Reports First News

Maritime structural health monitoring specialist Light Structures is a member of two winning consortia in the first call of the European Defense Fund (EDF). Both consortia consist of the leading naval yards in Europe, organized through The Shipyards’ & Maritime Equipment Association of Europe (Sea Europe), national delegates, and the Norwegian partners SINTEF, Kongsberg, Jotne and Light Structures.The EDF was established to support high-end defense capability projects such as the next generation of aircraft fighters…

Japanese oil and gas company INPEX has filed a $970 million claim against South Korean shipbuilder Daewoo Shipbuilding Marine & Engineering, seeking compensation for alleged delays and construction issues related to a 2012 FPSO order.DSME said in a stock exchange INPEX had filed a request for arbitration at the International Chamber of Commerce.In a stock exchange announcement last Friday, DSME said the case was related to an FPSO order made by INPEX in 2012, and that the FPSO was completed and departed from Okpo Shipyard in 2017…

Firefighters battling for a third day a blaze on a ferry sailing from Greece to Italy recovered on Sunday the body of a passenger listed as missing, Greek authorities said.It is the first reported fatality after rescuers managed to take at least 281 out of 292 passengers and crew to safety from a blaze which broke out on the Italian-flagged Euroferry Olympia early on Friday.The ferry had been on its way to the Italian port of Brindisi from Igoumenitsa in Greece when it was engulfed…

Netherlands-based shipbuilding giant Dutch Damen Shipyards Group reported a net loss of EUR 17 million (USD 19.1 million) in 2018 - the first time in fifteen years.Damen reports that its financial situation stems from a sustained period of difficulty in a number of maritime sectors and investments it has made in its future.Notably, despite rising oil prices, the offshore hydrocarbon sectors continue to present tough trading conditions. The harbour towage sector, a key market for Damen, is also underperforming as competition in the marketplace exerts downward pressure on prices and tug operators seek to consolidate their operations.And…

The Japanese shipping operator Nippon Yusen Kabushiki Kaisha (NYK Line) will book an ‘extraordinary’ loss totaling 195 billion Japanese yen (U.S. $1.89 billion) for the interim period of its current fiscal year, forced by a deep slump in the shipping market to write down the value of container ships and other assets. A report in CNBC says the huge writedown is the latest sign of a slowdown in the container shipping sector due to low freight rates and oversupply and comes after the collapse of South Korea's Hanjin Shipping Co Ltd. “In view of a prolonged slump in the shipping market, NYK Line impaired the operational assets it owns and reduced the acquisition value of assets it plans to own to their recoverable amounts,” the company said.

NYK Line may book losses as shipping slump slashes asset values. Nippon Yusen, Japan's biggest shipper by sales, warned it would book a $1.9 billion hit to first-half income, after the industry's deepening slump forced it to write down the value of container ships and other assets. The shock writedown is the latest symptom of the dramatic slowdown in the container shipping sector. Weaker global trade, and in particular softer demand from China, has battered freight rates and left hundreds of ships idle. Chronic oversupply in the industry has already claimed one high profile victim this year: South Korea's Hanjin Shipping Co Ltd, the world's seventh largest container carrier before it went into receivership.

Today in U.S. Naval History - November 27 1941 - Chief of Naval Operations sends "war warning" to commanders of Pacific and Asiatic Fleets. 1961 - Navy reports first use of its cyclotron at Harvard University to treat a human brain tumor. After three treatments, the tumor of the two-year-old patient shrank by 80%. For more information about naval history, visit the Naval History and Heritage Command website at history.navy.mil.

Seanergy Maritime Holdings Corp. announced its financial results for the first quarter ended March 31, 2013. -Net Revenues of $5.6 million. -EBITDA of $3.8 million. -Net Income of $1.1 million. -Debt reduction of $31.8 million, or approximately 15% of the company’s outstanding indebtedness. “I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.

Intelsat S.A., a  provider of satellite services, reported financial results for the three months ended March 31, 2013. Intelsat S.A. reported revenue of $655.1 million and a net loss of $7.8 million, or $0.09 per share, for the three months ended March 31, 2013. The company also reported EBITDA1, or earnings before net interest, taxes and depreciation and amortization, of $496.8 million, and Adjusted EBITDA1 of $505.8 million, or 77 percent of revenue, for the three months ended March 31, 2013. Contracted backlog at March 31, 2013, was $10.4 billion.

EBITDA of R$36,5 million in 1H12 and R$2,7 billion financing are highlights for the second quarter of 2012. OSX, an EBX Group Company which provides solutions for the offshore oil industry by means of integrated operations in shipbuilding, leasing of exploration and production (E&P) units, and operation and maintenance (O&M), reports first semester 2012 profit for the period is R$ 5,4 million. Currently OSX Shipbuilding is managing an order book of 21 units destined for the production of oil and gas in Brazil: 5 FPSOs and 4WHPs for client OGX, 1 PLSV for client Sapura and 11 medium-range tankers for client Kingfish. During the quarter, OSX maintained its client base expansion and diversification strategy.

Lockheed Martin Corporation (NYSE: LMT) reports first quarter 2012 net sales of $11.3 billion compared to $10.6 billion in 2011. Earnings from continuing operations during the first quarter of 2012 were $665 million, or $2.02 per diluted share, compared to $556 million, or $1.57 per diluted share, in 2011. Cash from operations during the first quarter of 2012 was $458 million, after pension contributions of $505 million and tax payments of $150 million, compared to cash from operations of $1.7 billion during the first quarter of 2011, which benefited from a tax refund of $236 million and no pension contributions. "Our strong first quarter results reflect the strength of our portfolio and the commitment of our team to deliver value to our customers and shareholders…

Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including H2O Sport and Fish & Ski Boats, SSi and SSX Sportboats, Sunesta Sportdecks, Xtreme Towboats, Signature Cruisers and Premiere Sport Yachts, and outboard sport fishing boats by Robalo. For the quarter ended March 31, 2012, Marine Products generated net sales of $37,849,000, a 39.4 percent increase, compared to $27,148,000 last year. The increase in net sales was due to a 54.1 percent increase in the number of boats sold, partially offset by an 11.3 percent decrease in the average selling price per boat.

Royal Caribbean Cruises Ltd. Net Yields increased 7.0% on a Constant-Currency basis (+6.4% As-Reported). Consistent with prior guidance, approximately 350 basis points of the Net Yield improvement and approximately 500 basis points of the NCC excluding fuel increase during the quarter related to previously announced deployment initiatives and changes to the company's distribution system. As expected, booking activity has continued to gradually improve over the last several months. Since the company's earnings announcement on February 2, 2012, the price of oil has risen which, at current levels and net of hedging, would increase bunker expenses $0.15 per share for the year. Net Yields are expected to increase 4% to 5% on a Constant-Currency basis (+2% to + 3% As-Reported).

* Declared a cash dividend of $0.25 per share for the first quarter of 2011. * Reported first quarter net loss of $0.5 million or $0.03 per share (“EPS”). * Earned average Time Charter Equivalent (“TCE”) of $30,050 per day for the two Very Large Crude Carriers (“VLCCs”) and $18,536 per day for the three Suezmaxes in the Company’s fleet. * Announced on May 5, 2011 that Crude Carriers Corp. entered into a definitive agreement to  merge with Capital Product Partners L.P. (“CPLP”). Crude Carriers Corp.

The WW group, Wilh. Wilhelmsen, posted an operating profit of $217.6m for the first nine months of 2008, compared with $206.9m in 2007. Total operating income for the first nine months was $2.6b as against $2b for the same period of 2007. Profit before taxes came to $121.8m, compared with $190.8m. Total operating income for the group in the third quarter of 2008 amounted to $866.6m, up 23% from $704.3m in 2007, while operating profit came to $83.1m compared with $85.4m last year. Group profit before tax and minority interests amounted to $40.5m, with a profit after tax and minorities of $37.6m, down from $78.8m and $74.8m from the corresponding quarter in 2007. "Shipping cargo volumes have been strong and stable in the third quarter.

With oil prices on a boil, Gulfmark Offshore, which provides offshore marine services to oil and Natural gas companies, has been a key beneficiary. The stock has doubled in the past two years. In February this year, the stock broke above its 50-day and 200-day moving averages and has rallied about 40% in the past 2 1/2 months, touching an all-time high last week. Currently, the stock is trading at $57.88, about 10.37 times its 2008 estimates. The company reports first quarter results before the market opens on April 30, 2008. Analysts expect the company to report earnings of $1.10 a share. In the last 60 days, analysts have revised up earnings estimates for Gulfmark Offshore by a penny to $1.10 for the first quarter and by 11 cents to $5.58 for the full year. Source:  RTT

1941 - Chief of Naval Operations sends "war warning" to commanders of Pacific and Asiatic Fleets. 1961 - Navy reports first use of its cyclotron at Harvard University to treat a human brain tumor. After three treatments, the tumor of the 2-year-old patient shrank by 80 percent. From the Navy News Service

A/S Steamship Co TORM (TORM), a shipping company specializing in the worldwide commercial operation of a fleet of tankers and bulk carriers, reported its results for the first nine months of 2003. Net profit for the third quarter 2003 was DKK 232 million ($35 million), including an unrealized gain on the Company's investment in Dampskibsselskabet "NORDEN" A/S; and net profit for the first nine months of 2003 was DKK 468 million ($70 million), including an unrealized gain on the NORDEN shares. Profit before depreciation was DKK 413 million ($62 million) for the first nine months of 2003, while profit before financial items was DKK 284 million ($42 million) for the first nine months of 2003.

Horizon Offshore, Inc. reported first quarter net income of $0.4 million or $0.02 per share compared with a net income of $2.7 million or $0.12 per share-diluted before an extraordinary charge of $0.6 million net of tax for the first quarter of 2001. For the first quarter of 2002, Horizon reported gross profit of $5.0 million, or 7.6 percent, on contract revenues of $66.1 million, compared with gross profit of $9.5 million, or 17.6 percent, on contract revenues of $54.1 million last year. Pre-tax net income of $0.5 million and an income tax provision of $0.2 million were recorded for the first quarter of 2002, compared with a pre-tax net income of $4.2 million and an income tax provision of $1.5 million in the first quarter of 2001.

GulfMark Offshore Inc.announced record net income for the first quarter of 2002 of $5.4 million, or $0.62 per share (diluted), on revenues of $29.8 million. This compares to net income of $2.6 million, or $0.31 per share (diluted), on revenues of $21.9 million in the first quarter of 2001. Bruce Streeter, president and COO of the Company, said, "We are very pleased with the results of the first quarter. Despite the usual seasonal slowdown and the lay-up of one of our smallest PSVs in the North Sea (the Highland Legend), the first quarter not only outperformed the first quarter of 2001 by more than 100%, it outperformed our previous first quarter record set in 1998 by approximately 55%.

Trailer Bridge, Inc. reported financial results for the first quarter ended March 31, 2002 highlighted by a significantly narrowed net loss, operating profits in the month of March and news of market consolidation in the Puerto Rico trade as a result of the discontinuance of operations by a competitor. With the discontinuance of the Northeast service at the beginning of the quarter, Trailer Bridge had 21.5 percent less overall vessel capacity deployed in the Puerto Rico lane compared to the first quarter of 2001. Total revenue for the three months ended March 31, 2002 was $17,480,126, a decrease of $3,156,587, or 15.3 percent compared to the first quarter of 2001.

Carnival Corporation reported net income of $129.6 million on revenues of $905.8 million for its first quarter ended February 28, 2002, compared to net income of $128.0 million ($0.22 EPS) on revenues of $1.0 billion for the same quarter in 2001. Commenting on first quarter results, Carnival Chairman and CEO Micky Arison said he was particularly pleased with the company's first quarter earnings performance, despite the adverse impact on business from the tragic events of September 11. "In the two months following September 11, our advance bookings for 2002 cruises dropped dramatically because of the significant slowdown in travel. The subsequent recovery in our booking levels has greatly exceeded earlier expectations and demonstrates the resiliency of the cruise vacation business…

Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2004, of $12.9 million, or $.23 per share, on revenues of $158.1 million. For the same quarter last year, net earnings were $18 million, or $.32 per share, on revenues of $164.8 million. The immediately preceding quarter ended March 31, 2004, experienced a net loss of $7 million, or $.12 per share, on revenues of $154.2 million and included a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share) relating to 83 older Gulf of Mexico supply vessels.