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Stolt-Nielsen Reports Unaudited Results Q1 2011

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LONDON, April 7, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter ended February 28, 2011.  Net profit attributable to shareholders in the first quarter was $31.2 million, with revenue of $458.7 million, compared with $33.0 million and $459.4 million, respectively, in the fourth quarter of 2010. Highlights for the first quarter of 2011, compared with the fourth quarter of 2010, were: *    Stolt Tankers reported an operating loss of $1.0 million, compared with an operating profit of $11.0 million.  First-quarter results reflected the impact of higher bunker fuel prices, weather-related delays and port congestion. *    The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was 1.09, compared with 1.17. *    Stolthaven Terminals' operating profit rose to $16.5 million from $14.4 million, driven by revenue growth at the division's wholly owned terminals and lower operating expenses. *    Stolt Tank Containers reported an operating profit of $18.5 million, down from $21.0 million, though underlying market dynamics remained strong. *    Stolt Sea Farm reported an operating profit of $1.5 million, down from $3.9 million, reflecting the negative impact of $1.9 million from the fair value accounting for inventories, compared with a prior positive impact of $2.5 million.


Private Equity Spending Fuels Shipping Sector Risk

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades.


General Maritime to Acquire Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery


Seaarland, Nordic Tankers Sign Joint Venture

Seaarland Shipping Management and Nordic Tankers signed a joint venture that will see both of these companies enter the Handysize product carrier market. The joint venture will involve investment in modern second-hand vessels as well as new buildings. The vessels will be jointly owned by both partners in varying proportions. The first acquisition by the joint venture, the 2000-built 35,820 dwt Hanne, is to be concluded soon


GulfMark Orders Three PSVs from Poland

GulfMark Offshore, Inc. (NYSE: GLF) announced the initiation of a vessel construction program. The first three vessels in the program will be built by Remontowa Shipbuilding SA in Gdansk, Poland, and consists of two 1000 square meter deck area platform supply vessels of the MMC887CD design and one MMC879CD design with a deck area of over 800 square meters.  These large and technologically advanced vessels have been designed to meet the demanding requirements for supporting deepwater and


Korean Shipyard Building 18,000 TEU Container Ship

DSME begins work on construction of the world's largest container ship Daewoo Shipbuilding and Marine Engineering has begun constructing the world's largest container vessel after receiving the order from Denmark's AP Moller-Maersk, the shipbuilder has announced. When completed, the 18,000 TEU container ship will measure 400 m in length and 59 m in width, with a deck wide enough to accommodate four football fields


CDC Offers SARS Guidelines for Ships

The U.S. Centers for Disease Control and Prevention (CDC) issued guidelines for maritime personnel regarding severe acute respiratory syndrome (SARS). The three guidelines are somewhat redundant with each other. The first focuses on Personnel Boarding Maritime Vessels from Areas with SARS . The second focuses on Workers Handling Cargo or Other Packages . The third focuses on Cruise Ship Passengers and Crew Members . The guidelines point out


Vinashin to Build Three Tankers

The Vietnam Oil and Gas Corporation (PetroVietnam) on July 4 awarded a contract to the Vietnam Shipbuilding Industry Corporation (Vinashin), for the construction of three 105,000-ton oil tankers. The oil tankers, to be built at the Dung Quat Shipyard, are to be equipped with state-of-the-art facilities satisfying latest international maritime conventions. According to Vinashin, oil tankers of this kind are normally priced and sold for $60-65m each in the world market


First of BC Ferries’ Super C-Class Vessel Launched

The first of BC Ferries’ three new Super C-class vessels, Coastal Renaissance, was officially launched at a special ceremony in Germany. Representatives from BC Ferries and the shipyard were on hand to witness this major event as the ship was launched into the water for the first time. The Coastal Renaissance is scheduled to leave Germany for Canada in late October and is expected to be in service in early 2008. The second and third vessels will be arriving in B.C. in early and mid 2008


Hyundai Heavy to Build World’s Largest Containerships

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Hyundai Heavy Industries (HHI) announced the Company won a $700 million order for five 18,400 TEU containerships from China Shipping Container Lines (Hong Kong) Co., Ltd. The world’s largest containerships will feature an electronically-controlled main engine and two EcoBallast seawater treatment system. The electronically-controlled main engine will maximize fuel efficiency, and reduce noise, vibrations, and carbon emissions by automatically controlling fuel consumption to suit


Boskalis Consortium Wins Suez Canal Expansion Contract

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  A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez Canal Authorities in connection with the expansion of the Suez Canal, which provides a vital shipping link between Europe and Asia


Simushir Under Tow by Barbara Foss

Simushir Under Tow By Barbara Foss

  Foss Maritime's ocean-going tug, the Barbara Foss, is towing the Russian cargo vessel, Simushir, which lost power late Thursday night off the west coast of Haida Gwaii. The Barbara Foss is currently traveling at 5.5 knots and is expected to arrive at the Port of Prince Rupert


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Twin Disc Offers Virtual and Real EJS Experience

Twin Disc EJS simulator and Express Joystick (Image Twin Disc)

Visitors to the Fort Lauderdale International Boat Show, October 30–November 3, 2014, can experience what it’s like to control a diesel-powered, conventional driveline boat using Twin Disc's Express Joystick System (EJS). Twin Disc's booth will feature a unique


USCG Warns Boaters of Cold Water Despite Warm Air

The heat escape lessening position (HELP), is ideal for reducing loss of body heat in cold water. Wearing a life jacket allows a person to draw their knees to their chest and arms to their sides.

The Coast Guard 9th District is warning Great Lakes boaters that falling water temperatures pose safety risks even as air temperatures stay warm. The National Weather Service reports that the water temperatures in Lake Superior are already reaching 50 F, with lakes Ontario, Huron


Golden Magnolia Award for Antwerp Port Rep.

Golden Magnolia Award ceremony

  Jan Van der Borght, the representative of the port of Antwerp in Shanghai, has been presented with the Golden Magnolia Award. Two years ago he won the Silver Magnolia Award, so that now he is only the second Belgian and the first representative of a foreign port to receive both the


Discovered Franklin Expedition Ship is HMS Erebus

HMS Erebus (Image: Parks Canada)

The Franklin Expedition ship discovered in early September by the 2014 Victoria Strait Expedition is Her Majesty’s Ship (HMS) Erebus. Sir John Franklin, who was in command of the Franklin Expedition, sailed on HMS Erebus, Canadian Prime Minister Stephen Harper announced Wednesday.


USS Princeton Wins CNRSW 'Good Neighbor' Award

Officers and crew of guided missile cruiser USS Princeton (CG 59) bestowed with the 2014 Navy Region Southwest Project Good Neighbor flagship award

  The officers and crew of guided missile cruiser USS Princeton (CG 59) were named as the recipients of the 2014 Navy Region Southwest "Project Good Neighbor" flagship award for medium-sized sea duty commands, Sept. 29. Princeton was one of eight Navy Region Southwest units


Antwerp Ro/Ro Terminals Start with Paperless Export

Antwerp roro terminal

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


Antwerp Port & Shanghai Sign MoU

Port of Shanghai

  The port of Shanghai, the largest in the world, and the port of Antwerp, the second-largest in Europe, are to collaborate more closely. A Memorandum of Understanding (MoU) was signed to this effect during the recent trade mission to Shanghai


Transocean to Raise Money with Caledonia Offshore Offering

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that Transocean Inc., its wholly-owned subsidiary, intends to proceed with an unregistered offering of shares of Caledonia Offshore Drilling Company, a wholly owned subsidiary of Transocean, in connection with an offering being made to eligible


Dayang Shipbuilding Delivers 200th Ship

An IMR GPA696 was recently christened and delivered at Dayang Shipbuilding Co. on October 15, 2014, a significant milestone in that the ship is the 200th ship built since the company was founded 10 years ago.

An IMR GPA696 was recently christened and delivered at Dayang Shipbuilding Co. on October 15, 2014, a significant milestone in that the ship is the 200th ship built since the company was founded 10 years ago. Representatives from the government, banks, Bourbon, BV


TEN Comments on Tanker Market Conditions

Photo: Tsakos Energy Navigation

Crude price drop and dollar strength benefit TEN’s bottom line materially; third quarter financial results to be announced on November 21, 2014 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) said today it believes that the recent decline in TEN’s stock is


Charity Selected for 2015 OTC Dinner

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The Offshore Technology Conference (OTC) announces the 2015 beneficiary of the Annual OTC Dinner—the Independent Petroleum Association of America (IPAA) and the Petroleum Equipment & Services Association (PESA) Energy Education Center for the benefit of the Energy Institute High School


USCG Rescue Two from Their Diabled Sailboats

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  The Coast Guard rescued two people Friday after both of their sailboats became disabled approximately five miles west of the Chesapeake Bridge Tunnel near Hampton. Watchstanders at Coast Guard Sector Hampton Roads received a call from Hampton Police dispatch at approximately 3:50 a.m






 
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