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Quarter Results News

27 Oct 2023

Royal Caribbean Raises Profit Target Again on Robust Cruise Vacation Demand

© aerial-drone / Adobe Stock

Royal Caribbean Group on Thursday lifted its full-year profit forecast for a third time and said bookings for the next year were "significantly outpacing" pre-pandemic levels by a wide margin, sending its shares up about 3%.Cruise operators are reaping the rewards as travelers gravitate to cruise vacations that are cheaper compared to taking a land-based holiday.This has given the companies the ability to hike itinerary prices, especially in North America and Europe, as occupancy…

05 Oct 2023

Stolt-Nielsen Confirms Strong Third Quarter

Source: Stolt-Nielsen

Stolt-Nielsen Limited has reported unaudited results for the third quarter ending August 31, 2023 including a net profit of $90.1 million with revenue of $694.4 million.This compares with a net profit of $8.3 million, with revenue of $721.9 million, in the second quarter of 2023. The second quarter included an incremental loss provision of $155.0 million (net profit impact of $105 million) related to the loss of the MSC Flaminia after a fire onboard in 2012.The net profit for the nine months of 2023 was $198.2 million with revenue of $2…

27 Sep 2022

Greater Tortue Ahmeyim FPSO Returned to Quayside after Drifting Off Due to Typhoon

Tortue Ahmeyim illustration - Credit: BP

Oil and gas company Kosmos Energy said Tuesday that the FPSO for the Greater Tortue Ahmeyim project had been returned to the quayside  of the COSCO shipyard in China, following the recent incident in which the vessel drifted away due to the impact of Typhoon Muifa.The floating production, storage and offloading vessel (“FPSO”) for the GTA development in Mauritania/Senegal is being constructed at the COSCO yard. During the typhoon on September 15, the mooring lines of the FPSO became compromised, resulting in the vessel drifting approximately 200 meters off the quayside.

03 Aug 2022

Maersk Sees Weaker Container Demand as Durable Goods Sales Dry Up

© lazyllama / Adobe Stock

Shipping group Maersk expects global container demand to fall this year as sales of durable goods come to a "standstill", leaving flat-screen TVs and furniture piling up in warehouses, the company said on Wednesday.A surge in consumer demand and pandemic-related logjams holding up containers in key ports had boosted freight rates and profits in the shipping industry in recent quarters, yet the cost of living crisis has reversed that trend.Maersk, one of the world's biggest container shippers with a market share of around 17%…

26 Apr 2022

Maersk Raises Full-year Guidance, But Says Shipping Boom Will Stabilize in H2

A Maersk container shipo - Credit - lazyllama/AdobeStock

Shipping group Maersk, often seen as a barometer for global trade, on Tuesday cautioned the container market may normalize in the second half of the year, even as it raised full-year guidance driven by high container freight rates.The shipping industry has seen record profits in recent quarters as a surge in consumer demand, pandemic-related bottlenecks in U.S. and Chinese ports and more recently an airspace closure following Russia's invasion of Ukraine prompted a spike in freight rates.But the forecast from Maersk…

09 Feb 2022

Top European Shippers Warn Freight Costs to Stay High

© eyewave / Adobe Stock

Two top European shippers warned on Wednesday freight costs were likely to remain high well into this year, offering no relief to customers including the world's biggest retailers, though they said bottlenecks should ease later in the year.Pandemic-related disruption and a surge in consumer demand drove up prices for shipping goods around the world last year, boosting profits for both container shipping group Maersk and freight forwarder DSV."Freight rates remain very high, volumes are strong and lots of shipping capacity is still tied up outside ports…

09 Feb 2022

Supply Chain Chaos to Boost Maersk 2022 Profit

©sheilaf2002/AdobeStock

Shipping group Maersk expects 2022 earnings to be around as high as last year, it said on Wednesday, as the supply chain disruption that sent freight rates soaring extends into the first half.It expects underlying earnings before interest, tax, depreciation and amortization (EBITDA) at around $24 billion this year, similar to last year, but slightly below the $24.4 billion expected by analysts in a poll gathered by the company.Its shares were down around 2% in early trading and have fallen 11% since reaching an all-time high in mid-January.While Maersk's customers faced "severe challenges"…

08 Nov 2021

Viasat Buys Inmarsat for $7.3 Billion

© wanfahmy / Adobe Stock

Viasat agreed to buy British rival Inmarsat on Monday in a $7.3 billion deal to broaden the U.S. based company’s satellite and land-based communications services.The takeover of London-based Inmarsat comes just two years after it was taken private in a $3.4 billion deal by a consortium of British-based Apax partners, U.S.-based Warburg Pincus and two Canadian pension funds.While Viasat offers connectivity and communications services to residential, aviation and defense customers in North America…

20 Sep 2021

Expect the Unexpected on the Inland Waterways

Among transportation planners, “resilience”, describing the ability to bounce back from adversities, both economic and other, has become a top consideration as we increasingly must “expect the unexpected.” The U.S. waterway system, covering the network of inland rivers and coastwise waterways, has seen a mix of good and not so good. As the 2020-2021 pandemic moves toward winding down, a recovery from the dismal 2020 is underway, but activity on the rivers is uneven. Ken Eriksen…

20 Jul 2021

Wärtsilä Sees Rise in Order Intake. Expects Growth in 3Q

Credit: Wärtsilä

Finland-based marine and energy equipment maker Wärtsilä expects the third quarter of the year to be better than the corresponding one of 2020 but has warned that prevailing market conditions make the outlook uncertain.The company made the statement Tuesday as part of the release of its second-quarter results.In the second quarter of 2021, Wärtsilä's order intake grew by 14% to EUR 1,15 billion up from 1,01 billion a year ago. Service order intake increased by 24% to EUR 604 million…

12 May 2021

Hapag-Lloyd Plans More Capacity Investments

(Photo: Hapag-Lloyd)

German container liner Hapag-Lloyd will make more investments in vessel capacity this year to grow in line with the global market, where it is the number five operator, Chief Finance Officer Mark Frese told analysts on Wednesday.Apart from the unspecified further investments in containers, there would also be selected second hand tonnage purchases, he added in a call as the company published first quarter results.Last December, Hapag-Lloyd ordered six ultra-large-container-vessels (ULCCs) in a $1 billion investment and last month, it ordered standard and reefer containers worth $550 million.(R

27 Apr 2021

Maersk Lifts Outlook on Surging Demand

© Mariusz / Adobe Stock

Shipping group Maersk lifted its full-year forecasts after a strong first-quarter performance driven by high demand which has led to supply bottlenecks and higher freight rates.Shares in Maersk rose 5% in early trading.Maersk raised its outlook for underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to $13-15 billion from $8.5-10.5 billion.It expects underlying EBIT of $9-11 billion, up from 4.3-6.3 billion previously, Maersk said in a statement released late Monday."The continued strong performance is mainly driven by the continuation of the exceptional market s

18 Nov 2020

Maersk Confident About Shipping Recovery Beyond 2020

© VanderWolf Images / Adobe Stock

Shipping group Maersk said on Wednesday it is confident about the outlook for shipping beyond 2020 as a second wave of coronavirus infections has only had a limited impact on global freight volumes.Maersk, the world’s biggest container shipping line, has recovered faster than expected after the pandemic halted trade around the world, benefiting from higher retail sales in the United States.“The second wave of coronavirus infections has had relatively limited impact on trade volumes,” Chief Executive Soren Skou told a news briefing after announcing third-quarter results in line with preliminary

29 Jul 2020

Analysts: Temasek Might Drop $3B Bid to Acquire Controlling Stake in Keppel

Keppel Tuas Shipyard - Credit: Keppel Corp.

Temasek Holding's $3 billion bid to acquire a controlling stake in Keppel Corp will be under scrutiny on Thursday as a big quarterly profit drop at the conglomerate could raise the risk of the state investor dropping its proposal, analysts said.Keppel last week warned that material impairments relating to its offshore and marine segment (O&M) would hurt profits, which analysts say could breach so-called material adverse change (MAC) clauses of Temasek's offer.Analysts said the impairments would typically affect net asset value and net profit after tax…

17 Jun 2020

Maersk Says Q2 Demand Beat Expectations

© Gudellaphoto / Adobe Stock

A.P.

20 May 2020

Frontline Says Floating Oil Storage May be Close to Peak

The volume of crude stored on oil tanker vessels is currently estimated to around 200 million barrels and may be close to a peak, tanker group Frontline said in its first quarter results presentation on Wednesday."We are likely to see an unwind of floating storage in 2H 2020," it added.Even with output cuts from top producing nations, decreased oil demand caused by the coronavirus pandemic has created a major oil glut and a sharp uptick in floating oil storage on board tankers at sea.Hugo De Stoop, chief executive of rival shipping group Euronav, recenty said floating storage was "more likely to increase than to decrease"."At the moment we continue to be in a world that is oversupplied with oil and the oil has to go somewhere and the land storage is full," he told Reuters.

14 May 2020

Disney Suspends Cruises Through July 27

(Photo: Disney Cruise Line)

Walt Disney Co announced on Wednesday it has suspended all new departures on its Disney Cruise Line through July 27 as the coronavirus outbreak continues.On its website, the company said guests currently booked on affected cruises will be offered either a credit to be used for a future sailing within 15 months of their original sail date, or a full refund.As a result of the “No Sail Order” issued by the U.S. Centers for Disease Control and Prevention (CDC), cruises in the United States are banned until July 24.On a May 5 conference call to discuss the company’s second-quarter results…

08 May 2020

Euronav Sells 2005-Built VLCC for $38M

TI Hellas - Credit: Euronav

Tanker operator has sold its 2005-built Very Large Crude Carrier (VLCC) TI Hellas for $38.1 million.Euronav, based in Belgium, said Friday that a capital gain of around $1.6 million will be recorded in the current quarter from the sale of the VLCC:"The vessel will be delivered to her new owners at the end of May after completion of the current voyage. Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to our clients…

07 May 2020

Euronav Posts Record High 1Q Results

(File Photo: Euronav)

Leading tanker operator Euronav posted record high first-quarter results on Thursday and expects strong demand for oil storage at sea to continue in 2020, driving its shares up 8.5%.The world is still struggling with an oil glut due to a drop in demand caused by the coronavirus even after top oil producing countries have cut output. The glut has prompted a scramble to find storage options on land and sea.Hugo De Stoop, chief executive of Belgian group Euronav, said floating storage…

08 Oct 2019

NAT Bullish on Tanker Market

Bermuda-headquartered Nordic American Tankers (NAT) said that its tanker segment is on upswing mode following he strong market improvement for its Suezmax tankers."However, seeing is believing and if anyone had doubts, last week, the international shipbroking firm of Clarkson Platou Research reported the largest week-on-week increase in the history of their freight index,"pointed out the company.From Thursday to Friday last week, reported Suezmax rates jumped 60% on the day and 400% on the month, it said.NAT’s uniform fleet of 23 Suezmax tankers have 21 units trading in the open spot market, ready to benefit from strengthening freights.Presently the Suezmax spot market is reported to about $68,000/day, and rising.

25 Jul 2019

Kirby Announces 2019 Q2 Financials

File Image of a Kirby inland asset underway and working. CREDIT Kirby

Kirby Corporation (“Kirby”) (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2019 of $47.3 million, or $0.79 per share, compared with earnings of $28.6 million, or $0.48 per share, for the 2018 second quarter. Excluding a one-time charge related to the retirement of Kirby’s Executive Chairman, 2018 second quarter net earnings attributable to Kirby were $46.8 million, or $0.78 per share. Consolidated revenues for the 2019 second quarter were $771.0 million compared with $802.7 million reported for the 2018 second quarter.David Grzebinski…

03 Jun 2019

TORM Adds Four MR Tankers

Danish shipping operator TORM has reached an agreement to acquire four modern 2011-built MR vessels “at an attractive price point”."Looking into an improving demand-supply situation for the transportation of clean petroleum products, we believe that the timing for a fleet expansion with modern vessels is appropriate and underlines the flexibility provided by our strong capital structure," says Executive Director Jacob Meldgaard.A press release from the carrier of refined oil products said that it has agreed to buy the quartet for a total consideration of USD 83m with expected delivery between August and December 2019.The vessels are built at the Korean yard Hyundai Mipo.

24 May 2019

Trade Tension Hurts Shipping, Maersk Warns

CREDIT Maersk

A.P. Moller-Maersk, the world's largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight.Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China."The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% interval (range)…

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