Marine Link
Monday, October 16, 2017

2002 Results

Rowan Reports Improved Operating Results

For the three months ended June 30, 2002, Rowan incurred a net loss of $8.7 million, or $.09 per share, on revenues of $148.5 million, compared to net income $87.7 million, or $.92 per share, on revenues of $137.8 million in the first quarter of 2002, and net income of $34.3 million, or $.36 per share, on revenues of $210.4 million in the second quarter of 2001. First quarter 2002 results included net proceeds from the settlement of the Gorilla V contract dispute, which increased net income by approximately $102 million, or $1.07 per share. Excluding the effects of the settlement, the Company's first quarter 2002 results would have been a net loss of approximately $14 million, or $.15 per share. Rowan's offshore rig utilization was 87 percent during the second quarter of 2002, versus 80 percent in the first quarter and 90 percent in the year-earlier period, and our average offshore day rate of $30,500 decreased by $2,400, or 7 percent, from the first quarter and by $30,600, or 50 percent, from the year-earlier period. Land rig utilization was 68% during the second quarter of 2002, versus 84 percent in the year- earlier period, and our average land rig day rate of $10,200 decreased by $400, or 4 percent, from the first quarter and by $4,100, or 29 percent, from the year- earlier period.

Northrop Grumman Reports 2Q Results

Northrop Grumman Corporation reported income from continuing operations of $207 million, or $1.09 per share, compared with $181 million, or $1.52 per share, for the same period of 2002. Second quarter 2003 earnings per share are based on weighted average diluted shares outstanding of 184.4 million versus 114.8 million for the second quarter of 2002. Sales for the 2003 second quarter increased to $6.6 billion from $4.2 billion for the same period of 2002.

Waterfront Commission Grants Joint-Recommendation

The Waterfront Commission of New York Harbor announced that it granted the joint-recommendation of the New York Shipping Association-International Longshoremen's Association Contract Board which requested that the Commission accept applications from 400 persons for inclusion in the Longshoremen's Register and also that the Commission accept applications for the replacement of up to 415 potential retirees for the period of October 1, 2002 to September 30, 2003.

Carnival's Shares Plummet 40 Percent

Carnival Corporation reported net income of $116.3 million ($0.20 Diluted EPS) on revenues of $959.1 million for its fourth quarter ended November 30, 2001, compared to net income of $193.8 million ($0.33 Diluted EPS) on revenues of $850.3 million for the same quarter in 2000. Net income for the year ended November 30, 2001, was $926.2 million ($1.58 Diluted EPS) on revenues of $4.54 billion, compared to net income of $965.5 million ($1.60 Diluted EPS) on revenues of $3

IM Skaugen Announces Results

The IM Skaugen group reported a pre-tax result of MUSD 20.3 in 2003 including a net gain from sale of assets of MUSD 19.3 - (MUSD 4.8 in 2002). The result on EBITDA basis is MUSD 24.8 in 2003 (MUSD 25.8 in 2002 and MUSD 33.9 in 2001). The Board has decided to recommend to the Annual General Meeting on March 1st 2004 to pay a dividend of NOK 7.- per share (NOK 7.50 in 2002 and 7.00 in 2003). The payment of this dividend, for the calendar year 2003

Carnival Reports 3Q Earnings

Carnival Corporation & plc reported net income of $734.3 million ($0.90 Diluted EPS) on revenues of $2.52 billion for its third quarter ended August 31, 2003, compared to net income of $500.8 million ($0.85 Diluted EPS) on revenues of $1.44 billion for the same quarter in 2002. Net income for the nine months ended August 31, 2003 was $988.9 million ($1.42 Diluted EPS) on revenues of $4.90 billion, compared to net income of $824.6 million ($1.40 Diluted EPS) on revenues of $3

Washington State Fines Ship Owner $81,000 for Spill

The Washington State Department of Ecology issued a Press Release stating that it assessed a fine in the amount of $81,000 against the Dockendale Shipping Company of the Bahamas for the spill of an estimated 8,000 gallons of bunkers from the M/V PENDRECHT while it was berthed near Longview, Washington on the Columbia River in January 2002. The spill resulted when oil from the bunker tank leaked through a crack into a ballast tank and was then pumped overboard

DHS Issues Rule on SAFETY Act Implementation

The Department of Homeland Security issued a final rule implementing the Support Anti-terrorism by Fostering Effective Technologies Act of 2002 (the SAFETY Act). The purpose of the regulations is to facilitate and promote the development and deployment of anti-terrorism technologies that will save lives. This final rule amends the previous interim rule to incorporate changes resulting from comments submitted regarding the earlier rule. The changes come into effect on July 10. 71 Fed. Reg

Trailer Bridge Reports 2Q Results

Trailer Bridge, Inc. reported financial results for the second quarter ended June 30, 2002 highlighted by a significantly reduced losses, profits in the months of May and June and the beginning effects from what is anticipated to be sharp and continuing improvements in market conditions in the Puerto Rico lane. When the company released its first quarter results, it disclosed a just announced transaction where a competitor with a 27 percent market share and operating under Chapter 11 of

Greece To Liberalize Shipping By 2002

Greek Prime Minister Costas Simitis said on Wednesday that island shipping would be liberalized by 2002, two years ahead of schedule as a result of last week's sinking of ferry Express Samina. Shipping officials have partly blamed the ferry's sinking last Tuesday on the near-monopolies that have developed in the Aegean, saying some healthy competition would improve the quality of ships and services. Simitis said shipping companies were merging for strength ahead of the opening of the

Euronav Responses to a Weaker Tanker Market

Photo:  Euronav

 The Belgium-based  crude oil tanker company Euronav has taken affirmative action in response to a weaker tanker background, said a press statement from the company.   The Company has a strong balance sheet with low leverage and access to over USD 800 million of liquidity following its entry into the debt capital markets during Q2.    High quality fixed income (the FSO vessels and 4 x 7 year Suezmax time charters) secured via strong relationships and with

FTC Fines Global Car Shipping Firms USD 37.8mln

The Gaia Leader Ocean Carrier. Photo: NYK RORO

 South Korea's antitrust watchdog Fair Trade Commission (FTC)  has imposed a combined 43 billion won (US$37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing, reported Yonhap.   According to the FTC, the nine car shipping companies colluded between August 2002 and September 2012 in global biddings offered by car manufacturers that they should “respect” existing contracts of one another so as not to compete.  

Container Equipment Leasing Rates Under Pressure

Graph: Drewry Shipping Consultants Limited.

 Leasing companies are tightening their stranglehold over container equipment ownership as ocean carriers cut back on new purchasing and sell older inventory for leaseback, Drewry's report said.   But the lessors’ rapid expansion has come at a price as the combination of low borrowing costs and competitive pressures has had an adverse impact on lease rates and accompanying investment returns.  

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017.    “Having successfully completed the financial restructuring of Tidewater at the end of July

Eimskip Acquires Mareco in Belgium

Mareco offices worldwide Image Eimskip

Eimskip has strengthened its position in worldwide reefer logistics services by acquiring 80% of the forwarding company Mareco N.V. The company was founded in 2002 and its headquarters are located in Antwerp,Belgium. The current management team will continue to own a 20% share in the company and will manage its operations. Mareco employs 26 people in two locations, 22 in Antwerp and four in Sao Paulo, Brazil. Mareco focuses on reefer logistics services, especially export to West

US Coast Guard Awards Navigation System Contract

The Coast Guard's Command, Control and Communications Engineering Center (C3CEN) awarded a contract to FLIR Maritime US, Inc., of Nashua, New Hampshire, Wednesday, for the Scalable Integrated Navigation System, Two (SINS-2). The single award Firm Fixed Price Indefinite Delivery, Indefinite Quantity contract is valued at $50 million and consists of a five-year base with a five-year option. The total period of performance is 10 years.  

Litter Levels in the Arctic Depths On the Rise

Map FRAM (Graphic Thomas Soltwedel)

The Arctic has a serious litter problem: in just ten years, the concentration of marine litter at a deep-sea station in the Arctic Ocean has risen 20-fold. This was recently reported in a study by researchers at the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI). Plastic bags, glass shards and fishing nets: despite its location, far from any urban areas, the amount of litter in the depths of the Arctic Ocean continues to rise

Odfjell Returns to Profit

Photo: Odfjell SE

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015

Dry Bulk Back from the Brink

Photo: Dennis Schnell, Bulldog and Partners

While the tanker industry worries about OPEC reducing output and the container industry rushes to consolidate, dry bulk values have been quietly increasing. VesselsValue senior analyst William Bennett digs through the data to uncover the reasons why.   Bulker values in the last 12 months have hit rock bottom and are now looking to show considerable promise. Five-year-old handysize values are up by over 40 percent; as are 15-year-old Panamax and Supramax asset prices

S. African Watchdog Seeks Penalty Against K-Line

Image:  K LINE Shipping (South Africa) PTY LTD

 South Africa’s  competition watchdog  is seeking to fine Japan’s Kawasaki Kisen Kaisha (K-Line) as much as 10 percent of its annual revenue in the country for colluding on a tender for the transport of Toyota Motor Corp. vehicles, reports Reuters.   The commission believes action must be taken against it for price fixing‚ market division and collusive tendering involving the transportation of Toyota vehicles from South Africa to Europe‚ North

USS Laboon Makes Second Drug Bust in a Week

Photo: United States Navy

 For the second time in five days, guided-missile destroyer USS Laboon (DDG 58) intercepted a small, stateless dhow in the international waters of the Arabian Sea and seized 500 kilograms of Hashish, March 17.   Laboon, conducting maritime security operations in the region as part of Combined Task Force (CTF) 150 of the Combined Maritime Forces, conducted an inspection of the vessel as part of a flag verification boarding and found the illicit cargo.  

Cristobal Colon Arrives in Sydney

ESPS Christobal Colon of the Spanish Amarda arrives in Sydney Harbour. The crew of ESPS Christobal Colon will be helping to train and familiarise crews of Australias Hobart Class Air Warfare Destroyers. Photo: Royal Australian Navy

 HMA Ships Darwin, Melbourne and Parramatta have escorted the Spanish Armada's Cristobal Colon into Sydney Harbour as part of her role in providing platform and familiarisation training to Australian personnel.   Over the next three months the ship will assist in enabling Australian Navy people to have advance training for Australia's first Aegis Guided Missile Destroyer, Hobart.   Commanding Officer Hobart Captain John Stavridis said the opportunity to embark in Cristobal

Strong Results for Skuld on 120th Anniversary

Image: Skuld

 Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million.   For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year.

Giant Iceberg Breaks off Antarctica

Thermal wavelength image of a large iceberg, which has calved off the Larsen C ice shelf. Darker colors are colder, and brighter colors are warmer, so the rift between the iceberg and the ice shelf appears as a thin line of slightly warmer area. Image from July 12, 2017, from the MODIS instrument on NASAs Aqua satellite. (Image: NASA Worldview)

One of the biggest icebergs on record has broken away from Antarctica, scientists said on Wednesday, creating an extra hazard for ships around the continent as it breaks up.   The one trillion tonne iceberg, measuring 5,800 square km, calved away from the Larsen C Ice Shelf in Antarctica sometime between July 10 and 12, said scientists at the University of Swansea and the British Antarctic Survey.   The iceberg, which is roughly the size of the U.S

Two Frenchmen Investigated over 2002 Malaysia Submarines Deal

Two French former defence industry executives have been placed under preliminary investigation as part of a probe into the 2002 sale of submarines to Malaysia, an official in the French judiciary said on Wednesday.   The source said Philippe Japiot and Jean-Paul Perrier, former executives at Thales and DCNS, had been placed under investigation as part of a long-running probe into alleged kickbacks from that Malaysian submarines deal in 2002.  

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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