Annual Results News

Dutch dredging and marine services firm Boskalis raised its full-year core profit forecast on Thursday, pointing to a well-filled order book and favorable market outlook in the short and medium-term.Boskalis, which also offers services and contracting for the oil and gas sector and offshore wind industry, now expects its 2022 earnings before interest, tax, depreciation and amortisation (EBITDA) to exceed the 462 million euros ($482.33 million) posted in 2021, against a previous estimate of matching it."The market outlook appears favorable for the short and medium term…

While the implications of COVID-19 for containership demand and freight rates are directionally clear, the time charter market often marches to its own drum.The latest Container Shipping Forecaster from Maritime Strategies International analyzes the impact of the pandemic on time charter markets in the light of reduced demand and falling fright rates.Containership time charter rates have broadly retreated in recent weeks, and since the start of 2020 the majority of benchmarks have seen earnings retreat by 10-15% - hardly a historic correction.

German container shipping line Hapag-Lloyd raised its 2019 operating profit by 80% to 811 million euros ($875.47 million) as it earned higher freight rates and cut costs, the Hamburg-based firm reported on Wednesday."The main drivers of the positive business developments have been improved freight rates as well as rigorous cost and revenue management," said the company, the world's fifth biggest operator, in a statement on preliminary results.Operating earnings before interest and taxes (EBIT) had previously been pegged in a target corridor between 0.5 billion and 0.9 billion euros.Earnings be

The energy shipping company PAO Sovcomflot (SCF Group) has managed to increase its revenue base and achieved a profit of USD 11.9 million against a USD 106.2 million loss in 2017.The annual results reflected a strong contribution from the industrial shipping business (comprising offshore services and LNG transportation). These activities now account for 57.2 per cent of the Group’s TCE revenues (up from a 50.9 per cent share in 2017).Taking into account the challenging conditions in the conventional tanker markets, and in accordance with IFRS accounting standards, SCF Group undertook an impairment review of vessel values for the year ended 31 December 2018.

Full-year operating profit up by 32 percent.Container shipping firm Hapag-Lloyd said volume growth and a modest recovery in freight rates in the second half of 2018 helped push operating profit 32 percent higher, lifting shares in the German group on Monday.Hapag-Lloyd said preliminary earnings showed operating profit before interest and tax (EBIT) rose 32 percent to 443 million euros ($502.81 million) in 2018, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 83 percent to 1.138 million euros.

Full-year operating profit up by 226 percent; full figures, guidance due on March 28. German container shipping firm Hapag-Lloyd on Wednesday reported its 2017 operating profit more than tripled, citing higher transport volumes and a slight recovery in freight rates. It also said that besides a positive development of worldwide container transport demand and rising revenue from freights, last year's merger with Gulf peer UASC provided more efficiencies. The move made Hamburg-based Hapag-Lloyd the number five container shipper worldwide, amid ongoing consolidation. Operating profit before interest and tax (EBIT) rose to 411 million euros ($502 million) from 126 million the year earlier, the company said in a statement detailing preliminary results.

Liquefied petroleum gas (LPG) carrier and tanker owner StealthGas has reported revenues of $38.4 mill in the fourth quarter of last year, an increase of 2.4% compared to 4Q16. The Greece-based company reported fourth-quarter net income of $748,000, after reporting a loss in the same period a year earlier. For the year, the company reported that its loss narrowed to $1.2 million, or 3 cents per share. Revenue was reported as $154.3 million. StealthGas board chairman Michael Jolliffe Commented that the 4Q 2017 was mixed. "On the one hand we are pleased that our core market of small LPGs shows clear signs of improvement, which should continue to leverage our earnings.

Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices. FLNG projects - mega tankers fitted with gas extraction and liquefaction facilities - allow producers to tap offshore gas wells and ship LNG without having to build costly pipelines to onshore plants. Owners can move the vessels to new fields when production at an old one ends, slashing asset end-of-life costs.

FY operating profit down 66 pct and freight rates down 15.4 percent in 2016. Company says merger benefits, cost cuts help. German container shipping firm Hapag-Lloyd on Tuesday reported a 66 percent year-on-year fall in operating profit for 2016, blaming mainly significantly lower freight rates. Operating profit came to 126 million euros ($133.5 million), while earnings before interest, tax, depreciation and amortisation (EBITDA) were down 27 percent at 607 million, it said in a statement. But it said transport volumes rose by 2.7 percent to 7.6 million twenty-foot equivalent units (TEU) and that lower bunker prices - the cost of ship fuel, which is tied to crude oil - and ongoing synergies from its merger with Chilean peer CSAV as well as cost savings increased efficiency.

Dubai-based shipper Gulf Navigation announced its best annual results for eight years, on account of the improvement in spot tanker rates and the reclassification of liabilities. In a statement, the company said it had benefitted from ‘strong and consistent financial turnaround and transformation’. It has reported net annual earnings of AED 136.6m ($37.2m), against AED 20.2m in 2015. Profits for the fourth quarter hit Dh5.4m, compared with Dh4.5m a year earlier. “Further improvement in chemical tanker spot rates specifically contributed to increased margins along with further rationalisation of our cost structure, which led to lower fin­ance and overhead costs,” said Khamis Buamim, Gulf Navigation’s group chief executive.

The number of cars taken by ferry has increased from 8.6 million in 2015 to nearly 8.8 million in 2016, a 1.7% increase. This is the fourth successive year of growth according to the annual results of the ferry industry. 2016 Ferrystat figures released today by Discover Ferries, the industry body for ferry operators, reports that growth for car travel by sea is up by 473,000 in the past four years; up from just 8.3 million car crossings by sea in 2012. Discover Ferries member ferry operators include Brittany Ferries, Caledonian MacBrayne, Condor Ferries, DFDS, Irish Ferries, Isle of Man Steam Packet Company, Isles of Scilly Steamship Group, Northlink, P&O Ferries, Red Funnel, StenaLine and Wightlink.

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. The Club’s tonnage and revenue experienced some attenuation in 2015 as global trade slowed and freight markets continued to struggle. Following the 2016 renewal, year-on-year tonnage entered for P&I and FD&D risks was stable at about 14 million GT for the former and 9 million GT for the latter class of business…

The pain of the current container market downturn extends beyond carriers, says Drewry's Container Insight Weekly. Some independent ship-owners are faced with either lowering charter rates to help save ailing carriers or risking their assets going idle. Much of the focus on the recent slump in the container shipping market has focused on the bottom lines of the operators moving cargo on the water, with ever-diminishing profits (that have now almost universally turned to losses) being the driver of a new round of M&A and alliance forming. However, less is known about the financial health of the roughly other half of ship owners who charter their assets out.

China Shipping Container Lines (CSCL) has released a profit warning stating that it expects to close the financial year 2015 with a net loss of about 2.8 billion yuan (425 million dollars) compared to a profit of over one billion yuan recorded in 2014. The Chinese container line expects to log big 2015 deficit as volumes fall 8%. The Shanghai- and Hong Kong-listed carrier said the poor results are mainly due to a depressed container shipping market. While the new shipping capacity continued to expand, the imbalanced supply and demand landscape deteriorated, the freight rates of mainstream shipping lanes hit a new low, and the price of container transportation fell to the history low point.

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 vessel of this type.

Shanghai International Port Group Co Ltd, the operator of the world's busiest container port, posted a 4 percent fall in its 2015 preliminary net profit, marking the first decline since 2011 as China's economy slows. Shanghai Port, whose container throughput totalled 36.5 million TEU (twenty-foot-equivalent units) in 2015, reported a preliminary net profit of 6.5 billion yuan ($989.35 million) in 2015, down from 6.8 billion yuan a year earlier, it said in an exchange filing on Monday. The port is expected to post its final annual results with outlook comments in March. The last time it logged a profit fall was in 2011, when net profit was down 12.8 percent, according company data posted on Eikon.

NORDEN announced it has agreed to sell Nord Power, a 176,000 tdw Capesize dry cargo vessel built in 2005. 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.

China Shipping Container Lines has placed orders for eight 13,500 twenty-foot-equivalent container ships at Shanghai Jiangnan Changxing Shipbuilding, continuing the aggressive fleet expansion began last year. As agreed, Jiangnan Changxing will design and build eight 135,000-TEU container ships for the subsidiary and CSTC will take charge of money collection. Contractual value is USD 934 million, or USD 117 million per unit. The newbuilds will be deployed in the Asia-U.S. East Coast trade routes and are scheduled for delivery from April 2018 to December 2018. "The group positively responds to the development trend for large-scale container vessels in the shipping market…

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 floating storage had reached up to 50 million barrels. The economics of storage can only work if oil prices for delivery in the future are at a large enough premium to those in the spot market - a market structure known in the industry as contango. A backwardation is when the opposite occurs.

Aberdeen Harbor Board’s annual results have revealed record vessel activity in 2012 and record levels of cargo passing through the port. Overall vessel tonnage handled by the port increased by 8%, from 25.91 million tons in 2011, to 28.19 million tons in 2012. The Harbor also saw an 8% increase in cargo handled, increasing from 4.76 million tons in 2011 to 5.14 million tons in 2012 - another record for the Port. As a result, Aberdeen Harbor’s annual turnover increased by 13% to £27.37 million from £24.06 million in 2011, recording a retained profit of £7.46 million.

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. It will incorporate 75 times the RAM of a High-end workstation, allowing enhanced processing and graphics capability on complex simulation and modeling problems.

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," TUI AG CEO Friedrich Joussen said on Wednesday after the group reported annual results. Hapag-Lloyd has said it will consider adding mega container ships to its fleet to boost competitiveness. TUI AG owns a 22 percent stake in Hapag-Lloyd, which is classed as 'held for sale'. TUI values it in its books at 467 million euros ($578.75 million), which Joussen described as 'conservative'.

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, both Ports performed well in the circumstances with some sectors performing strongly while others experienced a decline due to a favorable harvest for Irish farmers in the summer and autumn of 2014 when compared to 2013.