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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


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


American Club: Solid Progress despite Challenging Market

Joe Hughes (Photo: American Club)

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


Globus Maritime Reports Q1 Loss

Image: Globus Maritime Limited

 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


COSCO Receives Fund for Fleet Renewal

Image: China COSCO Holdings Company Limited

 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 Forms New Subsidiary and Buy a New Vessel

Pic: Uni-Asia Holdings Limited

 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


ULSTEIN Reports ‘Good Results’ for 2014

Ulstein Verft (Photo: ULSTEIN)

Ulstein Group said it achieved a “good result” for 2014, with an operating turnover of NOK 2.7 billion compared to 2013’s NOK 2.3 billion.   Meanwhile, the group’s operating profit of NOK 184.1 million comes in under the NOK 317


Petronet LNG appoints new chairman

Image: Petronet LNG

 India’s largest importer of the chilled gas Petronet LNG has appointed Kapil Dev Tripathi, Secretary, Ministry of Petroleum and Natural gas as Chairman and Director on the Board of the company.   The appointment follows the former Chairman and Director of the company Board


SCI Back in the Black after 3 Yrs

  The Shipping Corporation of India Ltd (SCI), India’s largest shipping company and a Government of India Public Sector Undertaking having reported losses for last three financial years has made a dramatic turnaround,  reporting a net profit of Rs. 200


Shreyas Shipping Turns Around

Picture: Shreyas Shipping and Logistics

 Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year.   According to Rajesh Desai, CFO, Shreyas Shipping


Otto Marine Redeems Preference Shares, Cuts Staff

Image: Otto Marine Limited

 Singapore-listed Otto Marine Limited said one of its subsidiaries – GO Marine Investments Pte Ltd –  had fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash.   “The above transaction is not expected to have any material


Container Shipping Capacity Threat for Profitability

Estimated average unit revenue, 1Q12-1Q15 (US$ per teu). Source: Drewry Maritime Research

 The rapid expansion of container shipping capacity this year threatens to reverse the strong profitability ocean carriers showed in the first quarter, Drewry Shipping Consultants Ltd said.   Carriers weathered a storm of low rates in the first quarter to deliver some of the best


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56


Cosco Bags Research Ship Order

Photo credit: Cosco (Guangdong) Shipyard

 Cosco (Guangdong) Shipyard secured a contract worth over 129 million yuan ($20.8m) to build one research vessel, to be delivered in the fourth quarter of 2017.   The contract will become effective upon the receipt of letter of guarantee from the shipyard's bank.   


China Says About to Finish Some Land Reclamation in South China Sea

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.  


China Shares Details on S.China Sea Facilities

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 Changes Hapag-Lloyd Rating to Stable

Photo: Hapag-Lloyd

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






 
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