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Annual Results

NORDEN Sells Capesize Vessel

Photo: Dennis Schnell, Bulldog and Partners

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.


TUI AG Eyes Timing on Hapag-Lloyd IPO

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 Reports 4Q and Annual Results

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


Gulf Navigation on Recovery Path

Photo: Gulf Navigation

 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


NORDEN Sells its Last Capesize Ship

Nord-Energy (Photo: NORDEN)

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


Port of Cork Reports Growth

Image: Port of Cork

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


Wilh. Wilhelmsen Posts Strong Results

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 Doubles Turnover

Ryan Strachan, CFO at SPEX. The company offers a full turnkey service from concept and modelling to end products.

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


Oil Storage at Sea Stalls as Profit Play Fades

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


Maersk Announces 2012 Annual Results

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


Higher profits for Transocean

Courtesy Transocean

Transocean Ltd. reported their Fourth Quarter and Full Year 2016 Results.  * Revenues were $974 million, up from $906 million in the third quarter of 2016  * Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters


ICS Published Flag State Performance Table

Image: ICS

The International Chamber of Shipping (ICS) has published its latest Flag State Performance Table providing an annual overview of the performance of the world’s flag states against a number of criteria such as port state control records


30 Kalmar Hybrid Shuttle Carriers for APM Terminals Tangier

Image Kalmar hybrid straddle carrier Photo Cargotec

Kalmar, part of Cargotec, has signed a contract with APM Terminals to deliver 30 Kalmar Hybrid Shuttle Carriers with high level of automation readiness as well as the related service and support to the customer's MedPort Terminal in Tangier, Marocco


Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened.


USCG Recognizes Houston Pilots

Photo: Houston Pilots

RADM David Callahan for the US Coast Guard (USCG) 8th District presented Meritorious Public Service Awards to two Houston Pilots - Captains Michael McGee and Michael Phiilips - for their bravery last September aboard the crippled and burning tanker AFRAMAX RIVER.   


ExxonMobil inks patent agreement with Pason Systems

Photo ExxonMobil

ExxonMobil has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System, a key component of the company’s Fast Drill technology suite. The licensing agreement accelerates the technology’s commercialization by combining Pason’s expertise in


Maersk Chairman Rasmussen Steps Down

Michael Pram Rasmussen (Photo: A. P. Moller-Maersk)

A.P. Møller - Maersk’s chairman of the board will step down at the end of March as the group missed fourth-quarter profit expectations amid low prices and oversupply in the oil and freight sectors.   Michael Pram Rasmussen said he will not stand for reelection as chairman of


Malaysian Oil Sector Rebalances Portfolios

Hernando Caceres, Country Manager Malaysia, DNV GL – Oil & Gas. Photo: DNV GL

 New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that confidence in growth in the Malaysian oil and gas sector has tumbled since 2014, from 96% to 21%, with tough, short-term, cost-cutting efforts expected to increase in 2017.   


Port of Antwerp Opens New Training Centre in India

Photo by Port of Antwerp

 Indian port professionals who follow courses given in Mumbai by APEC, the port of Antwerp training centre, can now benefit from a purpose-built training facility.    The new facility was officially opened on Monday this week during the annual Port of Antwerp Mission to India


UK, Continental Ferries Carried 8.8 mln Cars in 2016

Photo: UK Chamber of Shipping

 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


Lloyd’s Register Sets Its Sights Subsea

Andrew Inglis (Photo: Lloyds Register)

Eying a subsea sector rebound, Lloyd’s Register (LR) aims to bring its expertise to underwater operations in offshore oil and gas as well as wind farm power generation and submarine cable markets.   The provider of integrity, compliance and specialist risk consulting services has


Cosco Shipping Holdings to Post 2016 Loss

Photo:  China COSCO Holdings Company Limted

 Cosco Shipping Holdings (CSH)has announced that its profit for 2016 will be below that of 2015, reports Reuters.    The container shipping arm of state-owned China Cosco Shipping Corp expects to post a net loss of 9.9 billion yuan ($1


Eimskip Acquires Mareco in Belgium

Mareco offices worldwide Image Eimskip

Eimskip has strengthened its position in worldwide reefer logistics services by acquiring 80% of the forwarding company Mareco N.V. The company was founded in 2002 and its headquarters are located in Antwerp,Belgium. The current management team will continue to own a 20% share in the company and


Bahri's Q4 Profit Dips 42 pct

File Image: A Bahri managed VLCC (Credit: Bahri)

Bahri, the exclusive oil shipper for Saudi Aramco made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31, it said on Monday.   That compares with 566.4 million riyals in the fourth quarter of 2015.  


Cyberhawk shortlisted for Offshore Achievement Awards

Cyberhawk team operating a drone offshore Photo Cyberhawk

Cyberhawk Innovations is delighted to be recognised as a finalist at the 2017 Offshore Achievement Awards for the categories Safety Innovation and Export Achievement.   The world leader in aerial inspection and survey using Unmanned Aerial Vehicles (UAV), otherwise known as drones






 
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