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 annual Shetland Race from Bergen will be at Lerwick from Thursday 23 to Saturday 25 June. 2016 marks the 30th annual race which started in 1987 – that first year with only one competitor actually making the trip but it still ranked as a qualifying race
Hess Denmark ApS has awarded a contract to DNV GL to provide asset integrity inspection management of its South Arne field including Risked Based Inspection (RBI) services and Non-Destructive Testing (NDT) inspection services.
At the WODCON 2016 held last week in Miami, Damen was awarded the “Best Paper Award” for a paper on efficient dredge pump design, written and presented by Klaas Slager. The WODCON is the annual conference of the Wester Dredging Association
The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note.
Annual container handling capacity increased to 1.35 million TEUs from 850,000 TEUs APM Terminals Pipavav (Gujarat Pipavav Port Ltd) reports it has completed its capacity expansion project on time and within budget, increasing its annual container throughput handling capacity from 850
At the annual COMPIT conference, the SENER engineering and technology group presented a technical/economic study on the implementation of a CAD system in a shipyard and, in particular, the FORAN System, developed by SENER. The event took place in Lecce, Italy, on May 9, 10 and 11
The Chamber of Shipping of America awarded thirty- nine (39) Bouchard Transportation Co., Inc. operating vessels the Jones F. Devlin Award, at the Annual Safety Awards Luncheon in New Orleans, LA. This award further symbolizes Bouchard’s dedicated commitment to safety
Ocean freight rates for cargo moving under contracts on the major East-West trade routes fell by another 18% between February and May, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates
CWind, a provider of services to the offshore wind industry, has announced that it has won a contract from E.ON to undertake the annual inspection and repair services as required at Humber Gateway offshore wind farm (OWF), covering latchways, mechanical services, as well as paint works
Ocean freight rates for cargo moving under contracts on the major East-West trade routes fell by another 18% between February and May, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight
A new study report projects cargo volume through Port Manatee will more than double over the next 10 years. The 2016 Port Manatee Master Plan Update, accepted June 16 by the Manatee County Port Authority, provides a strategic vision and framework for continued diverse growth of the port of
Green Marine, an environmental certification program for the North American marine industry, elected Port of New Orleans Chief Operating Officer Brandy Christian to its Board of Directors during its annual conference last month. “Brandy Christian’s nomination shows a
U.S. drillers this week added oil rigs for a third week in a row for the first time since August, according to a closely followed report on Friday, as producers seek more drilling permits after crude prices hit an 11-month high over $51 a barrel last week.
Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the
Trojan Marinex has been named the winner of the 2016 Outstanding Private Sector Achievement award from the Reduce Risks from Invasive Species Coalition (RRISC). The award goes to a private sector company that has introduced a product or service that has the potential to make a significant