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Net Income News

12 Mar 2024

SAAM Closes 2023 with Historic Earnings

Source: SAAM

SAAM reported net income of US$501 million in 2023, representing its best-ever results thanks to the sale of its port and logistics assets to Hapag-Lloyd, which generated a net gain of US$422 million.Sales for the year totaled US$540 million and EBITDA was US$160 million, surpassing the prior year by 17% and 9%, respectively."The sale of our port terminal and inland logistics operations leaves us in a solid position to move forward on the path we have set for ourselves: to lead the consolidation process in the towage industry and grow in air cargo logistics services.

03 Mar 2024

Esgian Week 9 Report: Dolphin, Diamond and Seadrill Updates

© AndSus / Adobe Stock

Esgian reports rig-related updates from Dolphin Drilling, Diamond Offshore, and Seadrill in its Week 9 Rig Analytics Market Roundup.Report Outline:ContractsDespite Tullow Oil’s recent announcement that it would take a break from drilling offshore Ghana, Noble Corp. has stated that there has been no contract termination announcement and that its 12,000-ft drillship Noble Venturer is currently still contracted to Tullow into March 2025.Masirah Oil Ltd has signed a rig contract with…

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…

28 Jun 2023

Performance Shipping Bags Charter for M/T P. Aliki Tanker

Performance Shipping, a shipping company specializing in the ownership of tanker vessels, has entered into a time charter contract with ST Shipping & Transport Pte Ltd., for the 2010-built, 105,304 dwt, LR2 Aframax oil product tanker, the M/T P. Aliki. The gross charter rate will be based on a fixed floor rate of US$45,000 per day for a period of minimum of four months to a maximum of five and a half months at the charterer's option, plus a 50/50 profit share provision above the floor rate. The charter started on June 26, 2023, and is expected to generate approximately a minimum of US$5.5 million to a maximum of US$7.5 million in gross revenue to Performance Shipping…

09 May 2023

SAAM Sales Up, Net Income Down in Q1 '23

Image courtesy SAAM

SAAM reported comparable net income of $18.9 million for the first quarter of 2023 (-19%). This figure excludes $1.3 million in extraordinary accounting losses related to the binding agreement to sell the port terminal and associated logistics operations to Hapag-Lloyd.Sales totaled $218.1 million (+8%) and consolidated EBITDA $67.7 million (-4%)."During the period we saw a decrease in volumes at our port and logistics operations, mainly due to less dynamic trade in Chile, while cargo at our foreign terminals remained stable.

15 Dec 2022

Performance Shipping Takes Delivery of Secondhand Tanker

Greek shipowner Performance Shipping announced on Thursday that it has taken delivery of a 2013-built LR2 Aframax oil product tanker that it agreed to purchase in November 2022.The 105,408 dwt P. Long Beach (formerly Fos Hamilton) was acquired for $43.75 million, partially financed through a term loan facility with Alpha Bank S.A.Long Beach is equipped with an eco-electronic engine and fitted with a ballast water treatment system (BWTS).The vessel is the fourth vessel delivered to the company during the course of this year, bringing the Performance Shipping’s current fleet to a total of eight Aframax tankers.Andreas Michalopoulos, the Company’s Chief Executive Officer, said, “The delivery of our second LR2 Aframax tanker, the M/T P.

03 May 2022

Great Lakes Dredge & Dock's 1Q Profit, Revenue Rise

File Photo - Credit:Great Lakes Dredge & Dock Corporation

Great Lakes Dredge & Dock Corporation reported a first-quarter net income of 11.1 million in the first quarter of 2022 an increase compared to first-quarter 2021 income of $8.8 million.Revenue for the quarter was $194.3 million, an increase of $16.7 million from the first quarter of 2021. The higher revenue in the first quarter of 2022 was due to higher domestic capital and coastal protection revenue, offset partially by a decrease in revenue from maintenance dredging, rivers and lakes…

29 Mar 2022

Vitol Made Record Net Profit in 2021

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Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared.Vitol, the world's biggest independent oil trader, declined to comment.The unaudited result beats its previous record net profit in 2020, when oil markets were upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The company does not disclose its net profit.Last week, Vitol said revenues leapt to $279 billion in 2021 as oil prices recovered from 2020 lows.

09 Mar 2022

ZIM Announces Record Financial Year in 2021

Photo courtesy ZIM

Net Income of $4.65 Billion, Adjusted EBITDA  of $6.60 billion, and Adjusted EBIT of $5.82 billionAs the containershipping industry enjoys its greatest boom of a generation, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated results for the three and 12 months ended December 31, 2021.Net income for the fourth quarter was $1.71 billion (compared to $366 million in the fourth quarter of 2020), a year-over-year increase of 366%, or $14.17 per diluted share…

10 Feb 2022

Norwegian Cruise Expects Net Loss Till Regular Voyages Resume

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Norwegian Cruise Line Holdings Ltd said on Tuesday it expects to report a net loss until it can resume regular voyages, as the Omicron variant stalls a rebound in a sector ravaged by the pandemic.Cruising demand was slammed by rising COVID-19 cases during the Delta and Omicron waves as operators had to tweak their itineraries halfway through sailings or cancel trips hours before the start.Still, the company said it expects to have positive net income on an adjusted basis for the second half of 2022.In November, the cruise liner forecast a return to profitability in the second half of the year.

03 Feb 2022

ABB Expects Supply Bottlenecks to Ease in 2022

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ABB expects supply chain bottlenecks to ease during 2022, the Swiss engineering group said on Thursday, after shortages of semiconductors hurt its ability to deliver increasing orders during the fourth quarter.The maker of fast chargers for electric vehicles and industrial drives for factories reported a 21% jump in orders as demand surged from machine builders, food manufacturers and general industry.But revenues grew by only 8% as ABB battled shortages of key components such as semiconductor chips that have hit the rest of industry.

08 Nov 2021

SAAM Reports 40% Jump in Revenue

Photo courtesy SAAM

SAAM, a provider of port, towage and logistics services in 14 countries in the Americas, reported net income of $55.5 million for the nine months ended September 2021, up 40% from the January-September period in 2020. EBITDA reached $202.3 million and sales totaled $548.9 million, marking rises of 28% and 29%, respectively (all consolidated figures).Figures for the quarter were also positive: Net income was $18.8 million (+162% with respect to 3Q2020), Sales totaled $192.6 million…

02 Dec 2020

Streamlining and Simplifying US Government Guaranteed Vessel Financing

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The Maritime Administration (MARAD) has taken several steps to streamline and simplify the Federal Ship Financing Program under Chapter 537 of Title 46 of the U.S. Code (commonly referred to as Title XI). The Title XI program provides for a full faith and credit guarantee by the United States government to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards. The Title XI Program supports U.S. shipowners obtaining new vessels from, or reconstructing and reconditioning vessels in, U.S. shipyards. It also aids U.S.

20 Nov 2020

CMA CGM Sees Strong Final Quarter on Shipping Recovery

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Container shipping group CMA CGM said on Friday shipping activity remained strong in the final quarter of 2020 after a rebound from initial coronavirus-related disruption boosted the French company's third-quarter profits.CMA CGM, the world's fourth-largest container shipping line, said its EBITDA margin rose to 21.0% in the third quarter from 17.2% in the previous quarter and 13.3% in the year-earlier period.Brisk shipping activity should allow CMA CGM to increase the EBITDA margin further in the final quarter, it said.Like market leader Maersk, which this week raised its full-year earnings t

13 May 2020

Royal Caribbean Pledges 28 Ships as Collateral in $3.3 bln Bond Offer

(File photo: Royal Caribbean)

Royal Caribbean Cruises on Wednesday launched a $3.3 billion bond offering, pledging 28 of its ships as collateral and forecast heavy losses for the first quarter as the COVID-19 pandemic brings the sector to a virtual standstill.Royal Caribbean, which was forced to suspend its cruises globally and cut about 26% of its U.S. workforce, said the health crisis has dented its first-quarter net income by about $453 million.The cruise operator’s shares, which have sunk over 72% this year…

02 Dec 2019

Diana Shipping Posts $1.8M Q3 Net Income

Diana Shipping reported net income of $1.8 million and net income attributed to common stockholders of $3 million for the third quarter of 2019. This compares to net income of $14.8 million and net income attributed to common stockholders of $13.3 million reported in the third quarter of 2018.Time charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of two vessels in December 2018 and five vessels during the nine months ended September 30, 2019 and decreased average time charter rates that the company achieved for its vessels during the quarter.Net income for the nine months ended September 30…

24 Nov 2019

EIA, IEA Grossly Overestimating US Shale: ESAI

ESAI Energy, an oil & energy data provider, believes both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are overly optimistic in their November projections of US crude oil production in 2020, according to the company’s latest North America Watch.ESAI Energy sees a deceleration in growth to about 650,000 b/d next year, in contrast to the EIA and IEA forecasts of 1.0 million b/d and 900,000 b/d, respectively.ESAI points to declining capital expenditures by many shale producers in response to investor pressure to spend within cash flow, a service sector that is idling equipment and laying off workers…

21 Nov 2019

GOGL Profits Up in Q3

The Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019.EBITDA stood at $81.1 million for the third quarter of 2019, compared with $21.5 million for the second quarter of 2019.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, said: “Our strong performance in the third quarter is the result of our strategic decision to gear our fleet towards modern, fuel-efficient vessels in…

20 Nov 2019

Flex LNG Swings to Profit, Adds to Fleet

Norwegian LNG carrier owner Flex LNG posted a net income of USD 0.5 million for the third quarter of this year, compared to a net loss of $3.9 million for the second quarter 2019.It  reported revenues of $29.8 million for the third quarter 2019, compared to $19.0 million for the second quarter 2019.Øystein M Kalleklev, CEO of Flex LNG Management AS, said: “In line with our expectations, the freight market has become increasingly tighter in the second half of 2019 resulting in much more favorable market conditions despite low gas prices. Flex LNG has been very well positioned for the stronger market with ships available in the spot market…

05 Nov 2019

SGRE Posts 10.9% Growth in Offshore Sector

Spanish-based engineering company Siemens Gamesa Renewable Energy  (SGRE) closed the fiscal year ended September 30 with double-digit growth (+10.9%) in offshore unit due to new markets, mainly Taiwan, which contributed 1.5 GW in firm orders.Meanwhile, Service orders increased by 13.4% in FY 2019, to €2,715m. This business unit, which contributes with very profitable contracts, accounts for 47% of the company's order book.Wind power has strong potential and significant growth opportunities in the long-term. According to the International Energy Agency, average annual wind installations will practically double by 2040, with €5 trillion of investment by 2050.The order backlog at Siemens Gamesa rose 12% year-on-year to €25.5bn as its order intake grew by 7.4% to €12.7bn.

23 Oct 2019

Costamare Charters 14 Vessels in Q3

Costamare, owners and providers of containerships for charter, said that it has chartered in total 14 vessels over the quarter ended September 30, 2019.According to Gregory Zikos, Chief Financial Officer of the Marshall Islands corporation, during the third quarter of the year the company delivered profitable results.As was the case in the previous quarter, net income and earnings per share more than doubled, boosted by increased charter rates and the addition of new ships, he said.Charter rates for the larger container ships continued to improve and there is limited supply available for the post -panamax sizes.Among notable charters…

22 Aug 2019

Topaz Revenue Climbs

Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's Renaissance Services and Standard Chartered's private equity arm for an enterprise value of $1.08 billion (Dh3.96bn) in July.“DP World recognizes the success we have achieved and wants us to continue to deliver that going forward.

16 Aug 2019

Conrad Q2 Results

Conrad Industries announced for the quarter ended June 30, 2019, it had net loss of $2.2 million and loss per diluted share of $0.44 compared to net income of $4.7 million and earnings per diluted share of $0.94 during the second quarter of 2018. The company had net loss of $2.5 million and loss per diluted share of $0.50 for the six months ended June 30, 2019 compared to net income of $5.3 million and earnings per diluted share of $1.06 for the six months ended June 30, 2018. Results for the quarter and six months ended June 30, 2018 included $7.5 million from the Deepwater Horizon Court-Supervised settlement. The company’s financial reports are available online.During the first six months of 2019…

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