Earnings Release News

The inland waterway system, flowing through the United States heartland, is a microcosm of all that has been happening in 2020: trade tensions, infrastructure issues, shifting trends in fuel consumption and the pandemic that has gripped us since the winter months. Shortly after the initial coronavirus outbreak here in the U.S., maritime workers were deemed to be “essential”, paving the way for cargo flows to recover from their springtime nadir. As COVID-19 infections turned up on U.S. shores, the boats continued plying the waterways, albeit with reduced volumes in some cases.

Norwegian offshore seismic surveyor PGS has said that the coronavirus pandemic and the disruption in the oil market present unprecedented challenges for the offshore services industry, including the marine seismic industry.PGS expects the low oil price will have a material adverse impact on demand for seismic services and activity levels.Brent crude futures fell 3.2%, or 97 cents, to $28.97 per barrel as of 0636 GMT, after having risen 21% on Thursday.While oil companies have recently canceled several seismic survey contracts…

The provider of seaborne transportation for containerized cargoes, Euroseas also announced that it signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of $15 million and issuance of approximately 22.5 million shares of common stock to the sellers.Euroseas intends to finance the cash portion of the acquisition price with bank debt which will be used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares. This is subject to regulatory approval, including approval from NASDAQ, said a press release from the Greek ship owner.The four vessels…

U.S. liquefied natural gas company Tellurian Inc said on Wednesday it remains on track to begin construction of its Driftwood LNG export terminal in Louisiana in the first half of 2019 and begin operations in 2023.Tellurian President and CEO Meg Gentle said in the company's second-quarter earnings release that Tellurian is on schedule to announce its partners in the Driftwood project in the third or fourth quarter.Driftwood is one of more than two dozen LNG export projects under…

Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels. In trade finance, banks traditionally act as an intermediary for companies importing or exporting goods, but many are being driven out of shipping.

Houston based tank barge operator Kirby Corporation said it has signed an agreement to acquire the assets and businesses of Stewart & Stevenson LLC for approximately $710 million. The agreement was signed on June 13 by the companies’ executive chairmen, Joseph H. Pyne of Kirby Corporation and Hushang Ansary of Stewart & Stevenson. Kirby said the purchase  will be funded through its revolving credit facility and common stock valued at approximately $355 million. Stewart & Stevenson, also based in Houston, is a subsidiary of the Houston-based Parman Capital Group.

Danaos Corporation one of the world's largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2015. * Adjusted net income1 of $47.2 million, or $0.43 per share, for the three months ended December 31, 2015 compared to $23.5 million, or $0.21 per share, for the three months ended December 31, 2014, an increase of 100.9%. Adjusted net income1 of $159.5 million, or $1.45 per share, for the year ended December 31, 2015 compared to $60.0 million, or $0.55 per share, for the year ended December 31, 2014, an increase of 165.8%. * Operating revenues of $143.3 million for the three months ended December 31, 2015 compared to $140.7 million for the three months ended December 30, 2014, an increase of 1.8%.

XPO Logistics has made a deal to acquire Bridge Terminal Transport (BTT) Services, one of the largest motor carriers serving ports and intermodal facilities in the United States, for $100 million. A few days ago, XPO spent $3.5 billion to purchase French third-party logistics provider Norbert Dentressangle. Based in Charlotte, N.C., BTT is a drayage provider, which transports goods over a short distance, offering international and domestic transportation services at major port locations and inland rail sites throughout the U.S. BTT has 28 terminals and some 1,300 independent owner-operators. BTT had revenue of $232 million for the 12 months ended March 31. The XPO statement said the acquisition price represents a multiple of 8.1 times BTT’s tax-free cash flow over the same time.

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar. Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast, fell 9.3 percent to a more than four-month low on Monday. Fuel prices have risen 14 percent and the dollar has gained 3.5 percent since the company's previous forecast, Royal Caribbean executives said on a post-earnings call. The company said it now expects fuel expenses of $834 million this year based on current prices, up from its previous forecast of $806 million.

Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy, and cyber security insurance has become a valuable layer of protection that risk managers must consider. While the insurance industry has decades or more of actuarial data on various kinds of risk (typhoons, tornados, earthquakes, etc.), no such substantive data exists yet for cyber risk.

In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond payments due on 9 December 2014 would need to be obtained. As also stated in connection with its Q3 earnings release on 28 November 2014, the Company has a constructive dialogue with the bond trustee and bondholder representatives, and summons for bondholders' meetings in each of the Company's four outstanding bond loans requesting certain waivers and deferral of relevant amortisation payments have now been finalised. The complete summons letter is attached hereto.

Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014. *Operating revenues of $136.4 million for the three months ended June 30, 2014 compared to $146.6 million for the three months ended June 30, 2013, a decrease of 7.0%. Operating revenues of $271.9 million for the six months ended June 30, 2014 compared to $292.7 million for the six months ended June 30, 2013, a decrease of 7.1%. *Adjusted EBITDA1 of $99.0 million for the three months ended June 30, 2014 compared to $107.4 million for the three months ended June 30, 2013, a decrease of 7.8%.

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report. The company has purchased 6,327,861 of its common shares in the open market at an average price of $9.74 per share since July 1, 2014 under its $150 Million Stock Buyback Plan that was announced on June 30, 2014 and has $88.1 million remaining under the Plan. During 2014, the Company has acquired 29.0 million of its common shares that are being held as treasury shares at an average price of $9.26 per share. The acquisitions include (i) 11,326,646 common shares that were purchased in the open market at an average price of $9.35 per share…

Oslo, Norway, Petroleum Geo-Services ASA (PGS) will present second quarter results on July 24, 2014. The Company expects to report weaker Q2 results than current market expectations. Customers' intentions with regard to seismic purchases, particularly MultiClient, have become less predictable recently. Accordingly, and considering the Q2 results, PGS lowers its full year EBITDA guidance to circa $850 million. It should be noted that because of this reduced predictability, the uncertainty range around the EBITDA guidance is wider than normal. The weak Q2 results are mainly driven by lack of pre-funding for the Triton MultiClient survey in the Gulf of Mexico and to some extent by mobilization delays on some Marine Contract surveys, relating to permitting, weather and technical problems.

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3.3 million to $3.7 million. This result for the quarter is primarily attributable to lower than projected results from supplemental cargoes, repositioning days in the international dry bulk segment and…

Stolt-Nielsen Limited (Oslo Bors: SNI) announced today that a presentation and video webcast to discuss the company's unaudited results for the first quarter of 2014 will be held on Thursday, April 03, 2014 at 3 p.m. CEST (9 a.m. EDT, 2 p.m. BST) in the auditorium at Swedbank, Filipstad Brygge 1, 0115, in Oslo, Norway. The presentation and video webcast will be hosted by Niels G. Stolt-Nielsen, Chief Executive Officer, Stolt-Nielsen, and Limited- Jan Chr. Engelhardtsen, Chief Financial Officer, Stolt-Nielsen Limited. sentations.aspx.

Fourth quarter net income attributable to Intelsat S.A. Intelsat S.A. has reported total revenue of $642.8 million and net income attributable to Intelsat S.A. of $72.6 million, or $0.62 per share on a diluted basis, for the three months ended December 31, 2013. The company reported adjusted diluted net income per common share1 of $0.84 for the three months ended December 31, 2013. Intelsat S.A. reported EBITDA1, or earnings before net interest, taxes and depreciation and amortization…

US-based manufacturer of electric motors, mechanical and electrical motion controls and power generation products, Regal Beloit, has closed on the acquisition of Cemp, s.r.l., a European manufacturer of hazardous duty motors primarily for oil and gas and marine applications. Regal inform that for 2014 and 2015, Cemp is anticipated to be accretive to earnings per share by $0.03 to $0.05 and $0.06 to $0.08, respectively. Regal's fourth quarter 2013 earnings guidance provided in an earlier earnings release did not include the anticipated results of this acquisition.

Wilson Sons Limited announces its results for the Fourth Quarter and full year 2012. Wilson Sons Limited, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics solutions. Its principal operating activities are divided into the following lines of business: Port Terminals, Towage, Logistics, Shipping Agency, Offshore, and Shipyards. The Company's Net Revenues reached USD 645.3M, and EBITDA USD 151.5M for 2012, 7% lower than the previous year. The drop is mainly a result of the end of a temporary Petrobras operation with Brasco, as well as the discontinuation of dedicated operations in the logistics business. "We will remember 2012 as the year we concluded important projects which significantly improved capacity.

Wilson Sons Limited announced its results for the First Quarter (1Q13). The Company’s Net Income reached $19.5 million, primarily due to strong performances in the Towage, Offshore Vessels, and Shipyard businesses. “Despite soft exports, we delivered a strong first quarter in terms of cash generation, with bottom-line margins growing significantly,” said Cezar Baião, CEO of Operations in Brazil. Strong demand for special operations in towage, higher average daily rates in the Offshore Vessels business and the commencement of Guaruja II shipyard operations contributed to the quarter’s strong bottom-line results. “With the recent conclusion…

Transocean Ltd. announces Second Quarter 2013 earnings release date and conference call information
. The company will report earnings for the three months ended June 30, 2013 on Wednesday, August 7, 2013, following the close of trading on the NYSE. Transocean will also  conduct a teleconference call at 10:00 a.m. EDT, 4:00 p.m. CEST, on Thursday, August 8, 2013 to discuss the results. Individuals who wish to participate in the teleconference should dial +1 913-312-1399 and refer to confirmation code 1039580 approximately five to 10 minutes prior to the scheduled start time. A telephonic replay of the conference call should be available after 1:00 p.m. EDT, 7:00 p.m.

Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock, par value $0.01, which closed on August 6, 2013. In connection with its IPO, the company listed its common stock on the  New York Stock Exchange and trading commenced on August 1, 2013. Signed contracts for the construction of ten newbuildings at yards in South Korea and Japan which are expected to be delivered in 2014 and 2015 for a total of $319.8 million, increasing the Ardmore fleet to 20 ships consisting of eight vessels in operation and 12 vessels on order.

Teledyne today reported third quarter 2013 sales of $571.6 million, compared with sales of $547.4 million for the third quarter of 2012, an increase of 4.4%. Net income attributable to Teledyne was $46.8 million ($1.23 per diluted share) for the third quarter of 2013, compared with $42.7 million ($1.14 per diluted share) for the third quarter of 2012, an increase of 9.6%. “In the third quarter, our commercial industrial businesses collectively performed very well. As an example, our instrumentation segment generated organic revenue growth of 12.7 percent,” said Robert Mehrabian, chairman, president and chief executive officer. “Also in the quarter…