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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

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

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

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.

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.

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

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

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

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

Subic Port Container Volumes Double

Pic: Subic Bay Metropolitan Authority

 The Subic Bay Metropolitan Authority (SBMA) said that the volume of container cargo handled the Port of Subic between January and August nearly doubled year on year.   SBMA Chairman Roberto V. Garcia said container volume at the Port of Subic has already reached 83

Stolt-Nielsen's Q3 Numbers Disappoint

Shipping firm Stolt-Nielsen reported third-quarter earnings below forecast on Thursday and said it remained worried by the expected influx of new product tankers in 2016 and 2017. Stolt-Nielsen's June-August operating profit rose to $59.8 million from $45

Baltic Dry Index rises 17% in Sept

Bulk ship. Image: Stockcargo

 Sparking speculation that a recovery in commodities could be around the corner, the Baltic Dry Index, a measure of shipping costs for commodities,  has risen 17.5 per cent since September 15, reports Business Standard.   The indexis up 21 per cent at 943, since January this year

VLCC Tankers on the Upside on Stronger Demand

Graph: Charles R.Weber

 The VLCC market continued to strengthen this week with sentiment supported by both stronger demand and expectations for the October Middle East and West Africa programs to rise substantially from September levels, according to Charles R.Weber Weekly.  

SE Asia Accounts for More than Half of the World’s Piracy Attacks

Graph: International Maritime Bureau (IMB)

 At present more than half of the world’s piracy attacks are occurring in South East Asia, says he latest International Maritime Bureau (IMB) incident report.   Piracy in the Gulf of Aden, which was the scourge of global shipping from 2011-14 has all but disappeared

Shipping Confidence Levels Rise to 2015 High

Richard Greiner (Moore Stephens)

Overall confidence levels in the shipping industry rose in the three months ended August 2015 to their highest level this year, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens

China Shipping Firms, Dynagas Mull Arctic LNG Vessel Deal

China Merchants Energy Shipping, Sinotrans Shipping and Greek shipping firm Dynagas are in talks to form a joint venture to build five vessels to ship liquefied natural gas (LNG) from the Arctic, the firms said. China Merchants said in a stock exchange statement on Tuesday that its board had

OPEC Sees Oil Prices Returning to $80/Barrel by 2020

OPEC forecasters expect oil prices will rise by no more than $5 a barrel a year to reach $80 by 2020, with a slowing in rival non-OPEC production growth not enough to absorb the current oil glut, according to OPEC sources.   The sources said the figures came from an updated mid-term

Twenty-two Migrants Dead in Aegean Sea Capsizing

Twenty-two migrants drowned and 200 more were rescued when a boat capsized in the Aegean Sea off the Turkish coast while trying to reach the Greek island of Kos on Tuesday, the Turkish coastguard said. A total of 211 immigrants were rescued from the boat while divers recovered the bodies of 22

Burning All Fossil Fuels could Thaw Antarctica, Raise Seas-Study

Antarctica as of Now

  Burning all the world's fossil fuel reserves could thaw the entire Antarctic ice sheet and push up world sea levels by more than 50 metres (160 feet), over thousands of years, an international study said on Friday. Such a melt, also eliminating the far smaller ice sheet on Greenland

Asia-Europe Box Rates Plunge 23 pct

Shipping freight rates for transporting containers from Asia to Northern Europe fell 23 percent to $588 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.

Asia-Europe Box Rates Soar Again

A Maersk containership alongside loading (file image: courtesy Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from the Shanghai Shipping Exchange showed. It was the second consecutive week with rises of more than 25 percent for spot rates on the

Dry Bulk Recovery Still a Long Way Off

Photo: Norden - Pierre F. Beckman, Bulldog and Partners

The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to the Dry Bulk Forecaster report published by global shipping consultancy Drewry.  

Irving Begins Building Canada's First Arctic Offshore Patrol Ship

Kevin McCoy, President of Irving Shipbuilding and hundreds of employees at the Halifax Shipyard mark the start of production of the first Arctic Offshore Patrol Ship today (CNW Group/J.D. Irving, Limited)

Hundreds of employees gathered in Irving Shipbuilding’s new Assembly Hall at the Halifax Shipyard to celebrate the start of production of Canada’s first Arctic Offshore Patrol ship (AOPS). “Today is a milestone we have all been anticipating

Fleet Growth Weighs on Product Tanker Earnings

Photo: Alex Sergienko

Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.

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