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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).


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.


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


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


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 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


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


SBM Offshore Completes Real Estate Divestment

Logo

  SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold for approximately US$62 million net of expenses, resulting in a book profit of approximately US$58 million.


KKR, Borealis Maritime JV acquires 9 container ships

Christoph Toepfer and Frederik Rye-Florentz of Borealis Maritime.

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank


Indian Govt to Sell Stakes of State Companies

  India will sell part of the government's stake in some state-run companies in the next two to three months, Finance Secretary Arvind Mayaram said on Saturday, without naming any company. The government has set a target of $10.5 billion from asset sales during the current fiscal year to


Wärtsilä Reshuffles Two Top Managers

Rakesh Sarin: Photo Wärtsilä

The following appointments have been made in the management inform Wärtsilä Corporation: Mr Rakesh Sarin (59), B.Sc. (Eng.), has been appointed President of Power Plants, Executive Vice President and member of the Board of Management of Wärtsilä Corporation


SMM Finance Forum: ‘Banks are Lending Again’

Dr. Carsten Wiebers

For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day


Crowley Tug Participates in Rig Blackout Test

Ocean Sky tending to Noble drill rig John Day during blackout trials (photo by Captain Ward Davis)

Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S


OWS Christens Damen Fast Crew Supplier

Attendees pose for a photo with OWS’ new Damen FCS 2008 vessel, Offshore Waddenzee, during the christening ceremony at Damen Oranjewerf Amsterdam, on August 22 (Photo: Damen)

Offshore Wind Services’ (OWS) latest Damen vessel – the Fast Crew Supplier 2008 Offshore Waddenzee - was officially named at Damen Oranjewerf Amsterdam, on August 22. The FCS 2008 is the second Damen vessel ordered this year by the Dutch company


SevenCs Debuts Aviation Module for ECDIS Kernel

ARINC over ENC over DTED

The new 5.18 version of the EC 2007 software development kit (SDK) from SevenCs is available for both Windows and Linux applications, updated to now include support of Digital Terrain Elevation Data (DTED), ARINC 424 Aviation Charts and new development environment Visual Studio 2010 32/64bit.


MN 100: Crowley

CrowleyMaritime_CommitmentClass_elcoqui(1).jpg

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B. Crowley The Company: Crowley Maritime Corporation is a U.S.-owned and operated marine solutions


Seadrill's Q2 2014 Revenue Holds Nearly Steady

Drill ship: Photo courtesy of Seadrill

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report. Operating profit for the quarter was US$476 million compared to US$890 million in the preceding quarter


Piraeus Port Posts Flat Profit, Sales Dip

Photo: Piraeus Port Authority

Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell. Piraeus Port, which is privatisation, is one of the busiest passenger ports in Europe


Survitec Escape Slide Chosen for Norwegian Ferry

Photo courtesy of Survitec

The all-electric Zero Cat ferry, currently under construction at the Fjellstrand yard in Norway, will enter service next year with Norled as the first Norwegian vessel equipped with Survitec Group's most advanced ESS MES automatic escape slide system


MN 100: Kvichak Marine Industries, Inc.

Kvichak boats.jpg

469 NW Bowdoin Place Seattle, WA 98107 Telephone: 206 545 8485 E-mail: sales@kvichak.com Website: www.kvichak.com CEO/President: Keith Whittemore Number of Employees: 155 The Company: Kvichak Marine Industries Inc. responds quickly to new customer requirements


Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region employs new tactics to establish independent oil sales in defiance of Baghdad.


Athabasca Completes Dover Stake Sale to PetroChina

Great Assets

  Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion. Athabasca said it received $600 million in cash and $584 million in three interest-bearing promissory notes from the






 
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