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Strong Results

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. Net income for the quarter included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process. The weighted average number of diluted shares used in the computations was 17,529,674 and 17,366,833 for the second quarters of 2004 and 2003, respectively. For the second quarter of 2004, operating income was $19,704,000, compared with $16,324,000 for the second quarter of 2003. EBITDA for the second quarter was $32,507,000, compared with $27,266,000 for last year's second quarter. Revenues from vessels for the quarter were $58,959,000, compared to $44,442,000 recorded in the second quarter of last year. Time charter earned revenues for the second quarter of 2004 were $37,313,000 or approximately 68% of revenue on a time charter basis, as opposed to $36,488,000 or approximately 87.3% for the same quarter last year.


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


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


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


CP Ships 3Q Results

CP Ships Limited today announced unaudited operating income for third quarter 2004 of $41 million, up from restated $38 million operating income in third quarter 2003. Net income available to common shareholders was $31 million compared to restated $27 million in the same period 2003. Basic earnings per share was $0.34 compared with restated $0.30 in third quarter 2003. EBITDA(A) was $72 million compared to restated $67 million in third quarter 2003


Navico Reports 2012 Profitability and Market Share

Navico — selling under the Lowrance, Simrad and B&G brands — announced its operational performance results for the fourth quarter and the year ending December 31, 2012. Revenue in the fourth quarter increased by 27% compared to the same period in 2011, ending the year on the same strong note as earlier quarters in 2012. Overall, the revenues for the year were up 15% to MUSD 256.0 in a flat market. This resulted in Navico increasing its global market share by around 4


Offshore Service Provider's 'Excellent' 2012 Profits

UK's James Fisher & Sons plc announces its results for the year ended 31 December 2012. Highlights: ·      Revenue increased by 18%, underlying operating profit by 14% and underlying earnings per share 15% ·      Strong performance resulting from the Group's strategy to focus on high growth niche marine services markets ·      Specialist Technical benefitted from the BP Angola contract


Irene Waage Basili wins 2013 WISTA-award

Irene Waage Basili (Photo: Kongsberg)

CEO in GC Rieber Shipping, Irene Waage Basili, has been awarded the WISTA LeaderShip Award 2013 by WISTA Norway. Basili received the award as an acknowledgement of her strong efforts and diversified achievements within the Norwegian maritime industry. The award will be handed out Tuesday, June 4 at the Nor-Shipping seminar “Maritime Woman.” ”Irene Waage Basili has demonstrated the WISTA values in practice. She is professional, open and dedicated


General Dynamics Reports 2Q 2014 Earnings

Phebe N Novakovic , Chairman and CEO

  General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter earnings from continuing operations in 2013 of $640 million, or $1.81 per diluted share


Gas Prices Help Offset Statoil's Output Drop

Valemon sail away (Photo: Ben Weller AP/Statoil)

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter


Statoil's 2Q 2014 Results

President and CEO Helge Lund

  Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter


Leighton HY14 net margin Up to 2.7%

The Leighton Group reported an increase in total revenue

  Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million, up on HY13 * NPAT of $291 million. Underlying NPAT of $319 million, up on HY13


Singapore's Ezra Holdings Profits Rocket

Offshore construction vessel: Photo EMAS

Ezra informs that it has sustained another quarter of growing revenues and improving operating performance with fiscal 9M 2014 revenues crossing the US$1 billion mark. Highlights Gross profit up 73% to US$163.6 million in 9M14 on strong contribution from Subsea Services division


Beijing Forced to Use Low-Sulfur Coal from August 1

Anti Pollution measures

  Xinhua News Agency reported on Saturday that Beijing from August 1 will be forced to use low-sulfur coal to help improve air quality in Beijing. Reported, citing the Beijing Municipal Bureau of Quality Supervision, said, according to the "low-sulfur coal and products" local


Typhoon Batters Philippines, Thousand Flee to Manila

Rammasun hits eastern Rapu-Rapu island, heads towards Manila; Strongest storm after last year's Haiyan. Thousands evacuated from coastal villages. Thousands of people in the Philippines fled from their homes on Tuesday as the strongest typhoon to hit the country this year made landfall


DNV GL Signs Certification Deal With Blade Maker Sinoma

Mr. Daniel Hein, Country Manager Renewables Certification, DNV GL and Mr. Chen Chun, Vice President of Sinoma sign the partnership agreement.

  DNV GL and the wind turbine blade manufacturer Sinoma signed a partnership agreement for certification of Sinoma’s products to improve the reliability and quality of blades manufactured in China. Certification ensures that turbines that use blades produced by Sinoma comply to


AMP Applauds Confirmation of MARAD Administrator

Paul ‘Chip’ Jaenichen as U.S. Maritime Administrator

The American Maritime Partnership (AMP), the voice of the domestic maritime industry, has released the following statement on the U.S. Senate confirmation of Paul ‘Chip’ Jaenichen as U.S. Maritime Administrator:   “AMP members appreciate Administrator Jaenichen’s


Volumes Up for Cleveland’s New Liner Service

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April


UK Club Rating Upgraded by S&P to A (Stable)

Financial rating image credit UK Club

Leading P&I club, the UK Club informs it has received the full report from Standard and Poor (“S&P”) explaining its reasons for upgrading the Club's financial rating. Extracts follow: The report explains that, in assessing the Club’s business and financial risk profiles


Good Profitability Noted in Wärtsilä H1 Interim Report

Wärtsilä 46DF Engine: Image courtesy of the manufacturers

Power solutions providers for the marine and energy markets, Wärtsilä, has released a summary of its Interim Financial Report January-June 2014, excerpted as follows: Highlights of the Review Period January-June 2014 Order intake decreased 5% to EUR 2,305 million (2


Yara 2Q Results Report Improved Margins

Logo

  Yara International ASA delivered strong second-quarter results, with improved European commodity margins due to lower gas price. The results were impacted by lower nitrate deliveries, but NPK deliveries and value-added premiums remained strong.


Shipbuilders Vard Report Financial Fair Sailing

OSV Rendering courtesy of Vard

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”), and first half ended 30 June 2014 (“1H2014”). Highlights are as follows:


Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines. Typhoon Matmo, a category-two cyclone on Tropical Storm Risk's scale of one to five






 
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