MOL Launches Ship Management, Training Businesses
Mitsui O.S.K. Lines, Ltd. (MOL) today announced that the company has established MOL Synergy Marine (Singapore) Pte. Ltd. jointly with Synergy Group , a ship management services group in Chennai, India, to provide ship management and crew training services. MOL Synergy hosted its grand opening ceremony on October 8 and has since started managing five MOL-operated vessels and established a crew training center with latest technology simulators in Chennai. The center is equipped to train ship board crew in all aspects of ship operations including navigation, watch keeping, cargo handling and ship maintenance.
Trinity Industries, Quarterly Dividend
Trinity Industries, Inc. (NYSE: TRN) on March 3, declared a quarterly dividend of 8 cents per share on its $1.00 par value common stock. The quarterly cash dividend, Trinity's 180th consecutive, is payable April 30, 2009 to stockholders of record on April 15, 2009. Trinity Industries, Inc., headquartered in Dallas, Texas, is a multi-industry company that owns a variety of market-leading businesses which provide products and services to the industrial, energy, transportation, and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. (www.trin.net)
GLM Results Strong in Face of Weakening Market
Global Marine Inc. reported net income for the quarter ended September 30, 2001 was $62.1 million, or $0.34 per diluted share, on revenues of $314 million. For the corresponding 2000 quarter, the company reported net income of $32.3 million, or $0.18 per diluted share, on revenues of $272 million. $1.03 per diluted share, on revenues of $965 million. million, or $0.12 per diluted share, on the second quarter 2001 sale of a special-purpose rig. This compares to net income of $73.0 million, or $0.41 per diluted share, on revenues of $707 million for the nine months ended September 30, 2000. Bob Rose, Global Marine Chairman, President and CEO, said, "Global Marine's financial and operating performance was strong.
Panama Selects Recognized Security Organization
The Panama Maritime Authority (AMP) has selected Phoenix Management Services Group Inc, represented in Panama by Phoenix Vessels services Inc, to assess on the evaluation of ship security plans. The International Ship and Port Facility Security (ISPS) Code, approved in December 2002 by the International Maritime Organization, is an amendment to the SOLAS/74 convention and will enter force on July 1st, 2004. The AMP recently created the new Department of Maritime Security in charge of implementing the new IMO’s requirements and proper execution of the ISPS Code, to comply with Panama’s obligations as the world’s largest merchant fleet.
Owners...Start Counting the Cash
The much anticipated turnaround in the Gulf of Mexico Oil Patch is happening, and the companies that supply boats and services in the area are feeling the impact. Consolidation has touched every facet of the marine business — every facet of business — for nearly a decade. Following the economic slowdown and resultant "weeding out of the weaklings" in the early 1990s, a new business plan stressing size and economic resource emerged. The plan, obviously, has not worked universally, as some companies overextended just as the market came crashing down in 1997. Today, for better or worse, a handful of enormous companies reign over the business of owning and operating vessels and rigs in the Gulf of Mexico region.
