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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.


Suppression of Random Drug Test Results: A Bad and Unnecessary Decision

Lee Seham

Last September, an Administrative Law Judge (ALJ) unsettled much of the U.S. maritime industry when he dismissed with prejudice a U.S. Coast Guard (USCG) action to revoke a Merchant Mariner’s Credential (MMC) despite his finding that the mariner’s urine had tested positive for cocaine


Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Superior (Photo: Stena Bulk)

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and, finally, on June 3, it will be Singapore’s turn.  


Hertel Offshore Renamed CKT Projects

Photo courtesy of CKT Projects

Hertel has announced the acquisition of Hertel by Altrad  for its worldwide access solutions, insulation, corrosion protection and mechanical businesses. Hertel Offshore was not part of the acquisition by Altrad, but will continue its activities and business with the same shareholders (NPM


Maersk Vessel to be Released after Company Pays Debt: Iran

Maersk Tigris: Maersk Line

 The Iranian Embassy in Denmark has reportedly said that a cargo ship recently impounded the Persian Gulf by Iranian Navy forces will be released if the ship’s operator company settles its overdue debts to an Iranian plaintiff.   


Maersk: Iran Must Release Ship, Crew

Denmark's Maersk shipping said on Thursday it insisted on the release of a vessel and crew seized by Iran, adding it assumed the incident was related to a 2005 court case over uncollected cargo. The Marshall-Islands flagged Maersk Tigris container ship was detained by Iranian forces in the


FMC Chairman Addresses PEMA Ports Program

Mario Cordero (Photo: FMC)

U.S. Federal Maritime Commission (FMC) Chairman Mario Cordero addressed the Professional Environmental Management Association (PEMA) at its Annual Ports Program held in Seal Beach, California. The Chairman spoke on the subject of congestion at U.S


Drydocks World Secures New ISO Certificate

Drydocks World winning a new ISO certificate

  Drydocks World the international service providers to the shipping, offshore, oil, gas and energy sectors won the ISO 3834-2: 2005 certificate for quality requirements on fusion welding of metallic materials. This certificate validates Drydocks World’s capabilities in line with


Hempel CEO Jullien Plans Retirement

Pierre-Yves Jullien (Photo: Hempel)

Pierre-Yves Jullien, CEO of Hempel A/S since 2005, has decided to retire after nearly 40 years in the Group. He will step down from his role as CEO on March 31, 2016 at the latest.   Hempel’s board of directors has initiated a search for a new CEO of the group.   


Mega Ships and Cyber Attacks Pose New Threats

allianz_logo.png

Shipping losses continued their long-term downward trend with 75 reported worldwide in 2014, making it the safest year in shipping for 10 years, according to Allianz Global Corporate & Specialty SE’s (AGCS)  third annual Safety and Shipping Review 2015


Shipping Contributes $164bln to EU

Photo: ECSA is presenting the updated version of the Oxford Economics study on econ. impact of shipping

 The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping industry which highlights the industry’s contribution to the European Union's economy based on new data.  


Study Highlights Economic Impact of EU Shipping

The European shipping industry contributed an estimated €147 billion to the EU’s GDp in 2013, according to a recent study  The European Community Shipowners' Association (ECSA) presented the results of a recent update of the Oxford Economics study on the economic value of the EU


Golar LNG sells Golar Viking

Image: Golar LNG Ltd

 Golar LNG Ltd has completed the sale and delivery of the LNG carrier Golar Viking to PT Perusahaan Pelayaran Equinox (Equinox) for US$135 million.   The 140,205-cbm Golar Viking (built 2005) has been renamed Salju under Indonesian flag and registry.  


Topaz Announces Leadership Changes

Jay Daga has been named Chief Financial Officer of Topaz Energy and Marine, an international offshore support vessel owner with operations in the Middle East, Caspian and West Africa.   Daga will take his position with immediate effect


Long Beach's Green Port Policy Turns 10

Photo: Port of Long Beach

The Long Beach Board of Harbor Commissioners celebrated the 10th anniversary of the Port of Long Beach’s Green Port Policy by honoring its originators and reaffirming their commitment to environmental sustainability.   Adopted on January 31, 2005


Volvo Penta IPS: Still Revolutionary

A decade ago, one system single-handedly changed the face of leisure and commercial boating. The game changer Volvo Penta IPS.

  In the first two months of 2005, visitors from all over the world attended the London International Boat Show and Miami International Boat Show, expecting to find the usual selection of boats, equipment and accessories. What they discovered instead was history in the making






 
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