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Stolt Comex Reports Results

Subsea contractor Stolt Comex Seaway S.A. reported results for the fourth quarter and the year ended Nov. 30, 1999. Net loss for the latest quarter was $1.5 million, on net operating revenue of $149.4 million, compared with net income of $9.6 million, on net operating revenue of $223.9 million for the same period last year. Net income for the year ended Nov. 30, 1999 was $16.2 million, on net operating revenue of $640.7 million, compared with a net income of $57.3 million, on net operating revenue of $649.8 million for the same period in 1998.


Kirby Corp. Profits Disappoint

Barge operator Kirby Corp. said its third-quarter profit would miss Wall Street expectations by about 10 percent because of a fall off in refined petroleum shipments and higher fuel prices. Houston-based Kirby, which operates a fleet of barges and towing vessels transporting chemicals, refined petroleum and agricultural goods on U.S. inland waterways, said in a statement its third-quarter profit would be between 36 cents and 38 cents per share


Royal Caribbean Announce Third Quarter Results

Royal Caribbean Cruises Ltd. announced net income for the third quarter of $159.2 million, or $0.82 per share. Third quarter earnings were negatively impacted by $21.3 million due to lost revenues and extra costs directly associated with passengers not being able to reach their departure ports during the weeks following September 11. Also included in the reported results is an additional $15.4 million in costs associated with business decisions taken in the aftermath of the attacks


Tsakos Energy Navigation Reports Earnings Of $0.20 Per Share

TSAKOS.gif

Four newbuilding suezmaxes (including two shuttle tankers) chartered for a combined 53 years with minimum total revenues of $720 million Fleet utilization at 99% FIRST QUARTER HIGHLIGHTS * Voyage revenues of $99.2 million * Net income of $9.3 million * Earnings per share (diluted) of $0.20 * Average daily operating expenses per vessel decreased by 11.1% to $7,482 * Sale of aframax tanker with a gain of $5.8 million * Fleet utilization of 99%


Concordia Releases 2013 Q1 Report

Concordia Maritimes President, Hans Norén. (Photo: Concordia Maritime)

Concordia Maritime released its Interm Report 1, January 1 to March 31, 2013. Operating result of SEK 15.7 million Improved income for vessels on the spot market Strongest product tanker market since 2008 Total income, MSEK 127.9 EBITDA, MSEK 51.2 Operating result before impairment, MSEK 15.7 Impairment, MSEK 0.0 Operating result after impairment, MSEK 15.7 Result after tax, MSEK 7.6 Result per share, SEK 0.16 EBITDA, MUSD 8.0 Available liquid funds, MSEK 427.0


CEVA Holdings 2Q, 2014 Results

  CEVA Holdings LLC, one of the world’s leading non‐asset based supply chain management companies, today reported results for the three months ended 30 June 2014.   Xavier Urbain, CEO of CEVA, said, “Our performance improvement coupled with the strong increase in our new business pipeline points to the company being on the right track for growth. Since joining CEVA in January, I have focused on strengthening the executive management team


MAN B&W Completes Engine Assessment Report on Green Plus

Biofriendly Corporation announced the completion of a report by MAN B&W. The report shows the details of an engine maintenance inspection on a 14,063 ton container ship powered by a MAN B&W two-stroke engine. The test was completed after Green Plus had been present in the engine for nearly one year. The report confirms that Green Plus does not cause harm to a Man B&W 2 stroke engine. Although MAN B&W has a policy that does not allow the endorsement of individual products


Stolt-Nielsen Reports Strengthened Financial Performance

Stolt-Nielsen reports (unaudited) results for Q2 & first half year 2012 Net profit attributable to shareholders in the second quarter was $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012.  Net profit attributable to shareholders for the first six months was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011.


BP Reports Q1 Results; Increases Dividend

BP Group Chief Executive Bob Dudley

  BP today announced its financial results for the first quarter of 2014. Underlying replacement cost profit1 for the quarter was $3.2 billion, compared with $2.8 billion for the previous quarter and $4.2 billion for the first quarter of 2013. Operating cash flow in the quarter was $8.2 billion. The company also announced a quarterly dividend of 9.75 cents per ordinary share to be paid in June, 8.3% higher than a year earlier


Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015


Market Volatility Affects Sovcomflot

Tanker SCF Baltica. Photo:  PAO Sovcomflot

 Russia’s largest shipping company PAO Sovcomflot (SCF Group) has announced its results for the full year to 31 December 2016 that the compay claims to be an example of 'robust strategy delivering solid results despite market volatility in 2016.'  


DP World’s Net Income Exceed USD 1 Bln for First Time

DP World London Gateway. Photo: DP World

 Dubai-based port and terminal operator DP World announced strong financial results from its global portfolio for the twelve months ending 31 December 2016, despite “significant challenges” in the industry.   On a reported basis, revenue grew 4


CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.  


Statoil Wins Licences Off UK, 'Resets' Exploration Off U.S.

Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. "The importance of oil companies' ability to replenish


Austal HY profit slides

Austal has designed and constructed over 260 vessels over more than 28 years Photo Austal

 Revenue of $649.2 million (FY2016 H1: $747.4 million)  Underlying EBIT of $31.2m after excluding arbitration settlement related to 7-year-old claim.  Headline EBIT of $18.1 million (FY2016 H1: $29.0 million)  Net profit after tax of $9.3 million (FY2016 H1: $16.8 million)


Hapag-Lloyd 2016 Profit Dips on Weaker Box Rates

File photo: Hapag-Lloyd

FY operating profit down 66 pct and freight rates down 15.4 percent in 2016. Company says merger benefits, cost cuts help.   German container shipping firm Hapag-Lloyd on Tuesday reported a 66 percent year-on-year fall in operating profit for 2016


Seadrill Could Be Heading for Bankruptcy

Photo: Seadrill Limited

The oil rig owner SeaDrill could be forced into bankruptcy protection soon, if it fails to reach a restructuring agreement with its lenders, reports Reuters.   The rig firm, controlled by John Fredriksen, is battling with $14 billion in debt and liabilities.  


Biofuels Can Cut Some Transport Emissions

File Image (CREDIT: AdobeStock)

Growing use of electric vehicles around the world is helping lower climate changing emissions, but some means of transport will be hard to electrify, particularly air travel and shipping, energy experts say.   To “decarbonise” those


A Case for LNG-fueled Mobile Offshore Units

Image: GustoMSC

GustoMSC, a Dutch design and engineering company focused on offshore energy, says the offshore industry has much to gain from examining the feasibility of using liquefied natural gas (LNG) to fuel mobile offshore units such as construction vessels, drillships, jack-ups and semi-submersibles.


ZIM is Back to Profit in Q4 2016

Photo: ​ZIM Integrated Shipping Services

 ​ZIM Integrated Shipping Services Ltd (ZIM) generated a net profit of $4.6 million and adjusted EBITDA of $43.9 million in Q4 2016, a significant improvement over Q3 2016.   ZIM carried 2.4 million TEUs in 2016, a 5.2% increase compared to 2015 ZIM continued to record improved results


Rising Oil, Salmon Prices Lift Norway Pension Fund

© ulkan / Adobe Stock

Norway's Folketrygdfondet 2016 return up on higher oil and salmon price Norway's domestic state pension fund Folketrygdfondet said its 2016 return increased to 7.1 percent from 7.0 percent in 2015, increasing the market value to 212.3 billion Norwegian crowns ($25.12 billion).  


Docking Errors Caused Cruise Ship Allision -NTSB

Screen shot from a CCTV monitor, provided to the NTSB by the U.S. Coast Guard, shows the allision of the Carnival Pride with the pier at Cruise Maryland Terminal, South Locust Point, Baltimore Harbor, Md., as the elevated passenger embarkation walkway falls and crushes three vehicles parked below on the pier (Photo: USCG / NTSB)

 Too much speed and too steep of an angle of approach resulted in the May 8, 2016, allision involving the cruise ship Carnival Pride in which more than $2 million in property damage occurred, according to a National Transportation Safety Board (NTSB) marine accident brief released Tuesday.


CMA CGM Returns to Net Profit in Q4

File photo: CMA CGM

CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.  


Subsea 7 Acquires Seaway Heavy Lifting

Photo: Seaway Heavy Lifting

Specialist offshore contractor Seaway Heavy Lifting, a 50/50 joint venture between Subsea 7 S.A. and K&S Baltic Offshore (Cyprus) Limited, is now a wholly-owned subsidiary of Subsea 7.   Subsea 7 said it acquired the remaining 50 percent shareholding in Seaway Heavy Lifting Holding


Hapag-Lloyd Postpones UASC Takeover

Photo: UASC

German container shipper Hapag-Lloyd on Friday postponed the completion date for its takeover of United Arab Shipping Company (UASC) to May 31 from March 31, but said the deal, worth 7 to 8 billion euros ($7.52-8.60 billion), was not at risk.






 
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