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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.


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

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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.


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


General Maritime Q2 & Six Months Results

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


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.  


Shipping Sector Emissions: LNG, Methanol Lead the Pack

Greenhouse gas emissions of EUs shipping sector are substantial, representing 4% of the EU’s total GHG emissions in 2013.  Photo: Joint Research Centre (JRC), European Commission.

A recent JRC report finds that fuels like liquefied natural gas (LNG) and methanol are the most promising alternatives to drive decarbonisation of the shipping sector and ultimately contribute to the fight against climate change.   


NTSB Determines Faults Leading to Fatal Collision

In examining the deadly collision of tugboat/barge Caribbean Sea/The Resource with Amphibious Passenger Vehicle DUKW 34, the U.S. National Transportation Safety Board (NTSB) has determined that several faults played a part in the collision.  


KR to Deliver Engineering, Ship Surveys in Iran

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services


North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.3 percent in the financial year ended February 20, 2016. This brings the combined ratio average of the past five years


US Judge Approves BP Civil Settlement with US Government over 2010 Spill

(Photo: Casey Ware)

U.S. Judge Carl Barbier granted final approval on Monday to BP Plc's civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states.


CMA CGM Pays Tribute to Zaha Hadid, Architect of CMA CGM Tower

Photo: CMA CGM Tower

 CMA CGM, a leading worldwide shipping Group, pays tribute to Zaha Hadid, who sadly died on March 31st. Zaha Hadid a renowned architect and 2004 Pritzker Prize Winner, completed the CMA CGM Tower in Marseilles as one of her major projects.  


Saving with Jotun’s Hull Performance Solutions Guaranteed

SeaQuantum X200’s silyl methacrylate coating technology delivers clean hulls, saving money for owners Photo Jotsun

Jotun has analysed the first ever five year dry-docking of a vessel treated with its Hull Performance Solutions (HPS) system. The data revealed that Gearbulk’s Penguin Arrow, coated with Jotun’s SeaQuantum X200 in September 2010, recorded a staggering estimated fuel saving and CO2


Jotun’s HPS Delivers Fuel, Emission Savings

Penguin Arrow (Photo: Jotun)

Jotun has analyzed the first ever five year dry-docking of a vessel treated with its Hull Performance Solutions (HPS) system. The data revealed that Gearbulk’s Penguin Arrow, coated with Jotun’s SeaQuantum X200 in September 2010, recorded a staggering estimated fuel saving and CO2


Wan Hai Surpasses Maersk in Profit

Image: Wan Hai Lines Ltd

 The Taiwanese carrier Wan Hai takes the plaudits with carriers' operating profit margins according to Alphaliner’s survey of the 16 main carriers that published full year financial results for 2015.    The report shows that, Wan Hai is the most profitable container line


Greece Seals Sale of Piraeus Port to COSCO

Photo: Piraeus Port Authority

Greece is to sell its biggest port Piraeus Port Authority to shipping group China COSCO Shipping Corporation, marking the second major privatisation for the country since late last year. The port sale had been halted by the leftist government of Alexis Tsipras when it won elections in January


DSD to Pay $2.5 Mln for Illegal Oil Discharging

The Norwegian shipping company DSD Shipping (DSD) was sentenced to pay a total corporate penalty of $2.5 million as a result of its convictions in Mobile, Alabama, for obstructing justice, violating the Act to Prevent Pollution from Ships (APPS)


Selektope wins European Marine Engineering Award

I-Tech Managing Director Philip Chaabane (left) receives the European Marine Engineering Award for Selektope from IACS Secretary General Robert Ashdown Photo IACS

Gothenburg-based I-Tech’s Selektope antifouling agent has secured one of the prestigious European Marine Engineering Awards 2016, in recognition of the breakthrough marine coating ingredient’s Environmental Performance. The Environmental Performance Award, sponsored by DNV GL


Tanker Orders And The Flexibility Factor

Chart: Clarkson Research Services Limited

 As the downturn in the number of new vessel orders last year took hold, shipyards’ flexibility to switch sectors to take orders became a key factor in their ability to face up to an extremely challenging period, says Clarksons Research.  


Ocean Economy Set to Double in Size by 2030

Image: Organisation for Economic Co-operation and Development (OECD)

 The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the OECD’s Ocean Economy Database value the ocean economy’s output (measured in terms of the


OMB - Subchapter M Cleared for Publication

File Image: an aerial view of a typical fleeting operation on Americas inland rivers (WCI)

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The document has been returned to the Department of Homeland Security (DHS) and the US Coast Guard for final preparation prior to






 
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