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First Half

Offshore Wind Major, Dong Energy, Trims Sails, Ups H1 2013 Profit

Image courtesy of IWEA

The Board of Directors of DONG Energy has approved the interim financial report for the first half of 2013 with the following financial highlights and outlook compared with the first half of 2012: First-half 2013 EBITDA was DKK 7.8 billion against DKK 6.6 billion in the first half of 2012, primarily reflecting higher earnings from the wind activities and lower costs Profit after tax was DKK 0.4 billion, down DKK 0.3 billion on the first half of 2012. Gain (loss) on disposal of enterprises and impairment losses depressed first-half 2013 profit by DKK 0.2 billion net after tax compared with a gain of DKK 0.6 billion in the same period in 2012 Operating cash inflow increased to DKK 4.6 billion from DKK 2.9 billion in the first half of 2012, primarily reflecting a decrease in funds tied up in working capital and the higher EBITDA First-half 2013 net investments amounted to DKK 3.2 billion against DKK 6.1 billion in the first half of 2012. Gross investments amounted to DKK 8.4 billion and related primarily to development of wind activities and gas and oil fields, while disposals related to the Swedish hydro power company Kraftgården (DKK 3.3 billion) and the Polish onshore wind business (DKK 1.8 billion) Interest-bearing net debt decreased by DKK 0.5 billion from the end of 2012 to DKK 31.4 billion


Chemoil Reports Increase in Q2 Revenues

Chemoil has reported a 96 percent increase in revenues to $2.5b for the second quarter of 2008, compared to $1.3 billion for the second quarter of 2007. This was driven by an increase in energy prices and sales volume growth by 15% compared to the same period in 2007. Chemoil's revenue for the first half of 2008 increased 102% to $4.67 billion, compared to $2.31 billion for the first half of 2007. For the second quarter of 2008, profit after tax was $22 million, compared to $0


Bourbon Reports Increased Operating Income

Gross Operating Income totaled $146.2m or 115.1 million euros, up 12.7% in the first half of 2006. This strong performance was achieved by the sharp growth in the Offshore Division, particularly in Africa, and by the solid performance achieved by the Towage & Salvage Division, whereas the Bulk Division was impacted by lower cargo rates. Operating income rose 7.6% to $90.4m or 71.2 million euros and reflects the increase in amortization and depreciation due to the rise in the


NOL Group reports $67m loss in 1H 2011

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago.  The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion.  It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million.


Bourbon Announces 1H Results

Christian Lefèvre, CEO, Bourbon.

“We have arrived at the end of a downturn that has lasted since late 2008, and the market for modern offshore vessels is now turning around. BOURBON has every chance of being the first to benefit from this new turn of events thanks to a high-performance modern fleet and a worldwide network. BOURBON’s operating income for the period is up 19.9% over the first half of the previous year and 145% over the previous six-month period


COSCO Warn of Dramatic Profit Dip

COSCO Shipping warns of 99.5% interim profit drop Shanghai-listed COSCO Shipping, the vessel service provision arm of China Ocean Shipping (Group) Co, says that profit attributable to shareholders for the first half will drop 99.5% from a year earlier to about RMB700,000 ($109,000). SinoShip News adds that other listed firms are feeling the pinch too. Shanghai-listed China Shipping Haisheng, a bulk carrier subsidiary of China Shipping Group


SembCorp First Half Down 6%

SembCorp Marine posted a 6.4 percent drop in half-year net profit to S$39.2 million ($21.4 million) from S$41.9 million in the first six months of 2001. The Singapore-based group -- a subsidiary of the SembCorp Industries conglomerate which concentrates on ship repair, offshore conversion and shipbuilding -- said in a statement its performance in 2001 was expected to be comparable with the previous year. It valued its outstanding order book for 2001-2004 at S$1.72 billion.


Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2003. Stelmar reported its 34th consecutive quarter of profitability since inception and 10th quarter since going public in March of 2001. For the second quarter of 2003, including a non-operating loss from the sale of a vessel, the Company reported net income of $4,489,000, or $0.26 per diluted share. Excluding the non-operating loss, the Company earned net income of $11,744,000, or $0


Port of Hamburg Grows 8%

In the Port of Hamburg a total of 58.6 million tons of seafreight was handled in the first half year 2010. This comes up to a plus of 8.1 per cent compared to the previous year. Especially the strong growth of imports, which reached a total of 33.7 million tons, made for a higherthan- average growth by 12.3 per cent. Exports reached 24.9 million tons in the first half-year and, thus, increased by 2.9 per cent compared to the previous year


Hapag-Lloyd in Troubled Waters

Photo: Hapag-Lloyd AG

 German container shipping company Hapag-Lloyd AG has swung to a loss in the first half of the year as tumbling freight rates weighed on revenue.   The bad news comes as the Hamburg-based company tries to boost its fortunes through a merger with United Arab Shipping Company.   Subdued economic growth in many parts of the world, persistently tough competition in the liner shipping industry and further declines in freight rates have marked the first half of the 2016 business


Investment Cuts Slow Rebound for Offshore Oil Services -Bourbon

Photo: Bourbon

French oil services company Bourbon said on Thursday that any rebound in oil and gas prices will take a while to reach companies in the offshore marine sector because of deep cuts in investments during the prolonged oil downturn.   Bourbon


GoodFuels Marine, Boskalis Test Wood-Based Marine Fuel

Photo: Royal Boskalis Westminster N.V.

 Boskalis, the leading global dredging and marine expert, and GoodFuels Marine, the leading provider of sustainable marine biofuels to the global commercial shipping fleet, has announced to have performed successful live tests on a sustainable  wood-based drop-in biofuel called UPM


September US Retail Imports Strong

File photo: Port of Los Angeles

Import cargo volume at the US’ major retail container ports should be at near-peak levels this month even as retailers work to cope with the Hanjin Shipping bankruptcy, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates


Little Rock Port Authority Reports August Shipping

Total barge tonnage through the Port of Little Rock in August was 57,000 net tons.  Dock activities continue to compare favorably to calendar year 2015 as Logistic Services, Inc. has handled 347 barges during the first half of 2016 year and 560


KOGAS to Support Korean Shipyards

Deagu Head Office. Photo: Korea Gas Corp.

 In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap.  


Cosco Eyes Spanish port of Algeciras

Photo by Port of Algeciras

 Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate, says a report by Caixin.   According to port authority


Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects demand for commodities to pick up this year. Africa's biggest shipping group, which is present in 37 countries worldwide


China COSCO Falls to H1 Net Loss

File photo: China COSCO Holdings Co Ltd

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday. COSCO Shipping reported a first-half loss of 7.2 billion yuan ($1.08 billion yuan) versus a profit of 1


Sovcomflot Profits slip

Projects - The company services large-scale energy projects in Russia and abroad, including Sakhalin-1, Sakhalin-2, Prirazlomnoye, Varandey, Tangguh and Peregrino.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and


Hapag-Lloyd: UASC Merger Benefits to show in 2017

file image (Credit: Hapag Lloyd)

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year, chief executive Rolf Habben Jansen told investors on Friday. Addressing a shareholders meeting which will decide on


China Cosco Sinks into Red

Photo: China COSCO Holdings Company Limted

 Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half, down from the year-earlier profit of 2 billion yuan, reports Nikkei Asian Review.  


OSV firm Farstad Continues Restructuring Talks

file Image (Credit: Farstad)

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking to both industrial and financial investors on how to refinance 11.6 billion Norwegian crowns in net interest bearing debt ($1


Gibdock Bolsters German Ties

Photo: Gibdock

Returning customers and a new client saw Gibdock prominent in the repair schedules of German ship managers in the first half of 2016, with sterling’s post Brexit depreciation also sharpening the Gibraltar yard’s competitive edge for the rest of the year.    


Zombie Apocalypse

Photo: Hanjin Shipping

 With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rocked, says Drewry.   In 2009 when the container industry posted operating losses of nearly $20 billion and many lines were


World's Largest Wind Turbines Installed off UK Coast

(Photo: Dong Energy)

Dong Energy has installed the first of the world's largest wind turbines, which are taller and wider than the London Eye, at its Burbo Bank windfarm off the coast of Britain in the Irish Sea, it said on Thursday.   The 32 turbines, made by Vestas






 
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