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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.


ABS Reports Increase in Fleet Size

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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);


Asia Dry Bulk-Capesize Rates Could Climb

File image: a so-called ValeMax bulk carrier, typically used in the Brazil-China trades (Credit: Vale)

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on an increase in coal cargoes and higher fuel prices, ship brokers said. That comes as Brent crude futures breached the psychologically


Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply, company officials said on Wednesday.  


Nordic Shipholding Profits below Market Expectations

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For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.  The average daily TCE rate earned by the vessels in the Handytankers Pool was below the forecasted daily rate


DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to be compliant with rules allowing investors in the United States to participate, will price at 237


Japan, Canada Share "Serious Concerns" on South China Sea-PM Abe

Japan and Canada share "serious concerns" over reclamation and militarisation in the South China Sea, Japanese Prime Minister Shinzo Abe said on Tuesday, in an apparent reference to China's maritime activity.   China and the United States have traded accusations of militarising


DSME Reveals Additional Self-Restructuring Plan

Photo: Daewoo Shipbuilding and Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.   The company’s creditors, led by the state-run Korea Development Bank


US Oil Rig Count Steady for First Time This Year

U.S. energy firms this week kept the number of rigs drilling for oil unchanged for the first time this year, services company Baker Hughes Inc said on Friday, as crude futures trade near a seven-month high.   Drillers kept the number of rigs at 318 in the week to May 20


CMA CGM Aims to Cut Costs by $1 Bln

Photo: CMA CGM

France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion in cost cuts to keep operating margins positive during the current market downturn.   Weak freight rates in the past year have left many lines operating


Asia Tankers-VLCC Rates to Dip Before Fuel Oil Fixtures

File Image: a so-called Suezmax tanker transits the Suez Canal (Suez Canal Authority)

Worst over for Aframax market as fuel oil cargoes lift rates. Freight rates for very large crude carriers (VLCCs) could slide further before finding a floor and recovering on a rebound in chartering activity, ship brokers said on Friday.


Baltic Index Falls on Sluggish Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday hurt by an decline capesize vessel demand.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down eight points


Airplane Lifejackets Found in Egyptair Search

Aircraft debris was found in the southern Mediterranean by Greek authorities searching for a missing EgyptAir aircraft which vanished from radar screens early Thursday, Greek state tv reported. Earlier, Greek officials said pieces of plastic were found in the sea some 230 miles south of the


Boxship's Bottom Line Battered Further by Fuel Rules

File image: credit Marad

Container shipping firms' annual costs have risen by a total $500 million due to new sulphur emissions regulations that have forced vessels to use higher cost fuel, the OECD said in a report on Thursday. Rising fuel costs will further hurt an industry already stung by overcapacity


Experts Say Shipping Emissions Must Peak Soon to Achieve Paris Goals

Photo: CMA CGM

 International shipping and aviation will have to cap their greenhouse gas emissions (GHG) soon for the world to meet the ambitious goals laid down in the Paris Climate Change Agreement, participants at a side event at the Bonn climate change conference heard today.  


SC Ports See Container Volume Uptick

The South Carolina Ports Authority (SCPA) reported a 2.8 percent increase in 20 foot-equivalent unit (TEU) volume fiscal year to date, handling 1.6 million TEUs since July 2015.   SCPA said it moved 157,959 TEUs in April, bringing SCPA's calendar year-to-date container volume to 631,753 TEUs


NordLB Eyes Full-Year Loss

German state-backed lender NordLB now expects to report a loss in 2016 after non-performing loans in shipping, where it is one of the world's top lenders, helped push it into the red in the first quarter. The results at NordLB, which previously said it expected an earnings decline this year but






 
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