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Annual Results

TUI AG Eyes Timing on Hapag-Lloyd IPO

BERLIN, Dec 10 (Reuters) - TUI AG is optimistic it will be able to sell its stake in Hapag-Lloyd via an initial public offering of the shipping company, although the market environment is not the best at present, its chief executive said on Wednesday. Hapag-Lloyd is merging with Chilean peer Compania Sud Americana de Vapores but said last week an IPO was not a top priority. "Their motivation to float is huge," TUI AG CEO Friedrich Joussen said on Wednesday after the group reported annual results. "They need to have access to the capital markets or they won't be able to buy the ships they want." Hapag-Lloyd has said it will consider adding mega container ships to its fleet to boost competitiveness. TUI AG owns a 22 percent stake in Hapag-Lloyd, which is classed as 'held for sale'. TUI values it in its books at 467 million euros ($578.75 million), which Joussen described as 'conservative'. ($1 = 0.8069 euros) (Reporting by Victoria Bryan


Teekay Offshore Partners Reports 4Q and Annual Results

Teekay Offshore Partners reported its fourth quarter and annual results for 2007. Highlights include: - Declared a cash distribution of $8.0 million, or $0.40 per unit, for the fourth quarter, an increase of 3.9% from the prior quarter - Increased quarterly cash distributions by 14.3% since initial public offering in December 2006 - As previously announced, acquired one floating storage and offtake unit from Teekay Corporation in October 2007


Wilh. Wilhelmsen Posts Strong Results

The Wilh. Wilhelmsen ASA (WW) global maritime industry group achieved a net operating income of $85m for the third quarter of 2007. The corresponding figure for the same period of last year was $70m. Operating income totalled $672m in the third quarter, up from $542m for the same period of last year. Profit before taxes was $79m, compared with $12m in the same quarter of last year. Net profit amounted to $76m as against a loss of $3m in 2006.


SPEX Doubles Turnover

Ryan Strachan, CFO at SPEX. The company offers a full turnkey service from concept and modelling to end products.

SPEX Group, an Aberdeen-headquartered provider of innovative technology solutions and services to the global oil and gas industry, is investing in one of the U.K.’s smartest supercomputers capable of carrying out more than 100 trillion operations per second. The supercomputer, dubbed the Claymore, is being developed in partnership with Dell and ANSYS and can solve problems at least 20 times faster than the industry norm


Maersk Announces 2012 Annual Results

Maersk delivered a profit of USD 4.0bn (USD 3.4bn), which was slightly higher than the latest announced outlook of around USD 3.7bn expressed on November 9, 2012.   The return on invested capital (ROIC) was 8.8% (8.3%). Profit was positively affected by the settlement of an Algerian tax dispute in Q1 of USD 899m combined with improved volumes, rates and unit costs for Maersk Line. Profit was negatively affected by a decline in Maersk Oil’s share of production and impairment losses


Conrad Industries Reports Profit, New Orders in Annual Results

US-bsed shipbuilder Conrad Industries records profit, new orders for barges, cargo/passenger ferry, in 2011 results Conrad Industries, Inc. has announced its fourth quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. New business added during the first quarter of 2012 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $68.7 million, compared to $47


Rotterdam Cargo Traffic Surges

In the first half of 2004, 177 million tonnes of cargo was transhipped in the port of Rotterdam, 8 percent more than the first half of 2003. Outgoing trade increased more noticeably than incoming trade (6.7% and 11.6% respectively) and general cargo grew almost twice as fast (12%) as bulk cargo. Only the amount of coal handled was down (2%) on the first half of last year. The other categories of goods grew: agribulk (+10.6%), ores and scrap (+7.6%), other dry bulk (+6.6%), crude oil (+5


Diamond Offshore Reports 4Q Results

Deepwater drilling company Diamond Offshore announced fourth quarter and full-year earnings. Results were solid, with revenues and earnings showing big increases on both a quarterly and an annual basis. Compared to the fourth quarter of 2005, revenues rose 57 percent and earnings per share rose 106 percent. Full year figures demonstrated similarly gaudy growth, as revenues rose 68 percent and earnings per share were up an astronomical 168 percent.


Smit Lamnalco Wins Significant Contract in Iraqi Waters

Single Point Mooring Work: Photo credit Boskalis

Royal Boskalis Westminster N.V. (Boskalis) associate company Smit Lamnalco wins Single Point Moorings (SPM) support contract from Petrofac. The contract is to support Single Point Mooring operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP). The annual contract value is approximately US$-70 million (Boskalis share 50%) and services will commence November 2012.
 The Single Point Mooring (SPM) contract covers operations and maintenance of four


IMCA Publishes New Guidelines

‘Guidance for developing and conducting annual DP trial programs for DP vessels’ (IMCA M 190) has been published by the International Marine Contractors Association (IMCA) to describe the development, conduct and management of annual dynamically positioned (DP) trial programs for all types of vessels equipped with DP systems meeting the requirements of International Maritime Organization (IMO) equipment classes 1, 2 or 3.


River Bell Awards Acclaim Maritime 'Family'

Peter H. Stephaich receives the River Bell Award (Photo: SCI)

The Seamen’s Church Institute (SCI) recognized two inland maritime industry leaders at an annual awards luncheon Thursday, December 11, 2014, in Paducah, Ky.   The 15th Annual River Bell Awards Luncheon, hosted by SCI, raised more than $270


USCG Commandant to Address PVA Convention

U.S. Coast Guard Admiral Paul F. Zukunft

Commandant of the U.S. Coast Guard Admiral Paul F. Zukunft will attend the PVA Annual Convention at MariTrends 2015 in Long Beach, Calif. and deliver a keynote address for attendees during the General Session on Monday, February 2, 2015 from 9:15 a.m.-10:15 a.m.  


Aegean to Acquire $11mln Fuel & Storage Contracts

Access to Busiest U.S. Container Port Significantly Enhances Aegean's Global Marine Fuel Capabilities.   Aegean Marine Petroleum Network Inc. (NYSE: ANW) has announced that it has agreed to acquire 28,567 metric tons of marine fuel and assume a storage contract with Vopak Terminal Los


Austrian Port of Linz to Grow with EU Support

EU's TEN-T Program will support with over $1,043,000 development studies for the port of Linz. The project aims to increase the port's capacity to receive larger inland water, rail and road transport flows.   The Port of Linz, located in Austria's third largest city


Fishery Model Helps Boost Profits, Sustainability

A new model, developed by economists at Duke University and the University of Connecticut, which resulted from identifying efficient fishing practices and behaviors, may help fishermen earn larger paychecks while reducing the risk of fishery depletion.  


73rd Anniversary of Pearl Harbor Attack

Pearl Harbor Survivor Pat Duncan and National Park Services historian Daniel Martinez render honors at the USS Arizona Memorial during the 72nd Anniversary Pearl Harbor Day Commemoration. Pearl Harbor survivors and distinguished guests visited the memorial for the presentation of wreaths. More than 2,500 guests, including Pearl Harbor survivors and other veterans, attended the National Park Service and U.S. Navy-hosted joint memorial ceremony at the World War II Valor in the Pacific National Mon

Dec. 7, 1941 is a day that America will never forget. Claiming more than 2,400 American lives, 21 ships sunk or damaged, and more than 300 aircraft lost, the attack on Pearl Harbor goes down as one of the worst attacks on American soil. The Japanese attack came in two waves


Liberia Releases Mandatory MLC Compliance Report

Liberian Flag iStock_000005091005XSmall 600 dpi.jpg

The Liberian Maritime Authority has released the mandatory MLC Annual Report for 2013. This report confirms that Liberia’s approach to enforcement of the Maritime Labour Convention (MLC) 2006 has resulted in low deficiency rate for Liberian-flag ships, the group said. 


Hapag-Lloyd, CSAV Complete Merger

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Hapag-Lloyd and the Chilean Compañía Sud Americana de Vapores (CSAV) are joining forces, by merging CSAV´s container business activities into Hapag-Lloyd, becoming the fourth-largest liner shipping company in the world. The corresponding contracts for the merger of the two


DNV GL “Modification Excellence Award” for Schiffahrt

Jörg Lampe (Right), Senior Project Engineer Risk & Safety and Systems Engineering at DNV GL, presented the award to Jürgen Kudritzki (Left), Technical Director at E.R. Schiffahrt, in Hamburg.

Classification society DNV GL recognised that E.R. Schiffahrt has retrofitted seven ultra large container vessels to meet the highest energy efficiency standards and improve its cargo capacity through the DNV GL Modification Excellence Award


NYK Holds 8th Environmental Management Conference

From left, Executive Vice-president Corporate Officer Tadaaki Naito NYK Business Systems Co., Ltd. Infrastructure Management Group, Infrastructure Planning Team Mr.Yoshiaki Manji Yusen Real Estate Corporation Property Manag

  NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this conference with NYK Group companies to share information on environmental practices and strengthen environmental management


WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular, celebrated the long-awaited passage of the Water Resources, Reform and Development Act of 2014


BHP Billiton Focus on Operation & Productivity

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 * BHP Billiton is now targeting US$4 billion of annualised productivity gains in its core portfolio by the end of the 2017 financial year, a US$500 million increase on previous guidance.  * Improved capital productivity will allow planned investment to be reduced from US$14


Kemp Succeeds Semple at Wood Group

Alan Semple, chief financial officer of the Wood Group

  Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to retire and step down from his current role and from the board at the company’s annual general meeting in May 2015


Aussie Tug Engineers take Deal, Cancel Strike

Tug engineers withdrew plans to strike at Port Hedland, Australia's biggest iron ore port, tug operator Teekay Shipping said on Thursday, removing a threat to exports from BHP Billiton and Fortescue Metals Group Ltd. The Australian Institute of Marine & Power Engineers (AIMPE) a day earlier


Mexican Regulators Clear Hapag-Lloyd, CSAV Deal

Mexican competition authority approves transaction with CSAV unconditionally; Next step for Hapag-Lloyd becoming number four in worldwide liner shipping Hapag-Lloyd announced the unconditional clearance under Mexican merger regulations for the planned integration of the container shipping






 
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