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 Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) today reported net income of $7.0 million for the quarter ended December 31, 2007, compared to net income of $2.1 million for the quarter ended September 30, 2007. Net income before non-controlling interest included non-cash gains totaling $14.0 million relating primarily to foreign currency translation gains and deferred income tax recoveries in the fourth quarter of 2007, and non-cash losses totaling $10.6 million relating primarily to foreign currency translation losses and deferred income tax expenses in the previous quarter. During the three months ended December 31, 2007, the Partnership generated $6.5 million of distributable cash flow(1), a decrease from $7.3 million for the third quarter of 2007. This decrease is primarily due to $3.5 million of revenues earned in the third quarter relating to the completion of the mobilization and hook-up of the FSO Navion Saga at the Volve field and an increase in vessel operating expenses in the fourth
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 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
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
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
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.
‘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.
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
Reefer capacity on the containership fleet is expected to increase by 22% over the next five years, at the expense of a declining specialized reefer fleet, according to Drewry's latest Reefer Shipping Market Annual Review & Forecast. Reefer box capacity is expected to grow from 1.6 million 40ft slots in 2013 to 1.9 million slots in 2018. However, this fleet growth is not expected to adversely impact vessel utilization levels thanks to strong cargo growth.
Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world regions though may be at greater risk of persistent congestion in the longer term
For its efforts to promote young employee development, marine insurer GARD has been awarded the first annual YoungShip Young Corporation Award. The shipping industry is acknowledged as one of Norway’s key strategic industries. If shipping is to stay ahead in global competition
German offshore plants attract new investment; offshore energy a key component in switch from nuclear. Start-up costs high, but returns are attractive. Germany's offshore wind parks, once seen as only for brave investors because of high costs and operational risks
Philippine furniture maker Betiscrafts Inc should have delivered a shipment of custom-made chairs to Middle East customers last month. But a cargo from China of imported fabric needed for the upholstery has been held up by severe congestion at Manila's main port
Options abound for operators to make timely payments and maintain access to funding. There are many different operating models in the commercial marine universe. Some businesses operate 24/7/365, while others operate seasonally. Driven by the low temperatures and inclement weather of late autumn
ABB announced at the UN Climate Summit in New York today that it is joining the UN’s Sustainable Energy for All initiative (SE4ALL). The company will provide expertise on energy efficient motors and transformers to help governments devise policies that accelerate energy savings.
Drewry inform that the 2014 edition of their Annual Review of Global Container Terminal Operators is now available to purchase online. Drewry add that this industry review, with forecasts, has some of the most insightful and detailed analysis available in the market today
National Tribute Set for Thursday, October 9, 2014 The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that at its upcoming 34th Annual Salute to the U.S
Maritime industry conference and exhibition opens next week in Stamford, Conn. There’s still time to register online for SHIPPINGInsight 2014, the North American maritime industry technical conference and exhibition, which opens next week in Stamford, Conn.
Diesel air pollution from ships, trucks, trains and other big machines at the Port of Long Beach has declined by 82 percent since 2005, a comprehensive air quality analysis has found. The report – which focuses on 2013 – shows seven straight years of steadily declining air pollution
Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has this month celebrated the 25th anniversary of its operations in Greece by hosting its annual senior management conference in Athens, close to the company’s Greek head office in the Port of
Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.
Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'.
The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday. The exercise was part of an annual response exercise and included members of the Coast Guard 13th
Global Ship Lease, Inc. has announced that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million. The 2005-built vessel is expected to deliver in the fourth quarter of 2014