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10 Oct 2016

Merchant Ships off Yemen Bracing for More Danger

USS Mason (File photo: U.S. Navy / Rob Aylward)

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships, there are growing worries that any further escalation could hinder oil supplies and potentially lead to higher insurance costs for shipments. The route is among the world's busiest and used by major shipping groups such as container line Maersk and oil tanker carriers including Norway's Frontline and Iran's NITC…

11 Aug 2015

Piracy Still Hot in Southeast Asia -PVI

Photo: PVI

Southeast Asia is likely to see a record number of ship hijackings in 2015 as demand for illicit oil, together with a well-established black market, will continue to drive maritime attacks in the region, advises private maritime security company PVI. In the absence of a stronger law enforcement response, ship owners and operators, especially for small tankers, face increasing operational, financial and security threats, warns PVI. Singapore-flagged Joaquim became the latest victim of small tanker hijackings on August 8…

06 Aug 2009

Tsakos Reports Profits Q2 2009

Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009. Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment. TEN deployed on average 46.0 vessels versus 44.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8% as compared with 97.4% in the second quarter of 2008. The average daily time charter equivalent rate per day, per vessel was $22,890 down from $39,512 in the 2008 quarter. Vessel operating costs were $8…

24 Jul 2009

Seacor Holdings Q2 Results

Seacor Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the second quarter ended June 30, 2009 of $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million. For the quarter ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $37.1 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $73.7 million, or $3.06 per diluted share, on operating revenues of $763.4 million.

04 Mar 2009

General Maritime 4Q and 2008 Results

On Feb. 25, General Maritime Corporation (NYSE:GMR) reported its financial results for the three months and full year ended December 31, 2008. Excluding the $3.2m of other gain and $34m in compensation accruals in connection with the company's executive transition plan as well as litigation costs in connection with the Genmar Defiance, the company recorded net income of $19.3m or $0.47 basic and $0.45 diluted earnings per share for the three months ended December 31, 2008. Net loss was $11.5m or $0.28 basic and $0.28 diluted loss per share, for the three months ended December 31, 2008, compared to net income of $5.2m, or $0.13 basic and $0.13 diluted earnings per share, for the three months ended December 31, 2007.

28 Feb 2005

Hornbeck Offshore Announces 2004 Results

Hornbeck Offshore Services, Inc. announced its results for the fourth quarter and year ended December 31, 2004. Fourth quarter revenues increased 29.5% to $37.8 million compared to $29.2 million for the fourth quarter of 2003. The $8.6 million increase was primarily driven by improved OSV market conditions in the U.S. Gulf of Mexico and continued tightening in the supply of single-hulled equipment in the northeast U.S. as a result of fourth quarter retirements mandated by the Oil Pollution Act of 1990 (OPA 90). Operating income was $10.2 million, or 27.0% of revenues, for the fourth quarter of 2004 compared to $8.4 million, or 28.8% of revenues, for the same quarter in 2003.

31 Jul 2003

TEN Reports 2Q Results

Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first half of 2003. Net revenues for the second quarter of 2003 were $61.5 million, a 122% increase over the $27.8 million generated in the second quarter of 2002. This increase reflected the expansion in the fleet (average number of vessels of 25.4 in 2003 vs. 17.0 in 2002) as well as the strong charter market. Net income for the second quarter of 2003 was a record $18.7 million versus $2.2 million in the second quarter of 2002. Earnings per share were a record $1.08 as compared with $0.13 per share in the like period of 2002. Interest and finance costs were $3.3 million in the second quarter of 2003 compared with $3.8 million in the second three months of 2002…