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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


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


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


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


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


Blood Pumping With Mobile CPR Unit for HII's Newport

Hands-only CPR Training at Newport News Shipbuilding

  Huntington Ingalls Industries' Newport News Shipbuilding division partnered with the American Heart Association to teach shipbuilders how to perform hands-only CPR during a demonstration Thursday. The American Heart Association provided the shipyard a mobile CPR unit for on-site


China's Navy Enters Strait of Hormuz

Bandar Abbas, home of Iran's navy and the main port in the strategically important Strait of Hormuz, is currently hosting two Chinese naval vessels on a five-day goodwill visit, underlining the increasingly warm relationship between the two countries.


EBDG Names Kelton Field Liaison Engineer

Jeff Kelton

Elliott Bay Design Group (EBDG), a Seattle-based Naval Architect and Marine Engineering firm with offices in New Orleans and Ketchikan, Alaska, today announced the hire of Jeff Kelton as its Field Liaison Engineer in Ketchikan. Kelton is a naval architect with more than 38 years of industry


Salamander to Start Drilling in G4/50, Gulf of Thailand

Image for G4/50, Gulf of Thailand

  Salamander announces that its Environmental Impact Assessment (“EIA”) for exploration drilling in the G4/50 licence, Greater Bualuang area, Gulf of Thailand, has been granted conditional approval. Of  the 20 drilling locations in the original EIA


W&O Supplies Actuated Valve Solution for Vigorous

Image: W&O

The marine industry watched as the United States’ largest floating drydock, the Vigorous, was delivered to its final home at Vigor Industrial’s Portland shipyard on the Willamette River in August. W&O is one of the partners that supported Vigor in this $40 million dollar project


Keppel to Convert Second FLNGV for Golar

Keppel to convert second FLNG vessel

  Keppel Shipyard Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, informed that it is in the process of finalising contracts with Golar Gimi Limited (Golar Gimi), a subsidiary of Golar LNG Limited (Golar LNG), to perform the conversion of a second Moss LNG carrier


GDP v TEU: DMR Analyses the Interplay

Container cranes: Photo courtesy of ABB

The strength of first-half 2014 container flows from Asia to Europe flies in the face of the macro-economic data coming out of Europe, says Drewry  Maritime Research (DMR) in their latest ‘Container Insight Weekly’, excerpted here.


Fight Piracy – Intelligently

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Technology and Experience Go Hand in Hand While global piracy is constantly changing, modern technology adapts to exploit the weaknesses in the pirates’ mode of operation. Intelligence gained from such technologies enables voyage planners and navigators to steer clear of harm – but


Dedicated Recruitment Day at SMM 2014

Expo entrance: Image SMM

SMM, Hamburg, Expo says it recognises that the competitiveness of a company depends largely on its employees, and consequently has dedicated 12, September as a recruiting day, providing a venue to bring potential employers and employees under one roof.


ESAB Boasts Over a Century of Technological Innovation

ESAB boasts more than a century of technological innovation

  September 2014 marks the 110th anniversary of ESAB Welding & Cutting Products. A world leader in welding and cutting technology, with the broadest, most complete line of products and solutions for industry, ESAB’s reach extends to almost every nation in the world, with more than 8


MN 100: Ingram Barge Company

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4400 Harding Road Nashville, TN 37205-2290 Tel: (615) 298-8200   Email: Elizabeth@tsgnashville.com Website: www.ingrambarge.com CEO: Orrin H. Ingram The Company: Ingram Barge Company (IBCO) has been a quality marine transporter on America’s inland waterways since 1946


MN 100: Tradesmen International

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9760 Shepard Rd Macedonia, OH  44056 Telephone: 800 573 0850 E-mail: ed.rojeck@tradesmeninternational.com Website: www.tradesmeninternational.com CEO/President: Joseph O. Wesley Number of Employees: 9,500 The Company: Tradesmen International provides custom staffing solutions that


Survey Vessel Delivered to Fugro N.V.

Fugro Pioneer

Fugro Pioneer is the second of three vessels to be delivered to Fugro in 2014. Fugro has taken delivery of the second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact, survey ship capable of undertaking a wide range of survey


Fugro Takes Delivery of 2nd Coastal Survey Vessel from Damen

Second Fugro Offshore Coastal Survey Vessel delivered

  Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact, survey ship capable of undertaking a wide range of survey, monitoring and inspection operations.


Second Sailing Added to Cleveland-Europe Express

Photo: Spliethoff

The Port of Cleveland and Amsterdam-based Spliethoff Group announced today their mutual intent to add a second monthly vessel to the Cleveland-Europe Express (CEE), the only scheduled ocean service for containerized and breakbulk freight operating between Europe and a Great Lakes port.






 
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