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
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 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.
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.
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.
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.
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
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
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 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);
Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world regions though may be at greater risk of persistent congestion in the longer term
In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised of leading experts from shipbuilders, shipowners and academic institutions
GasLog Ltd. announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea, to GasLog Partners LP for an aggregate price of $328 million (the “Transaction”)
The expansion of the Chinese Manufacturing Industry continued in September at unchanged pace as compared to the month before, BIMCO reports. The manufacturing industry accounts for around 1/3 of the Chinese economy and is a relevant indicator to watch out for in the shipping industry
Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'.
Diesel air pollution from ships, trucks, trains and other big machines at the Port of Long Beach has declined by 82 percent since 2005, a comprehensive air quality analysis has found. The report – which focuses on 2013 – shows seven straight years of steadily declining air pollution
In FY14, total cargo handled at Indian ports increased by 4.3% to 976 million tonnes from 935 million tonnes during FY13. The growth was pegged down by sluggish cargo performance at the major ports which registered a meagre 1.8% growth in cargo volumes to 556 million tonnes in FY14.
Denmark's A.P. Moller-Maersk said on Wednesday it would invest billions of dollars in new ships, reap hundreds of millions in savings and announced valuable contracts for its drilling rigs. But shares of the world's largest container shipping company fell more than 3 percent
A U.S. judge has ruled that BP Plc cannot recoup what it says were inflated claims paid under a multi-billion dollar settlement program to compensate people hurt by the 2010 Gulf of Mexico oil spill, NOLA.com reported on Wednesday. BP originally expected the payout program to cost $7
Reported business this week has been focussed on the tanker, container and gas markets, says Clarkson Hellas in their latest S&P Weekly Bulletin. Tankships Whilst under discussion for some months, Knutsen NYK Offshore Tankers have now signed two firm plus two optional 160
A new report, Masterplans for the development of existing ports, has been published today by PIANC. The report was prepared by an international Working Group (WG 158) established 2012 and chaired by Stephen Cork, Technical Director at HR Wallingford.
The Seamen’s Church Institute’s (SCI) Center for Seafarer’s Rights conducted its thirteenth annual Seafarer Shore Leave Survey during the week of May 18-24, 2014. Port ministries in 27 U.S. ports visited 416 vessels with 9,184 crewmembers (representing 60 nationalities)
Runaway oil production could slow road traffic as drivers face longer delays to cross train tracks in many congested regions, a U.S. study released on Friday predicted. Oil, coal and grain shipments are taxing the national rail grid as the deliveries of those commodities are expected to
No Alaskan crude oil has been exported outside of the United States since 2004. Genscape Vesseltracker monitoring data showed that a cargo of Alaskan North Slope crude was loaded Sept. 26 at the Alaskan port of Valdez for delivery into the South Korean refining center of Yeosu
The total Green House Gas (GHG) emissions from global maritime transport are estimated to have been over 20% lower in 2012 than in 2007, according to "London Matters – the official Maritime London Newsletter", citing the International Chamber of Shipping (ICS).