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
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
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
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.
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
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
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
Since 2015 BIMCO has been collecting feedback on the performance of port terminals in order to be able to report the results to members and, ultimately, to give further guidance to ships. BIMCO has received over 400 feedback reports from bulk carriers on the performance of dry
BIMCO is seeking to drive the improvement of standards for ships at dry bulk terminals across the world and has launched its first report on terminal performance. Since 2015 BIMCO has been collecting feedback on the performance of port terminals in order to be able to report the
APM Terminals Mumbai, India’s busiest container terminal, has embraced ‘Direct Port Delivery’ (DPD)service initiated by the Indian government as part of its “Ease of Doing Business Program” to enhance India’s access to the global logistics chain.
Three New England projects have been awarded nearly two million dollars under the U.S. Environmental Protection Agency’s (EPA) competitive national grant competition to reduce diesel emissions. The grants, totaling $1,975,000, were made under the Diesel Emissions Reduction Act (DERA)
Australia & New Zealand Banking Corp (ANZ) has agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) for US$1.33bn. China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp had each agreed to acquire 10 percent of SRCB
The Incheon Port Authority or IPA (www.icpa.or.kr, IPA) proclaimed a new voyage to make the top 30 ports in the world in a ceremony to celebrate the achievement of 2.5 million TEU annual container volumes at Incheon New Port located in Songdo-dong, Yeonsu-gu, Incheon, on December 16.
After a year of tumultuous political and policy upheaval, both oil and tanker markets are undergoing a process of rebalancing. The fourth quarter of 2016 is capping what has been a mixed 12 months for the tanker markets. The agreement by OPEC members and non-members alike to cut
Incheon Port's annual container volume surpassed 2.5 million TEUs as of December 16, the largest-ever volume in the history of Incheon Port, in 11 years since hitting 1 million TEUs in 2005 and in three years since reaching two million TEUs in 2013.
The "Circle Japan Grand Cruise,” a luxurious one-month voyage operated by NYK Cruises Co. has been recognized with an Award of Excellence at the 2016 Cruise of the Year Awards* sponsored by the Japan Oceangoing Passenger Ship Association (JOPA).
On November 30 at NYK’s 10th annual Environmental Management Conference in Tokyo, Asahi Unyu Kaisha Ltd. (head office: Aichi; president and CEO: Toshiya Kozawa) and the GENEQ Corporation (head office: Fukuoka; president: Keiji Ushiyama) were selected from among 33 domestic NYK Group
The infrastructure works for Berth 5 and Berth 6 are about to be finished in a few weeks, King Abdullah Port announced. The two berths are part of the port’s strategic expansion plan, which aims to significantly uprate the port’s capacity
Kongsberg Maritime has developed a new Carbon Dioxide (CO2) Monitoring, Reporting and Verification (MRV) application for its K-Fleet suite of Marine Fleet Management Software. K-Fleet MRV has been assessed as meeting the requirements of new EU-regulation 2015/757
Navis and Royal Arctic Line Denmark (RAL) announced that the terminal has gone live with the Navis N4 terminal system. Lacking key features in its legacy system with multiple disparate systems in place to support complex operations, RAL sought out Navis’ expertise to help align and
The Utah Point Multi-User Bulk Handling Facility (Utah Facility) at the Port of Port Hedland has marked a milestone with 100 million tonnes (Mt) of exports since its commissioning in September 2010. The achievement took place on 22 November 2016 following the loading and departure of MV Ju Hua
The car carrier sector has been yet another part of the shipping industry to have faced challenging conditions this year, says Clarksons Research. The focus has largely been on demand side difficulties, with growth in global seaborne car trade appearing to have gone into reverse gear