishi

 Mitsubishi Heavy Industries, Ltd. (MHI) hereby announces its intent to book an extraordinary loss from its cruise ship business in the company's consolidated financial results for fiscal year (FY) 2015 (ending March 31, 2016). 1. Background to the extraordinary loss


Golden Ocean Names New CEO and CFO

Photo: Golden Ocean

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS.  


Port of Vancouver CEO Coleman to Step Down

Todd Coleman ((Photo: Port of Vancouver USA)

Todd Coleman, CEO of Port of Vancouver USA, step down from his position May 19, after 15 years with the port.   Coleman, a Professional Engineer, began his career with the port in 2001, when he was hired as Facilities Manager. After three promotions


Maersk Drilling Posts Record Profit

Courtesy Maersk Drilling

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings


This Day In Naval History - February 19

The crew assigned to the Jimmy Carter (SSN-23) bring her to life as they board the newly commissioned Seawolf-class nuclear-powered attack submarine at Naval Submarine Base Groton, Conn., February 19, 2005. (U.S. Navy photo: Roadell Hickman)

1900 - President William McKinley signs an Executive Order placing Tutuila (Samoa) and nearby islands under the Navy Department.   1942 - The Japanese attack Darwin, Australia in the largest attack by a foreign power on that country. USS Peary (DD 226)


Ports of Auckland Interim Profit Up

A ship departing from Ports of Auckland. Photo: Ports of Auckland Limited

 Ports of Auckland Chief Executive Tony Gibson has announced a ‘solid’ half year result for the company, achieved despite a fall in volumes and revenue.   The port produced an interim net profit of $31.6 million for the six months to December 31, a 9


Results of CIC on Enclosed Space Performance Satisfactory

Enclosed space entry blue Photo Paris MOU

PSCO’s in the Tokyo MoU and Paris MoU regions have performed a joint Concentrated Inspection Campaign (CIC) on Crew Familiarization for Enclosed Space Entry from 1 September through 30 November 2015. In general the results of the CIC indicate that the subject of Enclosed Space Entry is


Shipping Investors Not Very Optimistic

Graph: Clarksons Research

 The volatility of the shipping markets has always presented opportunities and pitfalls for investors - an analysis from Clarksons Research. Getting the timing right is key, and newbuilding decisions can prove especially difficult given the need to look further forwards into the future


The Container Fleet: Think Inside The Box?

Graph: Clarksons Research

 The increase in containerisation of cargoes and the expansion of the global containership fleet have had a significant impact on global trade and economic development, says a research report from Clarksons Research.   However, this would not have been possible were it not for the


Diana Containerships Posts 2015 Net Loss

Hanjin Malta (Photo: Diana Containerships)

Diana Containerships Inc. reported a net loss of $8.8 million for the fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014. According to the shipping company, the loss was mainly the result of $6


Long Beach Port Improves Air For 11 Years

The Green Flag Program has been highly successful in reducing air pollution from ships, the leading port-related source of emissions.

Port offers discounts for ships that slow, reduce emissions March 1, 2016 Shipping lines calling at the Port of Long Beach cut thousands of tons of air pollution last year by voluntarily participating in the Port's Green Flag Program, which offers financial rewards for ships that reduce their


Satisfactory 2015 results for DNV GL

Image: DNV GL

 In 2015, DNV GL delivered satisfactory financial results and increased its operating revenue by 8.2%.   Group President and CEO of DNV GL Remi Eriksen highlights: “Given the challenging market conditions, particularly in the oil & gas industry


GE Provides DP Sea Time Reduction Course

GEs Marine DP Training Center in Houston (Photo: GE)

GE’s continuous efforts to help increase marine industry safety standards for operators recently resulted in the endorsement of The Nautical Institute’s (NI) accreditation for GE to conduct a dynamic positioning (DP) sea time reduction (STR) course in its modern DP training center in


Manage and Mitigate Risk on the Water

Tracy Markowski

Strengthening your marine insurance   Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11






 
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