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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

 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.

ABS Reports Increase in Fleet Size


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

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);

Japanese Shippers Jolted as Strong Yen Pummels Bottom Line

a 14,000 TEU K Line boxship (CREDIT: K Line)

Japan's big three shippers will report earnings on Monday as yen strength threatens to widen annual loss estimates, in a sector shaken by shrinking demand and over capacity that has already sunk a major carrier. Nippon Yusen KK (NYK), Mitsui OSK Lines Ltd (MOL) and Kawasaki Kisen Kaisha Ltd

Polarcus Achieves High Utilization at Low Costs

Rod Starr - CEO, Photo Polarcus

Polarcus Limited announced release of its third quarter 2016 financial statements. HEADLINES Q3 2016:  * Revenues of USD 64.6 million, down 5% from Q2 2016  * Contract revenues of USD 54.1 million, up 31% from Q2 2016  * Multi-Client revenues of USD 10

Great Lakes Iron Ore Trade Down in September

File photo: Paul Csizmadia

Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 5,258,269 tons in September, a decrease of 5.6 percent compared to a year ago, the Lake Carriers’ Association reported. Shipments trailed the month’s five-year average by even more, 15.3 percent.

Gulf Navigation Orders 6 Tankers from Wuchang

Dubai's Gulf Navigation Holding has signed a deal with China's Wuchang Group to expand its company's fleet, it said on Wednesday.   Dubai's only listed crude shipper said in a statement the agreement would help meet "increasing demand for transferring chemicals from the UAE and other

Russia Beefs Up Baltic Fleet Amid NATO Tensions

Russia is sharply upgrading the firepower of its Baltic Fleet in Kaliningrad by adding warships armed with long-range cruise missiles to counter NATO's build-up in the region, Russian media reported on Wednesday. There was no official confirmation from Moscow

World Fleet Growth: Let’s Do The Time Warp Again?

Graph: Clarksons Research

 Clarksons Research says that there has been a rapid expansion in the world fleet over the last decade. However, the pace of growth has slowed dramatically in recent years.    Generally more limited contracting and subsequently significantly lower delivery volumes combined with

Egypt Seeks a New Suez Canal Toll System

Photo: Suez Canal Authority

Egypt is in talks with global shipping firms to change the way it charges vessels to pass through the Suez Canal, offering discounts for advance payments as it seeks to raise much-needed hard currency from a struggling industry. Denmark's A.P

Mediterranean Three Times More Deadly Than 2015

File photo: IMO

The death toll on the Mediterranean has nearly matched that of all last year, with more than 3,740 migrants and refugees having drowned on their way to Europe, and perilous winter months still to come, aid agencies said on Tuesday.   Smugglers are now sending thousands of people on flimsy

Adani Ports PAT Grows by 61%

Karan Adani Karan Adani CEO, APSEZ   Photo Adani

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and the logistics arm of Adani Group, today announced another stellar operational and financial performance for the quarter and half year ended September 30, 2016.  

Panamax Containerships: Is the Battle Now Lost?

Graph: Clarksons Research

 In the containership market today, Panamax sector, the charter rates rest at rock-bottom rates and the fleet is in steady and perhaps terminal decline, with scrapping at record levels. Is the battle now lost? A report by Clarksons Research.  

China Protests 'Illegal,' 'Provocative' US South China Sea Patrol

China's Defense Ministry said that a patrol by a U.S. warship in the South China Sea on Friday was "illegal" and "provocative" and that it had lodged a protest with the United States.   In a statement on its website, the ministry said two Chinese warships had warned the U

Russia to Reduce Urals Oil Exports from Baltic Ports

Russia will export 2.9 million tonnes of Urals crude oil from the Baltic ports of Primorsk and Ust-Luga on November 1-16, down 0.8 million tonnes from the same period of October, according to a preliminary schedule, seen by Reuters.  

Towing Industry Safety: AWO & USCG Joint Analysis … By the Numbers

Source: USCG

For 16 years, the National Quality Steering Committee has used three measures to track overall trends in safety and environmental protection. While not all-encompassing, the measures are considered to be useful indicators of towing industry trends. The measures are:

Crew Kidnapping Persists Despite Piracy Slowdown -Report

Despite a decline of piracy activity in several high-risk areas, a high threat of crew kidnapping and hijacking remains in Southeast Asia and West Africa, according to a recent report from specialist crisis prevention and response consultancy NYA International.  

Korea's Top 3 Shipbuilders' Shaky Performance

File Photo: Samsung Heavy Industries

 The value of contracts signed by Korea's big-three shipbuilders— Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries — fell far behind the amount they projected for this year, reports The Korea Herald.  

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