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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


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


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


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


Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.   A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and five others had cheated the Italian navy out of 7 million euros ($8.6 million) for fictitious bunker fuel delivered from a non-existent vessel.


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


Scorpio Bulkers Sells Three Newbuilds for $111m

Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for approximately $111 million in aggregate. The Capesize vessels are currently being constructed in China and South Korea


Lagos Port Drags on Africa's Top Economy

Ruling party reforms improved Apapa port; shippers still face delays and corruption. The road leading to the Lagos port, which handles nearly everything that Africa's biggest economy imports, is one of the most congested in a megacity whose traffic jams are legendary.


APM Maasvlakte II Terminal Opens

King Willem-Alexander officialised the opening of Maasvlakte II by informing a remote crane operator to launch the multi-coloured ballet of containers on 62 battery-powered Lift-Automated Guided Vehicles. Next to him are CEO of the Maersk Group, Nils s. Andersen and CEO of APM Terminals, Kim Fejfer. Photo: Maersk Group

 APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch King Willem-Alexander and 500 representatives of the port industry and governments from around the world


HMS Prince of Wales Bridge Sets Sail

Photo: BAE Systems

The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth.   Upper Block 07 is where HMS Prince of Wales will be commanded atop the flight deck and is known as the Forward Island


Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday. "Starting in the second quarter we think the positives will be more important than the negatives and


Navios Buys 14 Distressed Ships from HSH Nordbank

Image: Navios Maritime Partners

 Navios Group has agreed to acquire another 14 vessels from HSH Nordbank in the second major distressed fleet deal between the two parties in the past two years.   HSH Nordbank and the Navios Group have signed a binding letter of intent for the acquisition of 14 ships at serious risk


Delivery Begins for HMS Prince of Wales Bridge

(Photo courtesy of BAE Systems)

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.   Upper Block 07 is where HMS Prince of Wales will be commanded atop the flight deck and is known as the Forward


IMO Conference to Address Ferry Safety

Photo: AMSA

Conference on the enhancement of safety of ships carrying passengers on non-international voyages, Manila, the Philippines, April 24, 2015   The International Maritime Organization (IMO) will hold an international conference on the enhancement of safety of ships carrying passengers on


World’s First LNG-Powered Containership Launched

Isla Bella: General Dynamics NASSCO

 General Dynamics NASSCO launched the 3,100 teu Isla Bella, the world’s first LNG-powered containership. More than 3,400 shipbuilders, their families, and others attended the special event at the San Diego-based shipyard.  


2 Damen Tugs for KOTUG’s European Harbor Towage

ZP Bear will complement our fleet of tugs operating on the River Thames

  Damen Shipyards Group delivered two sister tugs ATD 2412 ‘ZP Bison’ and ‘ZP Bear’ to strengthen KOTUG’s European Harbour Towage. On April 8th 2015, the sister tugs were handed over by designer and builder Damen to her owner Elisabeth Ltd in order to operate


Seaspan Takes Delivery of New Containership

Image: Seaspan Corporation

 Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's second 14000 TEU SAVER design containership and third delivery in 2015.  


More Data Shows Chinese Slowdown

Chinese slowdown confirmed in Chinese and IMF data   The Chinese economy grew by 7% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overall growth in six years. Growth during the quarter was strongest in the industrial sector (6


ADMIRALTY e-NPs - NMs in Seconds

Image: ADMIRALTY

e-NPs are official ADMIRALTY Nautical Publications in a convenient electronic format. Easy to use and update, theyaim to  bring improved efficiency, accuracy and access to information bridge crews need.   e-NPs offer weekly notices to mariners added in seconds


Canada Releases Tanker Safety System Report

The Government of Canada has released the second report of the independent Tanker Safety Expert Panel, “A Review of Canada’s Ship-source Spill Preparedness and Response: Setting the Course for the Future, Phase II – Requirements for the Arctic and for Hazardous and Noxious


Jason Dunham Sailors Paint Bulgarian Orphanage

USS Jason Dunham (DDG 109) Executive Officer Cmdr. Kevin Hoffman answers questions, while providing a tour of the ship by for children from a Bulgarian orphanage Courtesy USN

  On a chilly April 4, day, Sailors from USS Jason Dunham (DDG 109) boarded a bus to Princess Nadejda Orphanage in Varna, Bulgaria, paint brushes in hand, for an afternoon with local children excited to spend time with their new American friends.






 
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