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
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
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 $47
In the first half of 2004, 177 million tonnes of cargo was transhipped in the port of Rotterdam, 8 percent more than the first half of 2003. Outgoing trade increased more noticeably than incoming trade (6.7% and 11.6% respectively) and general cargo grew almost twice as fast (12%) as bulk cargo. Only the amount of coal handled was down (2%) on the first half of last year. The other categories of goods grew: agribulk (+10.6%), ores and scrap (+7.6%), other dry bulk (+6.6%), crude oil (+5
Deepwater drilling company Diamond Offshore announced fourth quarter and full-year earnings. Results were solid, with revenues and earnings showing big increases on both a quarterly and an annual basis. Compared to the fourth quarter of 2005, revenues rose 57 percent and earnings per share rose 106 percent. Full year figures demonstrated similarly gaudy growth, as revenues rose 68 percent and earnings per share were up an astronomical 168 percent.
Royal Boskalis Westminster N.V. (Boskalis) associate company Smit Lamnalco wins Single Point Moorings (SPM) support contract from Petrofac. The contract is to support Single Point Mooring operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP). The annual contract value is approximately US$-70 million (Boskalis share 50%) and services will commence November 2012. The Single Point Mooring (SPM) contract covers operations and maintenance of four
‘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.
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.
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
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 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
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
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 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
Maritime Reporter & Engineering News, the world's largest circulation b2b marine publication, announced that Applications for its Annual Awards Issue -- "Great Ships of 2014" -- will close on Friday, November 21, 2014. This annual awards edition recognizes a selection of the
CEVA Logistics, one of the world’s leading supply chain management companies, has been awarded a long term contract to provide freight management services to SuperGroup, owner of famous fashion brands including SuperDry. The contract award followed a competitive tendering process
The "4th Annual Conference on the Outlook for Bunkering and Marine Lubricants in India" will be held on Thursday, December 4, 2014 at the Hotel Vivanta by Taj-President, Cuffe Parade, Mumbai. With the demand for shipping fuel at major Indian ports having climbed in the past
Q3 TRADING UPDATE - HIGHLIGHTS Good third quarter with sizable financial settlements on old projects Order book increased slightly to EUR 3.3 billion 2014 OUTLOOK Market conditions remain challenging Good second half-year expected
Danish shipping company D/S Norden reported a smaller-than-expected third-quarter operating loss on Wednesday and maintained its full-year earnings guidance. D/S Norden said its loss before interest and tax was $27.6 million in July-September, against a forecast for a loss of $33
Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, today announced financial results for the quarter and half year ended September 30, 2014. The company reported a 67.7 per cent rise in consolidated net profit at $ 95
Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014
VP Biden's November 12 keynote address to emphasize continued infrastructure investments in ports U.S. Vice President Joe R. Biden, Jr. will deliver the keynote address on Wednesday, November 12, at the American Association of Port Authority’s (AAPA) 103rd Annual Convention and Expo
The 19th Annual Career Days organized by the Istanbul Technical University Maritime Faculty Career Club hosted V. Ships today as the first guest. V. Ships was represented by the personnel managers Efe Sipahi , Volkan Imamoglu and Saygın Suner