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
Rolls-Royce announced that its Unified Bridge Design has won this year’s Ergonomics Design Award, presented by the UK Chartered Institute of Ergonomics & Human Factors. The award recognizes industrial design which puts the customer at the heart of the process using their views to
The enactment of Law No. 2014-742 of 1st July 2014 and the signing of decrees related during late 2014 and early 2015 resulted in June 2015 to approve the first private companies wishing to conduct activities of protection of French flagged vessels (APPN).
essDOCS announced that Non-Executive Board Member, Andre Toet, has been appointed Chairman of the Board of Directors, succeeding Barry Williams, who is standing down after chairing the board since 2013, having previously served a term as Chairman from 2006 to 2011.
The ice-covered Arctic Ocean is a more important factor concerning the concentration of the greenhouse gas methane in the atmosphere than previously assumed. Experts from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) report on the newly discovered
Asian liquefied natural gas (LNG) spot prices for September delivery were higher on Friday supported by nearby demand from new importers including Jordan and Pakistan, traders said. The price of Asian spot cargoes rose to $8.10 per million British thermal units (mmBtu), from $7
The recent catastrophe at the port of Tianjin in China resulted in the loss of at least 100 lives and many more people are still missing. It is far too early to speculate on the cause, but the explosions left extensive physical damage as well as the appalling loss of life.
A fraction of buried, ocean sediment uncovered by typhoons, carried offshore by currents An international research team reports results of a three-year study of sediment samples collected offshore from the Fukushima Daiichi Nuclear Power Plant in a new paper published August 18, 2015
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4
Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.
Speaking at this year’s IUMI conference in Berlin, Simon Williams, Chairman of IUMI’s offshore energy committee reported continuous growth in the sector with 2015 capacity reaching around $7 billion, though he cautioned that $5.5 billion was more realistic.
PortMiami Deep Dredge gives businesses the infrastructure necessary for growth The completion of the PortMiami deep dredge project, which deepens the port’s main harbor channel from 42 feet to a depth of 52 feet to accommodate Post-Panamax ships
Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in equities and a surge in commodities and crude oil prices. Declines in the dollar
The International bodies have agreed to India’s efforts to push back the High Risk Area (HRA) from 78 degrees East longitude to the 65 degrees East longitude. This will result in huge savings for India’s EXIM trade and consumers on account of reduced insurance premium and
Skaugen seeks about $50 mln from VW marine unit MAN; says MAN sold engines that underestimated fuel use. MAN also has counter-claims against Skaugen. Norwegian shipowner I.M. Skaugen has disclosed it is seeking $50 million in compensation from a marine unit of Volkswagen for rigging performance
Svitzer has entered a 30-year terminal towage contract to provide marine services for the new APMT Moin Container Terminal in Costa Rica, starting from the third quarter of 2017. In addition to supplying marine service, Svitzer will provide three 70TBP ASD tugs (two with FiFi 1)