Trelleborg held its Capital Markets Day on Thursday, 6 December in Berns Salonger, Stockholm, Sweden. At the event, Trelleborg took the opportunity to release new financial targets for the Group and to launch a more focused organizational structure. New financial targets are in line with Trelleborg’s ambitions to increase value creation and to be a world leader in selected market segments and geographic markets. They include organic growth of 5 percent or above as well as an operating margin before interest and tax of 12 percent or above of sales. Return on shareholders’ equity is set to be 15 percent or above. “Trelleborg's new financial targets shall be seen as realistic, reachable and in line with responsible risk taking. We have exceeded our previous financial targets and our ambition is to exceed these new targets as well,” says Peter Nilsson, President and CEO of Trelleborg Group. From 1 January 2013, Trelleborg Group will be divided into five business areas; Trelleborg Coated Systems, Trelleborg Industrial Solutions, Trelleborg Offshore & Construction, Trelleborg Sealing Solutions and Trelleborg Wheel Systems. “We have always had a market-driven approach. Our more focused organizational structure affirms that and makes our focus on selected segments more visible to our stakeholders,” continues Nilsson
Financial and insurance consultant Moore Stephens has warned brokers and other intermediaries to ensure that their systems and controls covering the treatment of client money meet the regulatory requirements laid down by the Financial Services Authority. Moore Stephens notes that the FSA has recently visited the offices of 15 intermediaries and reviewed their handling of client money, in addition to addressing the issue in a similar number of risk assessments involving other firms
Shipping accountant Moore Stephens says draft proposals on the new U.K. tonnage tax regime lack the flexibility shipowners need for timing acquisitions and sales of ships. It also warns that the draft legislation contains a very broad anti-avoidance clause that could cause companies to unintentionally breach the detailed rules of the tonnage tax scheme. Balancing charges will not crystallize on entry. However, they may arise when vessels are sold, although they will be phased out
Stelmar Shipping Ltd. has agreed to purchase six high specification double-hull Handymax newbuildings being constructed for privately owned Greek shipping interests. These new vessels will be delivered between December 2003 and September 2004 and will reduce the average age of Stelmar's Handymax fleet to 8.2 years from 10.8 years, and the average age of Stelmar's total fleet to 6 years from 7 years. The expected cost at delivery, which includes specifications enhancements
The president of Venezuelan state oil giant Petroleos de Venezuela (PDVSA) insisted he did not see any need for OPEC member countries to raise output to cool sizzling oil prices. With prices close to 10-year highs, pressure is growing on the oil cartel from consumer nations to agree to pump more oil at its next ministerial meeting in Vienna on Sept. 10. But PDVSA chief Hector Ciavaldini, reiterating a position expressed by other Venezuelan oil officials such as OPEC President Ali Rodriguez
From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Commodus, a Capesize newbuilding, with Morgan Stanley Capital Group Inc. for 23 to 25 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Commodus will commence upon delivery of the vessel, which is expected during July 2009, and is subject to the completion of definitive documentation.
Last week a Hydrex diver/technician team replaced three seals on a 180-meter tanker berthed in New York while concurrently cropping two of its propeller blades to restore balance to the propeller. The team mobilized from the Hydrex office in Tampa together with all the equipment they needed for the operation. In New York an Aegir Marine specialist joined the team at the ship’s location and the team made all necessary preparations to begin the repair
ROV cable, umbilicals & tether designs showcased by Nexans at Oceanology 2012 Show Nexans, a worldwide expert in the cable industry, is at Oceanology 2012 to promote its wide range of cable solutions developed to meet the specific needs of workclass ROV manufacturers and operators. Nexans’ specialized ROV cable manufacturing facility in Norway can produce steel armoured umbilicals for vehicles commonly used for trenching, ploughing
Container ship charter owners Global Ship Lease (GSL) announce its unaudited results for the 3 months and 9 months ended September 30, 2013. The 17 vessel fleet generated revenue from fixed rate long-term time charters of $36.1 million in the three months ended September 30, 2013, down $3.4 million on revenue of $39.5 million for the comparative period in 2012. Third Quarter and Year To Date Highlights Reported revenue of $36.1 million for the third quarter 2013
Australian Reef Pilots (ARP) popularly known as 'Guardians of the Reef' and the country's leading pilotage company has won a national accolade for its work to protect one of the planet’s most sensitive and treasured areas – the Great Barrier Reef.
Marine terminal operator DP World engaged CHQ Security Services to act as security and risk assessment consultants for the operation of the UK's major deep-sea container port – London Gateway. CHQ Security Services are acting as security and risk assessment consultants to the project in
Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A
The growth in crude production in the Atlantic Basin will have a profound impact on regional crude supply/demand balances. According to PIRA Energy Group, a sizeable crude surplus will develop within the region, and crude will be forced to seek markets elsewhere
SeaOrbiter, the first space station of the sea, is launching a crowd funding campaign on KissKissBankBank to finance the construction of the “Eye” of the vessel, to start in spring 2014. The Eye of the SeaOrbiter will be 18 meters (59 ft) high above the surface of the sea
Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September
ExxonMobil Marine Fuels & Lubricants has launched Mobilgard 5100, a specially formulated cylinder oil designed to mitigate the effects of cold corrosion in new design two-stroke marine engines operating on heavy fuel oil. Mobilgard 5100 joins Mobilgard 560 VS and Mobilgard 570 as the latest
Despite a caveat by auditors as to whether FSL Trust may continue as a going concern, due to the conditions of a loan covenant, the ship-owning trust has continued to ensure that its vessels have generated a return in the third quarter of 2013.
Royal Boskalis Westminster N.V. (Boskalis) raises its 2013 net profit outlook to at least EUR 360-million. Boskalis says it has concluded an exceptionally good third quarter. Revenue, adjusted for the sale of the 40% stake in Archirodon, and earnings were higher than in the first and second
Aalto University, together with three other universities, has received significant funding for an international Research Center of Excellence for Arctic Technology from Lloyd’s Register Foundation (LRF). After an extensive international tendering process for fundamental research projects
Today, at the United Nations (UNFCCC) Climate Change Conference in Warsaw (COP 19), the International Chamber of Shipping (ICS) will advise a United Nations event on the economics of mitigation that reducing CO2 emissions is an economic 'no brainer' for the global shipping industry.
The Annual Tripartite meeting between shipowners, shipbuilders and classification societies was held in Tokyo, October 17-18, 2013. The meeting unanimously welcomed the IMO theme for 2013 of 'a sustainable maritime transport system' and its recognition of the three pillars of sustainability;
VLCC rates of $60,000/day triggered a deeper dive in crude tankers, so DNB Markets (Shipping) looked into ~66,000 fixtures. With increased interest in the crude tanker segment coupled with spot rates approaching $60,000/day, DNB decided to dig deeper into alternative data sources
Phoenix Products Company, Inc. launched the EcoMod Series. The EcoMod LED floodlight offers 150 and 300W models with light outputs of 12,500 and 25,000 lumens, respectively. Available optical packages range from wide flood to narrow spot optics to accommodate any application
EMA/IMA has just completed an in-depth analysis of the floating production sector. Highlighted below are some key findings in Floating Production Systems: assessment of the outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs. Inventory of floating production systems now at 277 units