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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


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


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


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


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


Lamprell First Half Results Beat Expectations

Muhaiyimat project for National Drilling Company (Photo: Lamprell)

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives, generating improved margins. Revenues rose by $125.7 million against H1 2013 as a result of the high H1 activity levels and phasing of construction activity during the period. According to Lamprell, successful rights issue and refinancing provides a strong financial platform and enables delivery


Aker Solutions Revenue Steady

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Sales NOK 8 billion in 2Q 2015 vs NOK 8.1 billion in 2Q 2014 Earnings before interest, taxes, depreciation and amortization (EBITDA) NOK 547 million vs NOK 608 million a year earlier EBITDA margin 6.8% vs 7.5% a year earlier EBITDA margin ex. one-off items 7.6% vs 7.5% a year earlier


Strong Half Year for Antwerp Port

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  The port of Antwerp handled 104,529,242 tonnes of freight in the first six months of this year, up 6.4% on the same period last year. The strong performance during the half year was mainly due to the impressive growth in container freight (up 9.5% in TEU and 7


Eagle Ocean Marine Grows Market Share

Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, Inc. (Photo: EOM)

Robust development of recent years supported by strong operating results: Mutual club pedigree enhances Insurer’s stature in fixed premium sector   Eagle Ocean Marine (EOM), the specialist fixed premium P&I and FD&D (Freight


South Australia Seeks Shipbuilding Job Guarantees

Image - Commonwealth of Australia: Navy Imagery Unit

 The South Australian Government has outlined three key points on shipbuilding it wants addressed by the Commonwealth's Defence White Paper next month.   It wants (1) a minimum 70 per cent Australian worker participation in the building, similar to the Collins Class submarines


Stolt-Nielsen's Results Show Bright Future

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  Stolt-Nielsen Limited today reported unaudited results for the second quarter ended May 31, 2015. Net profit attributable to shareholders in the second quarter was $42.5 million, with revenue of $500.7 million, compared with a net profit of $38.7 million, with revenue of $487


Container Equipment Costs at Record Low

Source: Drewry Maritime Research

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition of the Container Census report published by global shipping consultancy Drewry.  


Silversea Cruises Plans New Flagship

Silver Muse. Image: Courtesy of Silversea Cruises

 Cruise operator Silversea Cruises has unveiled its new flagship, the Silver Muse, which will begin sailing the seas in April 2017.    Built by Italian shipbuilding company Fincantieri, the 40,000-register-tonne ultra-luxury ship will accommodate 596 guests in spacious all-suite


De Nora Acquires Severn Trent's Water Purification Business

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  De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies, will be focused on delivering sustainable and innovative water and wastewater technologies for municipal


Maersk Sells Its Stake in ESVAGT

ESVAGT. Photo: Maersk Group

 Danish conglomerate A.P Moller-Maersk said Tuesday two international infrastructure investors have agreed to buy 100% of the Danish company ESVAGT from Maersk Group and ESE-Holding A/S.   The sale amounts to a value of 4.1 billion Danish kroner equaling to approximately USD $610


Dry Bulk Market Crisis: Opportunity or Threat?

File photo

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is


Thailand $1 bln Submarine Deal with China

General Prayut Chan-o-cha, Prime Minister. Photo by Royal Thai Government

 Thailand’s navy has approved a 36 billion baht ($1.1 billion) plan to buy three submarines from China, reports local media. Royal Thai navy officials selected China over competing bids from Russia, Sweden, France, Germany and South Korea.   


$ 10 mi Infusion to Fuel Growth of Satcom Global, AND Group

“ BGF’s investment enables us to make the next step in fulfilling the long-term growth strategy of BSS, allowing us to address additional growth opportunities & partnerships across key geographies & specific market segments

  Broadband Satellite Services Ltd (BSS), parent company of satellite communications provider Satcom Global and marine engineering firm AND Group, has received a $10m investment from UK based organisation, Business Growth Fund (BGF).


Maersk Discoverer Finishes Well Ahead of Time

Semi-sub Maersk Discoverer drilled deepest well ever in Egypt

  In the beginning of May, the crew on Maersk Discoverer reached a great milestone when they finalised their latest well two months ahead of time. The well was another East Nile Delta success for BP, discovering 50 m of gas pay in high-quality Oligocene sandstones.


Subsea 7 Teams up with OneSubsea

Image: Subsea 7

Subsea 7 and Houston-based OneSubsea have announced the signing a global alliance agreement to combine resources and collaborate on selected projects.   The firms will jointly design, develop and deliver integrated subsea development solutions. OneSubsea is owned by Cameron and Schlumberger


Evergas Acquires first Multigas LNG vessels

Courtesy Evergas

  Evergas’ latest additions to its fleet, two ‘dragon class’ 27.500 cbm multigas LNG carriers, were successfully named today at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China. The state-of-the-art carriers were named JS INEOS






 
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