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. www.tenn.gr  


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


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


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


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.


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


New Mangalore Port Traffic Up 6.29%

MT Humanity is the first VLCC handled by the port (Photo: NMPT)

New Mangalore Port recorded growth of 6.29% in cargo handling during the financial year 2013-14, GAC informs. The port handled 39.36 million tons of traffic, compared to 37.03 million in 2012-13. Of the total, 14.94 million tons (up from 14


Brazil's Batista Target of Insider Trading Probes

Wikimedia Commons

Eike Batista, who was Brazil's richest man for most of the past decade, is under investigation for allegedly engaging in insider trading while he chaired his now-bankrupt oil-producing and shipbuilding firms, securities industry watchdog CVM said on Friday.  


Transocean 2013 Success Story: Dividend Up 34%

Frontispiece courtesy of Transocean

In a letter to shareholders chairman, Ian C. Strachan and Steven L. Newman, president and CEO, set out a summary of offshore drilling specialist Transocean's 2013 operations, excerpted as follows: • Revenue and Backlog Full year 2013 net income attributable to controlling interest was $1


Otto Marine's Financial Health on the Mend

Michael See Kian Heng: Photo Otto Marine

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.0 million in year 2013, an increase of 36.8% over US$374.4 million in 2012


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights


Horizon Lines Continue to Improve Performance in Q4 2013

Photo courtesy of Horizon Lines

Horizon Lines has released its fourth-quarter 2013 financial results showing an adjusted EBITDA increase of 33.1%, which is its 4th consecutive quarter of double-digit Improvement
. "Horizon Lines fourth-quarter adjusted EBITDA increased 33


Stolt-Nielsen Changes Accounting for Two Acquisitions

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012. The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase


Container Shipping May Hoist Financial Distress Signal: New Study

Container terminal: File photo CCL3

Beset by continued sluggish demand, a growing mountain of debt and a radically changing marketplace, listed companies in the global container shipping industry as a whole face a greater risk of financial distress, including possible bankruptcy, than at any time since 2010


Israel's Zim Line Falls Deeper in the Red in 2013

Image courtesy of Zim Line

Revenues of Zim, Israel Corp's shipping unit, dropped 7 percent as overall freight rates declined by 9 percent in 2013 and its loss rose from US$ 433-million in 2012 to US$535-million in 2013, according to Xinhua. Container ship operators Zim Line


Conrad Industries 2013 Profit Slip Ameliorated by New Business

Image courtesy of Conrad Industries

Morgan City, Louisiana, shipbuilder and ship repairer Conrad Industries, has announced its fourth quarter and twelve months 2013 financial result, adding that it has acquired new business during the first quarter of 2014 totalling $67.3 million. Q4 2013


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before


Experimental Lakes Research to Continue in Canada

Government of Canada announces that a new operator for the Experimental Lakes Area has been secured The Honorable Greg Rickford, Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, and Joyce Bateman


Wilh.Willhelmsen Holdings Report 2013 Profit Slide

Image courtesy of WWH

The Directors' report 2013 (extracted here) states that shipowners & technical services firm Wilh. Wilhelmsen Holding group (WWH) delivered lower results for 2013 when compared with a very strong 2012. The fallback in results was due to a 7% reduction in shipping volumes and substantial sales


Hempel Says 2013 Brought Record Profits

hampel.png

The Hempel Group announced it delivered a record net profit in 2013, placing it in a strong position to achieve its targets through a combination of organic and external growth. The Hempel Group’s continued focus on efficiency and profitability ensured it delivered a net profit of


IHC Merwede Reveals Healthy Orderbook

ihc.png

IHC Merwede successfully increased its orderbook in 2013 across the main sectors of its business: offshore and dredging. The company received almost € 1.8 billion worth of new orders in the past year. At the end of 2013, the order book was valued at over € 1


 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright