Great Lakes Dredge & Dock Corporation (GLDD) the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, report financial results for the 3 and 6 months ended June 30, 2013. Jonathan Berger, Chief Executive Officer stated, “For the three months ended June 30, 2013, Great Lakes reported Revenue of $152.9 million, a Net Loss of $25.2 million and Adjusted EBITDA of $11.0 million. Included in the Net Loss is a $21.5 million noncash charge for goodwill impairment related to the demolition segment. “Our dredging segment won $346 million or 62% of the domestic bid market through the first six months of 2013. This win rate, driven by the award of the first phase of the PortMiami project and capturing 63% of the coastal protection market, sets the stage for a busy second half of this year and into 2014. Our Terra Contracting and Rivers & lakes teams have commenced working together on a project in the Midwest valued at approximately $30 million. We also began execution on two of the larger projects in our demolition segment backlog, with one scheduled for completion in 2013 and the other continuing into next year. “We are making structural changes within the organization to bring more operational skills into executive leadership. We continue to focus on our NASDI subsidiary in our demolition segment. We are also upgrading our project management capabilities
Tanker scrapping reportedly shot up while the disposal of bulk carriers diminished as the total deadweight tonnage of ships sold for demolition rose by five percent in the second quarter of this year from the first quarter.
On August 1, 2011, Donjon added the 2400-HP-class tug Caitlin Ann to its growing fleet to support the company’s dredging, marine salvage, bulk material transportation and marine demolition services. The addition of the Caitlin Ann increases the Donjon towboat fleet to 14 total vessels ranging from 1200 to 7000 horsepower. In addition, Donjon also owns and operates five derrick barges with a maximum capacity of 1,000 tons, more than 40 deck and hopper barges
Orion Marine Group, Inc. (NYSE:ORN), a marine contractor serving the infrastructure sector, announced May 15, 2012 a contract award of approximately $20 million. Orion Marine Group was recently awarded a contract for the demolition and rehabilitation of an existing wharf structure on the Lower Mississippi River for a private customer. Onsite construction of the project is expected to commence in the second quarter and last approximately 12 months
At the request of Midwest Senators, Army Corps fast tracked process to keep water and goods moving on the Mississippi River. U.S. Senator Dick Durbin (D-IL) praised the news that a contract has been awarded for the demolition of rock pinnacles in the Mississippi River and the work could begin as early as next week. In a November 29 meeting with Durbin and five other Midwest Senators, Assistant Secretary of the Army for Civil Works, Jo-Ellen Darcy
Large tanker rates will increase during the first half of 2000 but freight prices will ease in the second period as new VLCCs are delivered, Norwegian shipbroker P.F. Bassoe A/S & Co. said. Bassoe predicts that tanker demand will increase by 2.6 percent over 2000 on the basis that OPEC output restraints would remain in place until March 2000 and a gradual production increase will follow. Increased crude exports would be driven by rising Asian demand and a slight increase in U.S
A Federal Jury found Ronald Cook, a Canadian citizen, guilty of illegally dumping trash bags full of asbestos into the Gulf of Mexico and elsewhere. He had been hired to lead a crew performing demolition on an old ferry boat, the Muskegan Clipper, as it sailed from San Diego, California, through the Panama Canal to Mobile, Alabama. The ship was eventually to be transformed into a riverboat gambling casino. In order to save time and costs, the crew bagged up the demolition debris
Demolition Prices for elderly ships have fallen by a quarter in 2012 to date, and owners are encouraged to dispose of recycling candidates sooner rather than later, says Mark Williams of Braemar Seascope. Addressing the 7th Annual Ship Recycling Conference in London on 19th June, the Braemar Seascope Research Director told delegates that deflating international steel prices were likely to translate into lower offers for recycling tonnage in the coming quarters.
Trends in asset prices are generally important for vessel owners, banks who lend against them as well as commercial interests who make opportunistic acquisitions in times of depressed asset values. These trends however are for generic vessel types which are generalized from realized data consisting of actual sale and purchase (S&P) activity. We choose three representative vessel size categories from the dry and wet markets respectively and one size category from the Liquefied Petroleum Gas
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that it has signed, through a separate wholly-owned subsidiary, a memorandum of agreement to sell to an unaffiliated third party the 1995-built vessel APL Sardonyx (to be renamed Sardonyx) for demolition, with delivery due to the buyers by the end of February, 2014, for a sale price of approximately $10 million (USD) before commissions.
Removing a 132 metric ton engine from an 11 deck luxury cruise liner whilst it’s in-service may sound impossible, but that’s exactly what marine engineers Atlantic Pacific Marine (APM) did in February. The company teamed up with wire sawing experts Drillcut (UK) Ltd
Great Lakes Dredge & Dock Corporation (GLDD) says it has signed an US$89 million contract with the City of Decatur (IL) to provide dredging services to increase the capacity of Lake Decatur. Lake Decatur, the largest lake on the Sangamon River, was created after the river was dammed in 1922
Great Lakes Dredge and Dock LLC, Oak Brook, Ill., has been awarded a $14,177,652 firm-fixed-price contract by USACE for deepening the main channel of the Delaware River. The US Department of Defense estimate the completion date to be Nov. 30
Great Lakes Dredge and Dock (GLDD) LLC, Oak Brook, Ill., has been awarded a contract by the US Army Corps of Engineers for deepening the Delaware River main channel. The Department of Defense adds that Fiscal 2014 operations and maintenance (Army) funds in the amount of $14,177
The Porrt of New Orleans announced the agenda for the January 2014 Board of Commissioners meeting on Wednesday, January 22. Agenda Regular Meeting No. 7 Fiscal Year 2013-2014 Wednesday, January 22, 2014, 11:00 A.M. Main Auditorium 1350 Port of New Orleans Place New Orleans, Louisiana
Great Lakes Dredge & Dock Corporation (GLDD), says it has received the payment from the U.S. Army Corps of Engineers - Jacksonville District which will bring the total value of GLDD’s Miami contract up to $174.1 million. There is $31
International accountant and shipping adviser Moore Stephens believes that the shipping industry’s fortunes should be noticeably improved by 2015 if it maintains the recovery which got under way last year. But it warns that the prospects for recovery may still be fragile if the industry
Despite the firming of broader demand fundamentals short-term, the Suezmax sector still faces more wild cards that other sectors in the years ahead, considers Poten & Partners in a recent Market Opinion from their Commodity Consulting & Analytics department. Excerpts follow:
Diana Containerships Inc. (Nasdaq:DCIX) signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 1996-built vessel Spinel (formerly APL Spinel) for demolition, with delivery due to the buyers by December 20, 2013
Irving Shipbuilding announced $28.2 million in additional contract awards to Canadian-based suppliers as part of the Halifax Shipyard Modernization Program, a two-year engineering and construction investment to prepare the company’s facilities to build Canada's future combatant ships.
A global conference for shipbuilding corporate management gathered 74 top executives of the major shipyards from Japan, Europe, China, Korea and the U.S. (JECKU) to exchange views on global economic development, supply and demand prospects as well as important technological and regulatory
Great Lakes Dredge and Dock Corp. reports third quarter 2013 results. Dredging delivers a strong quarter with the backlog at a record high of $606-Million. The company says it is evaluating strategic alternatives for its demolition business. Q3 Company highlights in total
Located in the heart of San Mateo County, Oyster Point Marina, offers San Francisco boaters direct access to the bay. The City owned marina recently completed replacement of piers 8 and 11. Bellingham Marine, world renowned marina builder
Dubai Maritime City signed an MOU with Shell to explore the diverse business options related to promoting alternative sources of energy such as Liquefied Natural Gas (LNG). The primary focus would be on exploring opportunities that would enable the adoption of LNG as a fuel in markets including
Irving Shipbuilding invests $300 million to ready Halifax Shipyard for construction of Canada’s combatant fleet modernization at Halifax Shipyard Irving Shipbuilding announced several contract awards today for Nova Scotia and Canadian suppliers as part of part of the Halifax Shipyard