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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


Abu Dhabi Wins Volvo Ocean Race's In-port Series

June 27, 2015. The final day of the 2014-15 edition of the Volvo Ocean Race. Abu Dhabi Ocean Racing during the prize giving following the Inmarsat In-Port Race in Gothenburg. Photo: Volvo Ocean Race

 Abu Dhabi Ocean Racing won the Volvo Ocean Race (VOR), despite pulling into the port of Gothenburg, Sweden, in fifth place on Monday.     The Emirates team, skippered by Walker, triumphed in the nine-month triennial race after finishing fifth in the ninth leg from Lorient to


TGS to Acquire Polarcus' Multi-Client Library

Photo: Polarcus Limited

 Polarcus Limited has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company for the sale of its multi-client projects in Northwest Europe and West Africa in return for a cash consideration of US$27.5 million and future revenue share on library late sales.  


Subsea 7 Teams up with OneSubsea

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Subsea 7 and Houston-based OneSubsea have announced the signing a global alliance agreement to combine resources and collaborate on selected projects.   The firms will jointly design, develop and deliver integrated subsea development solutions. OneSubsea is owned by Cameron and Schlumberger


Asian LNG Spot Climbs as Jordan, Pakistan Buy

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


U.N. Calls for Maritime Support to Libya

Image: Libya Shipping Co

 According to United Nations, Libyan authorities need an international maritime force to help as they are unable to halt the illicit trade in oil or the flow of weapons in and out of the country, says a Reuter's report.   UN likely increase pressure on major world powers to consider


Direct Le Havre to Charleston LCL Import Service

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CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.  It is a 12 day transit to Charleston and a maximum of 3 additional days to


Ship Manager Fined for Emissions Regulations Breach

A ship management company has been fined $283,500 in connection with a breach of clean air regulations in the United States, the International Transport Intermediaries Club (ITIC) has confirmed.   ITIC reports that an inspector of the California Air Resources Board


Eaton Wins Panama Canal Contract

Eaton power management solutions, engineering services to enhance Panama Canals electrical reliability, energy efficiency and economic viability (Photo: Business Wire)

 Power management company Eaton has been awarded an additional $5.2-million contract to provide critical installation services for the Panama Canal Expansion Program.    Eaton’s contract was awarded by Grupo Unidos por el Canal, SA (GUPC)


US Well Control Regulations Proposed

BSEE Director Brian Salerno

U.S. Interior Department releases proposed well control regulations to ensure safe and responsible offshore oil and gas development; result of extensive consultation, evaluation after Deepwater Horizon   In response to the findings of investigations into the Deepwater Horizon tragedy


Canada's Ferry Operators Highlight Safety

As Canadians remember the tragic sinking of the Korean ferry, MV Sewol, one year ago today, Canada’s ferry operators remind Canadians of the notable safety track record of its sector.    Through a short video posted online, the Canadian Ferry Operators Association (CFOA)


EPA Awards Clean Diesel Grants to US Ports

The U.S. Environmental Protection Agency (EPA) awarded $5 million in grant funding for clean diesel projects at U.S. ports.   The selected projects in California, Oregon, New Jersey and Texas will improve the air quality for people who live and work near the ports


Liodden Named Director of Nor-Shipping

Birgit Liodden (Photo: Norwegian Trade Fairs)

Norwegian Trade Fairs has appointed Birgit Liodden as the new Director of Nor-Shipping.   Liodden, still just 32 years old, holds a CV that includes tenures at Wilh. Wilhelmsen, external consultancy for OECD and SeaTrucks Nigeria, and numerous board level positions for, amongst others


European Ports Identify Their Priorities

Photo: European Sea Ports Organisation

European ports are real “multitaskers”: they combine different functions ranging from gateway to the world, nodes in the transport chain, hotspots for Europe’s industrial activity, safe and secure shelters, the link between Europe’s peripheral regions and islands to the


Fincantieri Invests In Camper & Nicholsons

Giuseppe Bono

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the world leading authority in all luxury yachting activities. The agreement includes the possibility for Fincantieri to increase


Egypt: Wheat to Take Less Time to Offload

Egypt's supply minister said on Wednesday a plan was being studied to cut the offloading period for wheat cargoes in ports from the current 12 days to five or six days in an effort to save on fees paid in foreign currency. The plan includes efforts to decrease the time it takes for paperwork to






 
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