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26 Mar 2024

Carnival Orders Excel-class Cruise Ship

Carnival Jubilee (File photo: Meyer We3rft)

Fresh on the heels of its first newbuild order in five years, the world's largest cruise company has placed an order for an additional vessel.U.S.-based Carnival Corporation on Tuesday announced it has signed an agreement with German shipbuilder Meyer Werft to build an Excel-class cruise ship for its Carnival Cruise Line brand for expected delivery in 2028.The ship will be the 11th Excel-class ship for the corporation's fleet across four of its brands, and the fifth to be sailed by Carnival Cruise Line.

13 Feb 2024

Carnival Orders Another Cruise Ship from Meyer Werft

(Photo: Meyer Werft)

German shipbuilder Meyer Werft reports it has secured an order from U.S.-based Carnival Corporation for the construction of a new cruise ship for Carnival Cruise Line. The newbuild order is the first placed by Carnival Corporation in five years.Slated for delivery in 2027, the Excel-class ship will be a sister vessel to the 183,200 GT Carnival Jubilee, which was handed over at the end of 2023."Our Excel-class ships have been a tremendous addition to the Carnival fleet and proven very popular with our guests," said Christine Duffy, president of Carnival Cruise Line.

08 Nov 2023

FOCUS-How Shipping More US Natural Gas to Europe Helped Fuel CO2 Pollution

Credit: alexlmx/AdobeStock

Carbon dioxide emissions from U.S. liquefied natural gas facilities have jumped to 18 million tons per year, up 81% since 2019, adding a volume of greenhouse gas to the atmosphere equivalent to that produced by several big coal plants, according to United States government data.They could more than double to 45 million tons per year by the end of the decade as new facilities, encouraged by soaring overseas demand for the super-cooled fuel, come online, according to company projections provided to the U.S.

11 May 2021

Pandemic Propels Makeover at Shipping Giant Maersk

© Björn Wylezich / Adobe Stock

Maersk is accelerating its plan to transform itself from a container shipping giant into an integrated logistics company following its strong performance during the pandemic, Chief Executive Soren Skou said on Tuesday.Maersk, which handles one in five containers shipped worldwide, aims to expand its land-based logistics services, hoping to gain a larger share of the supply chain from existing shipping clients such as Puma and Walmart."I don't want to put a date to it, but I'm certain that our logistics business has potential to become just a big as ocean shipping measured in turnover…

15 Sep 2020

Sovcomflot Targets at Least $500 Million in Moscow IPO

(Photo: Sovcomflot)

Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to fight the economic fallout from the COVID-19 pandemic.Sovcomflot (SCF) which is raising money to spend on new projects and reduce debt aims to list in early October…

25 Feb 2020

Seaspan Buys Boxships Quartet

Hong Kong-based owner and manager of containerships in the world Seaspan Corporation has agreed to purchase a fleet of four containerships for approximately $367 million in cash.The ships include four 12,000 TEU vessels, with three built in 2018 and one built in 2017. The vessels, once delivered, will operate under long-term time charters with an undisclosed global liner, Seaspan said.The purchase of the vessels is expected to be financed from additional borrowings as well as cash on hand. Seaspan expects to take delivery of the vessels during March and April 2020, subject to customary closing conditions. The transaction is expected to be immediately accretive to Seaspan's earnings per diluted share.Pro-forma for this acquisition…

02 Feb 2020

Fugro, HC2 Divest Global Marine Group Stake

US-based financial services company HC2 Holdings and the Dutch multinational provider of geo-intelligence Fugro have sold offshore engineering specialist Global Marine Group (GMG) to private equity firm J.F. Lehman & Company for a sum of USD 250 million.HC2 holds 73% of Global Marine Group’s shares, while Fugro holds 23.6% of the shares. Through its ownership of 23.6% in GMG, Fugro will monetize the remainder of its non-core interest in GMG, which is expected to result in proceeds for Fugro of close to USD 40 million.Global Marine Group is made up of the three business units Global Marine, Global Offshore and CWind. The company provides a wide range of engineering services to the oil & gas and wind energy industries.

23 Dec 2019

OSVs: Rising Tide Won't Lift All Boats

© corlaffra / Adobe Stock

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady. Not every operator will survive. And even though we’ve seen some improvement from 2017 levels, leverage ratios remain sky-high, the supply of vessels far outstrips demand, and—most crucially—the price of oil remains volatile.

10 May 2019

Wrist Expands Despite Tough 2018

Despite difficult markets Wrist Ship Supply was able to grow its business during 2018 and to consolidate its position as the world’s largest supplier of provisions and stores to ships and offshore locations, claimed the ship and offshore supplier of provisions and stores.Most shipping segments saw pressure on earnings, and the recovery in the oil and gas markets was limited during 2018. The customers’ demand for lower operating costs by strict budget control and shift towards lower priced goods continued.“As a trusted partner, we side with our customers in their pursuit of profitability, even more so in the present tough market conditions.

21 Nov 2018

Hapag-Lloyd unveils "Strategy 2023"

As the liner industry has come to a turning point following a period of consolidation, Hapag-Lloyd unveiled its five-year strategy, prioritizing profitability, service, and cost savings in a container shippingLarge-scale acquisitions is not one of the objectives in German carrier's new strategy will characterize everything the shipping company does in the next five years, said its CEO Rolf Habben Jansen.Hapag-Lloyd is more than two times larger than it was in 2014 in terms of transport capacity. At the same time, further consolidation amongst the largest players in the industry is less attractive due to decreasing incremental scale benefits.As a result, the industry has come to a turning point.

02 Jul 2018

Twin Disc, Inc. Announces Closing of Veth Propulsion Acquisition

Twin Disc, Inc. a provider of power transmission technology and equipment for marine- and land-based applications, announced today that it has completed the €52.1 million (approximately $60.8 million), acquisition of Veth Propulsion Holding, B.V. and its wholly-owned subsidiaries (“Veth Propulsion”), a global supplier of main and auxiliary marine propulsion products. The closing price included net cash and working capital adjustments. The acquisition of Veth Propulsion establishes Twin Disc as a leading power control business for the global marine industry and expands Twin Disc’s presence in the market by adding complementary products and powerful new technologies. In addition, Veth Propulsion enhances Twin Disc’s engineering talent and product development capabilities.

08 Apr 2018

COSCO Shipping Development Reports Higher Revenue

China-based ship leasing and transportation businesses company COSCO Shipping Development announced its 2017 performance and stated that the company realized revenue of RMB 16.34bln (USD 2.59bln) in 2017, up 2.4% compared with that of 2016. The net profit attributable to equity holders of the parent company is RMB 1.46bln (USD 230mln), up 296.6% compared with that of 2016. Over the past year, the Company continuously improved its management level, increased its asset size and economic benefits and achieved collaborative development in its three business sectors, a statement from the company said. In 2017, the Company actively forged its brand featuring shipping finance, steadily advanced the development of chartering, container lease and other industrial lease business.

13 Feb 2018

Container Shipping Struggles with Overcapacity: McKinsey

The container shipping industry is expected to continue to struggle with overcapacity and an inability to deliver value to shareholders, warns consultancy McKinsey & Company in its latest report. As container lines search for successful paths forward, they need to first determine what their strategy and potential role in the continuing industry consolidation will be. While mergers will continue, they do not need to be feared, just managed—and the guidelines in this report provide a starting point. "Bad times will persist, despite the value container shipping brings to the world,"  warns the report. Container shipping brings significant value to the world, yet delivers little to its investors.

17 Nov 2017

Sovcomflot Reports Loss for 9M 2017

(Photo: PAO Sovcomflot)

PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…

13 Dec 2016

Maersk to Lower CapEx, Consider Dividend Cuts to Retain Credit Rating

File Image (Maersk)

The world's biggest container shipper A.P. Moller-Maersk may consider selling assets or cutting dividends as it seeks to retain its credit rating, the company said on Tuesday. Maersk's Baa1 credit rating was put under review for a downgrade by Moody's in September, after it announced it would split up the company to focus on the shipping business and spin off its energy assets. Last month, Standard & Poor's lowered the company's credit rating to BBB from BBB+ with a negative outlook.

16 Aug 2016

Svitzer Continues Its Expansion In Towage

In highly challenged shipping and salvage markets, Svitzer delivered an underlying profit for Q2 2016 of USD 23m (USD 30m). In the first 6 months of 2016, Svitzer expanded its market share in key markets. It is also in the midst of implementing several long term contracts in its terminal towage segment. The startup costs of new operations, including a subsequent newbuilding program, impacts Svitzer’s return on invested capital (ROIC), which for the first 6 months of 2016 was satisfactory at 8.6% (11.3%). Svitzer continues to financially outperform many of its local towage competitors, not least in Europe and Australia. The salvage activities remain under pressure with low activity because of a weak salvage market.

04 Mar 2016

South of Africa on the head haul?

Since the end of October 2015, SeaIntel Maritime Analysis showed that 115 vessels deployed on Asia-USEC and Asia-North Europe services have made the back-haul trip to Asia by sailing south of Africa instead of through the Suez and Panama Canals, their routing on the head-haul. Of the 115 voyages, three were vessels on Asia-North Europe, while the rest were deployed on Asia-USEC. We could also see that there were plans to switch more Asia-North Europe sailings to the south of Africa routing in the coming weeks. While the change of routing of some Asia-North Europe services (back-haul) to south of Africa is a blow to the Suez Canal, it will not become critical until we see more back-haul services being switched and/or the head-haul routing also is changed.

24 Feb 2016

Matson Declares 4Q EPS of $0.60, FY EPS $2.34

Matson, Inc. today reported net income of $26.6 million, or $0.60 per diluted share for the quarter ended December 31, 2015. Net income for the quarter ended December 31, 2014 was $27.8 million, or $0.63 per diluted share. Consolidated revenue for the fourth quarter 2015 was $494.8 million compared with $443.5 million reported for the fourth quarter 2014. For the full year 2015, Matson reported net income of $103.0 million, or $2.34 per diluted share compared with $70.8 million, or $1.63 per diluted share in 2014. Consolidated revenue for the full year 2015 was $1,884.9 million, compared with $1,714.2 million in 2014. Matt Cox, Matson's President and Chief Executive Officer, commented, "2015 was an exceptional year for Matson. Financially, it was the best year in our history. Mr.

17 Feb 2016

Hoegh LNG Pulls Out of FLNG

Norway's Hoegh LNG Holdings is putting its floating LNG (FLNG) development activities on hold and to allocate all resources and capital to its core business, FSRUs, because this is where the Company sees the highest return on invested capital and the most promising market prospects. The Company's decision is a consequence of the oversupplied LNG market and deteriorating energy and financial markets, which mean that investment decisions for new LNG production facilities, including the FLNG segment, will continue to be challenging for the foreseeable future. However, the market conditions for FSRUs continue to be favourable driven by the strong growth in new LNG supplies at very competitive prices.

11 Feb 2016

APM Terminals Broaden Portfolio, Business Model

APM Terminals’ increased invested capital to USD $6.2 billion in 2015 as ongoing strategic plans to drive portfolio growth, improve productivity and safety performance, generated USD $4.2 billion in revenue, and a profit for the year of USD $654 million. Portfolio throughput weighted by equity share was 36 million TEUs for 2015, and when not including the divestment or exit of operations in Houston, Jacksonville, and Charleston, USA and a share in the Med-Center Terminal in Gioia Tauro, Italy, volume declined 1.1% from the year prior, while the overall global container market grew by 1.3%. Lower oil prices in 2015 affected APM Terminals bottom line, as reduced oil revenue resulted in declines in import cargo into oil producing countries in West Africa, Russia and Brazil.

21 Dec 2015

Carnival's Earnings Up 40%

Carnival Corporation reported a 40 percent increase in its results for the full fiscal year ended November 30. Strong operational execution delivered $0.25 per share higher earnings than the mid-point of the company’s full year 2015 December guidance, despite a $0.10 drag from the net impact of currency and fuel prices. Carnival Corporation & plc announced adjusted net income for the full year 2015 of $2.1 billion, or $2.70 diluted EPS, compared to $1.5 billion, or $1.93 diluted EPS, for the prior year. Full year 2015 U.S. GAAP net income was $1.8 billion, or $2.26 diluted EPS, which included unrealized losses (non-cash) on fuel derivatives of $332 million and other net charges of $17 million. Full year 2014 U.S.

09 Nov 2015

Maersk Q3 Profit Falls

Danish shipping and offshore energy conglomerate, Maersk Group, kept a reduced forecast made two weeks ago for a 2015 underlying profit of $3.4bn, down from the $4.0bn previously expected. The Danish  shipping giant  said on Friday that lower oil prices and lower average container freight rates had hurt its earnings. The Maersk Group – and especially Maersk Line – was severely impacted by continued low economic growth and significant market imbalances. Global container demand is expected to have grown by 0-1%, whereas the global container fleet grew by almost 9%. Container freight rates declined significantly across all trades except North America, and especially Maersk Line’s key Europe trades were impacted severely.

06 Nov 2015

Maersk Q3 Profit Drops

The Group delivered a profit of USD 778m (USD 1.5bn) negatively impacted by the lower oil price and lower average container freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%). The underlying profit was USD 662m (USD 1.3bn). “The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container freight rates deteriorating to a historically low level, especially in the later part of Q3, and profits in Maersk Oil being impacted by the lower oil price. The expected underlying result of around USD 3.4bn for 2015 reflects good performance in very challenging oil and container shipping markets…