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Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “Net income group share reached a satisfactory level compared with 2008, when capital gains on sales of vessels and sales on equity interests were recorded.” Revenue growth for the year reflected two contrasting changes: - The strong growth in Offshore Division revenues (+20.5%), helped in particular by favorable exchange rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%. Gross operating income (EBITDA) was nearly stable at €347.5 million after taking into account very high capital gains recorded in 2008. Operating income came to €213.1 million, down 10.9% compared with 2008 when the Bulk Division posted a historically high performance essentially attributable to capital gains on sales


Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon


CMB Continues Fleet Rejuvenation

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt).


Japanese Yards Form Alliance

Three major Japanese shipbuilders are forming an alliance on commercial vessels and ocean engineering to survive competition with South Korean shipyards. The three firms -- Ishikawajima-Harima Heavy Industries, Kawasaki Heavy Industries Ltd and Mitsui Engineering & Shipbuilding Co Ltd will cooperate on joint procurement of materials and design skills for building commercial vessels, aiming to cut production costs. They will decide in one or two years whether to spin off their divisions for


Willman to Lead National Sales Force

Chris Willman to Lead Sea Star Line’s National Sales Force.   Sea Star Line, LLC has announced the promotion of Chris Willman to Director of National Field Sales. Chris joined Sea Star Line in March 2005 as an inside sales representative. Since then, Chris has held several key sales positions with his most recent role being sales manager for NVOCC & FAK accounts. “Chris’ sales experience in the Puerto Rico market


Kelvin Hughes Expands Sales Force

Kelvin Hughes has expanded its international sales team to meet the growing interest in its range of hi-tech radar equipment for the commercial, military and leisure sectors. Ian Yuill has been appointed International Sales Manager and Peter Chahal and Wilko Smit have become Area Sales Managers. Yuill has a background in sales and marketing spanning over 25 years with companies such as Northern Foods, BT and BBL Medical


TEN Announces Sale of the Panamax Bregen

Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time.


Knight & Carver Promotes LoCoco to VP

Knight & Carver YachtCenter has promoted Giovanni LoCoco to the newly created position of Vice President/Operations. The announcement was made by Sampson A. Brown, the boat-building company’s president/chief executive officer. LoCoco, who has been with Knight & Carver for 19 years, now oversees all three divisions – new-vessel construction, vessel repair/refits/repowers and wind-turbine blade manufacture and repair. A native San Diegan, Mr


Interest Declining In Offshore Acreage Leases

Preliminary results of the latest government sale of offshore oil and natural gas exploration acreage leases in the U.S. Gulf of Mexico show a decline in oil company interest in the properties, officials from the U.S. Mineral Management Service (MMS) said on Tuesday. The latest sale, the Western Gulf Lease Sale 174, received 177 bids from 37 companies on a total of 153 acreage tracts. Bids in the previous sale, held in March, resulted in 272 bids from 67 companies for 207 tracts.


TEN Sells Aframax Tanker Opal Queen

Tsakos Energy Navigation Limited (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain from this sale will be recorded in the first quarter of 2011 while the free cash to be generated will be used for future vessel opportunities. "A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our


Rolls-Royce to Design & Equip Stern Trawler for Prestfjord Havfiske

Priestfjord trawler - courtesy Rolls-Royce

Rolls-Royce announced it has signed a £7 million contract to design and equip a stern trawler for the Norwegian fishing company Prestfjord Havfiske AS. The trawler is a Rolls-Royce NVC 370 design and will be built at Freire Shipyard in Vigo, Spain


Merriman Enters New Role at Fairbanks Morse

Rhett Merriman

Fairbanks Morse Engine, an EnPro Industries company, has named Rhett Merriman sales manager for marine power systems. Merriman, a veteran Fairbanks Morse manager, brings a wealth of knowledge and experience to his new role. Throughout his 36-year career he has been involved with bringing large


Palfinger Secures Follow-up Order from Sentinel

The FRSQ 1000 daughter craft by PALFINGER BOATS (Credit Palfinger)

Palfinger Boats, Palfinger Ned-Deck and their partner Outreach Ltd. have secured a follow-up order from Sentinel Marine Ltd. The delivery of Sentinel Marine Ltd's fast rescue and aluminum daughter crafts order for four emergency response and rescue vessels (ERRVs)


US Imports Surge as Ports Contract Remains in Limbo

Photo courtesy of the Port of Los Angeles

With West Coast longshoremen still negotiating a new contract, retailers are bringing holiday merchandise into the United States at record levels to protect against potential supply chain disruptions, according to the monthly Global Port Tracker report released today by the National Retail


Latest Meercat is Powered by Doosan

Jac Y Do (Photo courtesy of WaterMota)

The latest Meercat has been launched for Conwy Harbour Authority, for use as a port service vessel. The monohull vessel Jac Y Do measures 14 x 5 meters and is powered by twin Doosan L136 six-cylinder heavy duty engines each developing 160bhp / 118kW at 2,200rpm, supplied by WaterMota.


Kalmar Delivers 10 Straddle Carriers to MCT

Straddle Carrier of Kalmar

  Kalmar, part of Cargotec, has gained an order to supply ten electric straddle carriers to its long standing customer Medcenter Container Terminal (MCT), part of the Contship Italia Group, in Gioia Tauro, Italy. The order was booked into Kalmar's second quarter order intake with deliveries


Metal Shark Hires Wegener as Sales Director

Carl Wegener (Photo courtesy of Metal Shark)

Louisiana-based boat manufacturer Metal Shark Aluminum Boats has hired Carl Wegener as its Director of Commercial Sales, the company announced today. Wegener brings a diversified background in engineering, strategic planning, and business development


Mitsubishi Takes Stake in UAE Water Firm Metito

Japan's Mitsubishi Corp and Mitsubishi Heavy Industries have acquired a 38.4 percent stake in water and wastewater project developer Metito Holdings for an undisclosed sum, the United Arab Emirates-based firm said. In addition, the Japan Bank for International Cooperation will provide up to $92


MCSS, EMP Enter Sales and Support Agreement

aquarius_mas_diagram_448x316.jpg

Sales and technical support agreement signed for Singapore and Myanmar. Eco Marine Power (EMP) announced that it has entered into a sales and support agreement with MINs Control Systems Solution Pte. Ltd. (MCSS) to sell and support EMP's renewable energy solutions for shipping in Singapore and


Dopeless® technology debuts in Alaska

Dopeless® technology debuts in Alaska - Tenaris NorthSlopeDopele

An important European national oil and gas company successfully drilled the first complete Dopeless® technology well in Alaska in March 2014. The operation took place at Alaska’s North Slope, located on the northern part of the Brooks Range on the coast of the Arctic Ocean


Mitsui's Subsidiary Develops Compact Induction Heaters

Compact Induction Heaters for Container Transport contributes to Reduced Transport Cost and Vertical Startup

  MES Power-Electronics Industry Co., Ltd., a wholly owned subsidiary of Mitsui Engineering and Shipbuilding (MES) has developed a compact induction heater for heating before forging that can be shipped via container transport. Designed for use in the automobile industry


Vigor Fab to Build Fireboat for San Francisco FD

Vigor Fab secured a contract to construct a fireboat for the San Francisco Fire Department (Image courtesy of Vigor Industrial)

Vigor Fab has been awarded a contract to build a fireboat for the San Francisco Fire Department (SFFD). Construction of the 88’x’25x’14’ vessel is scheduled to begin this fall in Seattle. Designed by Jensen Maritime Consultants, the fireboat will have a top speed of 11


Turkey Ferry Auction Attracts Multiple Bids

Private equity firm KKR & Co LP has attracted binding bids from Danish shipping company DFDS A/S and an alliance of PE players Esas Holding AS and Actera Partners LP for its Turkish ferry unit, Bloomberg reported on Wednesday, citing sources.


Zeebrugge Orders Seagoing LNG Bunkering Vessel

Port of Zeebrugge (Photo: Port of Zeebrugge)

On May 13, 2014 Mitsubishi Corporation, GDF SUEZ and NYK signed a framework agreement aiming to develop the LNG bunkering market worldwide, in the context of international regulations that seek to reduce the impact of shipping activities on the global environment.


PPG to acquire Consorcio Comex

  PPG Industries, a world leader in protective and marine coatings, announced that it has reached a definitive agreement to acquire Consorcio Comex, S.A. de C.V. (Comex), an architectural and industrial coatings company with headquarters in Mexico City, Mexico. The transaction is valued at $2






 
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