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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

ExxonMobil 1Q Profits Plunge 63%

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0565 sec (18 req/sec)