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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.

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.

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);

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

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

Demands for Icebreaker Tours Spiral

Last year plans to terminate the cruises to the North Pole has led to an agitated demand

  Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours. Sergey Shirokiy, the chief of the tourist department of the Russian Arctic national park summed up the results of the tourist

Eletrobras says Compensation for Hydro Plants Could be $330 mln


  Brazil's state-run utility Eletrobras said on Friday a report into six hydroelectric plants found the assets had a remaining value of 1.3 billion reais ($332 million) after amortization and depreciation. Under Brazilian law, Centrais Eletricas Brasileiras SA

Sacyr Says Will Deliver Panama Canal expansion on Time

Photo credit: Laestrella

 The consortium in charge of the expansion of the Panama Canal, led by Sacyr reported that the fissures presented in the third set of locks will not delay the opening date scheduled for April 2016.   The Grupo Unidos por el Canal (GUPC)

Ship Operating Costs Down in 2014 -Moore Stephens

Photo: Andrew Aiello

Total annual operating costs in the shipping industry fell by an average of 0.8 percent in 2014, said international accountant and shipping consultant Moore Stephens. This compares with the 0.3 percent average fall in costs recorded for 2013

Yemeni Govt, Saudi-led Forces Retake Red Sea Strait

Loyalist Yemeni troops and Gulf Arab forces have seized the Mandab Strait connecting the Red Sea and the Gulf of Aden from Houthi fighters, reasserting control over the strategic sea lane, a government spokesman said on Thursday. Residents reported air strikes and shelling by warships in

Rand Takes Delivery of Newest Self-Unloader

Bulk freight shipper Rand Logistics, Inc. has taken delivery of its newest Canadian self-unloading vessel, increasing its fleet to 16 ships, including 10 Canadian flagged and six U.S. flagged vessels.   According to Rand, the new vessel will have the largest carrying capacity of any

Moody's Changes Hapag-Lloyd to Positive

Photo: Hapag-Lloyd

 Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel.   According to  Moody’s the outlook on the B2 corporate family rating (CFR)

Russia to Deepen Novorossiysk for Larger Ships


 The Russian government plans to spend between $400 to $500 million to expand and deepen the harbor of the Novorossiysk seaport to handle larger vessels, reports Moscow News.   Construction, in order to make it more competitive with Ukrainian ports also on the Black Sea

Allowing US Oil Export Could Push Crude Prices Higher -CBO

Lifting the ban on U.S. crude exports could push the price of domestic oil up roughly $2.50 a barrel in the coming decade, a report from the Congressional Budget Office said on Wednesday.   "CBO estimates that authorizing exports of domestically produced crude oil without restrictions

IRS Scores High with US Coast Guard

The U.S. Coast Guard (USCG) has placed the International Register of Shipping (IRS) in the top bracket of those recognized organizations (RO) that consistently achieve zero detentions for its registered vessels for the third time in just six years.   

Qatar – World's Biggest LNG Exporter

Photo:  Qatargas Operating Company Limited

 Qatar has retained the crown of the biggest exporters of natural gas and the biggest exporter of liquid gas or LNG in the world, reports The Peninsula.   The country exported nearly 77 million tonnes (MT) of Liquefied Natural Gas (LNG) in 2014 which was approximately one-third of

New System Facilitates Simpler Connection at Sea

Image: Satcom Global

Satcom Global has launched a maritime system bringing seafarers up to speed with today’s ‘connect anytime anywhere’ culture, enabling those at sea to keep in touch with the rest of the world with their own device.   The latest addition to Satcom Global’s product

River Information System Updated in Bulgaria

Bulgarian Prime Minister Boyko Borissov at the inauguration ceremony (Photo: Transas)

The Consortium BulRIS II led by Transas has completed the second phase of the BULRIS project, funded by the Operational Program "Transport" 2007 – 2013. The system was delivered to the Bulgarian Ports Infrastructure Company (BPI Co

Crew Engagement and Culture Key to Workboat Safety

Photo: Helm Operations

Some 50 percent of crews working on offshore support vessels are willing to compromise safety rather than say “no” to clients or senior management, while nearly 80 percent believe commercial pressures could influence the safety of their working practices

Sweden to Launch MSW for Ship reporting

New routine for ship reporting from 1st October 2015

  On 1 October 2015 the Maritime Single Window (MSW) portal will be launched for reporting of information regarding entry at port. From that date reports that were previously made in SafeSeaNet Sweden (SSNS) will be made in the portal, and simultaneously the reporting system of Port of

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