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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.


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.


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


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


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);


Yamal LNG Arctic Project in Doldrums

Yamal LNG in the Icy Russian Arctic. Photo by Total

 The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.S. restrictions on OAO Novatek, says a report in the WSJ.  


ClassNK Verifies lino Marine Service GHG

Left: ClassNK Executive Vice President Mr. Koichi Fujiwara Right: Iino Marine Service President Hisahiro Oshima (Photo: ClassNK)

Classification society ClassNK has carried out the independent third-party verification of Iino Marine Service’s greenhouse gas (GHG) emissions inventory based on a reasonable level of assurance. ClassNK’s verification was performed according to the requirements specified in ISO 14064


Volvo Penta Debuts Marine Gas Sterndrive Engines

5.3L V8 gasoline engines for the marine sterndrive

  Volvo Penta today unveiled its new family of next-generation 5.3L V8 gasoline engines for the marine sterndrive market in a press preview at the company’s Test Center in Suffolk, Va.   “Volvo Penta has a rich history of innovation in marine propulsion


DP World Profit Up 22%

DP World Chairman, Sultan Ahmed Bin Sulayem

  Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015, delivering profit attributable to owners of the Company before separately disclosed items of $405 million, up 21


Mariners Dread Port Calls

Photo: Crewtoo

Seafarer social media site Crewtoo, part of KVH Industries, Inc., has published the results of its second Crewtoo Seafarers Happiness Index report detailing job satisfaction at sea. Designed to monitor and benchmark seafarer satisfaction levels via 10 key questions


U.S. Asia-Pacific Drills to Increase

The United States plans to increase the number of military and humanitarian drills it conducts in the Asia-Pacific as part of a new strategy to counter China's rapid expansion in the South China Sea, the Philippine military said on Wednesday.


What Have We Learned From Hurricane Katrina?

Hurricane Katrina (IMarEst)

To mark the 10th anniversary of Hurricane Katrina, specialist insurer Allianz Global Corporate & Specialty (AGCS) has released a report analyzing windstorm risks and losses and how to mitigate future losses, given increasing weather volatility.  


Maersk Seeks to Shut Janice in UK North Sea

Janice (Photo: Maersk Oil)

Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices.  


Austal Delivers Record Profit Increases

Austal recently delivered LCS 6 to the U.S. navy (Photo: Austal)

Shipbuilder Austal Limited announced it has delivered record revenue and record earnings for the year ended June 30, 2015, with Net Profit After Tax (NPAT) of $53.2 million, a 66.8 percent increase on FY2014.   Austal’s best result in its 27-year history was generated from revenue of


US Plans More Maritime Drills in Asia

Image: Official Website of the United States Navy

 The United States will increase the number of drills it conducts in the Asia-Pacific as part of its new strategy to counter to China’s expansion in the South China Sea, Reuters quoted the Philippine military as saying.   Admiral Harry Harris, commander of the US Pacific Command


Malaysia, Indonesia Team up to Fight Piracy

Photo: Malaysian Maritime Enforcement Agency

 An increase of incidents of piracy and armed robbery in SouthEast Asia has prompted Malaysian and Indonesian law enforcement to form a joint rapid deployment team in response, says a report in Reuters.   According to reports, the joint force will deploy three helicopters to secure the


Cosco Pacific Profits up 12%

Photo: COSCO Pacific Ltd

 Major terminal operator Cosco Pacific has reported a 12% on-year increase in net profits for the first half of this year to nearly $164.4m on good cost control and optimisation of management efficiency.   However the revenue of the port and box leasing unit of Chinese state


Shipping Lines Cut CO2 Emissions

Graphics: 2014 – 2015 Highlights: CCWG’s data-collection process for 2014 show

 The container carriers have managed to reduce their combined CO2 emissions by around one third since 2009, according to a new report.   Average CO2 emissions per container per kilometer for global ocean transportation routes have declined by 8


DP World H1 Earnings Jump, Mulls Iran launch

DP World may launch operations in Iran, the company's chairman said on Thursday, as the global ports operator reported a jump in half-year earnings after buying assets from its parent company. Customer demand will dictate what it will spend on developing port facilities on the Caspian Sea


Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

BLOQUE BRASIL FZAM320

  Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block, located in shallow waters of the Foz Amazonas basin on the equatorial margin of the






 
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