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Expected Rise

HHI Profits Plummet 68%

Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.


Port Plans $105M Investment

Malaysia's Port of Tanjung Pelepas (PTP) intends to buy more than 400 million ringgit ($105 million) of equipment to handle an expected rise in container shipments. PTP's chief executive Mohd Sidik Shaik Osman was quoted by national Bernama news agency as saying he expected volume to triple to 150,000 TEUs by March after averaging 40,000 to 50,000 in the second-half of last year. PTP, a deep-sea port located at the south-western tip of Peninsular Malaysia


Malaysia Port Klang Sees 1999 Container Volume Up

Container volume at Port Klang, Malaysia's busiest port, is expected to rise to 2.1 million TEUs in 1999 from 1.82 million TEUs in 1998.


Zeebrugge Traffic Up 6.6%

Total traffic through Zeebrugge port rose by 6.6 percent to 26.67 million tons in the first nine months of 1999. At the end of the year it expected total traffic to rise to 35 million tons versus 33.4 million tons in 1998. "On the basis of these interim figures we can see that 1999 will be an absolute record year," port management said in a statement, noting that traffic rose by more than 20 percent over the past three years.


P&O: Economic Slump To Affect Future Revenues

P&O Nedlloyd said on Thursday that global economic slowdown was expected to affect future revenues, as the container shipping group posted a slight rise in second quarter operating profit. P&O Nedlloyd - a joint venture between Peninsular & Oriental Steam Navigation Company Plc (P&O) and Koninklijke Nedlloyd Groep - said operating profit for the quarter rose to $46 million from $44 million a year ago. Overall volumes rose four percent from last year


Ship Operating Costs 2013 Held Steady Despite the Odds ...

Calculator credit Dominic Alves CCL

Judging by the findings of Drewry Maritime Research’s latest 'Ship Operating Costs Annual Review and Forecast' , ship operators were able to keep increases in operating costs in 2013 quite low – with increases in total costs typically ranging between 1.0-2.5% depending on the sector in question – despite 2013 being another difficult year for most. Commenting on the latest findings Nigel Gardiner, Managing Director


Exxon Mobil 1Q Income Soars To $5 Billion

Exxon Mobil Corp., the No. 1 oil company, said first-quarter earnings rose 51 percent, as it cashed in on strong crude oil and natural gas prices as well as better profits from refined fuels such as gasoline. Exxon Mobil posted record first-quarter income, excluding merger effects, of $5.05 billion, up from $3.35 billion in the year-earlier period. First-quarter revenues rose to $57.28 billion from $54.1 billion a year before


Northrop Grumman 3Q Profits Soar

Northrop Grumman Corp. (NOC) said third-quarter profit soared 62%, helped by a gain from the dissolution of a joint venture and a strong performance in its ships business. It also raised its forecast for 2007 earnings from continuing operations. The Los Angeles global defense and technology company said net income rose to $489m, or $1.41 a share, from $302m, or 86 cents a share, a year earlier. The latest results included a gain of $21m, or 6 cents a share


Swiber Holdings Report Profit Surge

Singapore-based offshore energy group Swiber Holdings issues its Q2 & HY 2012 financial report. Swiber Holdings provide offshore construction, offshore marine, subsea & offshore development services. 2Q 2012 highlights: Net Profit surges 66.0% to US$20.9 million Revenue rises 27.1% to US$229.6 million HY 2012 highlights:  Net Profit rose 36.9% to US$33.5 million Revenue increases 28.0% to US$424.0 million


Royal Caribbean Profit Plunge

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator, said its quarterly profit fell by two-thirds as costs rose and six cruises were canceled or shortened due to several mishaps. Shares of the company, whose cruise lines include Royal Caribbean International, Celebrity Cruises and Azamara Club Cruise, fell as much as 3.2 percent in early trading. The company shortened or canceled six cruises during January-March, typically the strongest season for cruise operators


Busiest June in 7 Years at Port of Long Beach

Container volumes climb at Long Beach

  Cargo container volume rose 8 percent in June at the Port of Long Beach, compared to the same month last year. With more than 610,000 TEUs (twenty-foot equivalent units) moved, last month was the busiest June since 2007, which was the busiest year for container cargo at Long Beach.


Long Beach Cargo Volumes Continue Climb

Photo courtesy of the Port of Long Beach

Cargo container volume rose 8 percent in June at the Port of Long Beach, compared to the same month last year. With more than 610,000 TEUs (twenty-foot equivalent units) moved, last month was the busiest June since 2007, which was the busiest year for container cargo at Long Beach.


SABIC Q2 Profit Rises 7% as Expected

  Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups and the Gulf's largest listed company, reported a 7 percent rise in second-quarter net income on Sunday, matching analysts' forecasts. It earned 6.46 billion riyals ($1


Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and as a closure of several refineries has squeezed domestic supply of the fuel. Mitsubishi's move comes as Australia is turning into a


Carnival's Profit Forecast Down

Carnival Spirit (Photo courtesy of Carnival)

Carnival Corp, the world's largest cruise operator, forecast an adjusted profit below market estimates for the current quarter, blaming increased competition in the Caribbean. Shares of the company, which operates the Carnival, Holland America and Costa cruise lines, fell as much as 3 percent


Climate Change Could Cost Europe $260 Billion

Connie Hedegaard, European Commissioner for Climate Action (Photo courtesy of the European Commission)

If no further action is taken and global temperature increases by 3.5°C, climate damages in the EU could amount to at least $260 billion (€190 billion), a net welfare loss of 1.8% of its current GDP. Several weather-related extremes could roughly double their average frequency


U.S. Army Corps to Close Upper Mississippi As Waters Rise

Storm system

  Rising flood waters were expected to make 11 locks and dams impassable on the mid- and upper-Mississippi River and force the closure of the river later on Monday from Bellevue, Iowa, to Saverton, Missouri, the U.S. Army Corps of Engineers said.


Port Manatee Reports Dynamic Trade Boost

airproductsmanatee.jpg

Port Manatee reported a dynamic increase in trade activity, and said exports are poised to get a further boost when Air Products begins exporting liquefied natural gas heat exchangers from the port next year.            


Iridium GMDSS Application Reviewed by IMO

Iridium's application to provide global maritime distress and safety system services receives support from International Maritime Organization subcommittee Iridium Communications Inc. today announced that its application to the International Maritime Organization (IMO) for the provision of


Dire Need of NNS Offshore Accommodation: Analyst

Offshore workers: File photo

Declining North Sea production and increasingly mature assets are expected to drive demand for offshore accommodation support, with the attributed maintenance, refurbishment and shutdown work requiring additional personnel-on-board and workshop capacity


Rise of the Semisub Floatel

Declining North Sea production and increasingly mature assets are expected to drive demand for offshore accommodation support, with the attributed maintenance, refurbishment and shutdown work requiring additional personnel-on-board and workshop capacity, Douglas-Westwood reported


High Shipping Costs Deter Buyers of W. Africa Crude

Nigerian crude oil differentials held at two-year lows on Monday as demand remained subdued, partly due to high shipping costs from West Africa to Europe. Nearly half of the loading program for August, which originally had 65 cargos, was unsold on Monday


Port of LA Container Volumes up in June

Image: MARAD

The Port of Los Angeles has released its June 2014 containerized cargo volumes, revealing overall volumes increased 13.89 percent in June 2014 compared to June 2013. Total cargo for June was 736,438 Twenty-Foot Equivalent Units (TEUs), the largest volume in monthly containers since September 2012


Port of Antwerp Maintains Growth Trend

Antwerp port

  The port of Antwerp handled 98,229,046 tonnes of freight in the first six months of 2014. That is 2.7% more than in the same period last year, itself already a record year. Container freight once more contributed good growth figures, while liquid bulk too continued the upward trend.


Med Tanker Market Pins Freight Rate Hopes on Libya Oil Export Push

Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up.






 
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