Osprey Reports Strong Profits

Wednesday, November 29, 2000
Osprey Maritime Ltd., in the middle of being taken over by Norwegian shipping magnate John Fredriksen, reported a sharp earnings turnaround on Wednesday, suggesting to analysts that Fredriksen had got a good bargain. The Singaporean energy transportation firm, which used to be controlled by a group of Indonesians including Bambang Trihatmodjo, son of former President Suharto, said it expected to report group attributable net profit for the whole year of at least $ 37 million. Last year it lost $191 million, mainly due to a hefty write-down in the value of its fleet of vessels at the bottom of the tanker cycle. Analysts said the profit forecast beat their expectations and showed that Osprey was enjoying a strong turnaround on the back of a rapid rise in tanker rates this year. Fredriksen, through oil transportation giant World Shipholding Group, has already managed to gain majority control of Osprey for S$1.00 a share.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0835 sec (12 req/sec)