Marine link
 

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


Slow Start for Tanker Rates in New Year

Berlian Laju Tanker. Pic by mapelveiculos.com.br

 A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy.    Continued interest for period is keeping the momentum going and rates ex Meg seem to withstand charterers fierce attempts to shave further off the rates. Close to two thirds of the January program covered so far in the Meg and further direction dependent


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.


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.


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.


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


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


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);


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.


East Asia Trio Agree to Boost Maritime Security

(L-R) Indonesian military chief General Gatot Nurmantyo, Malaysian Armed Forces General Tan Sri Zulkifeli Mohd , Malaysias Foreign Minister Dato Sri Anifah Aman, Indonesias President Joko Widodo, Indonesias Foreign Minister Retno Marsudi, Philippines Foreign Minister Jose Rene Almendras, and Philippines Navy Chief Admiral Caesar C. Taccad Photo source: Merahputih

 Foreign ministers and defense force chiefs from Indonesia, Malaysia and the Philippines signed a joint declaration on maritime security on Thursday, calling on all governments in the region to increase efforts to tackle marine threats, reports Jakarta Post.  


Pan Ocean on Recovery Path

Photo: Pan Ocean Co.

 S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half of the South Korean bulk carrier’s total shipping contracts, reports the Pulse.  


Recent Strength in Dry Bulk Shipping to be Short-Lived

Graph: Drewry Maritime Research

 Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Italy Rescues Nearly 1,800 Migrants in Mediterranean

Italian vessels have helped rescue nearly 1,800 migrants from boats trying to reach Italy from north Africa in the last 24 hours, the navy said on Friday, indicating that numbers are rising as the weather warms up. The navy said 1,759 migrants were rescued in 10 operations involving the Italian


UNSC Highlights IMO's capacity-building work in Gulf of Guinea

UNSC statement on Gulf of Guinea Photo IMO

IMO Secretary-General Kitack Lim has welcomed the Presidential Statement from the United Nations Security Council (S/PRST/2016/4) in which the Council strongly condemns acts of murder, kidnapping, hostage-taking and robbery by pirates in the Gulf of Guinea and encourages States in the region and


Logimatic Launches 3D Vessel Performance Management Service

Photo: Logimatic

Logimatic has expanded the vessel reporting system and dynamic dashboards within its Sertica software package, to provide an improved level of visual presentation of shipboard data and move towards a 3D vessel performance management service.  


Jensen Debuts New Tractor Tug Design

BayDelta (Photo: Jensen Maritime)

Crowley Maritime Corp.’s Seattle-based naval architecture and engineering firm, Jensen Maritime, reports it has designed a new tractor tug for Vessel Chartering LLC that features some of the first Tier IV engines meeting higher federal air emissions standards among U.S. tugboats.  


Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire.   U.S. crude stocks, which have been setting record highs since January


Dryad Maritime Unveil WxConnect

A suite of weather and vessel tracking services for the safe and efficient voyage management of vessels and fleets. Image Dryad Maritime WxConnect

Today, 5th May 2016, Dryad Maritime release WxConnect, a new scalable, managed weather forecasting service for ships and fleets. The launch of the service comes as latest figures from the International Union of Marine Insurance show that losses due to weather are on the increase.*


Recent strength in dry bulk shipping to be short-lived - Drewry

Rahul leads dry bulk research at Drewry and is the editor of Drewry’s flagship publications Photo Drewry

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


DNV GL 7 JIPs in North America

New research from DNV GL has revealed that cost management has become an even higher priority for senior oil and gas professionals  Courtesy DNV

In a concerted drive to find smart solutions to safely reduce complexities and cost in the North American oil and gas industry, DNV GL is leading seven new joint industry projects (JIP) from the region in 2016. The initiatives will support overall efficiency efforts in the pipelines


China's CNOOC Expands Fujian LNG Terminal

CNOOCs LNG imports. Photo:Xinhua

 China's biggest liquefied natural gas (LNG) importer CNOOC has started building two storage tanks at a receiving terminal in Fujian province for the super-chilled fuel, the official Xinhua news agency reported.   The new tanks are part of a plan to increase the receiving capacity at


Egypt to receive first LNG shipment from Rosneft in May

Egypt will receive the first of five agreed shipments of liquefied natural gas (LNG) from Russia's Rosneft this month, an official at the state gas board EGAS told Reuters on Thursday. Last year Egypt and Rosneft signed a memorandum of understanding for a slew of petroleum products as well as


Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui, Bloomberg reported.   The sale process is already underway, Bloomberg reported


Offshore Casualty: Harkand Group Collapses

The versatile Harkand Go Electra is a DP2 multi-purpose ROV, survey and air diving vessel and has recently completed its first campaign in the Caribbean. (Photo: Harkand)

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.bbc.com. The company was a high-flyer building an enviable fleet of advanced tonnage






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright