Marine link
 

Strong Results

Steamship Reports Strongest Results

Image: Steamship Mutual Underwriting Association

The Steamship Mutual Underwriting Association (Bermuda)  achieved a combined ratio of 78.6% for the 2014-2015 policy year, one of the strongest results in its 100-plus years of existence. Free reserves increased by US$75 million to US$376.2 million and the financial year combined ratio was 78.6%, one of the strongest results in the Club’s history. For the 2014/15 policy year, when compared to the preceding year, the Club again experienced fewer claims in the layers below US$250,000 but the average cost of such claims rose by 7%. The number of larger claims was similar to that experienced in recent years but their average cost was significantly lower and the Club incurred only one claim on the Pool. Overall net estimated claims, including IBNR provision and after reinsurance recoveries, are US$198.4 million, 13.4% below the figure for the 2013/14 policy year at the same point. The combined investment portfolio recorded a gain of US$13.7 million, a 1.3% return, and the total of cash and investments increased by 7.0% to US$1,041.9 million. Returns on bonds, equities and hedge funds of funds were subdued by a minimal return on short term US Treasuries, which formed the majority of the portfolio until the end of the year, and by revaluation losses on non-US dollar assets which are held to match claim liabilities


Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003


Strong Results for Northrop Despite Hurricanes

Northrop Grumman said on March 7 that excellent fourth quarter numbers posted in Newport News helped keep the company's shipbuilding business going strong despite suffering heavy damage from Hurricane Katrina. Northrop Grumman estimated that the company incurred $1 billion worth of property and equipment damage on the Gulf Coast. According t the daily Press, Northrop's insurance carriers are covering the first $500 million


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


Cummins Reports Revenue Jump in Q2 2014

Tom Linebarger

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Revenues in North America increased 14 percent while international sales decreased 1 percent compared to the second quarter a year ago


Recovery for European Shipowners?

Pic: Maersk Line

 European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS.   Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to.   A bunker clause is an agreement between charterer and shipowner whereby the charterer pays


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


Strong Returns for Sovcomflot

Grand Aniva is one of two Sovcomflot LNG tankers chartered by the operator of the Sakhalin-2 project – Sakhalin Energy Investment Company (SEIC). The photo has been provided by SEIC.

 Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months.   It has posted a gross revenue increase of 11.8 per cent in the first half of 2015 worth USD 754.9 million against last year’s equivalent of USD 675. 2 million.   In addition, the company’s net profit marked a hike from USD 63.6 million in 2014 to USD 216


UK Marine Industry Continues Growth

File image: UK Flag

UK marine industry grows for fourth consecutive year; new figures released at the London Boat Show 2016   The U.K. leisure, superyacht and small commercial marine industry continue to grow, according to new statistics published today by British Marine at the London Boat Show 2016.   The statistics, which are released alongside British Marine’s bi-annual Industry Trends survey, show: Industry revenue stands at £2.97 billion for 2014/15, up 1


Dorian LPG Post 3Q 2016 Profit

Courtesy Dorian-LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. Highlights – Third Quarter Fiscal 2016   * Revenues of $93.3 million


Cautious Optimism in LPG Shipping: Dorian LPG

Photo: Dorian LPG

 Global liquefied petroleum gas (LPG) export volumes for the calendar 2015 reached 80 million metric tons, an 11 percent increase over the previous year.    U.S. LPG exports alone reached a record of nearly 21 million metric tons


HamiltonJet Debuts JETanchor Positioning System

Global waterjet manufacturer HamiltonJet has launched its latest vessel positioning system, JETanchor.   Developed from the blueARROW controls platform JETanchor is the newest addition to the HamiltonJet controls’ product range, developed and tested over the past 18 months


Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of $39.8 million. These vessels are the m/v Sunshine, a 2010 built Panamax dry bulk vessel of 75


US Needs to Strengthen its Navy -Paul Ryan

Paul Ryan (Photo: Office of Paul Ryan)

Tension over the South China Sea highlights the need for the United States to maintain a strong navy to serve as a deterrent, U.S. House Speaker Paul Ryan said on Thursday, criticizing the Obama administration for proposals he said would reduce the U.S. naval fleet.  


Charleston Harbor Deepening Project Clears Next Hurdle

The 52-foot Charleston Harbor Deepening Project was recommended to Congress for authorization this week, continuing the project's momentum through the U.S. Army Corps of Engineers (USACE) planning process.   Known as the Record of Decision


74th Consecutive Dividend from NAT

Courtesy Nordic American Tankers Limited

  The Board of Nordic American Tankers Limited (NAT) has declared a cash dividend of $0.43 per share to shareholders of record January 27, 2016. The dividend is expected to be paid on or about February 10, 2016. The first dividend was paid in the autumn of 1997 and dividend payments have


U.S. Freight Volume Dips: Kemp

File image: Barge fleeting operations on the U.S. inland river system (WCI)

Freight volumes in the United States have fallen year on year for the first time since 2012 and before that the recession of 2009, according to the Bureau of Transportation Statistics. The total volume of freight moved by road, rail, pipeline


Long Beach Tops 7 Mln TEUs

Courtesy Long Beach Port

  Propelled by six consecutive months of rising cargo volumes in the final two quarters of 2015, the Port of Long Beach recovered from systemic congestion and cargo diversion in the first quarter to deliver one of its strongest results on record


Puget Sound Box Volumes Rebound in 2015

Photo: The Northwest Seaport Alliance

 International container volumes through the Puget Sound rebounded strongly in 2015 with The Northwest Seaport Alliance handling more than 3.5 million 25-foot equivalent units (TEUs), an increase of 4 percent.   Container volumes grew despite the slowing Chinese economy and volume


Tourist Boat Sinks off Nicaraguan Island Killing 13 Costa Ricans

Admiral Marvin Elias Rodriguez Corrales  Courtesy Nicaragua Navy

Thirteen people died on Saturday after a small tourist boat sank amid strong winds off a remote island in the Caribbean sea, Nicaraguan government spokeswoman Rosario Murillo said. The victims, all from Costa Rica, died when the "Caribbean Queen" sank near Little Corn Island


BIMCO: Tanker Market Stays Strong, Demand is High

The KOTC operated VLCC Al Kout. (Photo: DSME)

According to a recent BIMCO Shipping Market Analysis, the global tanker market remains a bright spot in the global shipping market, with demand staying high. Below is a synopsis of the report's latest findings.   More than anything else


Canadian National Rides High in Intermodal Growth

Image: Canadian National Railway

 The Montreal-based Canadian National Railway (CN) reported a higher fourth-quarter profit and raised its dividend, bucking a weak trend among major North American railroads.   However, it has given an uncertain but far rosier outlooks for 2016 than most of its North American


Ro-Ro Volumes at Ports of Stockholm Thrive

Courtesy Ports of Stockholm

High volumes of RoRo freight in December generated the strongest end of year monthly figures at Ports of Stockholm since 2011. Freight volumes in the RoRo segment, goods transported by haulage vehicles on ferries, were higher than the December totals for the previous three years


Evergas Acquires 4th multigas LNG vessel

Courtesy Evergas

Evergas’ latest addition to its fleet, the 4 th ‘dragon class’ 27.500 cbm multigas LNG carrier in a series of eight was successfully named today the 28th of January, at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China.






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright