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Financial Report

Technip Files Financial Report with AMF

Technip - a project management, engineering and construction company serving the energy industry - has filed his First Half 2011 Financial Report with the French “Autorité des Marchés Financiers” (AMF). The document, filed today, is available on Technip’s website: www.technip.com under: Investor relations/Regulatory Filings (AMF).


Fincantieri, New Bay Shipbuilding Company VP

Marinette Marine Corporation (MMC) a Fincantieri company, welcomes Gene Caldwell as the new Vice President and General Manager of Bay Shipbuilding Company, a member of the Fincantieri Marine Group. Caldwell’s resume includes shipbuilding experience in multiple facets of the Ship Building Industry including vessel and rig repair, new commercial and government vessel construction, project management, contract negotiation, sales & marketing, safety, QA/QC and financial reporting


W&T Offshore Announces Appointments

W&T Offshore, Inc. announced the appointment of Karen S. Acree as Vice President and Controller. John D. Gibbons, the Senior Vice President and Chief Financial Officer, has assumed the additional position of Chief Accounting Officer. William W. Talafuse, formerly Senior Vice President and Chief Accounting Officer, has accepted other duties with the Company. Acree has 25 years of public company accounting and financial reporting experience


Concordia Maritime Introduces Smartphone App

Concordia Maritime recently launched its own Smartphone App. Shareholders can access the latest share prices and trades, along with financial reports and annual reports. Other features include press releases, fleet information, business contacts and address book integration, and office locations and directions. “We always strive to make it easy for our stakeholders to follow us. We put a lot of effort into explaining what we do and how we do it


Genco Shipping Report Net Loss in Q1 2012 Results

The Company recorded net loss of US$27.7-million by Genco in the second quarter of 2012 Extracts from the Genco financial report follow: The financial report showed a loss attributable to Genco for the second quarter of 2012 of $27.7 million, or $0.65 basic and diluted loss per share. Comparatively, for the three months ended June 30, 2011, net income attributable to Genco was $10.1 million, or $0.29 basic and diluted earnings per share.


China COSCO Turns its Financial Ship Around in 2013

Image courtesy of China COSCO

China COSCO Holdings Co. Ltd, the country's largest shipper, indicates a profit turnaround in 2013 after suffering heavy losses for two consecutive years, reports Xinhau. According to COSCO's earlier, 2013, financial report, the Shanghai-listed company made cutting operational costs a major task for 2013. The Group carried out various measures to overcome the difficulties, including the disposal of its interest in COSCO Logistics and COSCO Container Industries and stringent cost control.


Fugro Gulf Selects ABS NS SafeNet Fleet Management Software

Fugro Gulf Inc., a leader in the provision of offshore geotechnical services, has contracted with ABS Nautical Systems for seven modules from their suite of advanced SafeNet fleet management system software. Fugro Gulf's contracted ship management company, New Offshore Inc., Morgan City, LA, will use the modules and manage vessel operational activities on behalf of Fugro Gulf Inc. Fugro Gulf Inc. has contracted for the Maintenance & Repair, Purchasing & Inventory Control


American Shipyard Publishes Q1 2012 Results

Conrad Incustries announce First Quarter 2012 Results & Backlog For the quarter ended March 31, 2012, Conrad achieved net income of $3.2 million and earnings per diluted share of $0.52 compared to net income of $3.7 million and earnings per diluted share of $0.58 during the first quarter of 2011.  The Company's more detailed financial reports are available here. Conrad's backlog was $70.8 million at March 31, 2012 compared to $47.1 million at December 31, 2011 and $112


Creditors Allow FSL Trust More Breathing Space

FSL Shanghai: Photo credit the owners

Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward. Highlights from the financial reports (Q4 2013 & FY 2013) • Relaxation of loan covenants secured until 31 December 2014 • Business undergone significant restructuring, management now focused on improving


NAT in Q1 2014 Black: First Time in Four Years

NAT Tankship: Image courtesy of NAT

Nordic American Tankers (NAT) report a cash dividend, strongly improved operating cash-flow and a positive net income in the first quarter of 2014. The Company informs that thanks to a strong winter market, Q1 2014 has produced the best results it has seen in several years. The timecharter results of NAT were significantly better in 1Q2014 than in 4Q2013. The short term rates in tanker markets are very volatile. At the time of this [financial] report the tanker market has weakened


Port Metro Vancouver Release Sustainability, Financial Reports

Frontispiece financial report: Image Port Metro

Port Metro Vancouver informs that it has released its fourth annual Sustainability Report and 2013 Financial Report. Both reports together cover the period of January 1, 2013 to December 31, 2013 and provide a summary of Port Metro Vancouver’s overall performance.


China State Shipbuilding, CNPC Among 11 Caught in Auditor Snare

China's National Audit Office has found irregularities at 11 state-owned conglomerates ranging from misrepresentation of assets to illegal property development, highlighting the challenges the government faces in overhauling the public sector.


UK Club Rating Upgraded by S&P to A (Stable)

Financial rating image credit UK Club

Leading P&I club, the UK Club informs it has received the full report from Standard and Poor (“S&P”) explaining its reasons for upgrading the Club's financial rating. Extracts follow: The report explains that, in assessing the Club’s business and financial risk profiles


Good Profitability Noted in Wärtsilä H1 Interim Report

Wärtsilä 46DF Engine: Image courtesy of the manufacturers

Power solutions providers for the marine and energy markets, Wärtsilä, has released a summary of its Interim Financial Report January-June 2014, excerpted as follows: Highlights of the Review Period January-June 2014 Order intake decreased 5% to EUR 2,305 million (2


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before


Otto Marine's Financial Health on the Mend

Michael See Kian Heng: Photo Otto Marine

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.0 million in year 2013, an increase of 36.8% over US$374.4 million in 2012


Questions Linger About Ill-Fated S.Korea Ferry's Owners

Photo courtesy South Korea Coast Guard

The company that owned the South Korean ferry which sank last week, killing possibly hundreds of people, sprang out of a shipping to cosmetics empire founded by a businessman who was jailed for fraud and then went bankrupt. The founder of the predecessor company, Yoo Byung-un


GulfMark Offshore Records its Highest Ever Q1 Revenue

GulfMark OSV: Image credit the owners

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever, and we still expect 2014 to produce our highest annual revenue ever."


Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

Engine control room: Image courtesy of Carnival

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets. Highlights of period January-March 2014 Order intake decreased 16% to EUR 1,142 million (1,352)


Bayport Dredging a Step Closer; Barbours Cut Pending

  The U.S. Army Corps of Engineers has furnished the Port Authority its draft permit for the Bayport Channel Improvement project, Executive Director Roger Guenther reported to the Port Commission of the Port of Houston Authority today. The draft permit for Barbours Cut channel dredging will


Kirby Announce Record Earnings in Q1 2014

Image courtesy of Kirby Corp.

US tank barge operator and diesel engine service providers, Kirby Corporation, inform that earnings for the first quarter ending March 31, 2014 amounted to $62.2 million, or $1.09 per share, compared with $56.6 million, or $1.00 per share, for the 2013 first quarter


HII Logged US$2.2-Billion of New Business in Q1 2014

Photo courtesy of HII

Huntington Ingalls Industries (HII) has reported first quarter 2014 revenues of US$1.59-billion, up 2.0 percent compared to the same period last year. Selected details from the financial report as follows: Revenues were $1.59 billion for the first quarter of 2014


Box Ships Inc. Q1 2014 Profit Slip

Image courtesy of Box Ships

Containershilp owners & charters, Greece-based Box Ships, reported that during the first quarter of 2013 it operated an average of 9 vessels. Net Loss and Adjusted Net Income during the first quarter of 2014 was ($1.5) million and $0.3 million, respectively


FSL Trust Begins 2014 on Stronger Financial Footing

FSL Trust vessel: Image FSL

Singapore-based First Ship Lease Trust (“FSL Trust”) informs in its Q1 2014 financial report that its loss  for the quarter was reduced by nearly 30% to US$4.9 million from US$7.0 million posted the year before. The reduced loss was partly due to the impairment loss on financial


Oceanteam Dips Toe in Mexican Offshore Market

Image credit Oceanteam

Norway-based Offshore shipping company, Oceanteam Shipping ASA, highlights results in the first quarter of 2014 and draws attention to a Mexico J/V  with PEMEX. Revenue from operations USD 15.1 million for the quarter. EBITDA from operations is positive USD 6






 
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