Interview: Eddie Brown, Cummins' Director of Business Development, Marine
How do you see business today, and where is Cummins looking for opportunities as COVID-19 and volatile oil markets generate market uncertainty?Even in the current state, we are still seeing a solid level of interest and activity in the commercial marine space. Scheduling has been impacted and some areas have slowed down, but overall, the marine industry is very much still active around the world. When we take a closer look at some of the segments within the commercial marine space, differences begin to emerge.
Navy, Other Agencies, Award Bio-refinery Contracts to 3 Firms
As part of a 2011 Presidential directive, the Departments of Navy, Energy, and Agriculture have announced that three companies have been awarded contracts to construct and commission biorefineries capable of producing "drop-in" biofuels to meet the transportation needs of the military and private sector, according to the Navy News Service. Made through the Department of Defense's (DOD) Defense Protection Act (DPA) of 1950, the awards support the Administration's goals to boost and diversify the domestic fuel supply base, make American warfighters less beholden to volatile oil markets, and strengthen national security. "The contracts being announced today will help expand the operational capability of our Navy and Marine Corps around the world," said Secretary of the Navy Ray Mabus.
Chemoil Reports Increase in Q2 Revenues
Chemoil has reported a 96 percent increase in revenues to $2.5b for the second quarter of 2008, compared to $1.3 billion for the second quarter of 2007. This was driven by an increase in energy prices and sales volume growth by 15% compared to the same period in 2007. Chemoil's revenue for the first half of 2008 increased 102% to $4.67 billion, compared to $2.31 billion for the first half of 2007. For the second quarter of 2008, profit after tax was $22 million, compared to $0.6 million in the previous year. Profit after tax for the first half of 2008 increased by 32% to $24.3 million, compared to the first half of 2007. Positive margins from strong demand within the bunker market…
IHC Caland Profit Up
Dutch IHC Caland NV said on Monday preliminary net profit rose eight percent in 2000, and reflected on a "difficult and often frustrating year." Net profits are expected to be 75 million euros ($69.4 million), compared with 69.5 million in 1999. The figure came in at the low end of analysts expectations, but at exactly the level the company predicted in September. Company watchers had forecast the company's net profits would be 75.3-77.2 million euros, with a consensus at 76.3 million euros. IHC Caland, whose products range from oil platforms to dredgers to luxury passenger liners, also said it expected full-year 2001 net profits to at least match the 2000 level, with volatile oil markets delaying new orders.
