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
Navios Maritime Midstream Partners LP (NAP) has reported second-quarter earnings of $5.9 million. It says revenue for three month period ended June 30, 2016 increased by $4.3 million to $22.7 million. The company said it had net income of 28 cents per share
With seaborne transportation accounting for the vast majority of the world’s international trade, the importance of the shipping industry to the mechanics of the world economy is generally fairly evident, says Clarksons Research.
INTERSCHALT maritime systems GmbH, a provider of services for communications, navigation and bridge equipment and the maker of voyage data recorder systems, has expanded its service network in South America through the addition of ITEC Electronica Maritima S.A
Maersk Line has signed a five-year carbon reduction pact with Huawei Technologies, a global leading telecom solutions provider and the world’s third largest mobile phone manufacturer. The key to Huawei’s success is positioning itself as an innovator and thought leader in
The American Association of Port Authorities (AAPA) will recognize 25 seaports for exemplary communications projects and programs at its annual convention and awards luncheon this fall. Winning entrants in AAPA’s 50th annual Communications Awards Program will be recognized at an Oct
ACO Marine has welcomed the findings reported in the Friends of the Earth 2016 Cruise Ship Report Card, the annual survey of cruise shipping’s impact on the environment, which highlights a growing need for the sector to update its sewage treatment technology.
2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.
The Annual General Meeting of BOURBON shareholders held on May 26, 2016 approved the payment of the dividend for 2015 of €1.00 per share and that each shareholder can choose to receive the dividend either in cash or in new shares. The period for exercising the option ran from June 15
An increasing number of ships and vessels are using liquefied natural gas or LNG as a clean fuel to comply with the regulations laid by the International Maritime Organization (IMO) across emission control areas. LNG as a ship fuel reduces the emission of sulphur dioxide by
NYK Line received award sponsored by the Japan Federation of Freight Industries (JFFI) recognizing the environmental load reduction achieved by Japan's first LNG-fueled tugboat, Sakigake. This is the third time since 2009 that NYK has been honored at this annual awards ceremony.
Organizers of this summer’s inaugural LA Fleet Week 2016 are in full planning mode for the week-long call of U.S. Navy ships on the LA Waterfront in the days leading up to and including Labor Day Weekend. Friday September 2, through Monday September 5
Shell said a small fire occurred at the construction site in South Korea for its huge floating Prelude liquefied natural gas (LNG) project, with work resuming immediately and an investigation underway. The incident would not have an impact on the delivery schedule
The ISO 19030 is finally nearing publication, in a move that has the potential to save the shipping industry as much as USD 30 billion in annual fuel costs. It’s taken 12,000 hours of development work, involving 53 expert stakeholders, across more than three years
Genting Hong Kong announced that the three shipyards in the German State of Mecklenburg-Vorpommern bought this April will be named as MV WERFTEN*, be managed in Wismar and will focus on building large new cruise ships. Lloyd Werft located in Bremerhaven and bought last September will focus on its
London Ship Managers (LSM) has made substantial savings across its fleet of 9000gt refrigerated cargo vessels following an extensive refrigerant plant optimisation programme carried out by Oceanic Technical Solutions. An engineering team from the Asia division of the UK-based refrigeration