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Profit Increase

COSCO Pacific Reports Profit Increase

COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company, an indirect unit of China's largest shipping firm China Ocean Shipping (Group) Co., engages mainly in container leasing and container terminal operation. Managing director Shi Qin said the listed firm planned to spend about $100 million to $110 million to buy containers in 2000 to match the rise in demand caused by global economic growth. The sum almost doubles the $57 million the firm spent in buying containers in 1999, when the size of its container fleet dropped 1.0 percent to 500,899 teu.


Singapore Shipping Profits Up

Photo:  Singapore Shipping Corporation Limited

 Singapore Shipping Corporation(SSC)'s  net profit increased 7.8 per cent to US$9.6 million for the financial year ended March 31, 2016, compared to the previous year.   Revenue rose 29.4 per cent to US$44.9 million, compared with the same period a year earlier.   Singapore-listed SSC said three vessels are due for drydocking in financial year 2017 and the group expects earnings from the shipowing segment to remain stable.   


Danish Shipping Profits Drop

Danish shipping's gross profits fell three percent on an annualized basis to $965 million in 1998, hit by falling freight rates and the economic downturn in the Far East, according to the national statistics office (DS). Turnover was put at $7.5 billion, a three percent increase from 1997, with gross profits accounting for 12.6 percent of the figure and time chartering earnings up. "An increase in shippers' container tonnage meant a rise in freight carried but this was not considerable


Kvaerner Masa-Yards Releases Financial Results

The Aker Kvaerner Group has published its results for period of January-September 2003. Kvaerner Masa-Yards Business Area produced for this period an EBITA and operating profit of EUR 73 million (575 MNOK) and a net sales of EUR 625 million (4.930 MNOK). Compared with the same period of 2002, net sales decreased by 20,0% and operating profit increased by 10,7%. "Kvaerner Masa-Yards' financial performance has been very satisfactory


COSCO (Singapore) Presents Q1 2012 Report

COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses. Highlights: Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012. Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects


Singapore Offshore Firm Rides Crest of 2013 Financial Wave

Else-Marie OSV: Photo CCL credit Marc Ryckaert

Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013. Revenue rose 11.2% to hit US$1.1 billion from US$952.2 million for the full year ended December 31, 2012. The Group’s topline was driven by a 75.3% surge in sales in the South East Asia segment to US$780.8 million from US$445


Seacon Holdings Releases Preliminary Results

Seacon Holdings recorded a profit before taxation of £996,449 for the year ending September 30, 2000, compared to a profit before taxation of £3,284,681 reported the previous year, of which £408,181 was related to the trading activities of the company and £2,876,500 to the sale of the London Steel Terminal. Seacon Shipping recorded a £40,000 contribution to operating profit for the financial year, having reported a loss of £205,000 in the previous year. Ship Operations


Despite Low Earnings, Litton Surpasses NYSE Forecasts

Military shipbuilder Litton Industries Inc. on Wednesday reported lower fiscal first-quarter earnings, but surpassed Wall Street forecasts due to strength in its recently refocused core operations. Litton, the largest builder of non-nuclear ships for the U.S. Navy, reported a net profit of $44.9 million, or $.97 per share, for the quarter ended Oct. 31, down from $49.9 million, or $1.07 a share, a year earlier. Analysts had expected earnings of $


Jotun Sets Sales Record in '07

Jotun reported that high levels of activity worldwide in shipbuilding, oil and gas projects and a highly active construction industry in the Middle East made 2007 the company’s best year ever. In 2007, the Jotun Group had an operating income of more than $1.7b, which is $211m higher than for 2006. Jotun's profit  before tax was $151.4m. "Last year was an absolute high point for Jotun. We are extremely pleased to deliver the best sales and profits in Jotun's history


Hyundai Heavy Q1 Net Profit Up 21.16 %

Hyundai Heavy.bmp

Hyundai Heavy Industries, the world’s biggest shipbuilder, today reported first quarter net profit of KRW 903 billion, an increase of 21.16 percent year-on-year. Sales rose 16.92 percent to KRW 6.3 trillion won with operating profit up 10.99 percent to KRW 991.8 billion. Hyundai Heavy’s annual sales target for this year is KRW 26.9 trillion and new orders of USD 26.6 billion. The Company’s operating profits were buoyed by increased sales in the shipbuilding and


DP World H1 Profit Soars on Acquisitions

file image (credit Trelleborg)

DP World, one of the world's largest port operators, reported a 50 percent leap in net profit for the first half of this year on Thursday, helped by the acquisitions of the Dubai's Jebel Ali Free Zone and Canada's Fairview Terminal. The company made a profit attributable to shareholders of $608


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


Hoegh LNG Profits Dip

Photo: Höegh LNG Partners

 Norway-based owner and operator of floating LNG import terminals, Höegh LNG  reported a second quarter profit after tax of US$3.5 million, down from $6.3 million in the first quarter 2016.   The company’s profit after tax was also down in comparison to the


Skaugen Goes to Red Again

Photo: I.M. Skaugen SE

 Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities for long routes the petrochemical market.   The gas carrier owner reported profit before and after tax of minus $ 5


Asia-N.Europe Box Rates Jump 58 pct

File Image: A CMA CGM Containership (Marad)

Freight rates for shipping containers from ports in Asia to Northern Europe jumped 58 percent to $1,125 per 20-foot container (TEU) in the week ending Friday, a person with access to data from the Shanghai Containerized Freight Index told Reuters.


Westports Q2 Profit Up

Photo: Westports Malaysia

 Malaysian port operator Westports Holdings saw second quarter net profit jump 31% to MYR159.9m ($39.6m) from MYR122.1m in the previous corresponding period due to an increase in container volumes.   Correspondingly, revenue also climbed to RM522.6mil from RM405.3mil last year.


MISC Reports Higher Profit Despite Revenue Loss

Yee Yang Chien, PRESIDENT & CEO, MISC BHD

* Group revenue for the quarter and the 6 months period ended 30 June 2016, were lower than the corresponding quarter and 6 months period ended 30 June 2015.   * Group profit before tax for the quarter and the 6 months period ended 30 June 2016


Port of Kiel on Course for Growth

Photo: Port of Kiel

The Port of Kiel is on course for growth after upping handling in both the cargo and passenger sectors by nearly 2 percent in the first half of 2016. The port’s various quay and terminal facilities handled 3.1 million tons of incoming and outgoing cargo – an increase of 1


Container Corp of India June-qtr Profit Down

State-owned Container Corporation of India recorded a 14 percent drop in standalone net profit for the three months to the end of June, the company said in a statement.   Its net profit for the April-June quarter came in at 1.78 billion rupees ($26.67 million), missing expectations.


Weak Oil Pushes SBM Offshore to Axe More Jobs

Photo: SBM Offshore

SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts.   It said it did not expect a full recovery in its business until 2018


Cost Cuts Ease Pain of Maersk's Gloomy Shipping Forecast

File photo: Maersk Line

Net profit below forecasts, operating figure above; group hit by low freight rates and low oil prices. A.P. Moller-Maersk's progress in cutting costs reassured investors on Friday after the Danish shipping and oil giant reported a sharp decline in quarterly profit and its new chief executive


Maersk Paints a Gloomy Picure

Photo: Maersk Line

 Danish shipping conglomerate A.P. Moeller-Maersk A/S has reported a plunge in profits in the second quarter in the face of tough market conditions.    Maersk's quarterly net profit dropped 89 per cent to $118m compared with a year earlier


APM Terminals Pipavav Q1 Net Zooms 60%

Pipavav - Vessel at berth at APM Terminals Pipavav (Gujarat Pipavav Port) Photo APM

APM Terminals Pipavav’s (Gujarat Pipavav Port Ltd) today posted a 60 per cent rise in standalone net profit to INR 59.75 crore for the first quarter ended June 30, 2016 on the back of lower expenses. The company had posted a net profit after tax of INR 37


Bahri Secures $133m Funding for Five Ships

Photo National Shipping Company Of Saudi Arabia (Bahri)

National Shipping Company of Saudi Arabia (Bahri) said on Sunday that a subsidiary had secured $133.2 million in Islamic financing to purchase five chemical tankers. The funding will be provided to National Chemical Carriers by Arab Petroleum Investments Corporation and BNP Paribas in the form


Maersk Drilling Delivers $164m Profit

Claus V. Hemmingsen, CEO in Maersk Drilling  Photo Maersk

Maersk Drilling delivered a profit of USD 164m (USD 218m) in the second quarter of 2016. The result is positively impacted by a strong operational performance with an average uptime of 98% and savings on operating costs, however partly offset by more idle days






 
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