OSG Reports $284m Profit In 2015
Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015. The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period. For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million. The Board has declared a dividend of $0.08 per share. “We are pleased to report strong results for the 4th quarter and full year 2015,” said Captain Ian T. Blackley, OSG’s president and CEO. “The positive supply and demand fundamentals in the international tanker market…
Diversification Protects Port Metro Vancouver from Economic Downturn
Port Metro Vancouver today released its 2015 year-end statistics. Overall volume remained steady at 138 million tonnes of cargo as sectors experiencing declines were offset by others that hit new records. This is the port’s third consecutive year of strong cargo volumes, with new records set in the container, potash, and grain and agri-product sectors. Cargo shipped in containers continued to show substantial growth due to increased trade with Asia, with a five per cent jump in units (known as twenty-foot-equivalent units or TEUs) for a new record of 3.1 million TEUs. Grain and agri-product exports increased by eight per cent over 2014 to 25.1 million metric tonnes, and potash exports were 8.7 million metric tonnes, up 15.6 per cent from the prior year.
TEN Charters up to Two Suezmax Shuttle Tankers
Tsakos Energy Navigation Ltd., a crude, product and LNG tanker operator, reached an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN’s bottom line. Shuttle tankers are a highly specialized sector, which calls for state of the art vessels specifically designed for oil transport from an offshore field. Typically, such vessels are committed to industrial projects for long periods and function in a complex operational environment. Nikolas P. Tsakos, President and CEO of TEN commented, “We are pleased to continue our expansion into this niche segment together with a first-class end user.
BAE Systems Name Tom Arseneault COO of US Subsidiary
BAE Systems announce that Tom Arseneault has been appointed chief operating officer (COO) of BAE Systems, Inc., the U.S. subsidiary of BAE Systems plc. He will serve as deputy to President and CEO Jerry DeMuro and will continue to be a member of the Group Executive Committee. “Tom brings a wealth of experience and insight to his expanded position and I look forward to partnering with him to optimize program and business performance across our company,” said DeMuro. Arseneault has worked for BAE Systems for more than a decade…
The Year in Review
The last 12 months has been one for the books ... or the trash. There was no shortage of government inducements to turn the lackluster tide in 2012—stimulus spending in China and Japan, quantitative easing by the U.S. Federal Reserve, and multiple actions by the European Central Bank to strengthen the Eurozone. But as the year evolved, weak macroeconomic fundamentals decisively trumped monetary policy initiatives and continued their choke on global commerce, hence the maritime sector.
