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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Shipbuilding

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1645 sec (6 req/sec)