Shipbuilder Observes Market Turndown, Turns Profit

Press Release
Wednesday, March 14, 2012
Shipyard Trieste: Photo courtesy Fincantieri

Despite shipbuilding market downturn Fincantieri made net profit of euro 10 million

Annual financial statement showed Fincantieri closed last year's accounts with approximately euro 2.4 billion in annual revenues, of which more than 80% for the export market, and over euro 1.8 billion in new orders acquired during the year.

After two years of significant non-recurring expenses, the 2011 financial year is closing with a net profit of more than euro 10 million, EBITDA of euro 138 million and a net surplus of euro 166 million in cash over debt (net financial position), allowing Fincantieri to carry on its business without any significant financial pressure.

New orders were secured to build two large cruise ships for the Carnival Group (one for P&O Cruises and one for the Costa brand), and one super-luxury small cruise ship for Compagnie du Ponant, a French cruise line.

In the naval segment the subsidiary Orizzonte Sistemi Navali secured an order to build one landing ship logistics vessel for the National Navy of the Democratic and Popular Republic of Algeria, while the US subsidiary Fincantieri Marine Group won an order to build another Littoral Combat Ship (LCS) for the US Navy and another 21 smaller vessels for the US Coast Guard.

The US shipyards will also build two offshore platform supply vessels ordered by Tidewater, the world largest provider of services for the offshore energy industry.

Lastly, the repair and conversion business unit received euro 62 million in orders, while euro 136 million in orders were placed to the systems and components business unit

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Korean Ferry Sinking: Number Missing Increased Threefold

More than 300 people were missing after a ferry sank off South Korea, the coastguard said on Wednesday, with a three-fold increase in the number of passengers unaccounted

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

South Stream Gas Pipeline Re-route via Turkey Possible

Turkish Energy Minister Taner Yildiz said on Wednesday that Ankara would consider the passage of the South Stream natural gas pipeline through Turkey if Russia made such a request.

Shipbuilding

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

China Shipyard Delivers Handymax Size Bulk Carrier

COSCO Corporation (Singapore) inform that its Dalian Shipyard in China has delivered a bulk carrier of 57000 dwt, named "GUOTOU 108", to its Asian buyer. The Handymax bulker measures 189.

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Finance

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

Topaz secures another West Africa contract

Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1210 sec (8 req/sec)