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. "They need to have access to the capital markets or they won't be able to buy the ships they want." 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'. ($1 = 0.8069 euros) (Reporting by Victoria Bryan
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
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
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
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
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
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 $47
Royal Boskalis Westminster N.V. (Boskalis) associate company Smit Lamnalco wins Single Point Moorings (SPM) support contract from Petrofac. The contract is to support Single Point Mooring operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP). The annual contract value is approximately US$-70 million (Boskalis share 50%) and services will commence November 2012. The Single Point Mooring (SPM) contract covers operations and maintenance of four
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
Kjeld Dittmann, the Managing Director of Lyngsø Marine A/S, is the new Chairman of the European Ships and Maritime Equipment Association (SEA Europe). He succeeds Govert Hamers, CEO of Vanderlande Industries in the Netherlands, who has completed his term as Chairman.
China COSCO Holdings Co Ltd says it has received ship scrapping subsidies for about 3.96 billion yuan ($638.71 million). It came through China Ocean Shipping, the controlling shareholder of the company, for the decommissioning and upgrading of vessels.
Stolt-Nielsen Limited today reported unaudited results for the second quarter ended May 31, 2015. Net profit attributable to shareholders in the second quarter was $42.5 million, with revenue of $500.7 million, compared with a net profit of $38.7 million, with revenue of $487
Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition of the Container Census report published by global shipping consultancy Drewry.
Genco Shipping & Trading Limited and Baltic Trading Limited have declared July 17 the date for an annual meeting of the two companies, where shareholders will vote on their proposed merger. Genco will acquire NYSE-listed Baltic Trading in a stock-for-stock transaction
Euronav has entered into an agreement for the acquisition through resale of four VLCCs which are completing construction at Hyundai Heavy Industries for an aggregate purchase price of $384 million or $96 million per unit. The vessels are due to be delivered as early as September 2015, January
Electromagnetic Geoservices ASA (EMGS) announce that the Company implements further cost reductions reflecting the challenging market conditions in the oil service industry. As communicated in the first quarter report, the Company initiated cost reduction measures in the beginning
CMRE participates in the annual NATO-led Coalition Warrior Interoperability eXploration, eXperimentation, eXamination, eXercise (CWIX), ongoing at the Joint Force Training Center (JFTC) in Bydgoszcz (Poland). From June 9-25, 2015, NATO STO CMRE (Center for Maritime Research and
The London P&I Club has called for greater familiarization by ships’ officers and crews with the testing requirements relating to Voyage Data Recorders after two recent claims incidents investigated by the club’s loss prevention team revealed VDR malfunctions.
First hybrid tug in German waters On June 18, 2015, the Damen-built ART 80-32 Hybrid Rotortug RT Emotion was named in the Port of Bremerhaven during KOTUG’s annual Herring Party. Annika Bootsman-Kleberg, Member of the Wallenius’ Board and granddaughter of Olof Wallenius
The Greek economy’s foreign currency revenues from shipping activities expanded 9.04 percent last year from 2013, reaching 13.18 billion euros, in spite of the country's financial woes, according to the annual report of the Association of Greek Shipowners (EEE).
San Diego Military2Maritime Career Fair with Rep. Hunter (R-CA) Connects California Veterans With Opportunity. More than one hundred veterans attended a Military2Maritime career fair on Monday June 22, 2015 from 10:00am until 2:00pm at the Port Pavilion on Broadway Pier in San Diego, Ca
Matson Increases quarterly dividend by 5.9 percent to $0.18 per share The board of directors of Matson, Inc., a U.S. carrier in the Pacific, today declared a third quarter dividend of $0.18 per common share. The dividend represents a one-cent increase, or 5
The yacht Serenity, skippered by Fridtjov Bergmann, proudly flies the Bergen Shetland Blue Ribbon as first to finish this year’s race across the North Sea from Norway. He later received Lerwick Port Authority's trophy for first yacht over the line, at 20:56 hours on Thursday
ShipServ, the leading marine and offshore marketplace with an expected annual trade of $3bn in 2015, has cemented its position in Asia with the opening of a new office in Singapore. The office will be managed by ShipServ’s VP of Sales Sharon Gill and will be open for business from