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 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 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
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 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
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, 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 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.
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 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.
More than 50,000 older diesel powered engines were upgraded or replaced between 2008 to 2010 because of Diesel Emission Reduction Act (DERA) funding which resulted in major clean air benefits and fuel savings, according a new report issued today - the “Second Report to Congress: Highlights
Polar Petroleum Corp. appointed Mr. Donald W. Brizzolara to the Company's Advisory Board as Chief Geological Advisor. Mr. Brizzolara represents 25 years of experience in oil and gas exploration and development, geology and consulting experience for firms such as ConocoPhillips and Shell.
The Seattle Propeller Club announced the winner of the 2013 Puget Sound Maritime Achievement Award as Captain John Veentjer, Puget Sound Marine Exchange Executive Director, aboard Princess Cruises cruise vessel Sapphire Princess while berthed on Pier 66 at the Port of Seattle’s Bell Street
A new interactive display on Particularly Sensitive Sea Areas (PSSA) has been launched at IMO Headquarters and online at www.pssa.imo.org. A PSSA is an area that needs special protection through action by IMO because of its significance for recognized ecological or socio-economic or scientific
Louisiana Gulf Coast Oil Exposition (LAGCOE) appointed its 2013 officers, according to LAGCOE Executive Director Angela Cring. Kirby Arceneaux has been named 2013 LAGCOE Chairman. Since 2001, Arceneaux has been an active contributor to the success of LAGCOE
NOAA release a draft damage assessment & restoration plan for damage caused by the Tank Barge DBL 152 oil spill. Public comment invited. The draft plan describes the steps NOAA has taken to see if natural resources, such as marine habitats
Mercator Lines (Singapore) Indian-owned international dry bulk shipping company cuts short charters, sell a ship. The sale of the vessel Sri Prem Putli was concluded on 21st March, 2013 resulting in net proceeds of USD 44.4 million. The proceeds from the sale of this ship have been partly used
Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, has announced that it has entered into a time charter contract with Rio Tinto Shipping Pty, Ltd., Melbourne, Australia
Chris Willman to Lead Sea Star Line’s National Sales Force. Sea Star Line, LLC has announced the promotion of Chris Willman to Director of National Field Sales. Chris joined Sea Star Line in March 2005 as an inside sales representative
Diana Shipping Inc. signs up to buy the 'M/V Tamou', a 2005 built Capesize dry bulk carrier of 177,243 dwt. The purchase price is US$27,020,202, less one percent address commission to the buyers. The vessel, to be renamed "Baltimore
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory
Saint-Gobain Marine Applications welcomed its new member, Optimera Marine. In the Saint-Gobain Marine Applications group since April 2013, Optimera is a supplier and distributor of panels for interior finishing and furniture onboard ships and offshore accommodations
MAN Diesel & Turbo, Switzerland, signs to provide Norway's Statoil with new subsea compressor equipment & maintenance services. The Zurich-based MAN Diesel & Turbo Schweiz AG and Statoil have followed a joint subsea compressor qualification programme since 2005
Concordia Maritime released its Interm Report 1, January 1 to March 31, 2013. Operating result of SEK 15.7 million Improved income for vessels on the spot market Strongest product tanker market since 2008 Total income, MSEK 127.9 EBITDA, MSEK 51.2
An Australian Transport Safety Bureau report shows a sharp increase in deaths & serious incidents in maritime & offshore sectors. The report, according to the ITF, found that between 2005 and 2012, 254 people were killed, missing or seriously injured in reported marine occurrences.