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2010 Results

TEN Reports 4Q Results

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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 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. 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.


Bourbon Presents Horizon 2012 Plan

In February 2006, Bourbon announced the Horizon 2010 plan, a strategy based on an original vision of the market and substantial investments in a modern fleet. In February 2008, Bourbon is announcing its Horizon 2012 strategic plan, which continues and prolongs its outlook. Chairman and Chief Executive Officer Jacques de Chateauvieux explains: "This new strategic plan is an extension of our 2010 horizon to 2012. It again illustrates the ongoing improving approach adopted by BOURBON which


Hercules Offshore Q1 2010 Results

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 Q1 2010 Results

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


Bourbon Announces 1H Results

Christian Lefèvre, CEO, Bourbon.

“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


Tidewater Reports Q2 Results, Fiscal 2011

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


Navios Maritime Q4, Year End Results

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


Crude Carriers Corp. Q4 Report & Divident

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.  


STX Europe 1Q 2011 - Improvements Continuing

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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.


CIRCOR Names Vincent Sandoval President, Aerospace & Defense

Vincent Sandoval: Photo credit CIRCOR

Provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense,  CIRCOR International, Inc., inform that Vincent Sandoval will join the Company as Group President—CIRCOR Aerospace & Defense effective March 19


USCG Report Investigates Tuna Boat Sinking

The U.S. Coast Guard (USCG) released the results of its investigation into the June 2010 sinking of the U.S. flagged Distant Water Tuna Fleet vessel Majestic Blue 2,100 miles southwest of Hawaii, Friday. The investigation revealed twenty-two crewmembers safely abandoned ship and were rescued


Comparison Offers Clues on Container Ship Operation Profitability

Container ship bows: File photo CCL

The container industry is a notoriously difficult sector to make any money in, but a few major lines have managed to avoid the red ink while others have toiled. Drewry Maritime Equity Research compares the performances of Asian companies OOIL and NOL for clues behind the varying results and the


Huntington Ingalls to Explore Opportunities for Avondale Redevelopment

 Huntington Ingalls Industries announced today it will conduct a study with Kinder Morgan Energy Partners, L.P. (NYSE:KMP) to explore redeveloping Huntington Ingalls Industries' Avondale shipyard in Louisiana.   Since the July 2010 announcement to close Avondale


Arbitration Awards NAT $10.2M for Ship Repair Bill

Nordic American Tankers (NAT) announced that an arbitration panel in London has produced an award in favor of NAT. Gulf Navigation Holding PJSC (GulfNav) was the other party in the arbitration. The case relates to the six-year bareboat charter with GulfNav of the Suezmax vessel Gulf Scandic (now


Statoil to Cut Expenditure by $5 Billion

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Statoil's fourth quarter 2013 net operating income was NOK 43.9 billion. In 2013, net operating income was NOK 155.5 billion. At today's Capital Markets Update, Statoil presents its plan for reduced capital expenditure by more than $5 billion (USD) from 2014-16 compared to previous plans


Is NAT Approaching Recovery?

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Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. NAT’s results are below: In early December 2013 the Suezmax tanker rates increased significantly compared with


Victor Technologies Sold to Colfax Corp. in Cash Transaction

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Private equity firm Irving Place Capital (IPC) and Victor Technologies (Victor) announce they have entered into a definitive agreement to sell Victor to Colfax Corporation (Colfax), a global manufacturer of gas and fluid-handling and fabrication technology products


DSIC Appoints Ahern to Advisory Board

Jayson P. Ahern

Decision Sciences International Corporation (DSIC), an advanced technology provider of security and detection systems, today announced that The Honorable Jayson P. Ahern, former Acting Commissioner of U.S. Customs & Border Protection, was appointed to the company's Advisory Board


Petrobras Cuts Spending, Quarter Profits Fall 19%

Photo: Petrobras

By Jeb Blount, Reuters Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known


BP Loses Bid to Block Seafood Fund Payments

A U.S. federal judge on Wednesday denied BP Plc's request to halt payments from the $2.3 billion fund it created to compensate commercial fishermen for financial losses after the British company's 2010 offshore oil spill, according to court records.


US Appeals Court, Says BP Bound by Gulf Spill Accord

By Jonathan Stempel, Reuters A divided U.S. appeals court has rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster. By a 2-1 vote, the 5th U.S


US Lifts Iran Economic Sanctions against ASM

On February 7, 2014, the United States, acting through the U.S. State Department (the foreign ministry of the United States) terminated all economic sanctions imposed against Associated Shipbroking, Monaco (ASM), under the U.S. economic sanctions against Iran


Passenger Vessel Safety Record Defies NTSB Hit List

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The National Transportation Safety Board (NTSB) recently released its annual “Top 10 Most Wanted List” of Transportation Improvements for 2014. New this year was the issue of passenger vessel safety. Between 2000 and 2010, several accidents involving passenger vessels occurred


Navy Funds Austal to Build Two More LCS in US$3.5-Billion Program

LCS Independence variant photo courtesy of US Navy

Austal inform that its USA’s order backlog has grown by approximately US$684-million dollars as a result of two additional Littoral Combat Ship (LCS) contract options being exercised by the United States Navy. The contract options fund construction of the LCS 18 and LCS 20


 
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