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2009 Results News

18 Mar 2011

Tsakos Energy Navigation Reports Q4, Full Year Results

Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. -- Voyage revenues of $408.0 million. $3.1 million. million. -- EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). $7,647. -- Fleet utilization of 97.6%. -- Sale of five tankers with a net gain of $19.7 million. panamax product carriers with employment. -- Change from twice yearly to quarterly dividends. in 2010 of $0.60. -- $105 million raised in equity offerings. -- Approximately $1.0 billion in net income since NYSE listing. -- Voyage revenues of $95.0 million. million. -- Income $0.5 million, before impairment charge of $3.1 million. loss of $2.6 million, after impairment charge. vessel impairment charge. $7,284.

23 Feb 2011

Star Bulk Carriers Q4 & Year End Report

Star Bulk Carriers Corp. (Nasdaq: SBLK),a global shipping company focusing on the transportation of dry bulk cargoes, today announced that its Board of Directors declared a cash dividend of $0.05 per outstanding share of the Company's common stock for the three months ended December 31, 2010. The dividend is payable on or about March 10, 2011, to shareholders of record as of March 4, 2011. The company also announced today its unaudited financial and operating results for the fourth quarter and for the year ended December 31, 2010. Spyros Capralos, President and CEO of Star Bulk commented: "Our strong fourth quarter 2010 results of $0.38 per share excluding non-cash items were above Street estimates capping a solid financial year for our Company despite the volatile markets.

13 Aug 2010

Euroseas Results, Six-Months Quarter

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three and six month periods ended June 30, 2010. • Net income of $0.5 million or $0.02 per share basic and diluted on total net revenues of $13.7 million. Excluding the effect of unrealized gain and realized loss on derivatives and unrealized loss on trading securities and amortization of the fair value of charters acquired, the net income for the period would have been $0.5 million, or $0.02 per share basic and diluted. • Adjusted EBITDA was $5.0 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income.

20 May 2010

Star Bulk Carriers Q1 Results

Star Bulk Carriers Corp. (NASDAQ: SBLK) announced its unaudited financial and operating results for the first quarter ended March 31, 2010. Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased that our continued cost reduction campaign contributed to our financial results for the first quarter of 2010 being $0.02 per share better than expected. We also entered into contracts to grow and renew our fleet, taking advantage of attractive asset valuations and opportune timing. During the quarter, we entered into agreements to sell one of our oldest vessels, a 1993 Capesize and replace it with a 2000 Capesize vessel. We also placed orders for two newbuilding Capesize vessels with deliveries scheduled in late 2011.

06 May 2010

Transocean Reports Q1 2010 Results

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) reported net income attributable to controlling interest of $677 million, or $2.09 per diluted share, on revenues of $2.602 billion for the three months ended March 31, 2010. The results compare to net income attributable to controlling interest of $942 million, or $2.93 per diluted share, on revenues of $3.118 billion for the three months ended March 31, 2009. First quarter 2009 results were adversely impacted by certain net charges, after tax, totaling $264 million, or $0.82 per diluted share, consisting of $221 million of impairments on rigs held for sale and $43 million of discrete tax items, merger-related costs and losses on the retirement of debt.

06 May 2010

Excel Maritime Q1 Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2010. A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release. Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “We are pleased to report yet another profitable quarter with increased cash flow generation. We believe that our balanced fleet deployment strategy has allowed us to take advantage of the improving dry bulk market conditions and has resulted in increased EBITDA and operating cash flow compared to the respective period of last year.

06 Apr 2010

Conrad Industries 2009 Results

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its Q4 and twelve months 2009 results. For the quarter ended December 31, 2009, Conrad had net income of $2.8m and earnings per diluted share of $0.43 compared to net income of $7.1m and earnings per diluted share of $1.09 during the fourth quarter of 2008. The company had net income of $12.8m and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009 compared to net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008. The diluted shares for the quarters ended December 31, 2009 and 2008 and for the twelve months ended December 31, 2009 and 2008, are 6.5 million, 6.5 million, 6.5 million and 7.0 million, respectively.

18 Mar 2010

Topaz Announces $65M Profit for 2009

Photo courtesy Topaz Energy and Marine

Topaz Energy and Marine announced its audited financial results for 2009. Topaz posted revenue of $448 million, EBITDA of $ 127 million and Net Profit of $ 65 million demonstrating year on year growth of 7%, 14% and 38% respectively. The growth in these difficult times clearly demonstrates a resilience that sets Topaz apart from many of its peers. Topaz Energy and Marine is an oil & gas focused marine services and engineering company with a regional footprint across the Middle East and the Caspian.

18 Mar 2010

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

18 Mar 2010

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

18 Mar 2010

Tsakos Q4 & 2009 Results

- Sale of suezmax tanker with a gain of $5.1 million vs. - Sale of suezmax tanker with a gain of $5.1 million. Income for the year ended December 31, 2009 amounted to $47.8 million (before impairment charges of $19.1 million) compared to the record net income of $202.9 million achieved in 2008. Net income in 2009 including impairment charges was $28.7 million. The decrease is attributable primarily to the lower freight market and the higher fleet exposure to the spot market for the fleet. The commensurate decline in vessel values contributed to impairment charges totaling $19.1 million incurred on the values of the three oldest vessels in the fleet. Diluted EPS based on weighted average number of shares outstanding was $0.77 versus diluted EPS of $5.33 achieved in 2008.

05 Mar 2010

Global Ship Lease Reports Q4 2009 Results

Global Ship Lease, Inc. (NYSE:GSL)(NYSE:GSL.U)(NYSE:GSL.WS), a containership charter owner, announced its unaudited results for the three months ended December 31, 2009. - Generated $16.5 million of cash in the fourth quarter of 2009 up 29% on $12.8 million on cash generated in fourth quarter 2008. - Reported revenue of $39.9 million for the fourth quarter of 2009, up 52% on $26.3 million for the fourth quarter 2008 due to the purchase of four additional vessels in December 2008 and one additional vessel in August 2009. - Reported normalized net earnings of $7.3 million, or $0.13 per share, for the fourth quarter of 2009, excluding a $5.1 million non-cash interest rate derivative mark-to-market gain.

05 Mar 2010

OSG’s Q4 Results & Improving Outlook

Overseas Shipholding Group’s Q4 2009 results were aided by an unexpected tax credit. OSG reported a loss of $0.59 excluding one-time items versus our ($1.02) forecast and the Street’s ($1.25) forecast. However a $30.5 million tax credit for 2009 against 2004 earnings led to the earnings beat, as earnings without the tax credit would have been ($1.73). The actual cash tax credit will be $43 million, which OSG will receive in 2010. TCE revenues were $5 million below our forecasts on slightly lower utilization than we had expected while G&A costs of $36 million were $5 million higher than we forecast. Management guided stronger 1Q10 results.OSG disclosed that 66% of its spot VLCC days have been fixed at an average of $50,000/day, with 57% of its spot Aframax days done at $25,000/day.

03 Mar 2010

Hercules Offshore Q4 & Full Year 2009 Results

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. When adjusting for certain items outlined in the attached Reconciliation of GAAP to Non-GAAP Financial Measures, the company reported a loss from continuing operations of $25.8 million, or $0.23 per diluted share for the fourth quarter 2009, compared with income from continuing operations of $36.2 million, or $0.41 per diluted share for the fourth quarter 2008, also adjusted for certain items.

02 Mar 2010

Euroseas Q4 & Year End Report

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the fourth quarter of 2009 and year ended December 31, 2009. - Net loss of $16.3 million or $0.53 loss per share basic and diluted on total net revenues of $16.5 million. The results include a $9.0 million loss from the sale of two vessels. Excluding the effect on the losses for the quarter of the loss from the sale of the vessels as well as the effect from the unrealized losses on derivatives and trading securities and the amortization of the fair value of time charter contracts acquired…

25 Feb 2010

Excel Maritime Q4 & Year End Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the fourth quarter and year ended December 31, 2009. -- Revenue from operations for the quarter amounted to $186.2 million as compared to $189.2 million in the fourth quarter of 2008. -- Net profit for the quarter was $81.8 million or $1.00 per weighted average diluted share compared to a loss of $332.1 million or $7.56 per weighted average diluted share in the fourth quarter of 2008. -- The fourth…

24 Feb 2010

Transocean Ltd. Q4 & Full-Year 2009 Results

Transocean Ltd. (NYSE:RIG) reported net income attributable to controlling interest for the three months ended December 31, 2009 of $723 million, or $2.24 per diluted share, on revenues of $2.733 billion. The results compare to net income attributable to controlling interest of $754 million, or $2.35 per diluted share, on revenues of $3.270 billion, for the three months ended December 31, 2008. --  Partially offset by $48 million of net charges primarily related to discrete tax items, the retirement of debt and adjustments associated with the GlobalSantaFe merger. For the year ended December 31, 2009, net income attributable to controlling interest totaled $3.181 billion, or $9.84 per diluted share, on revenues of $11.556 billion.

12 Feb 2010

Wilhelmsen Q4 2009 Results

The Wilh. Wilhelmsen ASA (WW) maritime industry group achieved an operating income of USD 3.4 billion in 2008, up by more than 25% compared with 2007. The shipping and maritime services segments are the main contributors to the improved top line. The operating income for the year totalled USD 3 434.2 million, compared with USD 2 727.6 million in 2007. Net operating profit came to USD 351.6 million, compared with USD 265.7 million. Operating income for the fourth quarter amounted to USD 853.4 million, up from USD 740.1 million for the same period in 2007. Operating profit came to USD 134.0 million, compared with USD 58.9 million. A booming world economy…

12 Feb 2010

Hornbeck Offshore Q4 2009 Results

Hornbeck Offshore Services, Inc. (NYSE:HOS) announced results for the fourth quarter ended December 31, 2009. Fourth quarter 2009 revenues decreased 27.0% to $88.3 million compared to $121.0 million for the fourth quarter of 2008 and decreased 2.0% compared to $90.1 million for the third quarter of 2009. Operating income was $24.2 million, or 27.4% of revenues, for the fourth quarter of 2009 compared to $56.5 million, or 46.7% of revenues, for the prior-year quarter; and $27.1 million, or 30.1% of revenues, for the third quarter of 2009. Net income for the fourth quarter of 2009 was $9.3 million, or $0.34 per diluted share, compared to $34.6 million, or $1.29 per diluted share for the year-ago quarter; and $13.8 million, or $0.51 per diluted share for the third quarter of 2009.

10 Feb 2010

KVH Q4 2009 Results

KVH Industries, Inc., (NASDAQ:KVHI) reported financial results for the fourth quarter ended December 31, 2009. Revenue for the fourth quarter of 2009 was $26.3 million, up 24% from the quarter ended December 31, 2008. Net income for the period was $1.8 million, or $0.13 per diluted share. During the same period last year the company reported net income of $0.3 million or $0.02 per diluted share. For the year ended December 31, 2009, revenue was $89.1 million, up 8% compared to $82.4 million for the year ended December 31, 2008. KVH reported a net loss of $0.1 million or $0.01 per share for 2009. During the same period last year, the company reported net income of $3.1 million or $0.21 per diluted share.

10 Feb 2010

ACL 2009 Q4 Results

American Commercial Lines Inc. (NASDAQ: ACLI) announced results for the fourth quarter and year ended December 31, 2009. Revenues for the quarter were $226.9 million, a 16.4% decrease compared with $271.6 million for the fourth quarter of 2008. The decrease in revenue in 2009 was primarily due to changes in the mix of commodities shipped by our transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices (which are generally passed through to our customers). Total ton-mile volume declined by 1.4% compared to the fourth quarter 2008. Income from continuing operations for the quarter was $14.2 million or $1.09 per diluted share, compared to $22.9 million or $1.81 per diluted share for the fourth quarter of 2008.

09 Feb 2010

STX Europe Q4 2009 Results

In the fourth quarter 2009 STX Europe reported an EBITDA of NOK -44 million compared with NOK -728 million in the fourth quarter of 2008. The 2009 preliminary EBITDA was NOK 133 million compared with NOK -400 million in 2008. Offshore & Specialized Vessels continue to perform well with an EBITDA result of NOK 250 million in the fourth quarter and a preliminary 2009 EBITDA of NOK 643 million (NOK -29 million in 2008). The Cruise & Ferries business area had fourth quarter EBITDA of  NOK -104 million, and a preliminary 2009 EBITDA of NOK -209 million (NOK 103 million in 2008). At the Cruise & Ferries yards, a reduced orderbook combined with low order intake has resulted in restructuring and capacity adjustments.

04 Feb 2010

Northrop Grumman Q4 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported Q4 2009 net earnings of $413 million, or $1.31 per diluted share, and 2009 net earnings of $1.7 billion, or $5.21 per diluted share. In 2008, the company reported a fourth quarter net loss of $2.5 billion, or $7.75 per diluted share, and a net loss for the year of $1.3 billion, or $3.77 per diluted share. 2008 fourth quarter and full year results were significantly impacted by a goodwill impairment charge. In December 2009, the company completed the sale of TASC, Inc. (TASC), its advisory services business, for $1.65 billion in cash and a net gain of $0.05 per share. TASC's operating results are accounted for as discontinued operations, and results for all periods presented in this release have been adjusted for the divestiture.

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