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2011 Results

STX Europe 1Q 2011 - Improvements Continuing

STX Europe.bmp

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


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


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


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


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

Expansion of the RAmparts 3200-CL Fleet

RAmparts 3200-CL

The RAmparts 3200-CL was developed by Robert Allan Ltd. exclusively for Cheoy Lee Shipyards, Hong Kong. Since the first tug of this design was delivered in 2011, Cheoy Lee has delivered over 20 units of this series to its clients around the world.

IEA: Global Energy Investment Down 8% in 2015

While the plummet in energy spending should come as little surprise to anyone knowing anything about global maritime and energy markets, the International Energy Agency helped to put the precipitous drop in perspective, reporting that the global energy spend was down 8% in 2015.  

Oldendorff Acquires 8 Vessels

Babycape Photo Oldendorff

Oldendorff reported that it is continuing its fleet expansion and have acquired eight more vessels, including three Babycapes and five Post-panamax bulk carriers, as follows: 119,000 tdw, built 2011 – UBC Onsan 119,000 tdw, built 2011 – UBC Ohio

Why Do Accidents Happen in Oil Industry?

Photo: DNV GL

 As the oil and gas industry strives for cost effective execution in projects and operations while maintaining a high focus on safety and environmental footprint, innovative and smart solutions are needed more than ever.    By extracting data and knowledge from all the detailed

K Line Sets CO2 Emission Reductions Target

Image: K Line

Kawasaki Kisen Kaisha, Ltd. (K Line) achieved 13.6 percent reduction in CO2 emissions [1] in 2015 against 2011 level, as a result of deployment of larger vessels, proactive initiatives for introducing advanced energy-saving technologies including electronically controlled engines

'Big Data' Helps NYK Line Axe CO2 Emissions

Photo: Nippon Yusen Kaisha (NYK Line)

 In fiscal 2015, Nippon Yusen Kaisha (NYK Line) achieved a 14.3 percent reduction in CO2 emissions, exceeding the goal established in 2011 in the company’s "More Than Shipping 2013" medium-term management plan calling for a 10 percent reduction by fiscal 2015 in the CO2

Aderco Turns 35

Aderco RD Laboratory Courtesy Aderco

1981 - An innovative fuel treatment solution developed by Aderco enables the Canadian ice-breaker fleet to operate with greater reliability and fuel efficiency under extreme conditions on the Saint Lawrence River and other strategic waterways.

Norden Sells 4 Handysize Bulk Carriers

Photo: Dennis Schnell, Bulldog and Partners

As Dampskibsselskabet NORDEN A/S further tightens its focus in the dry cargo segment to medium-sized Supramax and Panamax vessels, the company has sold four Handysize dry cargo vessels.   Following the sale of Nord Hong Kong (32,282 tdw built in 2011), Nord Houston (32,389 tdw built in 2011)

Extension and Enhancement to the Maritime Singapore Green Initiative

Photo: Maritime and Port Authority of Singapore (MPA)

 The Maritime Singapore Green Initiative (MSGI), launched by the Maritime and Port Authority of Singapore (MPA) in 2011, has received strong support from the maritime industry.     The Green Ship Programme (GSP), a voluntary programme under MSGI sees more than 50% of qualifying

Cobham Upgrades SAILOR 900 VSAT

SAILOR 900 VSAT High Power System (Image: Cobham SATCOM)

Cobham SATCOM has developed a new version of its SAILOR 900 Very Small Aperture Terminal (VSAT) Ku-band antenna, featuring a new Block Up Converter (BUC). The antenna, designed by Cobham, makes it easier and less costly to ensure high availability of service as there is no need for additional

Earthquake Measuring 5.0 Rattles Tokyo, Eastern Japan

Courtesy Japan Meteorological Agency

An earthquake with a magnitude of 5.0 struck eastern Japan on Sunday and shook buildings in Tokyo, officials and witnesses said, but there was no danger of a tsunami and no immediate report of injuries or major damage. The US Geological Survey (USGS) put the epicentre of the quake 44 km (27

Vard Takes Control of Vard Promar, Brazil

Vard Production of hull sections for FINCANTIERI at Vard Tulcea. d Promar in Brazil. Photo Vaard

Vard Holdings Limited (VARD) has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%. Vard Promar, previously held 50.5% by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5% by a local partner, PJMR Empreendimentos Ltda

Navios Maritime Charter Restructuring with HMM

MSC Cristina. Photo: Scheepvaartwest

 Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%.   Pursuant to the charter restructuring documentation executed on July 15, 2016

Coal: One of 2016's Hottest Commodities

File photo: Glencore

Less than a year after the coal industry was declared to be in terminal decline, the fossil fuel has staged its steepest price rally in over half a decade, making it one of the hottest major commodities.   Cargo prices for Australian thermal coal from its Newcastle terminal

Seaspan Hosts Atlantic Canada Industry Day

More than 100 people representing over 70 companies attended Seaspan Shipyards’ second annual Atlantic Canada Industry Day hosted in Halifax today. During the session, attendees received an update on Seaspan’s progress on its National Shipbuilding Strategy (NSS) Non-Combat package of

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