18th consecutive year of profitability Company declares quarterly dividend of $0.15 payable in April 2011 Total dividends reach $333 million since 2002 NYSE listing 2010 HIGHLIGHTS - Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). - Average daily operating expenses per vessel decreased by 11.9% to $7,647. - Fleet utilization of 97.6%. - Sale of five tankers with a net gain of $19.7 million. - Delivery of two newbuilding aframax tankers and acquisition of four panamax product carriers with employment. - Change from twice yearly to quarterly dividends. Total dividends paid in 2010 of $0.60. - $105 million raised in equity offerings. - Approximately $1.0 billion in net income since NYSE listing. 2010 FOURTH QUARTER HIGHLIGHTS - Voyage revenues of $95.0 million. - Operating income of $9.0 million, after impairment charge of $3.1 million. - Income $0.5 million, before impairment charge of $3.1 million. Net loss of $2.6 million, after impairment charge. - EPS (diluted) of $0.01, excluding impairment charge, or $(0.06) after vessel impairment charge. - Average daily operating expenses per vessel decreased by 16.7% to $7,284.
Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. 2010 HIGHLIGHTS -- Voyage revenues of $408.0 million. -- Operating income of $80.7 million, after vessel impairment charge of $3.1 million. -- Net income of $19.8 million, after vessel impairment charge of $3.1 million.
“We have arrived at the end of a downturn that has lasted since late 2008, and the market for modern offshore vessels is now turning around. BOURBON has every chance of being the first to benefit from this new turn of events thanks to a high-performance modern fleet and a worldwide network. BOURBON’s operating income for the period is up 19.9% over the first half of the previous year and 145% over the previous six-month period
Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $16.0 million, or $0.14 per diluted share, on revenues of $150.8 million for the first quarter 2010, compared with a loss from continuing operations of $4.5 million, or $0.05 per diluted share, on revenues of $223.5 million for the first quarter 2009. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "While our financial results remain depressed following the industry-wide
Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the first quarter ended March 31, 2010. First quarter 2010 revenues decreased 21.4% to $86.2 million compared to $109.6 million for the first quarter of 2009 and decreased 2.4% compared to $88.3 million for the fourth quarter of 2009. Operating income was $15.7 million, or 18.2% of revenues, for the first quarter of 2010 compared to $45.4 million, or 41.4% of revenues, for the prior-year quarter; and $24
Highlights: - EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1 2010. - Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million). - Orderbook situation: • Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million). • 7 vessels successfully delivered in first quarter 2011.
Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the fourth quarter and year ended December 31, 2010. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to increase our cash distribution per unit for the fourth quarter. This is the third increase in the last four quarters, and the $0.43 per unit distribution represents an increase of approximately 5% over the fourth
Highlights: · Declared a cash dividend of $0.30 per share for the fourth quarter of 2010 · Reported fourth quarter net profit of $2.4 million or $0.15 per share (‘EPS’). · Earned average Time Charter Equivalent (‘TCE’) of $26,575 per day for the two Very Large Crude Carriers (‘VLCCs’) and $23,826 per day for the three Suezmaxes in the Company’s fleet.
Tidewater Inc. (NYSE:TDW) announced second quarter net earnings for the period ended September 30, 2010, of $19.4 million, or $0.38 per share, on revenues of $267.1 million. For the same quarter last year, net earnings were $98.2 million, or $1.90 per share, inclusive of a $34.3 million, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation, on revenues of $295.5 million. The immediately preceding quarter ended June 30, 2010, had net earnings of $39
General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2010. Financial Review: Second Quarter 2010 The company recorded a net loss of $14.3 million or $0.25 basic and $0.25 diluted loss per share for the three months ended June 30, 2010 compared to net income of $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009. The decrease in net income was primarily the result of an 18
A new five-year low in oil spills from tankers reported by the International Tanker Owners Pollution Federation (ITOPF), as the average for 2010-2014 falls to 1.8 large spills per year. During the year, ITOPF recorded 1 large spill of bitumen (over 3
BP Plc and Anadarko Petroleum Corp narrowly failed to persuade a U.S appeals court to reconsider its 2014 ruling that they could face civil fines under federal pollution laws over the 2010 Gulf of Mexico oil spill. By a 7-6 vote, the 5th U.S
Classification society ClassNK has amended its rules and guidance for the survey and construction of steel ships. ClassNK said it regularly revises and amends its rules and guidance as part of its ongoing efforts to improve the safety of life and property at sea
Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million. The five vessels, which are expected to be delivered in the first quarter of 2015, were constructed in 2008
Romanian university Constanța Maritime University will provide ECDIS training in accordance with the STCW 2010 requirements Transas Marine has installed the ECDIS simulator class at the Constanța Maritime University (CMU), one of the first maritime schools in Romania to launch
Søren Gath Hansen will step down as Group Executive Vice President and CEO for E&P. His successor is David B. Cook who comes from a position as Executive Officer and Head of Oil & Gas at the Abu Dhabi National Energy Company, TAQA
Brazil's state-run oil company Petroleo Brasileiro SA said it delayed the release of its third-quarter financial results for a second time on Friday as a result of new developments in a widening corruption probe. Prosecutors on Thursday indicted executives of some of the country's
A U.S. judge weighing how much BP Plc should be punished for the 2010 Gulf of Mexico oil spill on Thursday refused to overturn his own finding that the oil company's conduct was "grossly negligent." The decision by U.S. District Judge Carl Barbier in New Orleans means BP could still
Norwegian broadcaster NRK today reported that Aker Solutions' fabrication yard in Egersund, Norway, will be letting 1,500 temporary workers go after the new year. While it is common practice at the yard to adjust the temporary workforce to existing activity levels
Ensco plc today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.06 per share gain on the sale of four jackup rigs, third quarter 2014 diluted earnings per share from continuing
The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that its annual Tribute to the United States Coast Guard Seventh District will take place on November 13 at the Marriott Biscayne Bay in Miami
Major revisions to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (The STCW Convention) came into force in 2012. The “Manila Amendments - 2010” were adopted at a diplomatic conference at Manila, in the Philippines in 2010.
We recently came across a very interesting report issued to Congress by the United States Coast Guard. The May 2012 study might seem dated, but that’s hardly the case. Actually, it’s a telling description of what can go wrong, why and perhaps
A U.S. judge has ruled that BP Plc cannot recoup what it says were inflated claims paid under a multi-billion dollar settlement program to compensate people hurt by the 2010 Gulf of Mexico oil spill, NOLA.com reported on Wednesday. BP originally expected the payout program to cost $7
The U.S. Coast Guard (USCG) published a final rule aligning its regulations with the 2010 Coast Guard Authorization Act. Before 2010, certain uninspected commercial vessels including barges and sailing vessels fell outside the scope of the statute requiring the Coast Guard to regulate lifesaving