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
The monthly average for the first six months in 2015 is 3.3m DWT. In 2014 the first half year averaged at 1.33m DWT per month. April 2015 saw 5.36 million DWT being retired from active service, which was the highest on record ever for a single month. The record came on the back of continued poor earnings and deteriorating market conditions in dry bulk shipping, evidenced by the Baltic Dry Index (BDI) staying below 600 from 2 February to 13 May.
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
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
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
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
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
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.
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.
Pier removal to eliminate 4 percent of toxic creosote left in Puget Sound Demolition of the Mukilteo tank farm pier has begun. The work makes way for a new terminal to replace Washington State Ferries’ existing, 60-year-old facility in Mukilteo
A delay in private repairs to the hospital ship Africa Mercy has caused a two-and-a-half week adjustment of timelines for Transnet National Ports Authority’s R30 million repair project at the Prince Edward Graving Dry Dock in Durban.
Press release - Diana Containerships has signed a Memorandum of Agreement to sell to an unaffiliated third party the 1995-built vessel "Garnet" (formerly "APL Garnet") for demolition, with delivery due to the buyer by the end of September 2015
The container shipping market may find comfort in the fact that global volumes were up by 1.1% in the first six months of 2015. Following a disastrous first quarter, all three months of the second quarter posted year-on-year increases. Behind the headline, though
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage, according to international shipping association Baltic and International Maritime Council (BIMCO). The dry bulk market has long suffered from weak freight rates stemming
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The LPG coaster shipping market continues to be plagued by excess vessel supply with rates remaining stubbornly below pre-financial crisis levels, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.
On-site workers acted quickly to contain an oil leak during the final stages of removing the wreck of the MV Miner off Scaterie Island, says the government of Canada’s Nova Scotia province. About 800 litres of oil was collected after a leak occurred during demolition of the
There has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia/Pacific and Europe account for 88% of the tonnage sold for recycling, according to the latest review of shipbreaking trend by Clarkson Research.
Chemical shipping faces another tough year, but prospects are improving thanks to the strength of the product tanker market which is attracting a growing number of swing ships out of chemicals into products, according to the latest edition of the Chemical Forecaster
RINA has launched new standards for cranes which will be used for transhipment of bulk cargoes at sea and has completely revised and rebased its rules for offshore cranes used in offshore construction, service and demolition. Under the new rules for lifting appliances
The Port of Bellingham is poised to change the layout of 7.66 acres of industrial property in Fairhaven and build new infrastructure to support the expansion of two major waterfront employers, All American Marine and Fairhaven Shipyard. “All American Marine and Fairhaven Shipyard provide
Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year. This included a record 5.36 million DWT in April – the highest on record for a single month.
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
The 90-yer-old Prince Edward Graving Dry Dock in Durban, which is owned and operated by Transnet National Ports Authority (TNPA), will be undergoing a R30 million ($2.4 million USD) repair project on its outer caisson over the next four months