Marine link
 

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


Houma Navigation Canal Dredging to Start

According to a September 25 report from The Daily Comet, dredging will begin soon on a seven-mile stretch of the Houma Navigation Canal where silt has caused problems for area businesses that use the waterway to move large ships and offshore structures. The Corps of Engineers will spend up to $4.5m to dredge the stretch of canal through Terrebonne Parish, with the goal to start in October and finish by the year’s end.


ANS oil production to fall 1.8 pct for fiscal year

Alaska's North Slope oil production is forecast to decline 1.8 percent for the fiscal year ending June 30 instead of falling 3 percent as predicted in December, according to a report released this week. The Alaska Department of Revenue predicts production of 521


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


China Shipbuilder Rongsheng in 2013 Revenue Freefall

Cheng Quang: Chairman China Rongsheng

During the year ended 31, December 2013 China Rongsheng, the largest non-state-owned shipbuilder in the PRC, reports that revenue of the Company was RmB1,343.6 million, a decrease of 83.1% from RmB7,956.3 million for the year ended 31 december 2012. Excerpts from the report follow:


Bayport Dredging a Step Closer; Barbours Cut Pending

  The U.S. Army Corps of Engineers has furnished the Port Authority its draft permit for the Bayport Channel Improvement project, Executive Director Roger Guenther reported to the Port Commission of the Port of Houston Authority today. The draft permit for Barbours Cut channel dredging will


Greece's Box Ships Stays the Course in FY 2013 Despite ...

Container ship file image CCL3

Container ship owners Box Ships announce its financial results for the fourth quarter and year ended December 31, 2013, showing an increased EBITDA in the past year. Excerpts as follows: Adjusted EBITDA was $42.087-million in year 2012 which rose to $47.209-million in 2013.


Navigator Holdings Run a Tight Ship, Report 2013 Profit Surge

Gas carrier: Photo courtesy of Navigator Holdings

In its preliminary fourth quarter and financial year 2013 results, ship owners and charterers Navigator Holdings report that EBITDA increased to $106.8 million for the year ended December 31, 2013 from $63.9 million for 2012. HIghlights


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights


Stolt-Nielsen Changes Accounting for Two Acquisitions

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012. The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase


SFL Files Annual Report

Ship Finance International Limited (SFL) announced  it has filed its annual report on Form 20-F for the year ended December 31, 2013.   The annual report can be downloaded from the company's website at www.shipfinance.org. Shareholders can also request a hard copy of our complete


CMA CGM Reports Solid Performance in 2013

Photo: CMA CGM

The Board of Directors of France’s CMA CGM, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the year ended December 31, 2013.


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before


Rickmers Maritime Report Fair Sailing in 2013

Chairman (L) & CEO: Image Rickmers

In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates


Indian Ports' Coal Import on the Rise

India's major state-owned ports handled 17 percent more imported coal in the fiscal year ended March, according to data from the Indian Ports Association (IPA), as its coastal power firms stepped up generation to meet growing demand. A rush to add power capacity after years of under-investment


Japex begins Japan's 1st commercial shale oil production

Japan Petroleum Exploration Co (Japex) said on Monday it has begun the country's first commercial production of shale oil in Akita prefecture in northern Japan this month. Daily production from shale layers deep below the Ayukawa oil and gas field was about 220 barrels of crude (35 kilolitres)


Update: Petrobras Denies Shelving Debt Sales

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer. A source with direct knowledge of the plans told Reuters on Monday that the company was


 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright