Marine link

2012 Financial

Tsakos Deliver Greek DP2 Shuttle Tanker

Tsakos Energy Navigation Limited – product, crude and LNG tanker operator – delivered the fully-coated DP2 shuttle tanker, the first of its kind internationally to fly the Greek flag, with a carrying capacity of 157,000 dwt, Rio 2016. The delivery was attended by the Greek Minister of Mercantile Marine accompanied by the Ambassadors of Greece in South Korea and the Philippines together with dignitaries representing the local authorities. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013. Both vessels have secured 15-year employments with a national oil major that are expected to generate $520 million in gross revenues over the corresponding periods. The company also announced that it will issue its fourth quarter and full year ended December 31, 2012 financial results including its quarterly dividend declaration on April 19, 2013. That same morning, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.  

Nordic Conglomerate Posts 2012 Loss, Renegotiates Loan Terms

Scana lndustrier ASA, supplier of products & system solutions to energy-related businesses, including the offshore sector has released its 2012 financial report. Scana lndustrier ASA has companies in Norway, Sweden, China, U.S., Poland, Singapore, Brazil and South Korea with the Group’s head office in Stavanger. Their key business is supplying products and system solutions to energy-related businesses. This encompasses oil and gas

Earnings Advance at Ace Winches

Hands on experience for ACE Winches Graduate Scheme member[1].jpg

ACE Winches announced post tax profits of £6.2m for 2012, a 15% increase on the previous year.  Turnover at the Aberdeenshire-based group soared to £31.1m in the year ended October 31, 2012, a 42% increase on the previous twelve months, with around three-quarters (74%) of the company’s business generated from international trade. ACE Winches is a company in the design, manufacture and hire of winches

Euronav Reports Earnings; Pushes Fuel Economy

Belgium's Euronav reported a net loss of US$ 31-million in its Q4 2012 financial report. The result of the fourth quarter is affected positively by the revaluation at marked-to-market levels of non cash items (unrealized) such as hedge instruments on interest rates for a total of US$ 600,000. Fuel savings measures After successfully implementing a strict slow and super slow steaming policy whenever possible, Euronav continues to apply measures to reduce fuel consumption across its spot

Euroseas Report Dip in Profits

Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results. Full year 2012 Highlights: Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million. Adjusted net loss1 for the period would have been $4.0 million or $0.10 net loss per share basic and diluted. Adjusted EBITDA1 was $14.9 million.

Ulstein Reports Good 2012 Financial Result

Launching Seven Viking: Image credit Ulstein

Ulstein Group report an operating income of NOK 2.27 billion and an operating profit of NOK 228 million in their 2012 financial report. *Operating income: NOK 2.27 billion (2011: NOK 2.06 billion)
 *Operating profit: NOK 228.0 million (2011: NOK 253.7 million)
 *Operating result before tax: NOK 211.4 million (2011: NOK 270.3 million) “We deliver a good result in a demanding market thanks to our competent and hardworking employees and an organisation that provide for execution and

Wärtsilä 2012 Profits Stay Healthy

Björn Rosengren President & CEO of Wärtsilä delivers his year 2012 financial results message to shareholders. Extracts from the message follow: "During 2012, we closed our largest ever acquisition with the purchase of Hamworthy. This acquisition supports our growth strategy in the marine gas, offshore and environmental solutions markets, and Hamworthy has performed well while being integrated to our Ship Power business.

Deepwater Driller Ocean Rig 2012 Financial Reports

Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. Year Ended December 31, 2012 Financial Highlights For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share.

 Included in the year ended 2012 results are:     ◦    Costs associated with the 10-year class survey for the Eirik Raude of $65

Box Ships Inc. Announces Q1 2012 Financial Results

Container shipping company, Box Ships Inc., based in Athens, Greece, declares dividend for fourth consecutive quarter Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of seven containerships with a total carrying capacity of 33,237 TEU and a weighted-average age of 4.4 years. The company's shares trade on the New York Stock Exchange under the symbol "TEU."

Baltic Trading Ltd. Announces Q1 2012 Financial Results

Dry bulk transporters, Baltic Trading announce net loss in Q1 2012 Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt. The following financial review discusses the results for the three months ended March 31, 2012 and March 31, 2011.

Container Shipping Market has Bottomed Out

Photo: CMA CGM

Hanjin’s receivership represents the trough of the container shipping market and despite continuing concerns of weak trade growth and fleet oversupply a gradual market recovery is now expected, according to the latest annual Container Forecaster and Review 2016/17 report published by global

ABB Turbocharger PM Model Demonstrates RoI

Approximately 200,000 ABB turbochargers are in operation across the globe on ships, power stations, gen-sets, diesel locomotives and large, off-highway  vehicles. Image ABB

Independent study demonstrates that ABB’s Preventive Maintenance model for turbochargers achieves significant cost and operational benefits ABB announced study results which show a 202% return on investment (ROI) from using ABB Preventive Maintenance

Nakilat Delivers Steady Performance in Q3

Abdullah Fadhalah Al Sulaiti Photo Nakilat

 Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company’s net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company’s strategic long-term

CMA CGM Appoints New CFO

Photo: CMA CGM

 CMA CGM, a leading worldwide shipping Group, announces the appointment of Michel Delville as Chief Financial Officer. Michel Sirat will continue to support the Group on strategic development missions.   Michel Delville was Chief Financial Officer of the Saft Group

Drewry Finds Risk of Carrier Failure Still High

Figure 1

Drewry’s Z-score carrier financial stress index sunk to its lowest ever point following the first-half 2016 results. After Hanjin’s bankruptcy shippers are demanding more financial transparency from carriers. There is still much work to be done to clean up the logistical chaos

Royal IHC Names Vergunst CFO

Royal IHC has appointed Arie Vergunst as Chief Financial Officer as of October 1, 2016. Vergunst succeeds Dave Vander Heyde, who became CEO on September 1, 2016.   Vergunst has worked at IHC since June 2007 in several financial positions, both at holding level as well as in the business

Chinese Leasing Companies Role in Ship Finance

Graph: Clarksons Research

 Clarksons Research takes a look at Asian shipping finance that has increased in prominence globally with finance from the traditional lending base more difficult for many to access since the global financial crisis.   Within this wider trend

Ex-chairwoman of Hanjin Under Scrutiny

Photo: Hanjin Shipping

The former chairwoman of bankrupt Hanjin Shipping Choi Eun Young  is under investigation for alleged insider trading BBC reports qoting South Korea's Financial Supervisory Service.    She has come under scrutiny after it was revealed she sold all her shares in the firm days before

Daintith Named CFO, Rolls-Royce

Stephen Daintith Photo courtesy DMGT

Rolls-Royce announced that Stephen Daintith has been appointed Chief Financial Officer and as an executive director of Rolls-Royce Holdings plc. Stephen will take up his new role in 2017, succeeding David Smith who will leave Rolls-Royce after three years to pursue other business interests

Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

Photo: Hanjin Shipping Co

 Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.  

Seaborne Trade: How Full Is Your Basket?

Graph: Clarksons Research

 Clarksons Research is reflecting on annual projections of seaborne trade that can be useful demand side indicators. However, often it is difficult to get a real understanding of short-term trade trends.    A year ago (SIW 1189) we looked at a ‘basket’ approach

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd. The Financial Services Commission said in a statement that Hanjin will soon file for court receivership but that the impact

Hanjin Shipping to File for Court Receivership

Photo: Hanjin Shipping

South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg.   A Reuters report also says that it would file for court receivership after losing the support of its banks

UASC's Dismal Performance

Photo: United Arab Shipping Company

 United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.   The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet

Shipping Industry Slumps, but Ship Scrapping Looks Up

Alang, Gujarat: Worlds biggest ship breaking yard. Photo from Youtube video

 While the shipping industry struggles through a historic downturn, ship scrapping business is seeing accelerating demand, reports WSJ.   The global economic slowdown is putting shipping through its most bruising period since the 2008 financial crisis.   

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