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Year's End

Costamare Q4 & Year End Report

Costamare Inc. (NYSE: CMRE), an international owner of containerships, reported unaudited financial results for the fourth quarter and for the year ended December 31, 2010.    Highlights Voyage revenues of $85.7 million and $353.2 million for the three months and the year ended December 31, 2010, respectively. Adjusted EBITDA of $56.2 million and $223.6 million for the three months and the year ended December 31, 2010, respectively. Net income of $11.8 million or $0.21 per share and $81.2 million or $1.65 per share for the three months and the year ended December 31, 2010, respectively. Adjusted Net Income of $18.0 million or $0.33 per share and $73.8 million or $1.50 per share for the three months and the year ended December 31, 2010, respectively. Finalized the financing arrangements for the three newbuilding contracts which were identified in the Initial Public Offering prospectus in November 2010. The containerships, each with a capacity of approximately 9,000 TEU, will be constructed by Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. for a contract price of $95.1 million per vessel and are scheduled to be delivered between November 2013 and January 2014. We have entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for a duration of ten years at a daily charter rate of $43,000.


Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The Company explains that the loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx


Chevron Clarifies Deepwater GOM Production

Chevron Corp. clarified the production rate for Genesis, a deepwater project in the Gulf of Mexico, which was reported in the corporation's quarterly earnings release. The 1999 year-end gross oil-equivalent production from Genesis, operated and 57-percent owned by Chevron, was 47,000 bpd. The 63,000 bpd reported for Genesis was the peak production rate for a period during the fourth quarter, not the year-end level. The gross oil-equivalent production from the 40 percent-owned Gemini project


Stolt Comex Reports Results

Subsea contractor Stolt Comex Seaway S.A. reported results for the fourth quarter and the year ended Nov. 30, 1999. Net loss for the latest quarter was $1.5 million, on net operating revenue of $149.4 million, compared with net income of $9.6 million, on net operating revenue of $223.9 million for the same period last year. Net income for the year ended Nov. 30, 1999 was $16.2 million, on net operating revenue of $640.7 million, compared with a net income of $57


Lighthouse Fast Ferry Reports Record Results

Lighthouse Fast Ferry, Inc. reported record sales results for the fourth quarter and twelve months ended December 31, 2001. For the year-ended December 31, 2001, total revenue increased 10% to a record $4.4 million from $4.1 million for the prior-year period in 2000. Passenger ticket sales jumped nearly 16% to $3.9 million from $3.4 million in the prior-year period, reflecting increased rider-ship at the company's Highlands, New Jersey site, where total annual rider-ship rose 6% to 297


Japan LNG Imports Hit Record Levels

File photo

Japan imported record volumes of liquefied natural gas (LNG) and thermal coal in the fiscal year ended in March, as the country's  shutdowns of nuclear stations since the Fukushima disaster in 2011 forced utilities to burn more fossil fuels to generate power. Japan, the world's biggest LNG buyer, imported 87.73 million tonnes of the fuel in the year to March 2014, up 1 percent from the previous high a year ago, helping rack up a record trade deficit of 13.75 trillion yen ($134


Aker Maritime To Eliminate 350 Jobs, 250 More By Year-End

Norwegian offshore supply firm Aker Maritime officials have announced the elimination of 350 jobs out of 1,070 at its Aker Verdal yard and said that the company would probably lay off 250 more workers from the yard by the end of 1999. "The decision is in line with plans announced earlier, and reflects a lower level of activity and depressed market prospects for the yard," officials said.


MC Shipping Announces Year End Results

MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20


Mitsui O.S.K. Raises Profit Forecast

Mitsui O.S.K. Lines Ltd., Japan's second-largest shipping company by sales, raised its full-year profit forecast as higher demand for transporting iron ore and other bulk commodities drove up prices for shipping goods. Mitsui O.S.K. expects net income of $1.8 b in the year ending March 31, compared with a previous forecast of 185 billion yen. The Tokyo-based shipping line's profit in the three months ended Dec. 31 rose to 58.9 billion yen from 39


DHT Announces Shareholders Meeting Results

DHT Ann (Photo courtesy of DHT)

DHT Holdings, Inc. announced the results of its 2014 Annual Meeting of Shareholders. The Annual Meeting was held on Wednesday, June 11, 2014. At the Annual Meeting, the shareholders voted to elect Robert N. Cowen as a Class I Director for a term of three years and Einar Michael Steimler as a Class II Director for a term of two years, to approve the 2014 Incentive Compensation Plan and to ratify the selection of Deloitte AS as DHT's independent registered public accounting firm for the


Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Image

  Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA, France for the conversion of Two FPSOs for the Kaombo Project in Offshore Angola.  


Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and as a closure of several refineries has squeezed domestic supply of the fuel. Mitsubishi's move comes as Australia is turning into a


COSCO Corpn. Secures Contracts of $300 mi

  COSCO Corporation (Singapore) Limited announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Ltd, have secured contracts valued at approximately USD300 million to build one accommodation barge and seven bulk carriers as follow:


Cat Financial Announces Second-Quarter 2014 Results

CAT Brand

  Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013.


Tidewater Announce Q4 & Fiscal 2014 Financials

Provider of Offshore Service Vessels (OSVs) to the global energy industry, Tidewater Inc., announce fourth quarter net earnings for the period ended March 31, 2014, of $43.4 million, or $0.88 per common share, on revenues of $367.8 million


Brazilian Soybeans Reach US, More En Route

Vessel map

Two bulk shipments of Brazilian soybeans arrived at the U.S. ports of Wilmington, North Carolina, and Norfolk, Virginia, over the weekend, the first large South American shipments to hit the U.S. East Coast this season, Reuters shipping data showed.


Marine Rebound Strengthens RINA Results

Ugo Salerno

International engineering, testing, certification and classification group RINA has reported improved results for 2013. Its performance was strengthened by an upturn in marine activities and a drive to improve efficiency and drive down costs.


East Coast India Ports Climb in the Ring: Analysis

Container Handling Market Share of East Coast Ports in India, FY13: Image courtesy of DMER

Adani Ports has acquired an interest in Dhamra Port, situated between the major ports of Haldia and Paradip. Its deep-water container terminal, if developed, will be a major threat to nearby Kolkata and Vishakhapatnam, considers Drewry Maritime Research in its latest Container Insight Weekly


UK Defense Club Announces Positive Financial Results

The UK Defence Club, a provider of FD&D (legal costs) insurance to the maritime industry, announces its financial results for the year ended 20 February 2014.   Highlights:  £18.8 million premium income, up 9% compared with 2012/13


Nam Cheong Clinches 2 Accommodation Work Barge Contract

NAM CHEONG logo

Nam Cheong Limited a leading global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited and Malaysia’s largest Offshore Support Vessel builder, today announced that it has sold two Accommodation Work Barges (“AWB”) worth


Carnival's Profit Forecast Down

Carnival Spirit (Photo courtesy of Carnival)

Carnival Corp, the world's largest cruise operator, forecast an adjusted profit below market estimates for the current quarter, blaming increased competition in the Caribbean. Shares of the company, which operates the Carnival, Holland America and Costa cruise lines, fell as much as 3 percent


Varadkar Praises Dublin Port’s Financial Performance

Dublin Port (Credit: Aiden McCabe)

Irish Minister for Transport, Tourism and Sport, Leo Varadkar has announced that Dublin Port Company has paid a dividend of €8 million to the State based on its financial results for the year ended December 31, 2013. The payment is in line with the company’s commitment to making a


Negotiations on WTO Environmental Goods Agreement

Fourteen WTO members launched plurilateral negotiations for an Environmental Goods Agreement

  Fourteen WTO members launched plurilateral negotiations for an Environmental Goods Agreement on 8 July 2014 at the WTO. These members said the talks will promote green growth and sustainable development while providing impetus for the conclusion of the Doha Round.


India's JSW Raises Iron Ore Imports

JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of


Viking Wins $32m Charter Contract for Drilling System

 Drilling System

  Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million. 






 
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