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


Capesize Index Weakens

Photo:  Cambiaso & Risso

 Upward moves in the Capesize index are now starting to stall, according to Freight Investor Services (FIS). "Last week we witnessed some short covering in the market which was supported by the technical picture, and this appears to be now drawing to a close," says FIS.  


Finland's Wartsila Sticks to 2016 Outlook

File Image: a Wartsila built marine engine (Wartsila)

Finnish ship engine and power plant maker Wartsila reported weaker-than-expected quarterly profit and order intake on Wednesday. Wartsila cited tight competition in the energy markets and overcapacity of ships. However, the company repeated its full-year profitability outlook


GTT Cuts Outlook on Ship Construction Delays

French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results on Thursday but cut its 2016 revenue outlook, blaming delays in the construction of some ships.  


Antwerp Port CEO Scoops Baron Title

Eddy Bruyninckx becomes a baron Photo Port of Antwerp

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium the title of baron or baroness is reserved for those who have made a notable contribution in a particular sector


KR to Deliver Engineering, Ship Surveys in Iran

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services


PureBallast Nears Completion of USCG Testing Procedures

PureBallast (Photo: Alfa Laval)

Alfa Laval saiys it continues to move swiftly towards the submission of a U.S. Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1. The company has performed half of the required land-based tests and is set to conclude the remainder of these within Q2.  


North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.3 percent in the financial year ended February 20, 2016. This brings the combined ratio average of the past five years


Fitch Upgrades Palm Beach Port's Bond Outlook to Positive

The Port of Palm Beach District is proud to announce that Fitch Ratings has revised the Rating Outlook on approximately $9.72 million of outstanding Port of Palm Beach District port revenue bonds, series 2005, from Stable to Positive.


Los Angeles Port Approves $1.17 bi Fiscal Budget

Port of Los Angeles

The Los Angeles Board of Harbor Commissioners has approved a $1.17 billion fiscal year (FY) 2016/17 annual budget for the Port of Los Angeles.   As in years past, budget allocations closely align and support the four key objectives of the Port’s 2012-2017 Strategic Plan


nexAir Further Expands Its Southeast US Footprint

Distributor of atmospheric gases and welding supplies, Memphis-based nexAir LLC, announced its merger with 23 Praxair Distribution Southeast, LLC (PDSE) branches located in Florida and southeast Georgia and the acquisition of two Praxair Distribution, Inc. (PDI) branches in eastern Georgia


VL-exit?

Graph: Gibson Shipbrokers

 Earlier this week spot returns in the VLCC market touched their lowest level since October 2014, with TCE earnings for Middle East/Japan (TD3) falling close to $20,000/day, says Gibson Weekly Tanker Market Report.   The current weakness has been essentially driven by the build-up of


Construction of new Stockholm Norvik Port Begins

Stockholm is strategically important for one of the worlds biggest container operators Photo Ports of Stockholm

For Hutchison Port Holdings (HPH), one of the world’s leading container terminal operators, Stockholm is strategically important. In April the final permit was obtained to begin construction of the new Stockholm Norvik Port. Ports of Stockholm will build and own the container terminal


JIP Validates DNV GL's Helica Software

The Helica software module in Sesam includes technology that represents industry consensus for cross section analysis of umbilicals and flexible risers, including fatigue analysis of section components such as helix wires and steel tubes. Using Helica, subsea engineers can reduce the analysis time to a fraction, as thousands of simulations may be performed in minutes. Photo DNV GL

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating the accuracy of the analysis software Helica. DNV GL’s Helica can analyse thousands of simulations in a matter of minutes


Extension and Enhancement to the Maritime Singapore Green Initiative

Photo: Maritime and Port Authority of Singapore (MPA)

 The Maritime Singapore Green Initiative (MSGI), launched by the Maritime and Port Authority of Singapore (MPA) in 2011, has received strong support from the maritime industry.     The Green Ship Programme (GSP), a voluntary programme under MSGI sees more than 50% of qualifying


USTC Delivers Near Record Profit

Image USTC

With profit before tax of DKK 480 million, Middelfart-based Selfinvest, which includes the global Group A/S United Shipping & Trading Company (USTC), is yet again filing an impressive set of financial statements. This was generated via record results in several of USTC’s subsidiaries






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