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Reports Increased

Northrop Grumman Reports 1Q Results

Northrop Grumman Corporation reported first quarter 2002 net income of $149 million, or $1.27 per share, compared with net income of $132 million, or $1.81 per share, for the same period of 2001, adjusted for SFAS No. 142 - Goodwill and Other Intangible Assets. The comparable per share decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. On an economic earnings basis, the company reported increased earnings of $170 million, or $1.45 per share, compared with $101 million, or $1.39 per share, for the same period of 2001. First quarter 2002 earnings per share are based on average diluted shares outstanding of 112.8 million versus 72.8 million for the first quarter of 2001. "We are very pleased with our first quarter results which reflect the contributions of last year's three strategic acquisitions, coupled with strong organic growth and earnings," stated Kent Kresa, Northrop Grumman chairman and chief executive officer. Dr. Ronald D. Sugar, Northrop Grumman president and COO said, "With our April 1 announcement of the completion of the integration of Newport News Shipbuilding, all three of the company's 2001 acquisitions have been successfully completed." The 2002 first quarter results include the operations of Litton Industries, Inc. (Litton), acquired in the second quarter of 2001 and Newport News Shipbuilding, Inc


Panama Canal Reports Increased Tonnage Flow

The Panama Canal Authority (ACP) announced today second quarter (Q2) operational metrics for fiscal year 2004. Q2 data reveals an increase in tonnage flow and a rise in Panamax vessel (the maximum size vessel that can pass through the Canal) transits. Moreover, there was a notable increase in Canal revenue. These metrics are based on operations from January through March of 2004, the second quarter of the ACP's 2004 fiscal year.


Hercules Offshore Reports Q3 Earnings Rise

Hercules Offshore Inc. a provider of shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry, announced financial results for its third quarter, reporting increased profit from higher revenues. The Houston, Texas-based company reported third net income of $29.7 million or $0.90 per share, compared to $10.1 million or $0.41 per share in the third quarter of 2005.


Hapag-Lloyd Increase Q3 2012 Profits

Colombo Express: Photo credit Hapag Lloyd

Container ship owners Hapag-Lloyd report increased revenue and profits in the third quarter 2012. Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging. The average freight rate rose year on year by 8% to USD 1,647/TEU. The rate increases initiated by Hapag-Lloyd in the first quarter and implemented in the second quarter had a tangible effect here.


Three Sheets to the Wind: Three Key Ingredients of the Sober Financial Statement

The author, Richard Paine

Financial reporting is a sobering issue. Creative accounting, “cooking the books,” earnings manipulations and other accounting shenanigans have been around as long as folks have had income, paid bills, taxes or sought investors for their ventures. With intent to defraud for economic gain and financial crimes, came the passage into law of the Sarbanes-Oxley Act of 2002 (Sarbox or SOX) that made the consequences of such behavior more than just a slap on the wrist.


ABS Reports Increase in Fleet Size

ABS_logo.gif

Speaking at the 150th Annual Members Meeting of the classification society on 24 April 2012, in New York, ABS Chairman Robert D. Somerville reported that every sector of the ABS enterprise “contributed to another year of record performance in terms of the size of the ABS-classed fleet and strong orderbook.” ABS will continue to use its experience and knowledge “to create the innovations that will shape the maritime classification,” said Somerville.


A.D.S. Releases Financial Analysis

The Association of Diesel Specialists has released its 1999 Financial Analysis, which provides financial data and operating trends in the diesel fuel injection service industry, based on statistics supplied by participating service members from the 1998 calendar year. The 79 companies reported a combined sales volume of $242 million. Pre-tax income was recorded at 3.76 percent of sales, a decrease from the 4.09 percent in the 1998 report. Gross profit margin increased slightly to 39.82 percent


Royal Caribbean Reports First Quarter Results

Royal Caribbean Cruises Ltd. reports better than expected financial results, updates 2012 guidance KEY HIGHLIGHTS Results For the First Quarter of 2012: Net income was $47.0 million, or $0.21 per share, versus $78.4 million, or $0.36 per share, in 2011; Net Yields increased 7.0% on a Constant-Currency basis (+6.4% As-Reported). Net Cruise Costs ("NCC") excluding fuel increased 5.7% on a Constant-Currency basis (+5.1% As-Reported);


Japan: Nuclear Shutdown Drives LNG Demand

According to a report issued by Platts, LNG consumption in Japan could increase by 800,000 mt/month in a worst-case scenario in which none of the nuclear reactors due to go offline for planned maintenance over August 2011-April 2012 were allowed to resume operations, Platts reported, citing a Deutsche Bank report. In addition, coal consumption could also rise by 1.6 million mt/month. To put the increased LNG demand in perspective, aa 800


North Sea Spending Up This Year

Record fossil fuel prices have caused a revival in the Scotland-based North Sea oil and gas industry, resulting in a near-record spend of $19 billion this year and the creation of 25,000 additional jobs across Britain, according to a recent Oil & Gas Journal report. These estimates were reported by the UK Offshore Operators' Association (UKOOA), and reflect a reverse in the development activity in the region. Over the past 11 months UKOOA companies had revised their capital expenditures from $6


Vard Increased Revenues 15.8% in 2014

The Far Sun (Photo courtesy of Vard Holdings Limited)

Shipbuilder Vard Holdings Limited increased revenues 15.8% in 2014, the company announced in its year-end financial report today. On the back of very high activity at the yards and with subcontractors, VARD’s 4Q 2014 revenue rose 45.5% to NOK 4


Maersk Line CEO: 11 New Ships Likely in Q2 2015

Eleonora Maersk, an E-class vessel  (Photo by Ɓukasz Golowanow)

Maersk is considering ordering 11 container megaships in the second quarter of 2015, the Wall Street Journal reported today. "We need to grow with the market and increase our capacity by 425,000 containers from 2017 onward for three years


Christensen, Farren Join Port of Long Beach

Michael Christensen and Glenn Farren appointed to newly created management positions

  The Long Beach Board of Harbor Commissioners this week appointed port industry veterans Michael Christensen and Glenn Farren to newly created management positions to enhance cargo flow and service at the Port of Long Beach. Christensen


Maersk Posts Record Profit Despite Pressure in Shipping Rates

Courtesy: Maersk Line

 Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015, though the shipping rates remain under pressure.   But 2015 is expected to yield less impressive results due to falling oil prices


North Korea Reflags Ships to Evade Sanctions

North Korean leader Kim Jong-Un (Pic: Democratic Peoples Republic of Korea)

 A North Korea shipping company has been renaming and reflagging its vessels so it can evade an arms embargo, a UN report has said.   The effort by Pyongyang-headquartered Ocean Maritime Management Company, Ltd. is detailed in the report by a panel of experts that monitors sanctions on


Asia: LPG Shipping and LNG Pricing

Image: Navigator Gas

 While declining Asian LNG prices have reduced margins on the long-distance LNG trade, causing spot-charter rates for LNG vessels to fall, LPG shipping earnings are forecast to remain buoyant on the back of low oil prices and the absence of fuel substitution.  


Think Tank: US Port Cybersecurity At Risk

     Coast Guard Commandant Adm. Paul Zukunft delivers the 2015 State of the Coast Guard Address. (U.S. Coast Guard photo by Petty Officer 2nd Class Patrick Kelley.)

Conservative think tank The Heritage Foundation argued for increased U.S. port cybersecurity in a report published online this week.   "The U.S. Department of Homeland Security (DHS) and maritime stakeholders need to stay ahead of [cybersecurity] risks in order to keep trade flow


Maersk Publishes Sustainability Report

Photo: Maersk

Having launched a new sustainability strategy last year, the Maersk Group has published its 2014 sustainability report, covering aspects of the group’s 2014 sustainability performance including human rights, anticorruption, responsible procurement, diversity


Milaha Reports 32.8% Q4 Net Profit Increase

     Photo courtesy of Milaha

Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results.  It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share. The company said it increased its net profit 10% in 2014


Latvia's Gas Utility Sales Volumes Fall in 2014

Latvia's gas utility Latvijas Gaze sold 10.9 percent less natural gas imported from Russia in 2014 than a year before, the company said on Wednesday.   Sales fell to 1.3 billion cubic metres (bcm) due to warmer weather and as more gas was switched for woodchips for heating


Port of Seattle CEO Presents Organizational Changes

Photo: Port of Seattle

Port of Seattle CEO Ted J. Fick presented a blueprint for his vision for leading the organization, announcing a realignment that aims to grow operations and increase jobs throughout the region and state by promoting economic development and advancing the port’s Century Agenda.  


Russia to Stop Gas to Ukraine Absent Prepayments

The CEO of Russian gas company Gazprom said on Wednesday Russia would stop exporting natural gas to Ukraine unless it received prepayment from Kiev for energy supplies, Interfax reported. Gazprom also said that Ukraine had approximately three days left of prepaid gas deliveries from Russia


James Fisher Wind Farm Support Vessel Named

Chris Compton, Jim Hey, Adrian Went, Maria McCaffery, Sue Blacthford and Arthur Todd (Photo: JFMS)

James Fisher Marine Services’s (JFMS) multipurpose wind farm support vessel, Dart Fisher, has been formally named by the vessel’s Godmother Maria McCaffery MBE, CEO of RenewableUK at a dedication service held at Griffon Hoverwork, Southampton.  


Hijacked Tanker Found Aground in the Philippines

A chemical tanker captured by pirates nearly a month ago was found grounded in the Philippines today, the ReCAAP Information Sharing Centre announced in an incident update. The MT Rehobot, an Indonesian flagged tanker carrying 1,100 tons of diesel when it was hijacked by eight masked individuals


Driving Operational Change with Data-driven Analytics

Photo: Eniram

Reducing costs and improving performance   Real-time reporting and data analysis are key tools to understanding and improving complex operating environments of today’s companies where the overall effects of any individual action can be very difficult to identify without a proper tool






 
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