Marco Polo Marine Revenue Drops for Q1
Marco Polo Marine Group Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017. The decrease was mainly due to the lower utilization and charter rate for the Group’s offshore fleet. The Ship Building & Repair Operations of the Group also recorded a decrease in revenue of 34% in Q1FY2017 relative to Q1FY2016.
LR Demand Difficulties
There has always been a compelling story being told about how larger product carriers are the future, in particular the LR2s, says Gibsons Weekly Tanker Report. However, the sector has had a particularly challenging few months, with little optimism regarding a sustained recovery in earnings. The LR2 story centered around the expansion of refining capacity in the Middle East, capacity reductions in Europe and wider product imbalances driving long haul trade. In some regards that story delivered.
Philippines-Indonesia Shipping Route Soon
The Department of Transportation (DOTr) announced plans to open a shorter shipping route between the Philippines and Indonesia, a move meant to strengthen trade relations between the two neighboring countries, reported Manila Times. The maiden voyage scheduled on April 28 will originate from Davao City, the hometown of Philippines President Rodrigo Duterte. Agricultural products will be among the first batches of cargo to be transported on the new shipping route, the trade department said.
DP World not concerned about Trump protectionist policies
Dubai ports operator DP World is not concerned about U.S. President Donald Trump's protectionist policies, DP World's chairman Sultan bin Sulayem told reporters on Sunday. "Not at all. I think this is a phase. I think the sentiment that you see in America is ... in many parts of the world but this is something is going to pass," bin Sulayem said on the sidelines at a conference in Dubai. (Reporting by Alexander Cornwell, writing by Hadeel Al Sayegh; Editing by Toby Chopra)
TEN declares cash dividend
TEN Ltd. a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares"; NYSE; TNPPRD) for the period from November 28, 2016 through February 27, 2017. The dividend will be paid on February 28, 2017 to all holders of record of the Series D Preferred Shares as of the third business day prior to the dividend payment date…
ExxonMobil inks patent agreement with Pason Systems
ExxonMobil has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System, a key component of the company’s Fast Drill technology suite. The licensing agreement accelerates the technology’s commercialization by combining Pason’s expertise in drilling data and ExxonMobil’s experience in drilling surveillance and optimization. Fast Drill combines high-end modeling…
Austal Celebrates Christening of Tulsa (LCS 16)
Austal USA proudly hosted the christening of the nation’s 16th littoral combat ship (LCS), the future USS Tulsa, here Saturday, Feb. 11. Tulsa (LCS 16) is the sixth LCS in Austal’s 11-ship contract, worth over $3.5 billion. With its shallow draft of 14 feet, the Austal-built Independence-variant LCS is an advanced high-speed and agile 419-foot aluminum trimaran combat ship that combines superior seakeeping…