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.
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, 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
“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 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 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.
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.
The Container Owners Association (COA) has had to develop a new global online database of refrigeration machinery repair companies, following 5 separate explosions that caused 3 deaths in 2011. Investigations into the incidents, which resulted in three deaths
COSCO Corp. (Singapore) has re-issued its unaudited Third Quarter Financial Statement for the financial period ended 30, September 2013, as follows: Overall, net profit attributable to equity holders of the Company decreased 84.1% from $26.6 million in Q3 2012 to $4
Following on from the second quarter, Hapag-Lloyd once again generated a profit in the third quarter of the current financial year, primarily as a result of substantial cost reductions. Between July and September 2013, the group recorded a profit of €16
VLCC rates of $60,000/day triggered a deeper dive in crude tankers, so DNB Markets (Shipping) looked into ~66,000 fixtures. With increased interest in the crude tanker segment coupled with spot rates approaching $60,000/day, DNB decided to dig deeper into alternative data sources
According to the latest AmericasBarometer survey, the Panama Canal Authority is considered one of the most trusted institutions in Panama. The survey is coordinated by Vanderbilt University in Nashville, Tennessee with the support of the United States Agency for International Development (USAID)
Halliburton Energy Services Inc. has agreed to plead guilty to destroying evidence in connection with the Deepwater Horizon disaster, the Department of Justice announced today. A criminal information charging Halliburton with one count of destruction of evidence was filed today in U.S
Siemens will deliver the key components for a power station that is going to supply the future Yamal LNG (Liquified Natural Gas) production plant in Northern Russia with electricity and heat. The Siemens scope of supply comprises the design, manufacture, factory testing, delivery
This milestone achievement, say builders Austal, after trials in the Gulf of Mexico, involved the execution of intense comprehensive tests by the Navy while underway, which demonstrated the successful operation of the ship’s major systems and equipment.
Halliburton Pleads Guilty to Destruction of Evidence in Connection with Deepwater Horizon Disaster and Is Sentenced to Statutory Maximum Fine; Former Halliburton Manager Is Charged. Halliburton Energy Services Inc. (Halliburton) pleaded guilty today to destroying evidence pertaining to
This summer, the U.S. Department of Transportation’s Maritime Administration (MARAD) asserted that domestic shipyards annually support $36 billion in gross domestic product. The report, entitled “The Economic Importance of the U.S
The deepsea soft-sediment ecosystem in the immediate area of the 2010’s Deepwater Horizon well head blowout and subsequent oil spill in the Gulf of Mexico will likely take decades to recover from the spill’s impacts, according to a scientific paper reported by the online
According to Risk Intelligence, pirate networks in the Gulf of Guinea are focusing on product theft from tankers and this type of crime has evolved into a unique and highly lucrative form of maritime crime in the region. In the first eight months of 2013
Offshore drilling contractor for the oil and gas industry, Noble Corp., reports that (excluding a sale transaction mentioned below, settlement and asset impairment charge), third quarter 2013 earnings were $219 million, or $0.85 per diluted share. The results compared to $177 million, or $0
The Manila amendments to the Standards of Training, Certification and Watchkeeping for Seafarers Code (the STCW Code) came into force on 1 January, 2012. The revised Code (known as STCW 2010) introduced new minimum rest hours with immediate effect and a timetable of implementation dates for
Houston-based maritime law firm Schechter, McElwee, Shaffer & Harris recently obtained what is believed to be one of the largest settlements paid by the United States to a Jones Act seaman. According to court documents, their client, a 58-year-old seaman was working aboard the S.S