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 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 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 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. (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 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
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).
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
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
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
Somali nationals Ahmed Muse Salad, a/k/a “Afmagalo,” 27, Abukar Osman Beyle, 33, and Shani Nurani Shiekh Abrar, 31, who were previously found guilty of piracy, murder within the special maritime and territorial jurisdiction of the United States, violence against maritime navigation
Using Computational Fluid Dynamics (CFD), new insights can be obtained into the working principles of Energy Saving Devices (ESDs), which all serve to increase the fuel efficiency of a ship. The advantages of using ReFRESCO to study ESDs are explored in this article
Maritime New Zealand (MNZ) welcomes the release of the independent review of its response to the grounding of the Rena, and the announcement of $2 million of government funding to help improve New Zealand’s maritime response capability.
The BallastMaster ultraV developed by GEA Westfalia Separator for ballast water treatment has been awarded the "Alternate Management System" (AMS) certificate. The approval was awarded by the United States Coast Guard (USCG) on November 11, 2013
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 European Commission (EC) has set up the European Sustainable Shipping Forum (ESSF) to assess the developments towards compliance with the IMO 0.1% sulphur content in marine fuel, which are due to enter into force as from 1st January 2015 in the SECAs (Sulphur Emission Control Areas).
Hapag-Lloyd will implement GL HullManager as their central monitoring and reporting tool for hull maintenance activities. GL HullManager is a part of DNV GL’s fleet management software portfolio and provides ship owners, managers and operators hull inspection and thickness measurement support
The Australian Port of Melbourne (PoMC) showed a strong balance sheet as it advances the Port Capacity Project and other port infrastructure, Minister for Ports David Hodgett announced before the State of Vicoria Parliament. Finance & trade summary 2012-13
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
A report released by the Canadian Shipowners Association (CSA) has found that American regulations to require the installation of ballast water treatment equipment on Canadian domestic vessels beginning in 2014 will cost the Canadian economy 1.1 billion dollars over the next five years
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
GLOVIS, a Korean company and a newcomer as a shipping line, was at first expert in global automotive logistics. As a result of a tonnage agreement with Hoegh Autoliners, the latter market this shipping service on the Middle East trade with one vessel per month and GLOVIS manages the operations
In a report just published, the International Group of Liquefied Natural Gas Importers (GIIGNL) note that in 2012, LNG trade has seen the first decline (minus 1.9%) in the past thirty years. The strong growth in spot and short term trade seen in recent years (up by 110% from 2009 to 2011) is no
Irish Ferries has chartered the Epsilon (built in 2011) to supplement its existing Ireland to Britain services. The ship will provide two additional departures per day in each direction which will result in an increase in the company’s schedule to a maximum of twelve sailings between Dublin
The board of directors of Technics Oil & Gas Limited announced that its subsidiary V Offshore Engineering Pte. Ltd. (VOE) has entered into a nonbinding memorandum of understanding (MOU) with Goh Choon Huat, Koa Wee Boon, Senavannaido Duruvasai and Koa Susie in relation to a proposed