Company Accounting News

A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share, sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses.The city court of Aalborg said it found Lars Moller…

The Seoul Central District Prosecutors’ Office summoned  the chief financial officer (CFO) of Daewoo Shipbuilding & Marine Engineering Co. (DSME ) today (Friday) over his alleged involvement in the financially troubled company’s accounting fraud. As per a report in Korea Herald, the Seoul prosecutors called Kim Youl-jung, 58, for questioning on allegations that he cooked the books to cover up the company's operating losses. The special investigation team said Kim is being grilled over accusations that the shipbuilder underreported some 120 billion won ($107 million) in business losses last year. The shipbuilder underreported some 120 billion won (US$107 million) in business losses last year…

TOTE Logistics Inc. parent company of Carlile Transportation Systems announced several new company positions. John Armstrong has accepted the Vice President, Logistics position for Carlile Transportation Systems, Inc. John joins Carlile from sister company Alta Logistics, where he was the Director of Logistics. John has leadership, operations and logistical supply chain management experience. John is familiar with both the Alaska and Pacific Northwest Markets, having worked in Alaska for many years.

Northern Marine, a builder of long-range expedition yachts, luxury craft and commercial boats, has announced the expansion of its management team. Jan Kallshian, Bryan Kay, Randy Stoneman and Mark Allred bring their talents and experience in business, finance, design and boatbuilding to the Anacortes, Washington-based company. New company CFO Jan Kallshian has been a self-employed business and financial consultant for 20 years. Prior to this, he was controller for Northwest Marine Technology for 10 years and worked in public accounting for seven years. Kallshian also serves as an active volunteer for Habitat For Humanity. In his position as Northern Marine's controller, Bryan Kay manages the company's accounting operations.

Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.

Halliburton Company announced that it has received notification from the Securities and Exchange Commission (SEC) that it has initiated a preliminary investigation of the company's accounting treatment of cost overruns on construction jobs. Halliburton believes that it has accounted for construction claims and change orders in accordance with generally accepted accounting principles applicable to the construction industry. The company has advised the SEC that it will cooperate fully with the SEC in its investigation. Halliburton believes that this investigation results from an article in the New York Times on May 22, 2002, in which certain allegations were reported concerning the accounting treatment of construction job claims and change orders which are negotiated with customers.

Shipping company P&O, reporting its first-half results, said on Tuesday it was to boost its presence in the German cruise sector by buying the remaining 49 percent of Aida Cruises for 115 million marks ($49.9 million). Peninsula & Oriental Steam Navigation Co. said that it would combine Aida Cruises with its Seetours International Ltd unit, to create a company accounting for around 20 percent of the German cruise sector by number of passengers. "We have two of the best consumer cruising brands and will be in a strong position to exploit the huge potential of the German market," P&O chairman Lord Sterling said in a statement. Meanwhile, the company posted a slight rise in first half pre-tax profit on Tuesday, and said the demerger of its cruise business was proceeding according to schedule.

W&T Offshore, Inc. announced the appointment of Karen S. Acree as Vice President and Controller. John D. Gibbons, the Senior Vice President and Chief Financial Officer, has assumed the additional position of Chief Accounting Officer. William W. Talafuse, formerly Senior Vice President and Chief Accounting Officer, has accepted other duties with the Company. Acree has 25 years of public company accounting and financial reporting experience, including most recently as Vice President and Controller of Bois d'Arc Energy, Inc. an NYSE-traded company. Prior to joining Bois d'Arc, Ms. Acree was with Global Santa Fe Corporation, beginning her career there in 1982, holding the position of Assistant Controller at the time she left the company in March 2006. She earned a B.B.A.

E-business means doing business on the Internet. This can include any business process - to include buying and selling, which is known as E-commerce. The arranging for transport by sea or the buying and selling of things needed for ships that sail from port to port are among the world's oldest professions. Many ship owners, operators or managers still conduct business the old-fashioned way, building and maintaining close and longstanding relationships with suppliers or customers. While the dot-com craze of a few years ago has passed, E-business is revolutionizing several important business processes in the maritime industry. Computers can aid in the design and construction of vessels, and the Internet can be used to transmit design information and changes instantaneously.

Rautaruukki Group of Finland is the largest steel company in Scandinavia with 13,000 employees and an approximate annual turnover of $2.7 billion. While this is, essentially, a small company among the consolidated behemoths of the steel industry, Rautaruukki comes up big in the important areas: quality and profit. Shipbuilding, stripped to its bare essence, starts and ends with steel. From the ceremonial “first cut” through its eventual evolution at the hands of breakers to razor blades, steel – as much as any other factor – directly determines if the multi-million, multi-year investment in a vessel is a profitable one. Ensuring the original quality and long-term care and integrity of the ship’s steel is central to every quality owner’s repair and maintenance plan.

regulatory compliance requirements. to Director of Finance. President and General Manager. four years as the Vice President of Finance for Citigroup in New York. from Cornell University. logistics team," said Hourihan.