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Shares Surge

Finnlines Shares Surge

Shares in Finnlines surged last week, with analysts crediting the rise to growing European economic activity and Finnlines' recent deal to buy a stake in shipping group Transfennica. "One reason for the rise could be that it (the share) has fallen quite significantly and has stayed almost unchanged after other cyclicals started to recover," said analyst Ritva Ojala at Conventum. The initial push for the share could have come from Finnlines acquisition of 17% of shipping company Transfennica and agreement with papermaker Stora-Enso to transport its products.


Frontline Shares Surge

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT


NOL Management Changes Causes Shares Rally

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10 percent last Tuesday on optimism over recent management changes, dealers said. "We are buying on the back of increasing confidence in the market, higher assurance that the Fed will not be doing anything drastic and hope that NOL's new management would bring positive changes," said one dealer. In late September, NOL announced the hiring of more senior executives from Sea-Land Services as senior officials


NOL Shares Soar On Management Change News

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.


Seoul Shares Rise; STX Shipbuilding Surges

Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY


IHC Caland Cut

Dutch broker Amstgeld cut is recommendation for Dutch shipbuilding and engineering group IHC Caland to "Underperformer" from "Neutral". Amstgeld said it expected the company to show a "gap" in 2001 profits, as no major floating production and storage unit orders were recorded in the second half of 2000. Although the company will profit from a renewed surge in the oil and gas sector, shares will be hit by the disappointing 2001 situation, Amstgeld said in a note to investors. – (Reuters)


NCL Forecasts Profit Rise, Reiterates Rejection Of Carnival

Norwegian cruise group NCL Holding ASA reiterated opposition to a takeover bid by Carnival Corp. and forecast a surge in pre-tax profits for 2000. Officials said that Carnival, which has offered $880 million for NCL shares, was trying to buy NCL cheap after it suffered a year marred by two accidents with its liners. Officials also said that forecast 1999 profits include extraordinary items of about $20 million after, the Norwegian Sky ran aground in Canada in September and the Norwegian Dream


Share Offer Will Fund Shipping Expansion

China State Shipbuilding Co. said it has completed a private offer of $1.6b worth of new shares to strategic investors to fund expansion. The company sold 400 million new shares to eight investors including its state-owned parent at $3.99 a piece, less than one-eighth of its current share price, according to a filing to the Shanghai Stock Exchange. The share placement was initially announced in January by Hudong Heavy Machinery Co


Containership Bremen Express Named

Hapag-Lloyd is naming the containership Bremen Express in Bremerhaven. The patron of the 335m long mega containership capable of carrying 8,749 standard containers is Hilde Herwig, wife of Thomas W. Herwig, managing partner of the long-established Bremen logistics company Röhlig. With its Bremen Express, Hapag-Lloyd has expanded its fleet to 142 containerships with a total capacity of over 514,000 TEU. It has ordered another 15 identical vessels from the South Korean Hyundai Heavy


Port of LA Cargo Volumes Drop 12% in June

The Port of Los Angeles has released its June 2011 cargo volumes. Total volumes decreased 12 percent compared to June 2010. Exports rose 5.5 percent while import volumes declined 10 percent.  For calendar year 2011, total volumes have increased 2.8 percent compared to the same six-month period in 2010. In 2010, the peak shipping season started earlier than normal with the cargo volume surge coming on strong in June (32% over June 2009) and sustaining through July and August


Ports of LA, Auckland, Guangzhou Form Alliance

Ambassador Vilma Martinez, left, President of the L.A. Harbor Commission, signs agreement along with Yuan Huahui, center, Deputy Director-General of the Guangzhou Port Authority, and Sanchia Jacobs, Manager Global Partnerships & Strategy, Auckland Council. Photo: Port of Los Angeles

 The Port of Los Angeles, Ports of Auckland in New Zealand and Guangzhou in China have signed a memorandum of understanding (MOU) a ground-breaking Tripartite Economic Alliance for promoting closer ties.   “The port of Los Angeles looks forward to collaborating with the ports of


Best May for U.S.-Flag Lakers in 7 Years

lca logo.jpg

U.S.-flag Great Lakes freighters (lakers) moved 10.8 million tons of dry-bulk cargo in May, their highest total for that month since 2008.  The surge is at least partially attributable to the fact that no ice delays were experienced this May.


Teekay Sells FPSO, Announces Dividend Boost

Photo: Teekay

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015


Uni Asia Forms New Subsidiary and Buy a New Vessel

Pic: Uni-Asia Holdings Limited

 Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership.   Fortuna Containership was incorporated in Panama on 20 May 2015


Tsakos Energy Navigation Reports 156% Increase in Q1 Profits

Photo: Tsakos Energy Navigation Ltd

 Greece-based Tsakos Energy Navigation Ltd (TEN) has reported first-quarter profit of $37.3 million from $14.6 million in Q1 2014 - a 156% Increase. On a per-share basis it has profit of 42 cents.   The results topped Wall Street expectations


Bangladesh at Front of Shipbreaking Activity

Graph: Clarkson Research Services

 There has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia/Pacific and Europe account for 88% of the tonnage sold for recycling, according to the latest review of shipbreaking trend by Clarkson Research.    


Aegean Marine Profit Beats Estimates

Image: Aegean Marine Petroleum Network Inc

 Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year.   The results surpassed Wall Street expectations


SFL Adjusts Charter Agreement with Frontline

Photo courtesy of Ship Finance International

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The company currently has 17 vessels on charter to subsidiaries of Frontline


DOF Extends VSAT Contract with Marlink

Skandi Skansen (Photo: Dof Group)

Ongoing service development and customer support help secure new five year deal for entire fleet   DOF Group has renewed its VSAT (Very Small Aperture Terminal) services contract with Marlink for five more years, with options to further extend the services


Ocean Rig to Float Common Stock

Image: Ocean Rig

 Ocean Rig UDW Inc has launched an offering of its common stock, par value $0.01 per share.    As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price


Otto Marine Redeems Preference Shares, Cuts Staff

Image: Otto Marine Limited

 Singapore-listed Otto Marine Limited said one of its subsidiaries – GO Marine Investments Pte Ltd –  had fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash.   “The above transaction is not expected to have any material


Alaska Drilling - Now or Never?

Despite surging production from U.S. shale plays, the scale of long-term production remains uncertain, leading to the question of where will be the next major play? Attention is being focused on Arctic Alaska, where reserves are waiting to be exploited


SFL, Frontline Complete Long-term Charter Agreement

On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance


Ocean Rig UDW Announces Closing

DryShips Inc. is a a Marshall Islands registered company

  DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that  Ocean Rig closed the previously announced offering of 28,571


76% of Boskalis shareholders for Stock Dividend

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  Royal Boskalis Westminster N.V. (Boskalis) announces that 75.70 percent of the shareholders has elected a stock dividend distributed in the form of ordinary shares. As a result, the stock dividend will amount to 3,318,365 shares. For the stock dividend, Boskalis will issue 2,689






 
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