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
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.
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
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
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%.
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.
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
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
Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market
Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately
Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility in the market as vessel operators continue to wrestle with overcapacity. Rates for transporting containers from Asia to Northern Europe
The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm to 36 percent will help restructure the business. It has finalized an overall plan for the development of its
Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging. Group net profits jumped to $13.8 million in 1Q15 from $6
On 6 May 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 12 May 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous
General Maritime Corporation and Navig8 Crude Tankers Inc. complete merger to create large owner of modern eco VLCCs General Maritime Corporation and Navig8 Crude Tankers Inc. have completed a merger to create Gener8 Maritime, Inc., a U.S
CEO, CFO to step down, new CEO from inside company. The CEO and finance chief of Dutch builder Imtech have resigned from the company, as a drop in sales and weaker profit margins showed plans to restore confidence following an accounting scandal were faltering.
U.S. soybean supplies were expected to balloon 43 percent in the 2015/16 marketing year despite a drop in production due to increased competition on the export market, the U.S. government said on Tuesday. In its first estimate of the supply situation for the 2015/16 marketing year, the U.S
Singapore shipbuilding group ASL Marine has posted a sharp drop in net profit for its third quarter as revenues from its shipbuilding, shiprepair and chartering segments fell across the board. Net profit for the three months to March 31 plummeted 65
Maersk Line lost market share in container shipping in the first quarter, disappointing analysts who said A.P. Moller-Maersk's forecast-beating results on Wednesday had been helped by one-offs. While the world's largest container shipping business reported a jump in net profit to
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before
Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an
Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping
DHT Holdings, Inc. announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on November 26, 2014 to stockholders of record as of the close of business on November 20, 2014, (ii) cash dividend of $0