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.
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 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
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 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
As announced on 5 November, Rolls-Royce has accelerated its cost reduction efforts and outlined additional restructuring charges that will reduce the expected underlying profit in 2014 and 2015 by around £60m in both years, subject to employee consultation. Excluding these charges, our guidance is unchanged for 2014, 2015 and the medium-term outlook, as outlined on 17 October. The sale of Energy gas turbines and compressor business to Siemens is expected to
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
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. 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 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
BHP Billiton plans to construct a new eight pen tug harbour at Hunt Point in Port Hedland, as well as purchase six additional tugs, for $US240 million ($A326 million). The investment will also include an upgrade of workshop facilities
BHP Billiton said on Tuesday it will spend $240 million upgrading its marine iron ore facilities in Western Australia. The funds will be used to purchase six tug boats and build a new tug harbor in the Port Hedland Port, with construction due to be completed in the September 2016 quarter.
Port of Redwood City reports fiscal year cargo movement fourth highest in modern history After three years of annual double digit growth in Port of Redwood City tonnage from 2012-2014, the fiscal year 2015 Port tonnage declined slightly by 3.8 percent.
The Georgia Ports Authority moved a record 3.66 million twenty-foot equivalent container units in Fiscal Year 2015, an increase of more than half a million TEUs. "The deepwater ports of Savannah and Brunswick are cornerstones of Georgia's success
China will soon complete some of its land reclamation on the Spratly islands in the disputed South China Sea, the Foreign Ministry said on Tuesday, indicating that Beijing is close to setting up new outposts in the maritime heart of Southeast Asia.
The Chinese government on Wednesday rolled out more details of the building work it is undertaking in the disputed South China Sea, listing lighthouses, communications stations and other facilities for civilian and emergency use. China stepped up its creation of artificial islands last
Moody's Investors Service has changed to stable from negative the outlook on the B2 corporate family rating (CFR), the B2-PD probability of default rating (PDR) and the Caa1 senior unsecured rating of Hapag-Lloyd AG. Concurrently, Moody's has affirmed the ratings assigned to the
International P&I insurer continues positive trend into 2015 The American Club reported solid progress during 2014 at the annual meeting of its members held in New York today. Despite a challenging economic climate, the club’s business had developed favorably
Greece-based dry bulk shiping company, Globus Maritime has been pushed back into the black by miserable dry bulk rates, but the company has said that it is awaiting market improvements within 2015. George Karageorgiou, President
China COSCO Holdings Co Ltd says it has received ship scrapping subsidies for about 3.96 billion yuan ($638.71 million). It came through China Ocean Shipping, the controlling shareholder of the company, for the decommissioning and upgrading of vessels.
Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership. Fortuna Containership was incorporated in Panama on 20 May 2015
Viking Offshore & Marine has secured a 48-month charter for a second land drilling rig system for US$31 million ($41.8 million). Viking’s subsidiary Viking LR2 will charter the 1,500-bhp train-type land rig and related drilling equipment system to a Chinese land rig
Global shipping consultancy Drewry predicts the container ship industry will be "lucky to break even this year" as shipping rates slump due to catastrophic overcapacity. A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner
Mexican state-owned oil company Pemex is ramping up gasoline imports and boosting domestic production at two major refineries after fuel shortages led to long lines at gas stations in several states this week. Pemex announced an "extraordinary" gasoline import surge of 75
The Indian Navy will soon invite tenders for building six conventional submarines after a high-level committee of the Defence Ministry submitted its report identifying shipyards capable of executing the about $10.1 billion project.