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.
Transocean Ltd shares are expected to move about 8 percent in either direction following its earnings results on Wednesday, options data showed, but positioning among traders suggests some worry. This would be the biggest post-earnings move for the shares in at least eight quarters. The outlook among traders was pessimistic, however, as seven of the ten most active Transocean options on Tuesday were puts, which are usually either a bet on or a hedge against the shares falling
BW Offshore cut its dividend on Monday, blaming lower spending by customers due to a fall in crude prices as well as a deadly accident in Brazil last week. The company, which also met fourth-quarter earnings forecasts, said it planned a dividend of 2 U.S. cents a share for October-December, one cent less than in recent quarters and below expectations for 3 cents in a Reuters poll of analysts. On Feb 11, an explosion on one of BW's oil production vessels offshore Brazil killed five
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
Oil prices fell on Wednesday as concerns about demand for fuel kept worries about a global supply glut intact. Both Brent and U.S. crude significantly pared losses just before government data showed U.S. crude oil inventories fell 1.8 million barrels last week, a bigger drop than analyst expectations for a 100,000-barrel dip in stocks. After initially paring more losses, crude futures pushed lower.
Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar. Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast, fell 9
CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier CWind this summer as the first-of-class CWind Sword continues to impress on the EnBW Baltic 2 Offshore Wind Farm in Germany.
The China's four state-run shipping-related companies are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media. The chances of mergers between China Ocean Shipping, China Shipping Container Lines
London-based shipping advisors Drewry Supply Chain Associates said that shipping liner operators have made significant inroads into cutting CO2 emissions. In its April Logistics Executive Briefing for Importers and Exporters, Drewry Supply Chain Advisors concludes that “overall
Since February, freight rates on the three key container shipping lanes has left the erratic up and down movements behind only to slide week after week. On Friday April 10, 2015 the freight rate including ocean freight and surcharges, i.e
Maritime and Port Authority (MPA) of Singapore said that Singapore bunker fuel sales rose 5.34% month on month and up 12.33% year on year, to 3.58 million mt in March reports Platts. The vessel arrivals in Singapore for bunker fuel rose to 3,295 in March, up 9
Canadian oil storage and transport company Gibson Energy Inc said on Monday it is building 900,000 barrels of crude oil storage at its terminal in Hardisty, Alberta, after receiving sufficient support from shippers. The company will build a 500
Falling oil prices, heightened geopolitical tensions and sluggish, uncertain growth in the global economy are directly impacting the maritime industry, causing Norwegian shipowners to be less optimistic than last year regarding both turnover and profitability
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday due to muted vessel activity. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on lower vessel rates. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped five points
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday as weak demand took its toll on vessel rates. The index, which factors in the average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, pulled down by a fall in rates across all vessel segments. The index, which factors in the average daily earnings of capesize, panamax
Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face
Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo
China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares. The pair are the latest state firms to see merger rumours trigger jumps in their share prices