DP World Profits Up 27% in H1 2019
Dubai International Ports Group (DP World) announced a strong financial results for the first six months of the year ended June 30, 2019 and its profits soared by 27% to US$753.Acquisitions and growth in non-containerized revenue helped revenue climb to $3.46 billion, although on a like-for-like, constant currency basis the revenue increase was 11 percent, said the Dubai-based company.Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “DP World is pleased to report like-for-like earnings growth of 22% in the first half of 2019 and attributable earnings of $753 million. This strong financial performance has been delivered in an uncertain trade environment…
Is Container Freight Now a Commodity?
In an interview with Patrik Berglund, the Xeneta CEO says that the introduction of the "commodity" status for the container would benefit both shippers and carriers. Q- In today’s world of Amazon, Alibaba and E-commerce, have container rates (meaning 20-40’dry box) reached ’commodity’ status? Not exactly. There is a major difference between ‘cheap’ and being a ‘commodity.’ Clearly the current rates are very low, and in fact threatening the financial viability of 4-6 ocean carriers, but business cycles, as set by supply and demand, are part of the global economic cycle.
NOL Posts Q1 Net Loss of $105 Mln
NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million, while core EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) remained positive at $18 million. “Worsening overcapacity of shipping tonnage in 2015 hit the industry well into first quarter 2016. Freight rates which declined across major trade lanes to historic low are expected to remain weak in the face of slower demand growth,” said NOL Group President and CEO Ng Yat Chung.
Swedish Club: Consistent Underwriting in Challenging Year
The Swedish Club reported to its board today that it has achieved a consistent 2015 underwriting performance with financial stability and cost-efficient quality services for its members. It delivered a balanced underwriting result, despite higher claims activity and increased volatility, and demonstrated a resilience that is underpinned by diversification in its product lines, based on prudent management, the Club announced. The year began with a series of major casualties, including total losses which were far beyond what could be expected in terms of probability. However, the Club closed the year with a combined ratio of 99 percent. The challenge was on the investment side, particularly given the turbulent period in the autumn which was led by sharp equity falls in Shanghai and Shenzhen.
NOL Nets 4Q US$77 mln loss
NOL Group today reported a 4Q 2015 net loss of US$77 million, an improvement of US$8 million over 4Q 2014. The Group posted a Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of US$65 million in the quarter. Its Core EBITDA remained positive at US$39 million. On a full year basis, NOL posted a net profit of US$707 million. Excluding a one-time US$888 million gain on the sale of its logistics unit, NOL incurred a full year net loss of US$181 million, an improvement of 30% over last year. NOL’s full year core EBIT loss reduced 5% year-on-year to US$72 million. “The last quarter of 2015 was particularly difficult.
BW Group's 1H Performance Better than Expected
Moody's Investors Service says that operating results of BW Group (Ba2 negative) in 1H 2012 were better than expected, largely because of the higher charter rates achieved by the company for its vessels. "We had expected BW Group's performance to weaken, as many of its vessels were coming off profitable time-charters in 1H and it was increasingly exposed to deteriorating spot-market rates. However, spot rates, especially in the gas carrier segments, either held up or improved," says Vikas Halan, a Moody's Vice President and Senior Analyst. The average time charter equivalent or TCE income per day for BW Group's very large gas carriers and large gas carriers rose over 40% from a year ago. The average TCE for very large crude carriers grew about 5%.
Fishing Vessel Found in Closed Florida Fishing Zone
The Coast Guard Cutter Key Largo boarded a fishing boat Monday night, after observing it allegedly fishing inside the Tortugas Shrimp Sanctuary, a zone closed to shrimp trawling. The fishing vessel Miss Linda Darlene, homeport in Coden, Ala., was located by a Coast Guard helicopter and intercepted by the cutter Key Largo. The Key Largo’s boarding team reported an estimated 1,800 pounds of shrimp in the vessel’s hold. The 73-foot fishing vessel Miss Linda Darlene and the shrimp were transferred to agents from the National Marine Fisheries Service, who met the vessel at Bama Seafood on Stock Island in Key West, Fla. The evidence package for this seizure has been forwarded to NMFS, who will determine if a formal Notice of Violation will be issued.
