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
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
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.
In the period from 18 August up to and including 22 August, Royal Boskalis Westminster N.V. (Boskalis) repurchased 150,500 of its own shares at an average price of EUR 41.5715 per share for a total consideration of EUR 6,256,515.50 million.
Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp
Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday
Leading shipping services group Clarkson PLC (Clarksons) has reported its unaudited Interim Results for the six months ended 30, June 2014. Summary • Strong performance in continued challenging market conditions
In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.
*Container throughput in Hamburg up by 2.1 % *Container transport grows by 9.0 % *Improvements in revenue and operating result *HHLA confirms forecast In the first half of 2014, Hamburger Hafen und Logistik AG (HHLA) increased its revenue by 5.2 percent to € 595
The Port of Los Angeles has released its July 2014 containerized cargo volumes. In July 2014, overall volumes increased 0.25 percent compared to July 2013. Total cargo for July was 717,407.00 Twenty-Foot Equivalent Units (TEUs). Container imports dropped 1.98 percent, from 370,745
Conrad Industries, Inc. announced its second quarter and six months 2014 financial results and backlog at June 30, 2014. For the quarter ended June 30, 2014, Conrad had net income of $6.8 million and earnings per diluted share of $1.14 compared to net income of $6
Royal Boskalis Westminster N.V. (Boskalis) announces the start of its share buyback program. Within the framework and based on the principles of its business plan for the 2014-2016 period Boskalis intends to execute a buyback program for up to 10 million of its own shares
Highlights Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014.
Singapore Technologies Engineering Ltd (ST Engineering) announced today that the Group posted quarterly revenue of $1.59b for the second quarter ended 30 June 2014 (2Q2014), which is comparable with the prior year’s revenue in the same period.
Germany's Hapag-Lloyd's said it expected operating profit to drop considerably this year after tough competition in container shipping dragged freight rates lower in the second quarter. The company, partly owned by TUI AG, posted a second-quarter operating loss of 73.7 million euros ($98
Cash dividend of $0.12 and dividend-in-kind of NAO shares declared (worth $0.16/sh). Operational performance remains strong as fundamentals improve. The strong winter market at the beginning of the year subsided in 2Q2014
Reference is made to the open market partial tender offer for up to 650,000 shares of Aker Philadelphia Shipyard ASA announced on 7 August 2014. Pursuant to the offer, only a limited number of shares were tendered to the company
Brent crude slipped under $105 a barrel on Monday, dropping from a one-week high hit on Friday, as U.S. intervention in Iraq eased concerns over the risk of disruption to supply from OPEC's second-largest producer. * U.S. conducts air strikes on Islamic State targets in north Iraq