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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.


Volvo Penta’s IPS System a Boon to Ferries Operators

The Antares boat on the sea around the Amalfi coast. Photo Volvo Penta

A new passenger ferry, Antares, has been launched from the Italian city of Naples and is the first boat of its kind in the region to be installed with Volvo Penta’s ingenious Inboard Performance System (IPS). The installation of IPS 900 showcases Volvo Penta’s state-of-the-art


Shipbuilding’s ‘Fatal Attraction’ – A Dramatic Affair?

Graph: Clarksons Research

 Down the years, shipbuilders have always entered and exited the business as cycles have progressed, but over the past decade developments have been dramatic, says Clarksons Research.   Back in 2007, 220 shipyards secured at least one order for a unit of 20,000 dwt or above in size


Kooiman to Repair MTS Julius Rütgers

Photo courtesy of Kooiman

Eiltank Schiffart GmbH & Co KG has placed the order for the repair of the inland waterway tanker vessel Julius Rütgers Shipyard with the shipyard Gerb. Kooiman B.V.  Zwijndrecht, The Netherlands. MTS Julius Rütgers was seriously damaged after the explosion of some cargo tanks


Global Fleet Growth: A More Mature Trend?

Graph: Clarksons Research

 The supply of ships into the fleet is a key determinant of vessel earnings across the shipping sectors, and world fleet growth is closely followed by everyone in the maritime industry, says Clarksons Research.   In recent years the overall pace of growth of the world fleet appears to


UK P&I Club's Good Results in Difficult Times

Alan Olivier, Chairman of the UK P&I Club

Disciplined underwriting delivers another successful year   London, 11 May 2016 – The UK P&I Club (“The UK Club”), one of the leading shipping protection and indemnity mutual insurers, announces its financial results for the year ended 20 February 2016.  


Petrofac Wins $100 Million North Sea Deal

Image: Petrofac

 Petrofac is set to build on its provision of reimbursable services for Total E&P UK following the award of an enhanced three-year contract extension on the Alwyn and Dunbar platforms in the Northern North Sea.   The contract, worth in the region of $100 million


Palm Beach Port Commissioners Stop Funding for ACOE Project

Lake Worth Inlet Feasibility Study Image U.S. Army Corps of Engineers

On Thursday, May 19, 2016, the Port of Palm Beach Board of Commissioners agreed to exclude funding for a proposed U.S. Army Corps of Engineers Lake Worth Inlet navigational improvement project from the port’s Master Plan Update. The ACOE project


Tissot Appointed VP & CFO, Bureau Veritas

Nicolas Tissot, 49, has been the Group Chief Operating Officer and a member of the Executive Committee  Photo BV

Bureau Veritas announces the appointment of Nicolas Tissot as Executive Vice-President and Chief Financial Officer. He replaces Sami Badarani, who has decided to leave the company to pursue new professional opportunities. Nicolas Tissot has solid management and finance experience gained in key


Oman Shipping Makes Profit

Photo: OmanShipping Company SAOC

 Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News Agency saying that  achieving significant profit came as a result of the good performance of the operations of the


Fitch Upgrades Palm Beach Port's Bond Outlook to Positive

The Port of Palm Beach District is proud to announce that Fitch Ratings has revised the Rating Outlook on approximately $9.72 million of outstanding Port of Palm Beach District port revenue bonds, series 2005, from Stable to Positive.


'Big Data' Helps NYK Line Axe CO2 Emissions

Photo: Nippon Yusen Kaisha (NYK Line)

 In fiscal 2015, Nippon Yusen Kaisha (NYK Line) achieved a 14.3 percent reduction in CO2 emissions, exceeding the goal established in 2011 in the company’s "More Than Shipping 2013" medium-term management plan calling for a 10 percent reduction by fiscal 2015 in the CO2


DNV GL: Enhancing Fire Safety on Ro-Ro Decks

Courtesy DNV GL

DNV GL has issued a report on fire incidents in Ro-Ro spaces to address growing safety concerns in this segment and provide guidance to shipowners. DNV GL’s “Fires on Ro-Ro decks” has examined fires within Ro-Ro spaces on Ro-Pax vessels


Newly Formed MV WERFTEN to Focus on Cruise Builds

Wismar

Genting Hong Kong announced that the three shipyards in the German State of Mecklenburg-Vorpommern bought this April will be named as MV WERFTEN*, be managed in Wismar and will focus on building large new cruise ships. Lloyd Werft located in Bremerhaven and bought last September will focus on its


Big Win for Maersk Fluid Technology’s BOB System

Maersk Pearl – one of the vessels to be equipped with B1000 Blending-On-Board system from Maersk Fluid  Technology Photo Maersk

In the second half of 2015, Maersk Fluid Technology introduced a new version of its cylinder oil ‘Blending-On-Board’ (BOB) system, targeting medium-sized 2-stroke propulsion engines with a cylinder bore between 420 and 680 mm.


G E Shipping Buys Product Tanker

Courtesy G E Shipping

The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Medium Range Product Tanker of about 48,539 dwt. The 2005 Japanese built vessel is expected to join the Company’s fleet in Q2 FY17. The Company’s current fleet stands at 33 vessels






 
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