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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.


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


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


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


AES Compliance Seminar in Washington, D.C.

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The Association of Small Business Development Centers (ASBDC) will host an Automated Export System (AES) Compliance Seminar and an AESPcLink Workshop in Washington, DC on September 26-27, 2013. U.S. Census Bureau experts will cover the filing requirements of the Foreign Trade Regulations (FTR), how to classify your commodities by providing an understanding of the Schedule B classification requirements, and provide a thorough overview of the AES. 


ECTUG Adds To Halifax Fleet

Eastern Canada Towing Ltd. (ECTUG) has purchased a newly-built azimuthing stern drive (ASD) harbor tug at a cost of $3.7 million. Named Point Valiant and handed over to ECTUG in December 1998, she has a bollard pull of 45 tons and will be based in the Port of Halifax. Point Valiant replaces a much smaller tug, the 1962-built 24-ton bollard pull single screw Point Vigour. Point Valiant is the second of two identical tugs built by Ocean Industries Inc


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


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


Deepwater Horizon Spill: Fraudulent Claimant Sentenced

Deepwater Horizon pollution: Photo credit Greenpeace

The owner of a Fort Walton Beach business has been sentenced to six months in prison for committing fraud in collecting damages from the BP oil spill, reports the Daily News citing a U.S. Immigration and Customs Enforcement announcement. Arturo Molina, who has been in prison since he was arrested in March, will get credit for time served. He also must pay nearly $14,000 in restitution. An indictment handed down in February states that Molina “submitted false and fraudulent


Putin set on defusing Ukraine crisis

Foreign ministers from East and West will try to defuse the Ukraine crisis on Thursday in Geneva, once frequently the scene of Cold War negotiations, but will risk being upstaged by Russian President Vladimir Putin. With Russian troops massed on the border with Ukraine


Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Valiant: Photo Maersk Drilling

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage towards the US Gulf of Mexico via Singapore to commence a two year contract with


YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received in June and supplied to domestic thermoelectrical companies, according to a document seen by Reuters on Thursday.


Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as the world's largest alternative asset manager struggles to find a target to fit its asset-light business model


Rolls-Royce to Open Brazilian Offshore Facility

Rolls-Royce and U.K. Chancellor George Osborne announced today that the Group will further invest in Rio de Janeiro State to better support customers in the rapidly expanding offshore oil and gas industry. A new £22 million marine facility in Duque de Caxias will be used to assemble and test


Green new-build wins GAC Group Chairman's Environment Award for GEMS

 The commitment of GAC Energy & Marine Services (GEMS) to sustainability when building its new purpose-built office and warehouse building in Houston, Texas, has earned it the First Prize in the GAC Group Chairman's Award for Environmental Excellence for 2013.  


Editor's Note

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Even if, as Marcon International’s Bob Beagle says, barges are the workhorses of the towing industry, then the pushboats that propel the 38,000 (documented and undocumented) deck, hopper, tank, crane and miscellaneous purpose barges to their destinations are the heart and soul of the most


NewLead to Acquire Two Panamax Dry Bulk Vessels

NewLead Holdings Ltd announced today that it has previously signed a term sheet with a leading financial institution to provide 75% debt financing for two second-hand Panamax vessels for a total of $35 million. The two vessels are expected to be delivered to NewLead's fleet within the next three


Today in U.S. Naval History: April 10

USS Thresher (Naval Historical Center photo)

Today in U.S. Naval History - April 10 1941 - USS Niblack, while rescuing survivors of torpedoed ship, depth charged German submarine; first action of WW II between U.S. and German navies 1963 - During diving tests, USS Thresher lost with all hands (112 crew and 17 civilians) east of Cape Cod


Ship Ready to Destroy Syria's Chemical Arms at Sea

The container ship M/V Cape Ray departs Portsmouth, Va., Jan. 10, 2014, for sea trials. U.S. Navy photo by Petty Officer 3rd Class Lacordrick Wilson

Experts on board a cargo ship transformed into a multimillion dollar chemical weapons destroyer said on Thursday they were ready to start working on Syria's stock of toxic arms in the middle of the Mediterranean as early as May. Now they just have to hope the weather holds and Damascus delivers


First Ship Plugged-In to New Port of Hueneme AMP System

Image credit Port of Hueneme

The Port informs that it has conducted its first operational and safety vessel test of its recently installed Auxiliary Maritime Power (AMP) system. Port crews were on hand to view this first vessel ‘plug in’ by Hamburg Sud’s 'M/V Cap Pasley'


Oil Marketer Says Africa Needs to Refine its Oil

Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region.   Tadesse Tilahun, CEO of National Oil Ethiopia


Newport News Shares Modeling, Simulation Practices

Newport-News-built aircraft carrier USS Theodore Roosevelt (Photo courtesy Huntington Ingalls Industries, by Ricky Thompson)

Huntington Ingalls Industries' (HII) Newport News Shipbuilding division will share modeling and simulation practices used in the design and construction of aircraft carriers and submarines during the MODSIM World Conference this week. The shipyard is among more than 25 organizations sharing best


EBDG Hires Two New Marine Engineers

EBDG proudly welcomes two new Marine Engineers to its team: Nick Bannon to its Seattle office and John T.D. Lair to its New Orleans office. Nick Bannon comes to EBDG with eight years of industry experience including extensive knowledge of coast guard regulations


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


 
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