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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.

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

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

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

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

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

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

Sinwa Reports 22% Increase in Q2 Earnings

Bruce Rann (Photo: Sinwa)

SINWA announced financial results for its 2nd quarter ended June 30, 2015. The group reported a 7.4 percent year-on-year increase in total revenue to S$40.8 million for 2Q2015. This was due to the growth in customer base and increased sales volume from existing customers for the marine and offshore supply business. Gross profit also increased by 7.7 percent year-on-year to S$9.7 million, in line with revenue growth with gross profit margin remaining relatively constant at 23.8 percent

Maersk Q3 Profit Falls

Photo: Maersk Group

 Danish shipping and offshore energy conglomerate, Maersk Group, kept a reduced forecast made two weeks ago for a 2015 underlying profit of $3.4bn, down from the $4.0bn previously expected.     The Danish  shipping giant  said on Friday that lower oil prices and lower

Hapag-Lloyd Posts Third Straight Quarter of Profits

Photo: Hapag-Lloyd

German continuer shipping company Hapag-Lloyd AG recorded its third consecutive profitable quarter, marked by higher transport volumes and reduced shipping costs in the third quarter of 2015.   For the first nine months of 2015, the shipper posted a €6.8 billion revenue, up €1

SCI 1H Profit Jumps

Photo SCI

  The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 30th September 2015 posting a net profit of Rs. 161.21 crores as against a net profit of Rs. 18.59 crores during the quarter ended 30th September 2014 and a net profit of Rs. 163

Rolls-Royce Targets Costs and Complexity in Quest for Growth

Warren East (Photo: Rolls-Royce)

Rolls-Royce's new chief executive aims to strip out costs and complexity, rather than selling off chunks of the business, as he seeks to return the British engine company to growth.   After four profit warnings in just over a year, and with an activist shareholder pushing for change

First US Shale Gas Exports to Sail into Oversupplied Market

When Cheniere Energy opened a new liquefied natural gas import terminal in Louisiana in 2008, a U.S. shale drilling boom quickly made it obsolete. Seven years on, with the Houston-based firm about to open a landmark export plant on the same site, the timing, again, is far from ideal.  

Creditors to Pump $3.7B into Ailing DSME

Image: DSME

 Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency.  

Asia-Europe Box Rates Soar 328 pct

A Maersk Containership (file image)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe surged 327.7 percent to $988 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.

Gulf Navigation Posts 123pct Profit Growth

Photo: Gulf Navigation Holding

 Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year.  

Dorian LPG Takes Delivery of Five Newbuilds

Photo: Dorian LPG

 Dorian LPG Ltd took delivery of five vessels under our ECO-design VLGC newbuilding program, the Continental, the Constitution, the Commodore, the Cresques and the Constellation.   John Hadjipateras, Chairman, President and Chief Executive Officer, commented

Commerzbank Slashes Ship Finance Portfolio

Pic: Commerzbank

 The German lender Commerzbank is making money in tough market as it sheds another $1.2bn of ship loans.   For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report

Adani Ports profit up 16%

Adani & SEZ

  Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced a 16 per cent increase in its consolidated net profit to Rs. 667 crore for the second quarter on increased income from operations.

IPO: Hapag-Lloyd Raises $300 Million

Photo: Hapag-Lloyd

 Hapag-Lloyd AG, the German container shipping company, has succeeded in completing its  initial public offering (IPO), after a hard campaign in which the outcome sometimes looked in doubt.   It has set the final offer price for its shares at €20 ($21

Essar Ports Q2 Profit up 9%

Courtesy Essar Ports

•   Essar Ports Q2 FY’16 net profit jumps 9% Y-o-Y to Rs.104.5 cr •   Essar Ports Q2FY’16 revenue up 8% Y-o-Y to Rs.470.3 cr •   Essar Ports Q2FY’16 EBITDA up 5% Y-o-Y to Rs.379.5 cr

Maersk Q3 Profit Drops

The Maersk Group delivered an underlying profit of USD 662m in the third quarter

  The Group delivered a profit of USD 778m (USD 1.5bn) negatively impacted by the lower oil price and lower average container freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%)

Maersk Profit Halves, Global Trade Forecast Dimmed

File image: A Maersk containership underway in port (Maersk)

Container shipping demand at lowest since 2008 crisis; additional capacity supply far outstrips demand. Shipping and oil conglomerate A.P. Moller-Maersk said on Friday third-quarter profit almost halved and global demand for container transportation this year would grow at a slower pace than

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