Deutsche Bank Alex Brown, Salomon Smith Barney and Credit Suisse First Boston have all cut their ratings for top cruise group Carnival Corp. Deutsche Bank Alex Brown and Credit Suisse First Boston downgraded the company to buy from strong buy while Salomon Smith Barney cut ratings to outperform from buy.The downgrades follow Carnival's announcement that second-quarter earnings look weak, in part due to higher fuel costs. First-quarter earnings were in line with Wall Street estimates.
ENSCO International Incorporated expects that its third quarter earnings per share will be in the range of $.38 to $.42, and that its fourth quarter earnings per share is expected to be in the range of $.25 to $.30. This trend in results is due primarily to a decline in Gulf of Mexico drilling activity. The company also announced that one of its subsidiaries has received notice of Chevron's intent to effect early termination of the ENSCO I
Oil tanker firm Frontline reported first quarter earnings below expectations on Tuesday and said that unless markets improve, it may need to restructure to repay debt. Frontline, the tanker arm of shipping tycoon John Fredriksen, said it made a net loss of $12.1 million in the first quarter, trailing expectations for a $4 million loss in a Reuters poll of analysts. (By Balazs Koranyi)
Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.
Tidewater Inc. has announced first quarter net earnings for the period ended June 30, 2011, of $24.6 million, or $0.48 per share, on revenues of $254.6 million. For the same quarter last year, net earnings were $39.8 million, or $0.77 per share, on revenues of $262.5 million. The immediately preceding quarter ended March 31, 2011, had net earnings of $12 million, or $0.23 per common share, on revenues of $254 million. Included in net earnings for the March 31, 2011 quarter were:
With softness in the Gulf of Mexico and the U.S. apparently on the brink of war, Bob Palmer, Chairman and CEO of Rowan, said, "July earnings were better than expected and, through August, financial results were about as forecast. However, the outlook for September requires that we revise downward our 'best guess' for third quarter earnings to a range of 20-25 cents per share. "Rowan's offshore rig utilization for the third quarter is currently estimated to be 70%
Reuters - Dry bulk shipping firm Golden Ocean reported fourth-quarter earnings broadly in line with expectations on Tuesday and said it expects the market to continue recovering as Chinese demand remains strong. Golden Ocean, part of shipping tycoon John Fredriksen's business empire, said its operating profit rose percent to $21.9 million, just ahead of expectations for $21 million. (Reporting by Balazs Koranyi)
Maritrans Inc. reported its net income for the third quarter 2001 and announced an early pay-down of its long-term debt. Maritrans also commented on estimated 2001 and 2002 earnings, reported on the status of its stock buy-back program and announced an investor teleconference whereby management would be available to further comment on the issues. Maritrans Inc. reported net income for the quarter ended September 30, 2001, of $1.4 million, or $.14 diluted earnings per share, on
Double Hull Tankers Inc., which owns and operates a fleet of crude oil tankers, said Wednesday its second-quarter earnings rose 11 percent on strong charter rates and continued demand for its vessels. The company earned $7.4m, or 25 cents per share, compared with $6.7m, or 22 cents per share in the second quarter of 2006. Shipping revenues - or revenue less voyage expenses, a performance indicator for shipping companies - increased 7 percent to $20.7 million, from $19
Royal Caribbean Cruises Ltd. announced its agreement to purchase Pullmantur S.A., a Madrid-based cruise and tour operator. Royal Caribbean expects the acquisition to be completed by the fourth quarter of 2006, subject to regulatory approvals. Pullmantur, formed in 1971, is the largest cruise operator in Spain. It has two primary business interests: cruises and tour operations. Its cruise division consists of five ships operating in Europe and Latin America
Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1, the first such export of the light natural gas liquid from the U.S. Gulf Coast.
Highlights * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015. * Earnings per share were $0.43 assuming dilution. * Cash flow from operations and asset sales was $5 billion, including proceeds associated with asset sales of $177 million.
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 53.6 percent jump in first-quarter net profit on Monday. The company's net profit for the three months to Mar. 31 was 611.99 million riyals ($163.3 million), up from 398
Conrad Industries, Inc. (OTC Pink: CNRD) announced its fourth quarter and twelve months 2015 results and backlog. For the quarter ended December 31, 2015, Conrad had net income of $3.4 million and earnings per diluted share of $0.63 compared to net income of $5
U.S. energy firms this week cut oil rigs for an 10th week in a row to the lowest levels since December 2009, data showed on Friday, as some producers focus more on completing their drilled but uncompleted wells instead of drilling new ones.
Oil services firm DOF on Friday forecast 2016 earnings before interest taxes and depreciation (EBITDA) in the range of 2.9-3.3 billion crowns compared to 3.36 billion in 2015. "I hope we can be somewhere in the middle, depending on currency and how we are able to find new work for
Shreyas Shipping & Logistics Ltd reported weak set of earnings in its third quarter earnings on Friday. Net profit fell a staggering 88 percent to Rs 2.77 crore year-on-year (YoY) and EBITDA margins dipped 17.4 percentage points to 6.4 percent (YoY).
LNG shipping earnings will remain under pressure in 2016 as accelerating fleet growth and changing trade patterns will weaken supply-demand conditions, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.
In Western Europe temperatures so far this winter have remained resolutely mild. However, the global shipping markets remain in general fairly icy, Clarksons Research. From time to time, shipping market investors still manage to repel the market chill and turn up the heat with their
Oslo-listed Hoegh LNG, whose floating plants turn liquefied natural gas (LNG) into gas, reported on Monday third-quarter earnings below forecasts and offered a dividend of $0.10 as expected. Its earnings before interest, tax, depreciation and amortisation (EBITDA) swung to a profit of $26
BW Offshore, a builder and operator of ships that can produce and store oil offshore, suspended its dividend until outlook for the oil sector improved, it said on Monday. The firm posted third-quarter earnings before interest, taxes and depreciation and amortisation of $174 million against
The heavy lift arm of China’s Cosco Group, China Shipping Co (Coscol) has almost doubled its profit for for the first nine months despite a fall in revenue. Coscol recorded a profit of RMB366.08m ($57.67m) from January to September, a surge of 90
J.B. Hunt Transport Services, one of the largest transportation companies in North America, reported increased profits in the third quarter as demand grew for transporting shipping containers. The company reported third-quarter earnings of $115
South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships. The shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016
Shipping firm Stolt-Nielsen reported third-quarter earnings below forecast on Thursday and said it remained worried by the expected influx of new product tankers in 2016 and 2017. Stolt-Nielsen's June-August operating profit rose to $59.8 million from $45