Insurance Proceeds News

On May 5, 2023, the White House announced that the Environmental Protection Agency (EPA) was “taking the next step to invest $3 billion in its Clean Ports Program to fund zero-emission port equipment and technology and to help ports develop climate action plans to reduce air pollutants, improve air quality and public health in neighboring communities, and advance environmental justice.” That “next step” was the issuance of a Request for Information to inform EPA of the availability…

Eastern Shipbuilding Group, Inc. (ESG) complted a new $5-million aluminum superstructure fabrication and assembly hall at its Nelson Street Shipyard, an infrastructure project to support multi-hull production for the U.S. Coast Guard’s (USCG) Offshore Patrol Cutter (OPC) program, on which ESG is the prime contractor. The aluminum fabrication facility, with its crane capacity and hook height, along with a heavily reinforced high-strength concrete slab flooring system and large sliding entryway doors…

Höegh Xiamen car carrier has been declared "a constructive total loss" following a fire that broke out on the vessel in early June in Jacksonville, USA.The Höegh Xiamen car carrier is owned by Ocean Yield and is on a bareboat contract to Höegh Autoliners. The fire broke out on June 4, shortly after the vessel had completed loading operations at Blount Island, Jacksonville, Florida. It was extinguished late on June 12.During the initial response, several firefighters sustained serious injuries.Ocean Yield which on Friday said the vessel had been declared a total loss…

Valaris, the world's largest offshore drilling company by fleet size, is set to lose one of the most lucrative contracts in the offshore drilling industry today after it recently accidentally dropped a blowout preventer stack to seabed offshore Angola.The contract, at a day rate of $620,000 per day, is with the French oil major Total for the drillship Valaris DS-8. The Samsung GF12000 designed drilling rig has been drilling for Total since 2015.As previously reported, Valaris earlier in March said it had accidentally dropped Blowout Preventer Stack to the seafloor of Angola, while the rig was moving between well locations. It then warned the customer might seek to terminate the contract as a result of the incident.In an update on Thursday…

Is the Limitation of Liability Act Still Relevant? In the aftermath of the El Faro disaster, that vessel’s owners exercised their right to file a petition to limit their liability in accordance with the U.S. Shipowner’s Limitation of Liability Act, 46 USC §30501, et seq. This evoked negative press and social media reaction with a now-familiar refrain: Why should a shipowner escape full liability for a disaster by hiding behind a 19th-century (i.e., outdated, antique, ancient) statute?

Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP"). These settlements together resolve substantially all outstanding claims against Transocean arising from the April 20, 2010, Macondo Well incident involving the Deepwater Horizon in the Gulf of Mexico. Under the terms of the agreement with the PSC, which is subject to approval by the U.S. District Court for the Eastern District of Louisiana (the "Court"), Transocean will pay two classes of plaintiffs, represented by the PSC, a total of  approximately $212 million. Transocean will also pay attorneys' fees to be determined by the Court.

Inmarsat, a provider of global mobile satellite communications services, said it has triggered an option to purchase a fourth Inmarsat-5 satellite under its existing contract with Boeing Satellite Systems International, Inc. The program schedule from Boeing has a satellite delivery date of mid-2016. The fourth Inmarsat-5 satellite will have a dual strategic role. Initially the satellite will serve to provide an early available spare in the unlikely event of a launch failure of any of the first three Inmarsat-5 satellites. As a result, Inmarsat will be able to achieve global service launch for Global Xpress (GX) more rapidly than if a replacement satellite were only commissioned following a launch failure.

Net profit attributable to shareholders in the second quarter was $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012. Net profit attributable to shareholders for the first six months was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011. •    Stolt Tankers reported an operating profit of $29.0 million, reflecting a net gain of $24.5 million on insurance proceeds related to the loss of MT Stolt Valor following the incident in the Persian Gulf in March. Net of this gain the operating profit was $4.5 million for the current quarter, compared with an operating loss of $8.6 million.

In the wake of the Deepwater Horizon casualty there have been a number of proposals put before Congress for new legislation or amendments to existing legislation affecting vessel owners and operators. Many of these relate to liability for damages sustained as a result of the casualty or the oil spill that followed. Perhaps the oldest legislation to which amendment and / or appeal is being sought is a statute passed in 1851 to provide vessel owners with limited liability in respect claims brought against them in certain circumstances involving, amongst other things, marine casualties.

SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the twelve months ended December 31, 2009, net income attributable to SEACOR Holdings Inc.

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.

GulfMark Offshore, Inc. (NYSE:GLF) announced results of operations for the three months ended March 31, 2009. Net income for the first quarter of 2009 was $14.2 million, or $0.56 per diluted share. Excluding special items, which net to $0.76 per diluted share and which are detailed further below, earnings per share for the first quarter of 2009 was $1.32 per diluted share. Revenue for the first quarter of 2009 was $108.8 million, an increase of 30.5% over the same period in the prior year. Operating income, excluding special items, was $43.2 million in the first quarter of 2009, an increase of 25% over the same period in 2008. GulfMark Americas, which was acquired on July 1, 2008, contributed revenue of $36.3 million during the first quarter and operating income of $15 million.

Odfjell's consolidated net result after tax was $34 million the first quarter 2004 compared to $18 million 1Q 2003. The first quarter 2004 figure includes capital gains on assets of $9 million. Time-charter results per day improved by 9 percent compared to first quarter 2003 and to the full year 2003. Increased voyage expenses reflect the increased number of ships in the fleet. Earnings before interest, taxes, depreciation and amortization (EBITDA) for first quarter 2004 were $53 million, up from $41 million first quarter 2003. Operating result (EBIT), including capital gain on assets, was $38 million in the first quarter 2004, compared to $19 million in the first quarter 2003.

Royal Caribbean Cruises Ltd. announced earnings for the year of $254.5 million, or $1.32 per share, compared with $445.4 million, or $2.31 per share in 2000. ships out of service, partially offset by insurance proceeds. Excluding the impact of these items, net income would have been $318.9 million, or $1.65 per share. Revenues for the year were up 9.7 percent at $3.1 billion, compared with $2.9 billion in 2000. The increase in revenues for the year was due to a 20.8 percent increase in capacity, offset by a decline in net yields (net revenue per available berth day) of approximately 9 percent. million in 2000. The increase in revenues was due primarily to the increase in capacity in the quarter, partially offset by a change in yields.

British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2006/07 with a net loss of $1.8 million for the three months ended December 31, 2006, compared to a net loss of $0.9 million in the same quarter last year. Due to the seasonality of ferry travel, BC Ferries typically generates higher net earnings in the first and second quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year. Due to a gain of $61.3 million reported in the first quarter of fiscal 2007, which resulted from insurance proceeds following the loss of the Queen of the North, net earnings for the nine-month period ended December 31, 2006 were $143.3 million, compared to $74.7 million over the same nine-month period last year.

British Columbia Ferry Services Inc. reported a first-quarter profit of $76.2m due to insurance proceeds of $67.9m in connection with the sinking of the Queen of the North ferry. The ferry operator said Thursday that excluding the one-time gain, it would have earned $14.9 million on revenue of $146.3 million. That compared to a profit of $14.4 million on revenue of $145.2 million a year ago. The company said the money from the insurance payment will be used to buy a replacement ship. The Queen of the North sank March 22 after striking Gil Island in Wright Sound in 430 metres of water. Two people remain missing and are presumed dead after the late-night incident in which 99 people were safely removed from the stricken vessel. Two lawsuits are pending as a result of the sinking. B.C.

GlobalSantaFe Corporation announced that the continuing surge in demand and dayrates for offshore oil and gas contract drilling services helped drive operating income sharply higher and boost net income in the fourth quarter of 2005 to $180.2 million, or 73 cents per diluted share, on revenues of $603.5 million, compared with a net loss of $7.6 million, or 3 cents per diluted share, on revenues of $498.3 million in the fourth quarter of 2004. The improved fourth quarter 2005 results included an after-tax gain of $23.5 million, or 9 cents per diluted share, resulting from the sale of the Glomar Robert F. Bauer drillship. Results for the comparable period of 2004 included a tax charge of $42.5 million…

According to reports, Maritrans Inc. reported net income for the quarter ended March 31 was $5.8 million, or 48 cents a share, compared with $3.7 million, or 43 cents a share, in the same quarter last year. Revenue for the first quarter of 2006 was $47.4 million, compared to $43.5 million in the year-ago period. Maritrans said utilization of its fleet was lower in the first quarter of 2005 than in the year-ago period. In a release, Jonathan Whitworth, chief executive, said higher than expected refinery maintenance cut the volume of products available to move and lowered results. Net income for the just-ended first quarter included $4 million in insurance proceeds, resulting in a gain of $2.9 million or 15 cents a share, related to the loss of the tugboat Valour, the release said.

Maritrans Inc. reported net income for the quarter ended March 31 was $5.8 million, or 48 cents a share, compared with $3.7 million, or 43 cents a share, in the same quarter last year. Revenue for the first quarter of 2006 was $47.4 million, compared to $43.5 million in the year-ago period. Tampa-based Maritrans which primarily provides marine transportation services for petroleum products in the Gulf of Mexico and along the Atlantic seaboard, said utilization of its fleet was lower in the first quarter of 2005 than in the year-ago period. In a release, Jonathan Whitworth, chief executive, said higher than expected refinery maintenance cut the volume of products available to move and lowered results.

& Curole Marine Contractors, LLC for $44 million. U.S. Gulf of Mexico. contracts. Hurricane Katrina and its condition is being evaluated. 170 feet, are currently operating in Nigeria. established its own operations in Nigeria. notice to Danos & Curole. insurance proceeds Danos & Curole recovers. Curole is responsible for under its insurance policies covering the vessel. without payment of any additional consideration.

Carnival Corporation reported net income of $126.9 million ($0.22 diluted EPS) on revenues of $1.03 billion for its first quarter ended February 28, 2003, compared to net income of $129.6 million ($0.22 diluted EPS) on revenues of $906.5 million for the same quarter in 2002. Earnings for the first quarter of 2003 included nonoperating income of $14.7 million, resulting from net insurance proceeds of $19 million, less certain other nonoperating expenses. Earnings for the first quarter of 2002 included $5 million of nonoperating income. Cruise revenues for the first quarter of 2003 were up 14 percent compared to the same quarter in 2002 due to an increase in capacity of 14.7 percent, partially offset by a decline in the number of guests purchasing air transportation from the company.

Trimble announced the settlement of the securities class action lawsuit filed on December 6, 1995 against the company and certain of its current and former officers and directors. The final court-approved settlement was funded by insurance proceeds and payment by the company of $1.8 million. The entire amount of the company's obligations was previously reserved. The settlement will not adversely affect Trimble's financial results.

Diamond Offshore Drilling, Inc. reported net income of $82 million, or $0.60 per share on a diluted basis, for the third quarter of 2005, compared to net income of $2.9 million, or $0.02 per share on a diluted basis, in the same period a year earlier. Revenue for the third quarter of 2005 was $310.5 million, compared to revenue of $208.2 million for the third quarter of 2004. For the nine months ended September 30, 2005, the company reported net income of $153.4 million, or $1.14 per share on a diluted basis, compared to a net loss of $18.5 million, or $0.14 per share on a diluted basis for the same period in 2004. Revenue for the nine months ended September 30, 2005 was $852.7 million, compared to $577.3 million for the first nine months of 2004.