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Tuesday, March 19, 2024
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Full Year News

13 Mar 2024

Zim Reports Fourth Quarter Loss

© Dmitry Pistrov / Adobe Stock

ZIM Integrated Shipping Services has announced consolidated results for the three and 12 months ended December 31, 2023, noting a net loss for the fourth quarter of $147 million (compared to a net profit of $417 million in the fourth quarter of 2022).The net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion (compared to a net profit of $4.63 billion for the full year of 2022).Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%.

05 Mar 2024

Turkish Oil Terminal Halts Russian Oil Business

© Kalyakan / Adobe Stock

One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.Turkey has become one of the biggest importers of Russian crude and fuel since 2022, after the West imposed sanctions on Moscow for the invasion of Ukraine. Russia responded by re-routing oil away from Europe and the U.S. to Asia, Turkey and Africa.Global Terminal Services' (GTS)…

28 Feb 2024

Kraken Robotics Delivers Minehunting Systems to Royal Danish Navy

Kraken KATFISH on MSF drone vessels (Credit: Kraken Robotics)

Canadian company Kraken Robotics has completed deliveries and sea acceptance tests of all systems for its minehunting sonar equipment under the contract with Royal Danish Navy.The contract was signed in September 2020, following a competitive bidding process. Under the contract with the Danish Ministry of Defence Acquisition and Logistics Organization (DALO), Kraken has delivered four complete turnkey minehunting systems.Each system consists of a KATFISH towed Synthetic Aperture Sonar…

07 Feb 2024

CBED Inks Full-Year Contract with Hughes Subsea for Wind Evolution SOV

Danish shipowner CBED has signed a contract with Hughes Subsea, a subsidiary of OEG Energy, for Wind Evolution’s first offshore project, just three weeks after acquiring the service operation vessel (SOV).With the new walk-to-work contract, CBED has secured full activity for Wind Evolution SOV until early first quarter of 2025, with two additional one-year options to extend the project contract.OEG Energy’s Hughes Subsea specializes in subsea services across the offshore oil and gas, renewable energy, and other sectors.CBED will take delivery of Wind Evolution end of March 2024.

30 Jan 2024

Carnival Warns of Hit to 2024 Earnings After Rerouting of Red Sea Itineraries

© icholakov / Adobe Stock

Carnival said on Tuesday that its annual earnings would take a hit as the cruise operator reroutes its ships that were due to pass through the Red Sea, a key transit route linking Asia and Europe.A growing list of companies have rerouted vessels as the Houthis, a Yemeni militant group, steps up attacks on Israeli ships or ships heading towards Israel, in solidarity with the Palestinians.The rerouting by Carnival is expected to have an impact of 7 cents to 8 cents on its adjusted earnings per share for full-year 2024, with the majority of the impact coming in the second quarter.

24 Jan 2024

Aurora Botnia - RoPax Ferry + Greentech Proving Ground

Photo: Wasaline

Built by Rauma Marine Constructions, in Rauma, Finland, and launched in 2021, the 150-meter-long Aurora Botnia boasts a long list of onboard equipment that help it to earn its “green” designation, a label that is confirmed via a Clean Design notation from classification society DNV. The ship is also compliant with the International Maritime Organization’s (IMO) 2030 greenhouse gas reduction target.Wasaline CEO Peter Ståhlberg describes Aurora Botnia as “a masterpiece of cooperation” and noted that the vessel is over 80% domestic made."I'm really proud of the Aurora Botnia.

02 Jan 2024

US Was Top LNG Exporter in 2023 as Hit Record Levels

© scandamerican / Adobe Stock

U.S. liquefied natural gas exports hit monthly and annual record highs in December, tanker tracking data showed, with analysts saying it positioned the United States to leapfrog Qatar and Australia to become the largest exporter of LNG in 2023.The U.S. was the stand out in global LNG supply growth in 2023, said Alex Munton, director of global gas and LNG research at consulting firm Rapidan Energy Group of the rise to 8.6 million metric tons leaving U.S. terminals in December.Qatar was the largest LNG exporter in 2022 and Australia the second-largest that year, U.S. government data showed."U.S.

30 Nov 2023

bp's Search for New CEO to Extend into Next Year

Murray Auchincloss (Source: bp)

bp's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.The oil company has been in turmoil since Looney's resignation in September, company sources told Reuters, and the share price has underperformed rival Shell since then amid investor uncertainty over bp's future strategy.bp's shares have dropped 9% since Looney's departure, while Shell's have gained 2% over the same period.

12 Nov 2023

CMA CGM Reports Drop in Quarterly Profit

Source: CMA CGM

CMA CGM said on Friday its profit fell in the third quarter as a COVID-era boom in shipping continued to fade, but its volumes picked up as a destocking trend in the United States was offset by brisk demand in other parts of the world.The French-based shipping giant was cautious about next year's outlook, with the prospect of a recovery in global trade - as U.S. firms finish destocking - tempered by expectations of modest economic growth and an influx of new vessels.CMA CGM, privately controlled by the Saade family…

09 Nov 2023

Hapag-Lloyd Posts 77% Drop in Nine-month Net Profit, Cuts Outlook

© olrat / Adobe Stock

German container shipper Hapag-Lloyd on Thursday posted a net profit of 3.2 billion euros ($3.43 billion) for the first nine months of 2023, down by 77% from a year earlier, and cut its forecasts for full-year earnings.Net profit was down from 13.8 billion euros in comparable 2022 when the shipping industry, a proxy for global trade, boomed amid post-pandemic recovery and because logistics disruptions drove up prices for consumers.This year, the global economic slowdown and the clearing of port log-jams sent freight rates down sharply…

08 Nov 2023

Japan Says to Ensure U.S. Sanctions on Russia LNG Project Won't Harm Supplies

Arctic LNG 2 Illustration - Credit: Saipem (File image)

Japan will make sure its energy supplies are not affected by sanctions the United States recently imposed on the Arctic LNG 2 project in Russia in which it has a stake, Industry Minister Yasutoshi Nishimura said on Tuesday.Japan, the world's second-largest liquefied natural gas (LNG) buyer, relies on LNG as a transition fuel before it reaches carbon neutrality in 2050, and has supply contracts and stakes in projects globally to guarantee imports.The Arctic LNG 2 project is to be launched next month…

03 Nov 2023

Maersk to Cut at Least 10,000 Jobs as Shipping Boom Unravels

Credit: Fotokon/AdobeStock

Shipping group A.P. Moller-Maersk reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs, and weaker prices.Maersk, which controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies such as Walmart and Nike, flagged a steeper downturn in demand than analysts and investors had expected."Our industry is facing a new normal with subdued demand…

27 Oct 2023

Royal Caribbean Raises Profit Target Again on Robust Cruise Vacation Demand

© aerial-drone / Adobe Stock

Royal Caribbean Group on Thursday lifted its full-year profit forecast for a third time and said bookings for the next year were "significantly outpacing" pre-pandemic levels by a wide margin, sending its shares up about 3%.Cruise operators are reaping the rewards as travelers gravitate to cruise vacations that are cheaper compared to taking a land-based holiday.This has given the companies the ability to hike itinerary prices, especially in North America and Europe, as occupancy…

29 Aug 2023

DEME Reports Strong H1 Performance

Source: DEME

DEME Group has released its half year results saying its orderbook is 7.7 billion euro ($8.3 billion), up 36% compared to H1 2022, reflecting continued healthy demand and strong market positioning across all segments.Group turnover grew 14% year-over-year to 1.5 billion euro ($1.6), with growth in the offshore energy and environmental segments. Net profit was 30 million euro ($32 million), down from 39 million euro ($42 million) a year ago, primarily due to negative exchange rate results.Luc Vandenbulcke…

18 Aug 2023

DP World Posts 10% Fall in H1 Profit, Flags Uncertain Trade Outlook

© petert2 / Adobe Stock

Dubai's state-owned ports giant DP World said on Thursday its first-half profit fell nearly 10% from a year earlier, even as revenue climbed nearly 14%, and flagged an uncertain outlook for trade.Profit attributable to DP World's owners in the six months to June was down 9.7% at $651 million from a year earlier, when the port operator posted record profit of $721 million."While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results…

16 Aug 2023

ZIM 2Q Revenues Plunge 62%

ZIM SAMMY off of New York. Photo courtesy ZIM

Pain in the containershipping sector is not uncommon in 2023, and Israel's ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is no exception, today reporting 2Q and six month results:Net loss for the second quarter was $213 million, negatively impacted by a non-cash after tax item of $51 million related to the redelivery of certain vessels.Operating loss (EBIT) for the second quarter was $168 million, compared to operating income of $1,764 million in the second quarter of 2022Revenues for the second quarter were $1…

10 Aug 2023

As Container Fleet Grows (4.3%), So too do Sectors Woes

Copyright Mirko/AdobeStock

“Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The contracting of new ships has slowed since its record in 2021 but has year-to-date remained twice as high as during the 2010s. The 1.3 million TEU contracted so far this year has therefore kept the order book high…

10 Aug 2023

Hapag-Lloyd Net Profit Dives 67% in H1

© Daniel / Adobe Stock

German container shipper Hapag-Lloyd HLAG.DE on Thursday posted net profit of 2.9 billion euros ($3.18 billion) for the first half of 2023, down by 67% from a year earlier, but maintained its full year earnings forecast.The net profit compared with 8.7 billion euros in 2022 when shipping, a proxy for global trade, enjoyed a boom as economic growth rebounded following the end of pandemic lockdowns and as logistics disruptions raised freight rates for customers. Rates have since fallen as logjams have eased and the economy is slowing.

03 Aug 2023

Harsh Weather Offshore LNG Terminal Firm Crown to Merge with Catcha

Kakinada LNG terminal (Illustration by Aker Solutions)

Crown LNG Holdings AS, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has agreed to merge with Catcha Investment Corp, a publicly traded special purpose acquisition company, that would result in Crown becoming a U.S. publicly listed company. The combined company, named Crown LNG Holdings Limited (“PubCo”), intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol “CGBS”.Crown designs and…

06 Jun 2023

Container Shipping Freight Rates Are Too Low, Says Hapag Lloyd CEO

© Daniel / Adobe Stock

Global container shipping freight rates have reached unsustainable levels and must rebound, the chief executive of Germany's Hapag Lloyd, the world's number five operator by volume, said on Tuesday."There are spot rates that are clearly below cost," said CEO Rolf Habben Jansen in a call with journalists."In the long run, that typically does not hold.

26 May 2023

CMA CGM Sees Profit Easing as Demand Wanes, New Ship Supply

© Tupungato / Adobe Stock

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx of new vessels cool the container shipping market after a record 2022.The company, based in Marseille and privately controlled by the founding Saade family, on Friday reported a first-quarter net profit of $2.0 billion, compared with $7.2 billion in the year-earlier period, and said in a statement it expects the first quarter to be its most profitable of 2023.CMA CGM is among shipping firms to have posted record profits last year, after the COVID-19 pandemic tri

11 May 2023

Tanker Firm Euronav Beats Q1 Profit Estimates, Proposes Higher Dividend

©Euronav

Belgian oil tanker and storage operator Euronav reported better-than-expected first-quarter revenue and core earnings on Thursday, supported by an improvement in freight rates, and proposed raising its dividend. "The counter seasonal strength recorded in Q1 underpins our view that strong and durable drivers are in place to continue a multi-year upcycle in large crude tanker freight markets," CEO Hugo De Stoop said in an earnings statement. Euronav, one of the largest oil tanker companies in the world…

04 May 2023

Maersk Expects Recent Drop in Container Demand to Stabilize by Mid-year

© tonyv3112 / Adobe Stock

Shipping group Maersk on Thursday reported first-quarter earnings above expectations and maintained its 2023 profit guidance as it expects a recent drop in demand for container shipments to stabilize around mid-year.Maersk, which transports goods for retailers and consumer companies such as Walmart, Nike and Unilever, said the number of containers it loaded onto ships between January and March fell by 9% from a year earlier, while freight rates fell by 37% on average."We delivered a solid financial performance in a challenging market with lower demand caused by continued destocking…

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