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
Ivory Coast has increased its 2014 budget by nearly 4 percent on expectations of higher earnings from cocoa, natural gas and the country's ports, a government spokesman announced on Wednesday. Ivory Coast, the world's top cocoa grower and French-speaking West Africa's largest economy
Freeman Freeman & Smiley say that its lead trial attorney Robert S. Crowder (assisted by attorneys Russell R. Fisk and John D. Van Ackeren) have celebrated a win with their client, Tesoro Refining & Marketing Company LLC in a lawsuit filed by Plaintiffs North of England Protecting
Dryad Maritime gives warning of increasing SE Asia piracy. The warning results from the release of their Q2 figures, containing data that shows the area experiences the highest number of maritime crime incidents in 2014 in comparison with other traditional piracy hot spots.
Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems (TKMS, formerly Kockums) has now been completed. The acquisition strengthens Saab's position as a comprehensive supplier of naval military systems.
The increase in domestic crude oil production is widely reported to have flipped US import requirements on their heads. While this holds true for light/sweet crude oil producers, there appears to be even more dependence on heavier/sourer crude oil suppliers in spite of the shale oil boom
Rolls-Royce has installed the Promas Lite propulsion system on SuperStar Virgo, the first vessel in Southeast Asia to be equipped with this efficient and fuel saving system. Promas Lite is an integrated propeller and rudder system that increases efficiency and is designed specifically for
The Paris Memorandum of Understanding on Port State Control (Paris MoU) Committee met in Vilnius, Lithuania, from 19 - 23 May 2014. Among other matters, the report of the Harmonized Verification Programme (HAVEP) on passenger ships (objective to obtain a view of emergency preparedness on passenger
In 2011, the U.S. ocean and Great Lakes economy produced $282 billion in goods and services and employed 2.2 percent of the nation’s workers—that’s more than twice the percentage of workers in the U.S. agriculture industry. This fact and many others are featured in a 2011 data
Defence and security company Saab says it has entered into an agreement with ThyssenKrupp Industrial Solutions AG regarding the acquisition of ThyssenKrupp Marine Systems AB (TKMS AB, formerly Kockums). The purchase price is MSEK 340. Saab explains that the acquisition is in line with its ambition
Defence and security company Saab has today entered into an agreement with ThyssenKrupp Industrial Solutions AG regarding the acquisition of ThyssenKrupp Marine Systems AB (TKMS AB, formerly Kockums). The purchase price is MSEK 340.
NOAA’s newest output includes a feature on economics. The National Ocean Watch site features facts, charts, story maps and videos. It turns out that our maritime economy – commercial, recreational and everything in between – really matters.
This June FURUNO’s NavSkills network of training centers issued the ECDIS type specific training certificate No. 10,000. The certificate was issued to a Russian navigator trained at the Odessa Maritime Training Center, which joined the FURUNO NavSkills training partnership in 2013.
The Paris MoU published its report on 2013’s worldwide flag performance, “White, Grey and Black Lists.” The report indicates further improvements towards quality shipping. Last year Thailand and the United States of America were moved up to the White List
Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will
Simplex-Turbulo Co. Ltd. announced that it now represents three drydocks: Jurong (Singapore), Astander (Northern Spain) and the newest addition Fujian Huadong (China). A new shipyard built in 2011, the Fujian Huadong shipyard is located on the northern side of Fujian Luoyuan Bay