COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company, an indirect unit of China's largest shipping firm China Ocean Shipping (Group) Co., engages mainly in container leasing and container terminal operation. Managing director Shi Qin said the listed firm planned to spend about $100 million to $110 million to buy containers in 2000 to match the rise in demand caused by global economic growth. The sum almost doubles the $57 million the firm spent in buying containers in 1999, when the size of its container fleet dropped 1.0 percent to 500,899 teu.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
New Zealand petrol retailer Z Energy Ltd reported a 31 percent fall in its annual profit on Thursday, on the back of lower revenue and higher costs. The company reported a profit of NZ$95 million ($82.4 million) for the 12 months to March 31 compared with NZ$137 million the year before. It is the company's first reported profit as a listed entity after an IPO last year. Z Energy said earnings before interest, tax, depreciation, amortisation
COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses. Highlights: Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012. Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects
Mersey Docks and Harbour Co. has reported an increase in profits of nearly eight percent in the first half, its shares following suit with a similar rise. Representatives of Mersey, which owns the Port of Liverpool and the ports of Sheerness and Chatham in southeast England, said the company’s investment program was reaping rewards as it managed to push up profits despite flat volumes of cargo. The program was buoyed by achieving record volumes in two key market sectors — containers and
Canadian Pacific Ltd., one of Canada's biggest and oldest companies, said it would split into five publicly traded firms, a move aimed at shedding a conglomerate discount that had dogged its stock. Besides CP Rail, Canada's No. 2 railway, Canadian Pacific owns 86 percent of cash-rich PanCanadian Petroleum Ltd., the country's top oil and gas explorer and producer, as well as Fording Coal Ltd., CP Ships, a global shipping firm, and CP Hotels.
A.P. Møller - Mærsk Q1 2012 reports plunge in pre-tax profit, sees slightly lower 2012 result Denmark-based conglomerate A.P. Moeller-Maersk A/S reported a plunge in first-quarter pre-tax profit to 8.48 billion Danish kroner from 15.03 billion Danish kroner last year, reports RTT News. In US Dollar terms, pre-tax profit amounted to $1.50 billion, a 46% drop from the prior year's $2.75 billion. However, profit for A.P. Moller - Maersk's share was 6
Mitsui Engineering & Shipbuilding Co. reported that group net profit for the fiscal first half fell 6.3% from a year earlier to 2.51 billion yen despite a 6.6% rise in revenues to 199.64 billion yen. The shipbuilder cited falling product prices, stiffer competition and exchange losses as the primary culprits. In its consolidated earnings report, Mitsui Engineering posted a pretax profit of 2.31 billion yen in the six months to Sept. 30, down 52.3%, with net profit per share falling to 3
Chinese shipbuilder COSCO Corp (Singapore) Ltd on Monday reported a 71 percent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments. COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group) Co, said its full-year net profit stood at S$30.6 million ($24.14 million), below the Thomson Reuters SmartEstimate of S$43.78 million.
The Shipping Corporation of India Limited (SCI), the largest Indian Shipping Company has reported a net profit of Rs. 49.50 crores for the quarter ended 30.06.2014. This is against the loss of Rs. 98.70 crores reported for the corresponding quarter last year. Despite the depressed market conditions, operationally SCI has performed better as can be seen from the profit from operations before other income &
Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now
Italian shipmaker Fincantieri said its Singapore-listed subsidiary Vard expects marginally negative earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter. Vard, which makes offshore vessels for the oil and gas industry
Ending a 40-year old ban on U.S. crude oil exports would not raise domestic gasoline prices because it would put more petroleum onto global markets, where fuel prices are primarily set, a study by The Aspen Institute said on Tuesday. As the U.S
The Newport Beach Company G-Ship LLC finished a four-month validation with the CSC, Advanced Marine Center team led by Alexander Landsburg shows 90% fuel savings for containerships. Since the Steamer came along, sailing vessels have stayed the course as the leader in renewable energy propelled
Regulator sees no competition concerns; Klesch announced purchase in July. EU regulators cleared U.S. entrepreneur Gary Klesch's purchase of the Milford Haven oil refinery on the coast of Wales, the European Commission said in a statement on Friday.
ICO and AET, the two ro/ro terminals in the port of Antwerp, are now also connected to the e-Desk. The Antwerp Port Community System (APCS) introduced the e-Desk for containers already in 2012, and this year the successful collaboration has been extended to rolling stock
A landmark deal to use British taxpayers' money to build a 16 billion pound ($25.6 billion) nuclear power station has triggered opposition from a quarter of EU policy-makers, who want to overturn approval from the top European regulator, EU sources said.
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
Denmark's Maersk Line will spend around $3 billion a year from 2015-19 on new ships to butress its position as the world's biggest container shipping company, it said on Wednesday. "The current orderbook (is) not sufficient to grow with the market," Maersk Line
Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.6 percent to $1.055 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable
Korea National Oil Corp said on Friday that it would sell its 115,000-barrel-per-day refinery in Come by Chance, Newfoundland, to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer.
OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial and operating results for the six months ended 30 June 2014. Highlights:
Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.7m in the first six months of 2014 (2013: £89