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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


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


Rolls-Royce Releases Interim Management Statement

Logo

  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


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


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


Safe Bulkers to Amend Loan Pact with RBS

Photo: Safe Bulkers, Inc

 Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million.    Following this amendment the term loan facility contains the following: The total consolidated liabilities of the Company divided by its total consolidated assets charter inclusive must not exceed


Six SAR Boats from Damen Shipyards Antalya

6  Damen SAR Boat Photo Damen

Damen has signed a contract with the International Organisation for Migration (IOM) in Ankara, Turkey for the supply of six, state-of- the-art Search and Rescue (SAR) vessels for delivery in 2017. The boats are being financed by the European Union and will be operated by the Turkish Coastguard


Boom at Port Everglades Continues

Port Everglades Exceeds One Million TEU Mark for Third Consecutive Year Photo Everglades  Port

Broward County's Port Everglades exceeded one-million TEUs (20-foot equivalent units, the industry's standard container measurement), for the third consecutive year, reporting a total of almost 1.04 million TEUs and maintaining its status as Florida's number one container port


India Aims to Boost Low-grade Coal Sales While Global Prices High

India is trying to boost sales of its low-quality coal by offering more of the fuel at home and initiating steps to lower freight costs, while global prices are high, with the government hoping the moves will help cut imports.   State-controlled Coal India


Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut

* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand


Wilhelmsen and Wallenius to Merge

Courtesy Wilhelmsen

Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures.


Hanjin Says US-bound Ship is Being Held 'Hostage'

A lawyer for Hanjin Shipping Co Ltd , the failed South Korean container carrier, said on Thursday a U.S.-bound vessel was held "hostage" by disputes over payments, adding to the struggles in getting $14 billion of cargo off its ships stranded at sea.  


S.Korea: Hanjin Cash, Parent Support Should Cover Offloading Fees

A Hanjin Boxship underway (File image: Hanjin)

Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line.


Damen to Launch Composite Water Bus

(Photo: Damen)

Damen said it is set to launch its first composite Water Bus as the prototype undergoes sea trials in the next few weeks.   According to the shipbuilder, the new vessel offers reduced fuel consumption, less maintenance, no corrosion or fatigue problems and is very robust


Kawasaki May Quit Shipbuilding

Photo: Kawasaki Heavy Industries

Japan's Kawasaki Heavy Industries said it would consider a drastic revision of its shipbuilding, and has even indicated that it may pull out of its shipbuilding business due to its worsening profitability, reports Reuters. Kawasaki Shipbuilding revised its profit outlook lower for the business


Mitsubishi Plans to Shrink Ship Building Operations

Mitsubishi Air Lubrication System (MALS) Photo Mitsubishi Shipbuilding & Ocean Development

Japan's Mitsubishi Heavy Industries is planning to stop taking new orders for large passenger ships, downsizing its shipbuilding operations due to a slump in orders, the Nikkei newspaper reported on Sunday. The plans by Japan's fourth-largest shipbuilder come as new shipbuilding orders have


Hanjin Shipping to Lay Off U.S. Staff

Photo: Hanjin Shipping

 South Korean liner carrier Hanjin Shipping has announced job cuts in the U.S., but says the move is not connected to its failure and filing for bankruptcy protection, says a report in Bloomberg.   Hanjin will lay off about 180 members of its 500 person workforce in the United States


Adani Ports PAT Grows by 61%

Karan Adani Karan Adani CEO, APSEZ   Photo Adani

Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and the logistics arm of Adani Group, today announced another stellar operational and financial performance for the quarter and half year ended September 30, 2016.  


Emas Offshore Sinks Deeper into Red

EMAS Offshore Limited announced today a net loss of US$265.3 million for the full year ended 31 August 2016 (“FY2016”). Net loss for the three months ended 31 August 2016 (“4QFY2016”) stood at US$98.5 million.  


Europe Rushes to Meet US Fuel Demand, Spiking Freight Costs

File photo: Aurelie Moulin

European oil traders rushed on Tuesday to book vessels to carry gasoline to consumers on the U.S. East Coast left stranded without their main domestic supply source, more than quadrupling shipping costs, traders and ship brokers told Reuters. 


Black Sea Wheat Exports Could Rise 12% in 16/17

Leading wheat producers in the Black Sea region - Russia, Ukraine and Kazakhstan - are likely to increase their exports by around 12 percent in 2016/17 due to a bigger harvest than last year, analyst UkrAgroConsult said on Tuesday.   It forecast exports from the three countries would total






 
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