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Reports Profit

COSCO Pacific Reports Profit Increase

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.


Global Marine Reports Profit Slump

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


NZ's Z Energy Year Profit Falls

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  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 (Singapore) Presents Q1 2012 Report

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 Reports Profits, Eyes British Port Consolidation

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 To Split Up

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 Pre-tax Profit Plunge

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: Revenue Up, Profits Down

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


COSCO 2013 Net Profit Falls 71%

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.


SCI Back in the Black

SCI logo

  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 &


Canada Announces Funding for Commercial Fishing Safety

Canada launches new Commercial Fishing Safety component of Boating Safety Contribution Program   Canada’s Minister of Transport Lisa Raitt, joined by Members of Parliament from Atlantic Canada, announced a new Commercial Fishing Safety component of the Government of Canada's Boating


Yangzijiang Shipbuilding in Early Talks on Rongsheng Investment

China's Yangzijiang Shipbuilding Holdings Ltd is considering a possible investment in troubled peer China Huarong Energy Co Ltd , formerly known as China Rongsheng, its executive chairman said on Thursday.   Ren Yuanlin said the company was still in early talks with stakeholders


Navy Sale Helps Hornbeck Earnings

Iron Horse. Photo credit: Hornbeck Offshore

 Hornbeck Offshore Services completed the sale of three supply vessels to the U.S. Navy, helping boost profits in the first quarter even as low oil prices put pressure on revenues.   In February, the Navy agreed to buy three supply boats from Hornbeck with an option to purchase a fourth


Booming VLCC Rates Pull Euronav Up

Image: Euronav

 Euronav delivered its best operating profit in seven years, with a 182 percent improvement, and a USD 80.8 million net profit, thanks to the 15 VLCC supertankers the company acquired from Maersk. Core profit rose 180 percent in the first quarter to $131.3 million.  


Strike Paralyzes Argentine Grains Port for 2nd Day

Argentina's grains hub of Rosario was paralyzed on Thursday by the second day of pay strikes by unions representing stevedores and other workers needed to dock and load recently-harvested soy and corn, union and management spokesmen said.  


COSCO Q1 Profit Sinks on Shipyard, Shipping Weakness

COSCO Corporation Singapore Ltd, part of one of China's largest shipbuilding groups, said its first-quarter net profit dropped 94 percent year-on-year to S$766,000 ($579,600) on weak performance in shipyard and bulk shipping businesses. COSCO Corp


Gateway Distriparks Reports Higher Profits

  Gateway Distriparks Limited (GDL) today announced record profits for the year ended 31 March 2015.   During the year, GDL Group (CFS + Rail + Cold Chain) Net Profit increased by 38.2% over the previous year from Rs 135.8 Cr. to Rs 187.8 Cr. Q4 net profit increased (Y-o-Y) by 21


CMES Q1 Profit Surges on Strong VLCC Earnings

Pic: China Merchants Energy Shipping

 China Merchants Energy Shipping has posted 22.6% on-year growth in net profit to Yuan225m ($36.3m) during the first quarter ended 31 March 2015 due to buoyant tanker markets.   Revenue for the quarter more than doubled to RMB1.36bn from YuanB660.44m a year ago.  


Hercules Offshore: Challenges Ahead in 2015

Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss


CMA CGM Acquires India's LCL Logistix

CMA CGM has acquired a 60 percent stake in India's LCL Logistix as it tries to expand in freight forwarding services, the French shipping group said on Wednesday. CMA CGM, the world's third-largest container shipping firm, did not disclose the price of the deal to buy Mumbai-based LCL Logistix


SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia


DHT Tops 1Q Forecasts

Pic: DHT Holdings

 DHT Holdings declares $0.15/share quarterly dividend, 200% increase from prior dividend of $0.05. The Hamilton, Bermuda-based Company said it had profit of 25 cents per share.   The company has reported first-quarter net income of $23


Rolls-Royce to Sell Michell Bearing Business

Michell Bearings are now part of a grouping of world-renowned businesses within Rolls-Royce Power Engineering plc.

  Rolls-Royce has today confirmed its intention to sell its Michell Bearings business to British Engines Limited for a cash consideration of £12.6m. Subject to licence consents, the sale will be completed in the autumn.   Michell Bearings has been part of the Rolls-Royce Marine


Milaha Reports Improved Net Profit for Q1

HE Sheikh Ali bin Jassim Al Thani

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs. QR 699 million for the same period in 2014, an increase of 12% quarter over quarter


FMC Beats 1Q Profit Forecasts

Image: FMC Technologies

 The Houston-based subsea specialist FMC Technologies Inc. (FTI) reported first-quarter earnings of $147.6 million, beating Wall Street expectations.   The average estimate of 34 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share on a per-share basis






 
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