First Call

EU Marco Polo Program

The European Commission issued the First Call for Proposers regarding the EU Marco Polo Program. The program is intended to reduce road congestion in Europe by shifting freight transportation from highways to short sea shipping, rail, and inland waterways. Proposals under this program should be submitted by December 10. Source: HK Law

First Call of the Hyundai Bangkok

On its first journey from Asia to Europe the container ship new building Hyundai Bangkok for the first time visited the HHLA container terminal Altenwerder in Hamburg. The 6755 TEU vessel is operated by the shipping consortium New World Alliance in its AEX service (Asia- Europe Express Service). The Hyundai Bangkok" leaves Hamburg for the ports of Thamesport, Le Havre, Singapore, Hong Kong, Kaohsiung and Kwangyang, before returning to the Hanseatic city via the ports of

GD Reports Good Quarter

General Dynamics Corp., maker of nuclear submarines, tanks and destroyers, reported an 11 percent increase in second-quarter profits, meeting Wall Street targets, on gains in its combat systems operations. The company, which is battling rival defense contractor Northrop Grumman Corp. to take over Newport News Shipbuilding Inc., posted net earnings of $227 million, or $1.12 per share, up from $204 million, or $1.01 per share, a year earlier. Analysts had expected a profit of $1

Tidewater Reports 2Q Results

Tidewater reported second-quarter earnings of $104.2 million, or $1.86 per share, up from a year-ago profit of $82.2 million, or $1.42 per share. The latest results included a gain of $17.2 million, or 31 cents a share, related to an asset sale. Revenue rose in three months ended Sept. 30 to $274 million from $204.4 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.32 a share in the September period

Subsea 7 - 3rd Qtr Report

The company’s performance summary gave highlights for the quarter including: good project execution in all regions delivering EBITDA of $164.8 million; satisfactory financial result despite currency losses and mark-to-market adjustment of derivatives; and award of largest contract to date in Africa from BP in respect of Block 31 - signed first call-off contract under the framework agreement with an estimated value of $460 million.

Carnival's 2Q Earnings Drop Eight Percent

Carnival Corp. on Thursday said fiscal second-quarter profits dropped 8 percent, in line with expectations, as prices for sea vacations remained tepid. The Miami-based owner of Holland America, Cunard and four other cruise lines said profits were $187 million, or $0.32 per share, for the three months ended May 31, compared with $204 million, or $0.34 per share, a year earlier. Industry analysts had forecast that Carnival, whose 45 ships dominate the $12 billion global cruise market

Christening of Rickmers Shanghai Celebrated in Shanghai

Rickmers-Linie celebrated the fifth christening in its series of nine new Superflex Heavy Multi-Purpose Container (MPC) vessels on November 8 in Shanghai. Madame Zhang Xiang Lan, wife of Mr Luo Kai Fu, Chairman of the Sinotrans Group, was the godmother of Rickmers Shanghai. The name of the ship reflects the importance and tradition of China in the business of Rickmers-Linie. The Hamburg-based company has been providing

Kirby Corp. Profits Disappoint

Barge operator Kirby Corp. said its third-quarter profit would miss Wall Street expectations by about 10 percent because of a fall off in refined petroleum shipments and higher fuel prices. Houston-based Kirby, which operates a fleet of barges and towing vessels transporting chemicals, refined petroleum and agricultural goods on U.S. inland waterways, said in a statement its third-quarter profit would be between 36 cents and 38 cents per share

Tidewater Issues Earnings Guidance For Quarter Ended September 30, 2003

Tidewater Issues Earnings Guidance Tidewater Inc. announced that it expects fiscal second quarter financial results to be below current analysts' earnings expectations. For the three months ended September 30, 2003, the Company is currently estimating diluted earnings per share of $0.20-$0.23. The Thomson First Call consensus earnings estimate is currently $0.31 per share.Lower utilization for the Company's supply and towing supply vessels in certain international markets

CP Ships Report 3Q Results

CP Ships Ltd. was able to report a 37% increase in net income in the third quarter despite higher costs, due to continuing general improvement in industry conditions. The company said its operating profit in the latest quarter was the highest since it went public in October 2001. Third-quarter net income was $33 million or 36 cents a share, up from $24 million or 27 cents a year earlier. The Thomson First Call mean estimate was for net income of 41 cents in the latest quarter.