NORDEN announced it has agreed to sell Nord Power, a 176,000 tdw Capesize dry cargo vessel built in 2005. The ship will be delivered to its new owners at the beginning of 2016 NORDEN said the sale will entail an accounting loss of $12 million, which will be included in the annual results for 2015. In the long term, NORDEN said it expects to reinvest the proceeds from the sale into additional Supramax or Panamax tonnage, in line with its strategy focusing on these vessel types. NORDEN’s operating results are developing as expected, and the expectations for the EBIT result before profits from vessel sales for 2015 are maintained. The expectations for the EBIT result including profits from vessel sales are solely adjusted as a result of the vessel sale to $58-78 million, compared to the previous $70-90 million.
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
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.
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
Ireland's Port of Cork’s container terminals at Tivoli and Ringaskiddy showed “exceptional growth” last year, recording a 13% increase on 2013 and handling in excess of 10m tonnes of cargo shows the annual results. Total traffic through the Port of Cork and Bantry Bay Port Company in 2014 reached a total of 10.1 million tonnes. Following the transfer of Bantry Bay Harbour to the Port of Cork Company in January 2014
In line with its dry cargo strategy to focus on Panamax and Supramax vessels, Danish ship owner NORDEN has entered into an agreement to sell its last remaining Capesize vessel Nord-Energy (180,310 dwt. built in 2004). At the same time, the company has agreed to buy a Supramax vessel (58,000 dwt. built in 2010). Both deliveries will take place in the course of the first quarter of 2016. Following the sale, NORDEN no longer owns Capesize vessels and currently only operates one chartered
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
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
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
Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June, enabling traders to potentially make money by storing crude for delivery months down the line, when prices were expected to recover. Tanker industry sources estimated in late January that the volume of oil booked for
The Board of Directors of Total met on February 10, 2016, and agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.44 euros per share, stable compared to the 2014 annual dividend. This corresponds to a fourth quarter 2015 dividend of 0
Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings
UPS, one of North America’s largest intermodal shippers, has told federal regulators that it is against Canadian Pacific Railway's (CP's) proposed acquisition of Norfolk Southern Corp. (NS). UPS' thumbs-down has dealt a severe blow to CP's $28 billion bid to acquire U.S
State's three ports handle 12 million tons for first time in 54-year history INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015, surpassing 2014's record volume by nearly 18 percent. This was the first time annual shipments exceeded 12
Logistics firm Hidrovias do Brasil plans to start exporting grains from a new terminal with up to 6.5 million tonnes annual capacity in the Brazilian Amazon in July, serving international grain merchants, CEO Bruno Serapião said.
On February 1st APM Terminals Senior Vice President Peder Sondergaard officially inaugurated a new solar power initiative at APM Terminals Mumbai, the busiest container terminal at Jawaharlal Nehru Port (JNP), at the Port of Mumbai, serving India’s commercial and financial hub.
Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited resigned on December 28, 2015, the Company’s Board of Directors was comprised of two Class II directors, two Class III directors
Dubai's DP World, one of the world's biggest port operators, on Monday said its 2015 annual gross container volumes rose 2.4 percent on a like-for-like basis and increased 3 percent on a reported basis. Gross volumes totalled 61.7 million twenty-foot equivalent units (TEU) in 2015, up from 59
The International Chamber of Shipping (ICS) has published its Shipping Industry Flag State Performance Table for 2015/2016, which can be downloaded free of charge via the ICS website. The ICS Table provides an annual overview of the performance of the world’s ship registers against a
ABS, a provider of classification services to the global marine and offshore industries, announced the election of ABS Europe and Africa Division President Dr. Kirsi Tikka as a Foreign Member of the United States National Academy of Engineering (NAE).
Bangladesh and Thailand are planning to launch direct coastal shipping, connecting the Chittagong Port in the Bay of Bengal with the Ranong Port in the East of the Andaman coast in south-western Thailand. Bangladesh Ambassador to Thailand Saida Muna Tasneem said: “Both
When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year
The Port of Hamburg reports higher bulk cargo throughput and strong growth in rail and inland waterway seaport-hinterland traffic in 2015 – downturn in container handling. In 2015 seaborne cargo throughput in the Port of Hamburg was 5.4 percent lower at 137.8 million tons.
2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO. The six new VLCCs were delivered in a strong winter market
Maersk Line posted a steep decline in profit last year to $1.3bn, well down from the 2014 result of $2.3bn and below its most recent forecast as freight rate declines accelerated in the latter stages of 2015. The net profit of Maersk Group in 2015 amounted to 0