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Aker Solutions Report Solid, Not Spectacular Financial Progress

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share. "The performance in the fourth quarter can be described as solid, rather than spectacular. The first full year of operation since the restructuring of Aker Solutions has generated strong results, mainly due to favourable development in the larger business areas like Subsea, Drilling Technologies, MMO and Engineering. Year-on-year group revenues increased 25 per cent and, when non-recurring items are excluded, the EBITDA margin improved by 2.4 percentage points compared with 2011. To put it succinctly, Aker Solutions develops and grows according to our five-year strategic plan", says Øyvind Eriksen, executive chairman of Aker Solutions. Fourth quarter consolidated revenues amounted to NOK 12 034 million, an increase of 4 per cent compared with the corresponding quarter in 2011. EBITDA in the fourth quarter of 2012 rose 16.5 per cent to NOK 1 220 million. The figures include non-recurring items of NOK 160 million from the sale of real estate.


Australian Tugboat Crewing Dispute Escalates

Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated. "Increasingly we are seeing overseas towage companies tendering for towage contracts in our ports," said Adsteam Marine Ltd. CEO Clay Frederick, noting that comparable offshore ports operated with mostly three man crews. "I don't think our customers are going to cop the fact that we are there with four men


Nakilat Seeks $2.5b for Tankers

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas. Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits.


Aker Solutions Reports 4Q 2011 Results

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Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry.   Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago


Greek Shipowners Hit by Tax Changes

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet


Court: Japan's Mitsui Paid to Release Ship

A MOL Handymax bulker, Zebra Wind. Photo: MOL.com

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money. Japan's Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by China over a dispute that dates back to the 1930s war between the countries, China's Supreme Court said on Thursday. The Chinese government has described the case as a simple business dispute unrelated


Washington State Collects Civil Penalty for Spill

The Washington State Department of Ecology has negotiated an agreement by which Unix Line Private Ltd. of Singapore will pay $34,000 for negligently releasing 50 gallons of oily waste into Commencement Bay from the chemical tanker KAEDA. The company will also pay $5,194 for investigation and cleanup costs for the spill, which occurred on October 22, 2002.


Royal Caribbean Cruises Implements Fuel Supplement

In an effort to deal with the sharp increase in fuel prices, Royal Caribbean Cruises Ltd. announced the implementation of a fuel supplement of $5 per guest per day for sailings that depart on or after February 1, 2008. The company has taken measures to soften the impact of this decision. For example, the company will not apply the supplement on any bookings where the guest has already paid the full cost of the cruise


Royal Caribbean Raises Dividend

Royal Caribbean Cruises Ltd. directors raised the quarterly dividend to $0.13 per share from the $.011 paid previously. The company said the dividend will be paid Sept. 29 to shareholders of record Sept. 18 and noted this is the 28th consecutive quarter directors have voted to declare a dividend to common stock shareholders.


Star Bulk Redeploys Star Sigma

Star Bulk Carriers Corp. (Nasdaq: SBLK) said that the vessel Star Sigma which was time chartered to Pacific Bulk Shipping Ltd. of Hong Kong until October 2013 at a gross daily rate of $38,000, was redelivered to the Company. Pacific Bulk has agreed to pay the Company a lump sum of $5.734 million in cash for the early redelivery of this vessel. The Company received a cash installment of $3.5 million on January 5, 2012 and the remaining balance of $2


Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today that it has terminated the charter parties of M/T EShips Taweelah


Exxon Mobil Corporation Declares 3Q Dividend

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The Board of Directors of Exxon Mobil Corporation yesterday declared a cash dividend of 69 cents per share on the Common Stock, payable on September 10, 2014 to shareholders of record of Common Stock at the close of business on August 13, 2014.


ISC Profit Slip in Q2 2014 but Pay Dividend

Jones Act bulk carrier: Image courtesy of ISC

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013


Former MSC Manager Sentenced on Bribes Charges

Photo: MSC

Former Afloat Programs Manager at the United States Navy Military Sealift Command (MSC), Kenny E. Toy, was sentenced to 96 months in prison for receiving bribes, the U.S. Department of Justice said. Toy was sentenced by United States Chief Judge Rebecca Beach Smith of the Eastern District of


Costa Concordia almost Ready for Final Voyage

Costa Concordia

  The massive hulk of the Costa Concordia is nearly ready to be towed away from the Italian island where it struck a rock and capsized two-and-a-half years ago, killing 32 people, officials said on Sunday. The rusting prow of the once-gleaming white luxury liner was due to emerge fully from


Flirting with Default, Argentina Enjoys Oil Drilling Boom

  Holders of Argentina's  defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S


APM Terminals to Sell Container Terminal in Virginia

Photo: APM Terminal Virgina

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital Partners and a British private pension fund. The companies, in a joint statement on Tuesday


Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate exports which have been halted for more than six months. Freeport said on July 8 it had agreed on a draft memorandum of


The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are


Rosneft Starts Up Field Work in the Kara Sea

Kara sea map

  On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will be carried out in the three Vostochno-Prinovozemelsky licenses. The field work will be conducted in the surface area that totals


SCI Publishes Shore Leave Survey

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With Maritime Labor Convention (MLC), 2006 in force, one might expect to see a reduction in the number of seafarers without visas; yet, recent data collected by the Seamen’s Church Institute (SCI) shows that not only are shipowners failing to pay for crewmember visas as required by the


Webb Institute Ranked a Best Value College

Photo courtesy of Webb Institute

Webb Institute, an undergraduate institute specializing in Naval Architecture and Marine Engineering, ranked number two on Money magazine’s list of Money's Best Colleges, a new approach to ranking colleges that aims to measure educational quality, affordability and career outcomes.


Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30, 2014 and 2013 For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0


Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel, the Clam Digger, in July 2013 near Anacortes. The Washington Department of Ecology investigated the cause of the sinking


Orica Fined Heavily for Australian Pollution Incidents

Oil pollution: File photo

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution incidents at Orica’s Kooragang Island and Botany plants. This includes a fine of $211






 
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