The Associated Press reported that the Street gave a motley review of defense titans Lockheed Martin Corp.'s and Northrop Grumman Corp.'s outlook for the year, a day after both companies posted higher fourth-quarter earnings. Market observers warned that despite solid growth by Lockheed and Northrop in 2006, performance expectations for 2007 appear to be uncertain due to ambiguous budget requests. The Defense Department submits its fiscal 2008 budget request to Congress for approval next month. Initial estimates suggest the defense budget could reach more than $600 billion for 2008 in addition to the $100 billion supplemental request for war spending for the remainder of 2007. CIBC World Markets Corp. research analysts noted that Los Angeles-based Northrop, considered to be one of the U.S. Navy's top ship providers, is expected to see a cutback in shipbuilding as the Navy requested four ships -- rather than the six initially planned for in 2006. There has also been speculation that the Pentagon may issue cutbacks in missile defense and space tracking and surveillance systems. Also facing Northrop has been a slow growth rate, compared to its competitors, due to damage from Hurricanes Katrina and Rita to the company's shipbuilding operations. Shares of Northrop grew modestly by 13 percent in 2006 compared to rival Lockheed Martin which surged 45 percent for the year based on earnings growth.
The All Share Index in Oslo lost a further 4.2 percent in April, and as in March the main reason for the fall was international repricing of technology stocks. However, shipping and offshore companies were not providing any help for the market, as the Shipping Index fell a solid 5.8 percent during the month. Det Søndenfjeldske (SFJ), Ocean Rig (OCR) and Stolt Comex Seaway (SCS and SCSA) all fell between 14 and 19 percent, leading the way down for offshore stocks
Offshore shares on the Oslo Stock Exchange continued to rise in November, buoyed by the continuing high oil price and expectations of increased level of activities from oil companies in the year 2000. After a few dismal months, offshore shares regained the positive position they have occupied for most of the year. Other maritime shares fell during November so it was offshore and cruise that carried the Shipping Index to a 1.9 percent rise for the month and the rise of 36
Though it has sustained economic growth for the past ten years, China’s shipbuilding industry suffered in 2008. The nation contracted 48.3% fewer ships in the first half of the year as compared to 2007. Carrying capacity was down by about 45%, and China’s total market share in the shipbuilding industry dropped to 33.7%.
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for 7 out of 8 months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot) was
Carnival Corp. and Malaysia's Star Cruises surprisingly joined forces in a battle to buy Norwegian cruise firm NCL Holding. The two companies dropped a bidding war in favor of Star's lower $1.1 billion share offer for NCL. Star will stick with its 35 crowns per share bid for NCL, expiring on Feb. 10. Carnival will cancel a planned 40 crowns NCL offer and instead acquire a 40 percent stake in Arrasas Ltd., Star's unit set up to acquire NCL. Star would hold the remaining 60 percent.
Now is the time to buy cruise shares, says a cruise industry review released by Lazard Frères & Co., which notes that although shares have been up and down in the past few weeks with only a 1 percent increase in the last month, the relatively defensive performance of the cruise/leisure segment is encouraging. The report states cruise shares are sensitive to any data showing a slowdown in consumer spending in 2000. In September
Shares of ferry operator Minoan Lines fell around 11 percent in late session trade on the Athens stock exchange on Wednesday, near the bourse's 12 percent limit down, after one of its ferries sank late on Tuesday, killing 48 passengers. Traded volume was 979,939 shares. The shares were trading at 2,995 drachmas ($7.78), up slightly from its day low of 2,935 drachmas, representing a fall of more than 11 percent. But brokers said the share price loss was likely to be temporary.
Royal Caribbean reports Q2 2012 results and updates 2012 guidance Extracts from the company's report are as follows: Since the company's April guidance, the strengthening of the U.S. Dollar and decreases in fuel pricing have essentially offset one another. Business demand remains solid in the Caribbean and Asia, but larger than anticipated discounting has been required in Europe which has resulted in a one percentage point decline to the midpoint of the company's Constant-Currency Net
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling. Contract drillers face a tough year as vessels ordered during boom times are delivered just as energy companies are tightening spending on offshore exploration. Diamond Offshore, whose competitors include Ensco Plc , Transocean Ltd and Helmerich & Payne Inc
Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd has injected S$4.2m (equivalent to INR200m) into its wholly owned subsidiary, SDG Kinetics Pte Ltd (SDGK)
Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC. There, he addressed OTI regulations, port congestion forums and the upcoming U.S
Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.
China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.
The U.S Energy Information Adminstration have provided projections in their short-term Energy Outlook. The highlights are as follows: Highlights * Driven in large part by falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3
India's top court on Friday granted permission for an ailing Italian marine facing murder charges to return home for four months for medical treatment. Massimiliano Lattore, who suffered a stroke in August, is one of two Italian marines being held over the 2012 shooting of two fishermen
Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. * US air strikes could threaten Islamic reprisals -risk
Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices
On 29 July 2014, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2014 would be US$0.0975 per ordinary share (US$0.585 per ADS). This interim dividend is to be paid on 19 September 2014 to shareholders on the share register on 8 August 2014.
The Indian government will not prevent an ailing Italian marine facing murder charges from returning home for medical treatment, Foreign Minister Sushma Swaraj said on Monday. Massimiliano Lattore is one of two Italian marines being held over the 2012 shooting of two fishermen mistakenly
Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy. U.S. jobs figures showed nonfarm payrolls increased by just 142
Today in U.S. Naval History - September 4 1804 - USS Intrepid (LT Richard Somers) blew up in failed attack on Tripoli 1941 - German submarine, U-652, attacks USS Greer, which was tracking the submarine southeast of Iceland. Greer is not damaged, but drops depth charges, damaging U-652.
Shares in BP fell sharply on Thursday after a judge in the United States said the oil major had been negligent in events leading up to the 2010 oil spill in the Gulf of Mexico. BP shares were down by 4.4 percent at 462.45 pence by 1435 GMT. BP declined to comment on the report.
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues
Rune Olav Pedersen is awarded 25 000 Performance based Restricted Stock Units as a result of his promotion to General Counsel and SVP Communications and Marketing of PGS, with effect from September 1, 2014. Following the award