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31 Aug 2023

Transocean Awarded $222 Million Drillship Contract

Dhirubhai Deepwater KG1 (Photo: Transocean)

Offshore drilling contractor Transocean announced it has been awarded a $222 million contract for one of its ultra-deepwater drillships to go to work offshore India.India's state-controlled Oil and Natural Gas Corporation Ltd awarded the binding notification of award for Transocean's Dhirubhai Deepwater KG1, a sixth-generation drillship built in 2009 by South Korea's Samsung Heavy Industries.The 21-month program is expected to commence in the first quarter of 2024, contributing an estimated $222 million in backlog…

29 Aug 2023

Cadeler Reports Strong Results, Outlook

Cadeler installing Siemens Gamesa 11MW turbines in Holland in 2023. Image courtesy Cadeler

Cadeler A/S published its interim financial report for the first half of 2023 presenting a positive result exceeding the guidance projected for the fiscal year 2023. Revenue in the first six months of 2023 was EUR 68 million, which is an increase of 57% against the same period last year. Adjusted EBITDA for the first half of 2023 was EUR 44 million, which is a EUR 21 million increase compared to the same period last year. EBITDA for H1 2023 was EUR 42 million. Profit for the period is EUR 29 million, which is EUR 19 million higher than the same period in 2022.

18 May 2023

US Maritime Industry Working to Solve the People Puzzle

(Photo: Crowley)

For companies active in all parts of the commercial maritime sector, finding and holding onto the workers they need to build, operate and service the industry’s wide range of vessels has been challenging. Simply put, the labor market is tight, and the problem is not getting any easier to solve.Mike Ellis, CEO at American Commercial Barge Line (ACBL), said a continued shortage of qualified personnel has been the most pressing issue for ACBL—and probably for the barging industry as a whole. “There's been so much demand on people.

17 Jul 2020

Wärtsilä’s Eskola: Impact of COVID-19 "Clearly Visible" on 1H Results

“Given this difficult back-drop, second quarter net sales held up reasonably well; this was mainly thanks to increased equipment deliveries, which offset the volume decline in services,” Jaakko Eskola, President and CEO, Wärtsilä. Photo courtesy: Wärtsilä

Wärtsilä Corporation’s half year financial report through June 2020 was littered with bad news due to the impact of the COVID-19 pandemic, with order intake and order book both down – 19% and 12% respectively in the January to June 2020 period. But the bad news was countered with a report of stable net sales and strong cash flow.“The adverse impact of COVID-19 on both our own operations and those of our customers increased during the second quarter. This was clearly visible in the decrease in orders received across all businesses,” Jaakko Eskola, President and CEO, Wärtsilä.

05 Mar 2020

Wärtsilä Reorganizes Its Marine Business

Jaakko Eskola, President & CEO of Wärtsilä Corporation (Photo: Wärtsilä)

Wärtsilä announced it will reorganize its marine business into three independent entities, with the objective to accelerate strategy execution and simplify the business structure.The new businesses, consisting of Marine Power, Marine Systems and Marine Voyage, will be operational as of July 1, 2020.The organizational structure change is a continuation to the shifts made in 2019, whereby Wärtsilä's equipment and service businesses were integrated to strengthen the focus on complete lifecycle solutions…

24 Apr 2019

Hapag-Lloyd Publishes Sustainability Report

As one of the largest liner shipping companies, Hapag-Lloyd bears a special responsibility for the environment, for its customers and shareholders, and for its employees, said the container shipping company in its second sustainability report.German-based transportation giant pointed out that ninety percent of all goods traded worldwide are transported by ship. With its 227 vessels, Hapag-Lloyd transports approximately 12 million containers per year. Container shipping thereby makes a significant contribution to a well-functioning global trade network.The current sustainability report, titled “Gathering Pace Together”, also includes the legally required non-financial report.

21 Aug 2018

High-sulphur Fuel Demand Outlook Jumps as Shippers Soften Stance on Scrubbers

© jcpjr / Adobe Stock

Demand for high sulphur marine fuels is likely to see a smaller drop than previously expected by 2020, said consultancy FGE, as changing attitudes to sulphur-stripping technologies from large shippers alter the outlook for use of the fuels.More than 2,100 vessels are now expected to be equipped with exhaust gas cleaning systems, known as scrubbers, by 2020, up from 1,500 ships previously, said Thomas Olney, energy consultant at FGE in Singapore.Adding to the improved demand outlook is "a much greater skew towards installing scrubbers on larger vessels that burn higher quantities of fuel…

11 May 2018

Yang Ming Marine Transport Corporation Reports Higher Revenue

Yang Ming Marine Transport Corporation said that the consolidated revenues of Q1 totaled NTD 31.03 billion (USD 1.07 billion), up 2.58% compared with NTD 30.25 billion (USD 1.04 billion) in revenue from previous year. The company’s net loss, after tax, was NTD 1.95 billion (USD 67 million), EPS NTD-0.75. Volumes in 2018 Q1 also increased to 1.22 million TEUs, up 9% year over year. Under an improving container shipping market, Yang Ming has returned to profitability last year. In spite of the typical first quarter slack season, the financial report has shown continued year-on-year growth in volume and revenue which was better than expected, and also demonstrates the progress of Yang Ming’s strategy and global efficiency enhancement.

14 Feb 2018

Port of Piraeus Profit Up by 92%

The Piraeus Port Authority S.A. (PPA) 2017 financial report revealed profits before tax amounted to €21.2 million ($26.19 mln) compared to €11.0 million ($13.59 mln) in the year 2016, showing an increase of 92 percent. Turnover amounted to €111.5 million compared to €103.5 million in the corresponding period of 2016, showing an increase of 7.7 percent. The operations at the container terminal showed significant increase in revenue by € 7million (53.1 percent), where container throughput increased by 70.6 percent, meaning 453.264 TEU compared to 265.716 TEU in 2016, while the income from the concession fee of the Pier II and Pier III increased approximately by €3.4 million (8.4 percent).

13 Nov 2017

Yang Ming Posts Year-on-year Profit Increase

Yang Ming announced an increase in third quarter profits of 23.4 percent from the same quarter last year. At its board meeting on November 9, the company approved the financial report that showed revenues for the third quarter of 2017 rising to $1.2 billion from $958 million in the third quarter of 2016. This was largely due to frieght rates increasing over the last few periods and higher that average demand during the annual peak season. Their volumes for the third quarter were reported at 1.2 million TEUs, an 11 percent increase from the same quarter last year. The company also announced plans to expand its operations in the Mediterranean and South East Asia. Yang Ming is in talks with the Taiwan International Port Corporation to form a joint venture and invest in Indonesia.

29 Aug 2017

Mega-ships: ‘Mega-problem in Waiting’ -Xeneta

(File photo: Maersk Line)

New alliances, structural change and positive economic trends have transformed the container shipping market over the past year, driving growth and pushing business performance figures from deep red into black. However, despite long-term rates that are, in some cases, up 120 percent year on year, the future remains uncertain due to a looming shadow on the horizon. And, according to Xeneta, it’s not being cast by the ‘usual suspect’. Xeneta, the global benchmarking and market intelligence platform for containerized ocean freight, says a recovery of the container segment is well underway.

21 May 2017

Gulf Navigation Sails to Profit

Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached AED 8.8 million (USD 2.4 million) in the first Quarter of 2017 representing an increase of 39% as compared to AED 6.3 million (USD1.7 million) of the same period last year.

14 May 2017

Hapag-Lloyd to Omit UASC in 2017 Financials

The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016. A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017. With the publication of the next financial report,Hapag-Lloyd plans to issue an outlook for the business 2017 of the combined group which will include the business activities of UASC as well as the UASC financial statements for 2016.

18 Aug 2016

SC Ports Posts Earnings of $39 Mln

Today South Carolina Ports Authority reported 2016 fiscal year-end operating earnings of $39 million, revenues of $211 million and operating expenses of $172 million. "The Port closed the FY2016 books with solid financials, reflecting our commitment to achieving the necessary performance to support our aggressive capital investment plan," said SCPA Board Chairman Pat McKinney. The positive financial report comes on the heels of FY2016 container volume growth reported last month. SCPA handled 1.9 million twenty-foot equivalent units (TEUs) during the period, an increase of 1.4 percent over the previous fiscal year. "With modest container volume growth in spite of a tepid world economy and operating earnings up over last year…

17 Jul 2016

PDVSA seeks to Securitize Oil Services Debts

Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy. Del Pino last month said PDVSA signed financing agreements with Weatherford International Plc and Halliburton Co and was close to a deal that would allow Schlumberger to boost its presence in the OPEC nation. "We trade commercial debt for financial debt…

13 Jul 2016

UASC to Sell Chemical Tanker Unit

United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals  as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m, but deliberations are ongoing. Bank of America Corp has been tasked with finding buyers for the holding, says the report. The company held 95 percent of UACC according to the chemical shipping firm’s 2012 financial report, the most recent one available on the company’s website. No final decisions about the sale have been made, the people said. UACC, founded in 2007, is a mid-sized operator with a fleet of two dozen tankers.

12 Mar 2016

Global Ports Revenues Fall

Global Ports Investments PLC's  container traffic slumped 31 percent and revenue sank 28 percent in 2015. Global Ports Investments' revenues fell to USD405.7 million in the year to the end of December. Net loss of the port operator in 2015 amounted to $33.7 million versus $197.3 million net loss a year earlier, the financial report said the company’s financial and operating results for the year of 2015. Thus, the net loss decreased in 5.8 times. The leading operator of container terminals on the Russian market explains the decrease in revenue the drop in traffic (container throughput of Global Ports in 2015 decreased compared with the previous year by 31%, to 1.8 million TEU(equivalent 20-foot container)).

01 Jan 2016

China's Wuzhou Ship Repairing Goes Bankrupt

China's  state-owned shipbuilder Zhoushan Wuzhou Ship Repairing & Building Co. Ltd (ZWSRB)  is first government-backed shipbuilder to go under since sector started having problems last year. Zhoushan Intermediate People's Court said it accepted a petition filed by Zhejiang Shipping Group regarding the bankruptcy of a subsidiary called ZWSRB, reports Caixin. The court said it had frozen the assets of Wuzhou Ship Repairing & Building, which was founded in 2001. The shipbuilder had debts of 911 million yuan and total assets of 534 million yuan as of September 30 this year, its financial report showed. Wuzhou Ship Repairing & Building started having financial difficulties last year, a person with knowledge of the matter said.

02 Nov 2015

Gulf Navigation Posts 123pct Profit Growth

Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year. The company released its latest financial statement amidst its strong and consistent financial turnaround and continuous intensified efforts to address creditor concerns, said a statement from the company. According to Gulfnav’s financial report, its net income reached Dh15.676 million ($4.283 million) for the nine-month period ending September 30, 2015. This was significantly higher compared to the 2014 profit of Dh7.030 million ($1.92 million) posted during same timeframe.

19 Aug 2015

SC Ports Authority Reports Improved Financial Results

Photo: SC Ports Authority

Today SC Ports Authority reported 2015 fiscal year-end operating earnings of $30.4 million and revenues of $196.8 million, significant increases over the previous year's financial performance. From July through June, SCPA more than doubled its previous fiscal year's operating earnings of $14.3 million, while operating revenues increased 20 percent over FY2014 revenues of $32.6 million. Total operating expenses for the 2015 fiscal year totaled $166.3 million. "The strong financial…

26 Feb 2015

Vard Increased Revenues 15.8% in 2014

The Far Sun (Photo courtesy of Vard Holdings Limited)

Shipbuilder Vard Holdings Limited increased revenues 15.8% in 2014, the company announced in its year-end financial report today. On the back of very high activity at the yards and with subcontractors, VARD’s 4Q 2014 revenue rose 45.5% to NOK 4.5 billion ($587 million) from the corresponding period in 2013. FY2014 revenue increased 15.8% to NOK 12.9 billion ($1.6 billion) year-on-year, but due to higher operational expenses, FY2014 EBITDA dipped 37.5% to NOK 429 million ($55 million).

28 Aug 2014

Oceanteam Focuses on Mexico Strategy

The company says it saw, with its early focus on Mexico, a long term strategy confirmed: its newly founded DOT Shipping partnership with Grupo Diavaz and the subsequent approval of the Mexican Energy Reform legislation is envisaged to create significant opportunities for the company. These important events triggered plans prepared by the company and have so far resulted in the order, finance and time chartering of two new build FSV's. DOT Shipping will focus on providing high-end vessel solutions and marine asset services in Mexico. RentOcean, the company's marine asset services division continues to experience strong growth and level of services it provides.

27 Aug 2014

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report. Operating profit for the quarter was US$476 million compared to US$890 million in the preceding quarter. The decrease is primarily due to inclusion of the gain on sale of the West Auriga sale of US$440 million in first quarter results. Net financial and other items for the quarter showed a gain of US$71 million compared to a gain of US$2,239 million in the previous quarter. The gain is primarily related to the sale of SapuraKencana shares and income received from Seadrill Partners of US$59 million, partially offset by a loss from Archer of US$5 million and a loss on derivative positions of US$95 million.

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