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.
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.
“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 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 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.
LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo Ship Safety and Small Commercial Safety Certificates to two Trinidad and Tobago vessels LR was recently authorised by several
ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The new level of investment is an increase from the initial 10% announced in July 2014.
Today’s planning approval for offshore wind energy at Dogger Bank takes the total of consented projects in the North Sea zone to 4.8 gigawatts (GW), almost equal to all the offshore wind capacity now in operation in the U.K.
Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems. Company directors and officers
Goldman Sachs can't see an end to the dry cargo downturn until at least 2020 on a glut of vessels and stalling cargo growth, says a report in Bloomberg. Overcapacity and low fuel prices are bound to keep low dry bulk shipping freight rates for the rest of the decade or even longer.
Evergreen Line announced it will partner with COSCO and China Shipping in launching a joint China-Surabaya Express (CSX) Service. Evergreen said this comes in view of the increasing market demand resulting from significant trade growth between China and the ASEAN countries
ABB announced today it will start production of robots in the United States, making it the first global industrial robotics company to fully commit to and invest in a North American robotics manufacturing footprint. The company made the announcement at the opening of a new robotics plant
Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP")
Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading. The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and, finally, on June 3, it will be Singapore’s turn.
A Virginia-class attack submarine named after former U.S. Sen. John Warner has successfully completed an initial round of sea trials, reports UPI. The U.S. Navy has completed initial sea trials to demonstrate its systems and capabilities
A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised long-term concerns about its future. The long-awaited ruling by UNESCO's World Heritage Committee welcomed
The port of Baku on the Black Sea is Azerbaijan’s largest port. Now to support its further development it is calling on the know-how and expertise of the port of Antwerp. For this purpose the management of Baku International Sea Trade Port recently signed a Memorandum of
Total throughput at the Port of Rotterdam grew by almost 7% in the first half of 2015 thanks to a surge in oil products movements. The port attributed their growth by the increased throughput of oil products, which increased by almost 30% as well as the 8
The Port of Shanghai is aiming to reduce energy consumption per handling capacity unit by 7 percent in 2017 compared to 2010, the city’s transport commission said. It is aiming to cut carbon dioxide emissions by 9 percent compared with 2010
One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015. The vessel will be the first ASD tug in the Mediterranean region with a Damen Render Recovery Escort winch. The family-owned