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.
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
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 $47
Maersk delivered a profit of USD 4.0bn (USD 3.4bn), which was slightly higher than the latest announced outlook of around USD 3.7bn expressed on November 9, 2012. The return on invested capital (ROIC) was 8.8% (8.3%). Profit was positively affected by the settlement of an Algerian tax dispute in Q1 of USD 899m combined with improved volumes, rates and unit costs for Maersk Line. Profit was negatively affected by a decline in Maersk Oil’s share of production and impairment losses
In the first half of 2004, 177 million tonnes of cargo was transhipped in the port of Rotterdam, 8 percent more than the first half of 2003. Outgoing trade increased more noticeably than incoming trade (6.7% and 11.6% respectively) and general cargo grew almost twice as fast (12%) as bulk cargo. Only the amount of coal handled was down (2%) on the first half of last year. The other categories of goods grew: agribulk (+10.6%), ores and scrap (+7.6%), other dry bulk (+6.6%), crude oil (+5
Deepwater drilling company Diamond Offshore announced fourth quarter and full-year earnings. Results were solid, with revenues and earnings showing big increases on both a quarterly and an annual basis. Compared to the fourth quarter of 2005, revenues rose 57 percent and earnings per share rose 106 percent. Full year figures demonstrated similarly gaudy growth, as revenues rose 68 percent and earnings per share were up an astronomical 168 percent.
Royal Boskalis Westminster N.V. (Boskalis) associate company Smit Lamnalco wins Single Point Moorings (SPM) support contract from Petrofac. The contract is to support Single Point Mooring operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP). The annual contract value is approximately US$-70 million (Boskalis share 50%) and services will commence November 2012. The Single Point Mooring (SPM) contract covers operations and maintenance of four
Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today. The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of
Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party
The Board of Directors of Aker Philadelphia Shipyard ASA yesterday resolved to pay a dividend to the shareholders of AKPS as of expiry of 3 March 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in
Transocean Ltd shares are expected to move about 8 percent in either direction following its earnings results on Wednesday, options data showed, but positioning among traders suggests some worry. This would be the biggest post-earnings move for the shares in at least eight quarters.
Voyage Data Recorder (VDR) supplier Danelec Marine today announced it is adding two new distributors in Brazil and Mexico to expand its distribution in Latin America. Telnav Telecomuniçacões Navais, in Rio de Janeiro, Brazil, and Indumar, based in Veracruz, Mexico
Danelec Marine has added two new distributors in Brazil and Mexico to expand its distribution of in Latin America. Telnav Telecomuniçacões Navais, in Rio de Janeiro, Brazil, and Indumar, based in Veracruz, Mexico, will take responsibility for sales and service of Danelec
Maritime transport in the Baltic Sea to become greener with EU support The EU's TEN-T Program will provide more than €2 million to back the upgrade of two ferries navigating in the Baltic Sea to the mixed use of electricity and fuel. The new hybrid propulsion system will help to reduce the
Waterways Council, Inc. (WCI) presented the 14th Annual Leadership Service Awards to Senator Lamar Alexander (R-Tenn.) and Senator David Vitter (R-La.) for their “strong and continued leadership on ports and inland waterways issues,” WCI announced.
The International Bunker Industry Association (IBIA) noted an improvement in bunker quality from across the marine fuels supply chain thanks in part to a campaign launched by the association. Addressing an audience of more than 1,000 marine fuel buyers
The Coast Guard set the calendar year 2015 minimum drug testing rate at 25 percent of covered crewmembers. The minimum random drug testing rate is effective January 1, 2015 through December 31, 2015. The Coast Guard requires marine employers to establish random drug testing programs for
The Board of Directors has approved a new long-term incentive programme for key personnel of Cargotec for 2015 - 2018. The programme is similar in form to the one approved one year ago covering 2014 - 2017. The purpose of the programme is to increase Cargotec's profitability
Cruise Lines International Association (CLIA) released its annual State of the Cruise Industry Report today and is once again projecting industry growth in 2015. A record 23 million passengers are expected to sail this year, with 61 percent of North American CLIA-certified travel agents
Second sale-and-leaseback agreement provides immediately accretive earnings growth; acquisition expected to generate annual EBITDA of approximately $9.4 million Global Ship Lease, Inc. (GSL) has agreed to acquire an 8,063 TEU containership from a leading container liner company for a
The Port of Hamburg achieved its best-ever result in 2014, reporting total throughput of 145.7 million tons, representing growth of 4.8 percent. Up by 6.1 percent at 102.7 million tons, general cargo throughput was outstanding. A 1.7 percent increase in bulk cargo throughput to 43 million tons
The 11th Annual Arctic Shipping Forum starts on 24 February 2015 in Helsinki Congress Paasitorni, Finland. The first Arctic Shipping conference includes 250 attendees, 60 speakers form 20 maritime nations.http://www.arctic-info.com/cached_image/y030hadcg4q_Size346x212.jpg