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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


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


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


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


Grangemouth Port sees Record Volume

Derek Knox, Port Manager for Grangemouth in the port’s busy reefer container compound. Photo Port of Grangemouth

The Port of Grangemouth, Scotland’s largest container facility has enjoyed one of its busiest seasons, with over 50,000 TEUs (Twenty Foot Equivalent Units) being handled at the port in the last two months. This four-year high is the result of a buoyant fresh food export season utilising the


GOGL Sinks into Loss

Photo: Golden Ocean Group Limited

Dry bulk shipping company Golden Ocean Group Limited, while announcing its preliminary results for the quarter ended September 30, 2016, informed that it suffered a net loss of $26.7 million and a loss per share of $0.25    Highlights  


‘Frothy’ Capesize Sector Threatens New Year Hangover for Dry Bulk

Photo: BSM

Maritime Strategies International (MSI) is forecasting a firm festive season for the dry bulk market, swiftly followed by a New Year comedown.   In its latest Dry Bulk Freight Forecaster* MSI notes that after a steady fall in average daily TCE spot earnings in October


Dynagas LNG Q3 Results

Photo: Dynagas LNG Partners

 Dynagas LNG Partners LP (DLNG) has reported third-quarter profit of $17.3 million.     On a per-share basis, the company said it had net income of 44 cents. Earnings, adjusted for non-recurring costs, came to 49 cents per share.  


Boskalis Profits Zoom as Expected

Royal Boskalis Westminster N.V.  closed the third quarter of 2016 in line with expectations. Image Boskalis

Royal Boskalis Westminster N.V. (Boskalis) closed the third quarter of 2016 in line with expectations. Both revenue and operating profit were higher than the average seen in the first two quarters of the year. The increase was wholly attributable to the contribution from the offshore activities


Port State Control across Continents Target Sulphur Compliance

Photo Danish Maritime Authority

The two major port State control regimes - Paris MoU and Tokyo MoU - will increase focus on the sulphur limit regulations. The decision has been made on the basis of a Danish/Dutch proposal. Port State control authorities across 45 countries and 5 continents – South America, North America


Shipbuilding: Capacity is a Tricky Business

Graph: Clarksons Research

 As in many sectors of economic activity, provision of just the right amount of capacity is a tricky business, and the shipbuilding industry is no exception, says Clarksons Research.   As a result, in stronger markets the ‘lead time’ between ordering and delivery extends


S. Africa Becoming Preferred Destination for Ship Arrests

MV Maverick Guardian Photo PrLab

 At the recent annual Maritime Law Conference (MLA) held at Arabella in the Western Cape, various prominent government and international speakers took to the floor to debate and discuss national global maritime phenomena including inter alia; the progress in handling international oil


Tech File: BoomVane - A Powerful Boom Deployment System

Photo: Elastec

The BoomVane is one of the most useful and interesting tools available to oil spill responders for shoreline and single vessel boom deployment. Maintaining an effective oil containment boom configuration with two vessels is difficult to coordinate. The Elastec BoomVane solves that problem


Polarcus Achieves High Utilization at Low Costs

Rod Starr - CEO, Photo Polarcus

Polarcus Limited announced release of its third quarter 2016 financial statements. HEADLINES Q3 2016:  * Revenues of USD 64.6 million, down 5% from Q2 2016  * Contract revenues of USD 54.1 million, up 31% from Q2 2016  * Multi-Client revenues of USD 10


Ecospeed Strengthens Polar Code Compliance

The operational success of the 1995-built RRS Ernest Shackleton is an exemplar of the Ecospeed coating’s performance (Image: Subsea Industries)

Subsea Industries has received an order for its specialist hull and rudder coatings for application to a shallow draught anchor handling tug supply (AHTS) vessel under construction at Turkey’s Atlas Shipyard.    The hard-type coatings were selected amidst strong competition


Saudi Shipper Bahri Q3 Net Profit Falls

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510


Nakilat Delivers Steady Performance in Q3

Abdullah Fadhalah Al Sulaiti Photo Nakilat

 Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company’s net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company’s strategic long-term


Korea Gas Corp Launches 4-cargo LNG Buy Tender to Refill Stocks

Korea Gas Corp has launched a tender to buy up to four liquefied natural gas (LNG) cargoes for delivery across the November-February winter period, as it seeks to replenish reserves, traders said.   As strong air conditioning demand this summer and earthquake-related reactor outages helped


Hanjin, MSC Vessels Collide off Singapore

Photo: Hanjin Shipping

 The container ship Hanjin New York dragged anchor and collided with container carrier MSC Claudia off Singapore, say local media reports.   The incident that occurred at around 6pm last Friday caused 11 empty containers to fall overboard






 
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