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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


Blue Star Maritime to Sell Catamaran

Greece's Blue Star Maritime SA said it signed an agreement to sell its catamaran Seajet 2 for $3.6M to the Sea Jet II Shipping Co The delivery of the vessel is expected to take place by the end of March. Part of the sale price will be paid when the vessel is delivered, while the credited amount of $3M will be paid in monthly instalments until September 2006. Blue Star said the vessel sale is part of its policy to focus on the operation of fast, modern, conventional vessels.


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


Bourbon Achieves $770m USD in Vessel Sales in 2013

Photo:  Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million


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


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.


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


Scorpio Tankers Sell One Accept New One

Scorpio Tankers Inc. announce sale of the 'STI Diamond', accept delivery of newbuild 'STI Topaz'. The Company completed the sale of the 'STI Diamond' and sale of a second vessel, the STI Coral, is expected to be completed in September 2012. Scorpio took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under its newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16


MacGregor to Equip China’s New Polar Research Ship

The new polar research vessel will be equipped with MacGregor offshore cranes and Triplex systems specifically designed for handling research equipment in extreme temperature environments (Image: MacGregor)

The Polar Research Institute of China has ordered a new 14,300gt polar research vessel. Designed by Aker Arctic Finland, it will be the first vessel of its type to be built in China, though a shipyard has yet to be named.   The 122.5-meter multifunctional icebreaker will be able to handle


Radio Holland Wins Contracts for Canadian Coast Guard Vessels

The CCGS Pierre Radisson, a 320 ice breaker from the Canadian Coast Guard (Source: John E Heintz Jr / Shutterstock.com)

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement, has awarded Radio Holland Canada a multimillion dollar contract to supply Furuno ECDIS and radars for the Canadian


COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

Photo: Piraeus Port Authority

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those previously agreed with the Greek privatisation agency.   Greece sealed the sale of Piraeus Port Authority to China COSCO


Jinhui Sells Supramax

Photo: Jinhui Shipping and Transportation

 Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong. The bulk carrier will be delivered to the new owner between 29 July to 30 August 2016.


DCNS Predicts Turning Point for Tidal Power

A second turbine bound for EDF’s Paimpol-Bréhat tidal array was deployed by DCNS OpenHydro in May (Photo: DCNS)

Tidal power is moving beyond the prototype stage for state-backed French naval shipbuilder DCNS, which is targeting a billion euros in sales from the technology in the next decade.   DCNS, which is 35 percent owned by defence group Thales and 64 percent by the French state


BIMCO Launches New Standard Agreements for Novation of Shipping Contracts

Photo: Bimco

 BIMCO has published three standard novation agreements that provide a legal framework to change one of the original parties to a contract.   Two of the agreements cover time charter parties; one provides for a change of charterer and the other a change of owner


Orca Energy ESS to Power Fish Farm Support Vessel

All Electric Fish Farm Support Vessel Photo Orca Energy

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO. GMV will utilize Corvus’ next generation Orca Energy ESS to support the vessel’s entire energy requirements


MSC Jade Sails with MAN's Biggest Engine

The MSC Jade pictured during sea trials (Photo: MSC)

The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service.   Built by Doosan Engine in Korea and rated at 75,570 kW (103,000 horsepower), the engine is an MAN B&W 11G95ME-C9


Wärtsilä to Power Two Indian Dredgers

The new 8000m3 trailing suction hopper dredgers being built for the Adani group  Photo Wärtsilä

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The vessels are the first of a new IHC Beagle series designed by Royal IHC (IHC) of the Netherlands. IHC will also build the dredgers


Laheij Named VP at SCHOTTEL

Hans Laheij will become the new Vice President Sales & Marketing at SCHOTTEL GmbH on 1 September, 2016. (Photo: SCHOTTEL GmbH)

As of September 2016, Hans Laheij will take over as Vice President Sales & Marketing at SCHOTTEL GmbH, assuming the responsibilities of Dr. Jens-Erk Bartels, who is retiring. Hans Laheij has extensive experience and expertise in the area of ship propulsion


UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

File photo: OW Bunker

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision on the issue from the most senior court in the country, the UAE Federal Supreme Court has decided that physical suppliers of bunkers have


Panama Canal Expansion: Impacts on the Bunker Industry

Photo: Monjasa

The total volume of the Panama bunker market has increased in recent years as price levels are becoming increasingly competitive to U.S. bunker hubs like Houston, New Orleans and New York.   In 2015, reports indicate that approximately 5 percent of the global trade passes through the Panama


Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology.


Northern Lights Opens Branch Office in Louisiana

Rick Stinson (Photo: Northern Lights)

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf and inland waterways boat builders and vessel operators.     The new Northern Lights Gulf branch


Advanced MacGregor Technology for Polar Research Ship

The new polar research vessel will be equipped with MacGregor offshore cranes and Triplex systems specifically designed for handling research equipment in extreme temperature environments. Photo MacGregor

MacGregor, part of Cargotec, has won an order to supply MacGregor offshore cranes and a Triplex handling system for a 14,300gt polar research vessel being built for the Polar Research Institute of China. Designed by Aker Arctic Finland, it will be the first vessel of its type to be built in China;






 
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