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2011 Results

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.     •  Order backlog of 57 vessels end of first quarter 2011 totalling NOK 27 994 million (Q1 2010: NOK 22 321 million) -  Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million. -  Positive development of the shares of STX OSV, with a share price increase of 4.4% during the first quarter - to a closing price at 31 March 2011 of S$1.19. STX Europe holds a 69.02% equity stake in STX OSV which has a market capitalization of approx. NOK 6.1 billion as of 11 May 2011. -  Cruise & Ferries had much improved results compared to previous periods, but still making losses. The market and order book situation in Cruise & Ferries is still challenging, especially in STX Finland. -  Consolidated interest bearing liabilities (ex. construction loans) reduced by NOK 305 million (-16.7%) to NOK 1 824 million in first quarter 2011.  


Dockwise Secures $55m in Contracts

Dockwise Ltd. announced 12 new awards totaling $55m, of which six, to the value of more than $15m, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The $55m awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig


Conrad Announces Q1 2011 Results

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Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River. For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010


Stealthgas Receives New LPG Ship

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STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast.   Update on Newbuilding Program: On April 20, 2011, the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus


OceanFreight Inc. Reports 2Q Results

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011


DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below


Wilhelmsen Holding Q1 2011 Results

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Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating profit year over year backed by a rebound in its shipping activities.   WWH posted an operating profit of USD 57.7 million for the first quarter of 2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which is up almost 18% from 2010 (USD 639.7 million).  


Feds Urged to Use U.S. Tonnage in SPR Moves

With Rising Gas Prices Fueling SPR Speculation, American Vessel Operators Urge Feds to Work With Industry To Prepare For Future Drawdowns. Foreign Ships Given Preference During Last Summer’s Drawdown.   In a letter to the Departments of Homeland Security (DHS), Energy (DOE) and Transportation (DOT), the American Maritime Partnership (AMP), a broad-based coalition representing U.S.-flag vessel operators and allied interests


AWO's Allegretti to Push AMP Agenda at House Hearing

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AMP to Testify on Administration’s Failure to Comply With Federal Law During 2011 SPR Draw Down; Will Stress How to Avoid a Repeat During Future Draw Downs.     Thomas Allegretti will testify on behalf of the American Maritime Partnership regarding the Administration’s failure to comply with federal law during the summer 2011 draw down of the Strategic Petroleum Oil Reserve (SPR) before House Subcommittee on Coast Guard and Maritime Transportation


St Lawrence Seaways: New Vessels, New Technology, Tonnage Up

Laker in Seaways Lock: Photo courtesy of SLSMC

New ships and new navigational technology play a part as Seaways report 2012 tonnage exceeds forecasts A number of newly built state-of-the art vessels came into service within the Seaway in 2012, boasting sharp increases in fuel efficiency and reductions in emission levels. “These new vessels, part of a billion dollar fleet renewal effort by domestic and ocean carriers, combined with our marketing efforts which have recorded 10


Australian Defence Minister Sets Naval Shipbuilding Record Straight

HMAS Tobruk: Photo courtesy of RAN

Speaking from Perth, Defence Minister Senator Johnston, said the so-called ship-building 'Valley of Death' was created by Labor because rather than steering the country forward and making sound strategic decisions they spent six years bickering in the back seat over who should be driving.


Bill Shorten Suffering from Shipbuilding Amnesia

David Johnston

Labor’s warning over the future of Australian defense manufacturing is absolute hypocrisy, Defense Minister David Johnston said today. Speaking from Perth, Senator Johnston, said the so-called shipbuilding Valley of Death was created by Labor because rather than steering the country


38% Fuel Savings for Hybrid Ferry

Photo: Imtech Marine

When Imtech Marine was asked to supply a hybrid propulsion system to the first ever diesel electric, hybrid seagoing ferries to the Scottish state-owned ferry operator, Caledonian Maritime Assets Ltd. (CMAL) in 2011, fuel savings of around 20% were expected, the company said


China: Coal Imports to Stay Steady in '14

China's imports of coal in 2014 are expected to remain at the same level as last year, with demand growth slowing and the domestic market already well-supplied, a senior energy official said on Thursday.   China imported 267 million tonnes of coal for the whole of 2013


Exploration Well in Kramsnø Completed

Irene Rummelhoff, senior vice president exploration Norway. (Photo: Harald Pettersen)

Statoil, together with PL532 partners, has made a gas discovery in the Kramsnø prospect in the Barents Sea. The exploration program around the Johan Castberg field has been vital in providing area knowledge, but so far not delivered expected oil volumes.


Euro Coal: Prices Drop on Mild Weather Outlook

European physical coal prices on Monday dropped to their lowest level since last summer as mild weather pulled down demand. Cargoes for delivery in March to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were valued around $73.50 a tonne on Monday, down $0


Mild Weather in Europe Hurts Coal Prices

by Henning Gloystein, Reuters European physical coal prices on Monday dropped to their lowest level since last summer as mild weather pulled down demand. Cargos for delivery in March to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were valued around $73


Wärtsilä BWMS Certified for Onboard Hazardous Areas

BWTS Aquarius UV: Image courtesy of Wärtsilä

Wärtsilä inform that its AQUARIUS UV Ballast Water Management System (BWMS) has successfully completed verification testing for explosion proof (EX) requirements, enabling it to be operated for Zone 1 hazardous area operation in marine and offshore installations.


First Successful Flow Test from East of Oman in 30 Years

Masirah Oil Limited announced the testflow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging. The exploration well was drilled to its final depth into the Cambrian formation


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


Ship Glut Burdens LNG Tanker Market, Slashes Profits

LNG carrier rendering courtesy of MOL

By Jonathan Saul and Oleg Vukmanovic, Reuters Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently


MHI Reports $586M Loss on Cruise Ship Builds

Pier Luigi Foschi, Chairman & CEO of Costa Crociere, (center) and Hisashi Hara, Director, Executive Vice President and General Manager of Shipbuilding & Ocean Development business of MHI (second from right) sign the contract in 2011.

Mitsubishi Heavy Industries, Ltd. (MHI) booked an extraordinary loss of approximately 60 billion yen (roughly $586 million USD) on the build of two cruise ships as a loss provision related to the construction work in its consolidated financial results for fiscal year (FY) 2013 (ending March 31


China Now World's Largest Liquid Fuels Importer

Graph courtesy of USEIA

U.S. Energy Information Administration, Short-Term Energy Outlook, March 2014 reveals that in September 2013 China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world


Navy Identifies Deceased Sailor at Norfolk Shooting

An undated file photo of Master-at-Arms 2nd Class Mark A. Mayo. Mayo, 24, was killed during a shooting incident at Naval Station Norfolk Monday, March 24. Mayo was assigned to Naval Security Forces at Naval Station Norfolk. (U.S. Navy photo)

The U.S. Navy identified Master-at-Arms 2nd Class Mark A. Mayo, 24, as the sailor killed during a shooting incident at Naval Station Norfolk March 24. Mayo was assigned to Naval Security Forces, Naval Station Norfolk. A Hagerstown, Md. native


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


 
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