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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


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


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.


London P&I Club Reports Increased Free Reserves

The London P&I Club’s result for the 2015/2016 financial year produced an overall operating surplus of $3.3 million, lifting the free reserve to $160.7 million.  This result was underpinned by a technical underwriting surplus of $15.3 million, with the combined ratio standing at 82.5 percent.    In a circular summarizing the result, the club’s management team says there was a substantially improved claims outturn following the unusually adverse experience seen


Hyundai Near Deal With Iran for 10 Ships

Photo: Hyundai Heavy Industries Co

 Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap.   The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14


Taiwan Shipping in Troubled Water?

Pic: EverGreen

 Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg.   While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.


Roxtec Services US Launched

Roxtec has launched a new inspection, maintenance and installation training company for the United States: Roxtec Services US aims to increase safety for the marine and offshore markets in the area of cable and pipe transits.    High safety standards require correctly installed


Market Forces Down Ship Operating Costs

© chrisberic / Adobe Stock

 The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry.  


Colombia: Refrigerated Containers Drive Foreign Trade

Photo: Maersk Line A/S

 Maersk Line just published its Colombia trade report for the third quarter of 2016.   Total reefer share of Colombia's exports increased to 21% in Q3 2016 - up from 12% in 2015 - with pineapple and banana the strongest performing products.  


Shipping Shares Drop after Seanergy Maritime Offer

Photo: Seanergy Maritime

Shares of many shipping companies dropped in volatile trading, retracing more of their post-U.S. election gains after Seanergy Maritime Holdings on Friday became the latest shipper this week to announce a direct share offer pricing.  


Record October for Savannah Port

Georgia Ports Authority achieved its busiest October ever for loaded containers, moving 251,566 loaded twenty-foot equivalent container units. (Photo Georgia Ports Authority  Stephen B. Morton)

Georgia Ports Authority Executive Director Griff Lynch reported to the GPA board Monday fiscal year to date growth of 4 percent for loaded container traffic, moving 1.01 million twenty-foot equivalent container units, an increase of 40,545 TEUs compared to the same period in 2015.  


Seattle and Tacoma Report Strong October Box Volumes

Port of Seattle image by Don Wilson

The ports of Seattle and Tacoma reported October full load import and export volumes that were the strongest for the month since 2012. Year to date, imports and exports for October continue to support a strong peak season for the Northwest Seaport Alliance (NWSA)


MOL Smart Ship Project Launched

Concept Image MOL

Mitsui O.S.K. Lines, Ltd. today announced the launch of the ISHIN NEXT ~ MOL SMART SHIP PROJECT ~, a new technological development project that builds on the success of the Senpaku ISHIN project (Note 1) , announced in 2009. Through the project


The Arctic Is In Meltdown

Photo Courtesy: Greenpeace

 The Arctic has lost almost 95% of its older ice cover since 1984, says NASA. The area covered by Arctic sea ice at least four years old has decreased from 1,860,000 square kilometres in September 1984 to 110,000 square kilometres in September 2016.  


Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut

* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand


Indonesia Maritime Threat Assessment

Pic: Protection Vessels International

 Militant group Abu Sayyaf (ASG) has conducted frequent kidnap for ransom attacks in the Sulu and Celebes Seas since March 2016, says a report by Protection Vessels International Ltd.   Islamic State-affiliated ASG has successfully extracted millions of dollars' worth of ransom


Carriers Playing Poker with Ports

Image: Drewry Shipping Consultants Limited

 Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry.  


Russian Ship Runs Aground in Istanbul

Bad weather forced a Russian ship to run aground in Istanbul on Friday and the crew was awaiting rescue, Turkey's Dogan news agency reported. The ship ran aground near Istanbul's Kartal district, on the Asian side of the city and on the coast of the Sea of Marmara, Dogan reported


ExxonMobil Sees PNG LNG Producing at 16 pct Above Nameplate

Photo:  PNG LNG

 ExxonMobil expects to deliver 7.9 million tonnes of liquefied natural gas from Papua New Guinea this year, around 14 percent above nameplate capacity of its PNG LNG plant,  says a report in Reuter's quoting the company's PNG head.  






 
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