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
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.
China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union. While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China's crude and fuel markets
Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private. Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016
The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year, traders said on Monday. Marsa Maroc was established in 2006 and manages terminals at nine
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Clarksons Research Report. While the hike in Chinese iron ore imports in the year to date has supported Capesize demand
Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge.
As the global shipping industry facing tough weather, the $5.25 billion expansion of the Panama canal is set to open Sunday (June 26), reports AP. The deeper, wider channel is designed to accommodate the world’s growing fleet of mega cargo ships and expanding trade between North
Starting July 1, Crowley Maritime Corporation will offer weekly, fixed-day, less-than-container-load (LCL) shipping services from Houston to 33 port destinations throughout the Caribbean Basin, the shipper announced today. The new logistics service is designed to enhance supply chain
Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the
Polarcus Limited announced the award of share options to two Primary Insiders. 500,000 share options were granted to the Company's newly appointed General Counsel, Mr. Caleb Raywood, and 500,000 share options were granted to Mrs. Tamzin Steel in the newly created position of Senior Vice President
OPEC's full-year 2016 oil export revenues will probably fall 15 percent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, the U.S. Energy Information Administration (EIA) said on Wednesday.
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.
South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms. "Our key industries like shipping and shipbuilding are being aggressively caught up
Danish utility and offshore wind farm developer DONG Energy has narrowed the price target for the company's share sale in Copenhagen, cutting off the top end of range, one source with direct knowledge to the matter said. The price range has been narrowed to 225 Danish crowns and 235
Growth in natural gas demand will slow to an average 1.5 percent a year globally through 2021, as stagnation in Europe and uncertainty about Chinese consumption offsets robust growth in India, the International Energy Agency (IEA) said on Wednesday.
Chief Executive Officer Njaal Saevik in offshore service vessel owner Havila Shipping told Reuters in a telephone interview: From Havila's point of view "it may be reasonable to consolidate (the industry) but we believe each company needs to have its own solutions in place before going