Marine link
 

2010 Results

TEN Reports 4Q Results

10031_TEN_logo.gif

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 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


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


STX Europe 1Q 2011 - Improvements Continuing

STX Europe.bmp

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 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.  


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


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


New USCG Rule for Lifesaving Devices

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


Transocean Steers Clear of BP Punitive Damages

Deepwater Horizo Photo USCG

Transocean Ltd. informs it has received a decision by the United States District Court for the Eastern District of Louisiana on phase one of litigation related to the April 20, 2010 Macondo well incident involving the Deepwater Horizon.  Key findings in the Court's decision with respect to


Accident Claims One in BP North Sea Incident

A man has died after an incident on a North Sea oil platform owned by BP Plc, the company said on Thursday. "BP is deeply saddened to confirm that an offshore worker has died following an incident on the Unity platform," BP said in a statement


DNV GL Approves Permanent Underwater Wet Welding Repairs

Underwater wet welding

  DNV GL and Subsea Global Solutions LLC. are proud to announce that they have completed an extensive joint research and development program, that will allow permanent repairs to be carried out by underwater wet welding on certain areas of vessels


SGS Wet Welding Repairs Approved by DNV GL

Underwater wet welding: Photo DNV GL

DNV GL and Subsea Global Solutions LLC (SGS) say that they have completed an extensive joint research and development program, that will allow permanent repairs to be carried out by underwater wet welding on certain areas of vessels. Subsea Global Solutions’ global network of coded


Update on the Deep Discovery at BNG

Image

  Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, has given an update about the market with news of the deep discovery at its flagship BNG asset. The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the


USCG Issues Interim OSV Cargo Rule

The U.S. Coast Guard (USCG) issued an interim rule regarding regulations to mitigate the risk created by the removal of the statutory size limit previously placed on offshore supply vessels (OSVs). The regulations were effective immediately upon publication in the Federal Register.


Alexander Gaivoronsky Heads Gazprom Transgaz Ukhta

Alexander Gaivoronsky

  Alexander Gaivoronsky was appointed Director General of Gazprom Transgaz Ukhta. Alexander Gaivoronsky was born in the Sverdlovsk Region in 1975. In 1997 he graduated from Ural State Technical University, majoring in Turbine Construction.


Boskalis Post Record H1 2014 Profits

Boskalis dredger: Image courtesy of the owners

Despite what it describes as 'challenging market conditions' Royal Boskalis Westminster N.V. posted record profits in the first half year ended 30, June 2014. Highlights first half 2014 -  Revenue exceeds EUR 1.5 billion -  EBITDA: EUR 466 million


Norcontrol IT Contributes to 12C Security Project

KNC_I2C_Zeppelin.jpg

With the final conference in September and second and final trial campaign taking place at the end of June 2014, the I2C (Integrated System for Interoperable sensors & Information sources for Common abnormal vessel behavior detection & Collaborative identification of threat) integration


New Ship Security Officer Training

Rood Boven Groen has increased its training portfolio by adding the third security training: Ship Security Officer according to STCW’78 including the 2010 Manila amendments. This course has been recently approved by the Netherlands Shipping Institute.


Europe to Cut Swath in Vessel Port Formalities Paperwork

Dr. Takis Katsoulakos: Photo EC

The European Commission informs that a new global era for maritime transport will dawn in June 2015 when it will unveil harmonised e-reporting for all vessels entering in or departing from EU ports. Vessels will provide required information electronically via one single entry point – the


Dryad: Asian Piracy on the Rise

Dryad Maritime Q2 Infographic Analysis (Credit Dryad Maritime)

Dryad Maritime gives warning of increasing SE Asia piracy. The warning results from the release of their Q2 figures, containing data that shows the area experiences the highest number of maritime crime incidents in 2014 in comparison with other traditional piracy hot spots.


Swire Oilfield Services Plans More SE Asia Investments

Offshore rig worker: File photo

Swire Oilfield Services, global supplier of cargo carrying solutions, modular systems, offshore aviation services and fluid management says it plans to further invest in Southeast Asia with the development of three new operational yards and the arrival of new rental equipment to its fleet.


Revalidation of Singapore Certificate of Competency

  Holders of Singapore issued certificates of competency (CoCs) [are reminded] of the requirements to revalidate their CoCs meeting the requirements of 2010 Manila amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW).






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright