Tanker firm Stelmar Marine Holdings Ltd. officially applied on Wednesday for listing on the Cyprus Stock Exchange. The company was established in 1992 by Greek Cypriot entrepreneur Stelios Haji Ioannou and owns and operates a fleet of 12 tankers with an average age of eight years. The company is planning to raise $54.6 million through the Cyprus Stock Exchange for further expansion of the fleet. The amount will be raised through the issue of 42 million new shares of face value $1 at the flotation price of $1.30, the company said. Approximately 27 million shares will be placed with private investors and 15 million will be offered to the public. Company executives said Stelmar, which is now based in Athens and London but plans to create a small office in Cyprus, would use the additional liquidity to acquire six new tankers.
Hill International get project management contract for a US$ 590-million Casablanca marina construction Hill International (NYSE:HIL), the global leader in managing construction risk, announce that it has been awarded contracts to provide project management services for three projects in North Africa. The contracts, which have a combined estimated value to Hill of approximately $7.5 million, include: A four-year contract has been awarded the company by Société New Marina
Seabulk International, Inc. reported a net loss, excluding charges related to its recent refinancing, of $2.8 million or $0.21 per diluted share for the quarter ended September 30, 2002. Including charges of $27.8 million or $2.16 per diluted share related to the early extinguishment of debt in connection with the company's refinancing, the net loss for the current period was $30.6 million or $2.37 per diluted share compared to net income of $2.9 million or $0
By Todd D. Snyder & Lara Bernstein Mathews Dyer Ellis & Joseph, P.C. Recent growth in ferry construction, particularly in the U.S., has been significant. The U.S. Department of Transportation recently reported that the U.S. marine transportation system annually transports 134 million passengers by ferry. Although the U.S. fleet represents a small percentage of the worldwide fleet, the U.S. fleet has recently experienced one of the largest and most rapid growth rates
Dubai Drydocks will launch its $60 million new building panel line and steel structure assembly facility in July. The yard, whose current shipbuilding facility has a monthly turnover of 2,800 tons of steel, plans turning over similar volumes of steel per month for the new building. It is already building the gravity base structure for a 10,000 steel construction with an extensive piping arrangement and four 6,200 dwt bunker tankers due to be delivered in March.
The China Shipbuilding Industry Corp. (CSIC), built 3.17 million tons of new ships in 2005, up 47 percent. In 2005, the CSIC received 3.73 million tons of new orders and 2.85 million tons of new ships are under construction. The profit it earned topped $123.9 million, up 85 percent year-on-year. China's shipbuilding companies built 12 million tons of new ships in 2005, accounting for 18 percent of the world market, ranking third after the Republic of Korea and Japan
In 2005, 370 million tons of cargo passed through the port of Rotterdam, 5% more than in 2004 and a new record. The volume of cargo leaving the port grew faster than that of cargo coming in, with 9% and 3,5% respectively, with general cargo enjoying 7% growth and bulk cargo 4%. In numbers, container movements increased by 12% to 9.3 million TEU (container units of 20 feet). The total volume of dry bulk cargoes remained stable at nearly 90 million tons
British Columbia Ferry Services Inc. (BC Ferries) today released its third quarter results for fiscal 2007/08. The company reported a net loss of $7.8 million for the three months ended December 31, 2007, compared to a net loss of $1.8 million in the same quarter last year. Net earnings before extraordinary gain for the nine-month period ended December 30, 2007 were $67.7 million, down from $82.0 million for the same period in the previous year.
Danaos Corporation (NYSE: DAC), international owner of containerships, reported unaudited results for the fourth quarter and the full year ended December 31, 2008. Highlights for the Fourth Quarter and Full Year Ended December 31, 2008: • Net earnings on a comparable basis1 from continuing operations of $25.5 million or $0.47 per share and $118.7 million or $2.18 per share for the quarter and the year ended December 31, 2008, respectively, compared to $25
Interim Report 1 January-30 September 2012 • Weak market during the quarter • Stena Primorsk chartered out to new customer • Another P-MAX tanker, Stena President, converted to IMO 3 Total income, SEK 417.1 million EBITDA, SEK 175.4 million Operating result before impairment, SEK 61.9 million Impairment, SEK -408.8 million Operating result after impairment, SEK -346.9 million Result after tax, SEK -365.7 million
Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven
New contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 18, 2013 are included. Highlights are as follows: Deepwater Millennium - Awarded a two-year contract for work offshore Australia at a dayrate of
Hercules Offshore agrees sale of 11 inland barge rigs, which includes three active rigs, eight cold stacked rigs and related assets (Inland Asset Package) for cash proceeds of approximately $45 million. Excluded from the 'Inland Asset Package' are the Hercules 27
Interim financial results for Q1 2013 show a strong start to 2013 by Maersk Drilling. With an increase in profit to USD 146 million in the first quarter of 2013 from USD 123 million in first quarter of 2012, Maersk Drilling has come off to a good start in 2013
In a news press release yesterday, Waterways Council, Inc. (WCI) expressed its gratitude to Senate Environment & Public Works Chairman Barbara Boxer (D-CA) and Ranking Member David Vitter (R-LA) for their collaborative efforts to draft, manage and pass a long-overdue Water Resources
It’s more of a Downward Slope for Maritime, Transportation, and Energy Programs You are not alone if you are bewildered by the talk in Washington about “sequester,” “continuing resolution”, “fiscal cliff,” “budget resolutions
Cargotec's MacGregor received €22 million order to deliver a 900-ton active heave-compensated (AHC) MacGregor subsea crane to the South Korean shipyard, Hyundai Heavy Industries Co Ltd. The crane will be installed on a 150m multi-purpose offshore construction vessel (MOCV) ordered
Aberdeen-based standby vessel operator Atlantic Offshore Rescue said it has commissioned what will be the U.K.’s most powerful emergency response and rescue vessel (ERRV). The Ocean Troll – which recently completed a long term charter with Statoil – has undergone a £2
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013.
Shipments of iron ore on the Great Lakes totaled 5.6 million tons in April, a decrease of 9% compared to a year ago. However, loadings were 11% ahead of the month’s five-year average. Shipments from U.S. ports totaled 4.9 million tons, a decrease of 9.5% compared to a year ago
DRS Technologies, Inc. announced it has been awarded a contract by the U.S. Coast Guard (USCG) to continue its maintenance, repair and overhaul work at the U.S. Coast Guard Aviation Logistics Center in Elizabeth City, North Carolina. Under the contract
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the three month period ended March 31, 2013. First Quarter 2013 Highlights:
Shipments of coal on the Great Lakes totaled 2.2 million tons in April, a virtual tie with a year ago. The trade was 19 percent below the month’s five-year average, however. Shipments from Lake Superior ports totaled 1.4 million tons, a slight increase from a year ago
The Australian Department of Defense released a request for tender to CEA Technologies for the development of a High Power Phased Array Radar concept demonstrator. CEA Technologies Pty Ltd is a Canberra-based company whose CEAFAR radar is being fitted to the ANZAC Class Frigates of the Royal
Steamship Mutual released interim financial results for the year ending February 20, 2013. As with all international group clubs, underwriting performance for the year ended February 20, 2013 was adversely affected by the worst pool experience on record