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2012 Results

Hempel Releases Annual Report 2012

Photo: Hempel

Hempel Group reported that its revenues grew by 15% in 2012, despite facing a challenging world market, and the Group is still on track to achieve its long-term goals. The Hempel Group delivered an all-time high revenue of EUR 1,242 million in 2012. EBITDA reached a record high of EUR 126 million, an increase of 21 million compared to 2011. Net profit remained level with2011 at EUR 35 million. Pierre-Yves Jullien, Group President and CEO of Hempel A/S, commented, “Our performance over the last few years means we have a solid financial foundation for growth in the future, which is essential for our One Hempel – One Ambition strategy. We have the financial capability to look at new investments and acquire new businesses should the right opportunity appear, and we will continue to expand production capacity and develop new products in 2013.” Hempel’s 2012 results: • Group revenues rose from EUR 1,077 million in 2011 to EUR 1,242 million in 2012 • EBITDA of EUR 126 million with an EBITDA margin above 10% • Operating profit of EUR 83 million, up from EUR 72 million in 2011 • Net profit of EUR 35 million, level with 2011 The Hempel Group's revenues grew by 15% in 2012 thanks largely to a solid performance in the Industry segment – which was bolstered by growth in new markets, including Eastern Europe – and the inclusion of Crown Paints for the full year.


Intelsat Reports Second Quarter 2012 Results

Satellite investment program progresses with three launches planned for third quarter; Intelsat EpicNG high performance satellite platform establishes leadership with long-term commitments.    Intelsat S.A., the world's leading provider of satellite services, reported financial results for the three months ended June 30, 2012. Intelsat S.A. reported revenue of $638.7 million and a net loss of $84.0 million for the three months ended June 30, 2012


Trico Marine Completes Exchange Offer

Trico Marine Services, Inc. announced that as of 5:00 p.m., New York City time on September 26, 2002, its offer to exchange up to $250 million principal amount of its registered 8 7/8% Senior Notes due 2012 for any and all outstanding unregistered 8 7/8% Senior Notes due 2012 expired and that all of its unregistered 8 7/8% Senior Notes due 2012 were tendered in the exchange offer and accepted


Shipbuilding Company to Stay Busy Until 2012

Taiwan's CSBC has received orders for 11 container ships, which boosts CSBC's total orders to 67 ships, enough to keep CSBC busy until 2012, the company said on Tuesday. On Monday, CSBC signed a contract to build seven container ships for Taiwan's Yangming Marine, CSBC President Fan Kuang-nan told Deutsche Presse-Agentur dpa. The order, worth 800m, is for five 8,240-TEU container ships and two 6,600-TEU container ships, to be delivered before 2012.


LNG Carrier Owners GasLog Report Q2 2012 Results

GasLog Ltd., owner, operator & manager of liquefied natural gas (“LNG”) carriers, reports financial results for second quarter 2012. GasLog’s fleet consists of 10 wholly-owned LNG carriers, including two ships delivered in 2010 and eight LNG carriers on order. In addition, GasLog currently has 12 LNG carriers operating under its technical management for third parties. Highlights of the report: • Continued strong fundamentals for the LNG industry.


Kværner ASA : Q4 & Preliminary 2012 Results

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million.   "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our


Manitowoc Completes Senior Subordinated Notes Redemption

The Manitowoc Company said that it has completed the previously announced redemption of its 10.5% Senior Subordinated Notes due 2012. The call premium paid to note holders was 105.25% of the principal amount of the notes. The total cash paid was $129 million which included the call price, accrued and unpaid interest and other related costs at the time of redemption. The Bank of New York, trustee for the issue, redeemed the notes through its New York office


Sarnoff Awarded $11.3m Navy Contract

Sarnoff Corp., Princeton, N.J., is being awarded an $11,294,243 cost-plus-fixed-fee contract for engineering tasks for the design, manufacture, installation and repair of Navy Special Projects Systems associated with the Electro-Optic and Special Mission Sensors Program. This effort will include focus on the research, development, analysis, and prototyping of a family of systems that result in a C4ISR system architecture. Work will be performed in Princeton, N.J


Zim to Buy Eight Ships for $1.36B

Israel Corp. subsidiary Zim Integrated Shipping Services Ltd. said it had placed an order to purchase eight mega container ships from the South Korea’s shipyard Samsung Heavy Industries Co. Ltd. The deal, valued at $1.37b, ($170m each) comes six weeks after Zim Integrated Shipping Services Ltd. announced its plan to upgrade its container vessels fleet. The company had ordered eight TEU 12,600 mega containership for delivery by July 2012


Rowan Completes Long-Term 5.88% Refinancing of Gorilla VI Debt

Rowan completed the refinancing of its $156.8 million of outstanding floating-rate Gorilla VI debt through the issuance of a 5.88% fixed-rate note maturing in March 2012. As a result of this transaction, Rowan expects to realize a $1.8 million reduction in interest expense in 2001 compared to 2000. The floating-rate debt was issued under the Title XI program of the U. S. Department of Transportation's Maritime Administration to finance the construction of Rowan Gorilla VI


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Petrobras HQ Raided by Brazil Police

Petrobras headquarters (Photograph: Bloomberg/ Getty)

Brazil's Federal Police raided the headquarters of state-run oil company Petroleo Brasileiro SA in Rio de Janeiro as part of a money-laundering probe, two sources with direct knowledge of the operation told Reuters on Friday. The police said they were exercising 23 search and arrest warrants in


New Orleans' Biggest Cruise Ship Departs on Inaugural Voyage

Image courtesy of Port of New Orleans

New Orleans’ largest year-round cruise ship, the 3,646- passenger 'Carnival Dream', has sailed on its inaugural 6-day cruise from New Orleans. The Port explains that Carnival is the port’s largest cruise operator with two ships carrying more than 400


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


CMB 2013 Results Positive, but Weaker than 2012

Photo: CMB

During its meeting of March 25, 2014, Belgian shipping company CMB’s board of directors approved the final annual accounts as per December 31, 2013. The consolidated result for 2013 amounts to $49,694,000, compared to $133,954,000 in 2012.


HAVEP: Two Passenger Vessels Detained

Preliminary results from the Harmonized Verification Program (HAVEP) on passenger ships, carried out between January 1, 2013 and December 31, 2013 in the Paris MoU region show that two passenger ships were detained over the 12 month period as a direct result of the HAVEP for deficiencies related


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


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

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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


Stolt-Nielsen Reports "Disappointing" Q1 Results

Photo: Stolt-Nielsen

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516


USCG Releases Kulluk Grounding Investigation Report

The U.S. Coast Guard (USCG) Thursday released the report of investigation into the circumstances surrounding the grounding of the mobile offshore drilling unit Kulluk on the eastern coast of Sitkalidak Island, Alaska, Dec. 31, 2012. A series of events contributed to the causal factors that


Vanishing Volatility Signals Oil Market Shift

Source: Reuters / J. Kemp

The oil market has rarely been so quiet. Benchmark Brent has traded in a narrow range of $5 either side of $110 per barrel since the summer of 2012. Price volatility has fallen to some of the lowest levels since crude futures markets were established in the early 1980s.  


SCIGRIP Sponsors World Cup Solar Challenge Boat Team

Image: SCIGRIP

SCIGRIP, a global supplier of smart adhesive solutions, announced it is sponsoring the Polish Green Solar Team in the DONG World Cup Solar Power Challenge 2014, taking place in Holland this summer. Participants must complete the 150-mile staged course from June 28-July 5 in highly customized


IHC Merwede Reveals Healthy Orderbook

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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


Agreement Reached on Hong Kong Pellet Spill

A volunteer collects plastic pellets washed up on a bank of Lamma Island during a cleanup operation in Hong Kong (AP Photo/Kin Cheung)

Regarding the massive spill of polypropylene plastic pellets into the Hong Kong waters from a cargo ship during typhoon Vicente in July 2012, and following active negotiations amongst the parties concerned, a Hong Kong Marine Department spokesperson said a settlement agreement was reached for a


 
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