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2005 Results

K-Sea Announces Record Results

K-Sea Transportation Partners L.P. reported record results of operations for its fiscal 2006 first quarter ended September 30, 2005. The Company also announced that its distribution to unitholders in respect of the first quarter will increase by $0.01 to $0.57 per unit, or $2.28 per unit annualized. The distribution will be payable on November 14, 2005 to unitholders of record on November 8, 2005. For the three months ended September 30, 2005, the Company reported operating income of $6.2 million, an increase of $1.7 million, or 37%, compared to $4.5 million of operating income for the three months ended September 30, 2004. The increase resulted from the expansion of the Company's fleet barrel-carrying capacity over the past year and continued strong vessel utilization, plus improved average daily rates in the Company's coastwise trade as a result of continuing strong demand for refined petroleum products and higher oil prices. Additional vessels put into service over the past year include the tank barges acquired as part of the Norfolk acquisition in December 2004, which are now contributing positively to operating results, one vessel which was placed back in service in September 2004, after being double hulled, and one vessel placed back in service in May 2005 after being retrofitted. Hurricanes Katrina and Rita had no significant impact on operations for the quarter.


TOP Tankers Reports Financial Results

TOP Tankers Inc., announced its operating results for the third quarter and nine-month period of 2006 and restatement of first, second quarter and first half of 2006 unaudited financial statements. For the three months ended September 30, 2006, the company reported net loss of $11,394,000, or $0.35 per share, compared with net income of $7,921,000, or $0.28 per share, for the third quarter of 2005. The weighted average numbers of basic shares used in the computations were 32,163,137 and 28


Aker Yards’ Backlog Doubles

Aker Yards ASA reported an EBITDA of NOK 240 million for the second quarter of 2005, which corresponds to an EBITDA margin of 5.9 percent. The margin year to date is 5.3 percent. The order intake in the second quarter was NOK 9.3 billion, giving a total order backlog of NOK 36.3 billion at the end of the quarter, representing 110 vessels to be built at the groups' 13 yards. Aker Yards confirms its guidance for 2005 that foresees a growth in revenues to a level in the range of NOK 16-18 bn


Euronav Announces Record Results

The executive committee of Euronav NV reported its financial results for the three months ended March 31, 2006. The company had net income of $93.5 million (2005: $80.8 million) or $1.78 (2005: $1.92) per share, for the three months ended March 31, 2006. This is the highest result for a first quarter ever. EBITDA for the same period was $141.3 million (2005: $98.7 million). The average daily time charter equivalent rates, or TCE


Aker Releases 3Q Results

Aker Yards ASA reported an EBITDA of NOK 304 million for the third quarter of 2006, an increase of 7.8 percent compared with the third quarter of 2005. Challenges on three RoRo container vessels gave a negative result effect in the quarter of approximately NOK 60 million for the business area Merchant Vessels. Additionally, capacity costs related to low capacity utilization in France resulted in a negative effect of NOK 90 million in the quarter, slightly more than anticipated


VT Group Benefits from Acquisitions

Support services and shipbuilding firm VT Group said its interim results benefited from the positive impact of recent acquisitions, which traded in line with expectations. The company's earning per share jumped 22.3% to 12.89p. Due to the strong results, the company increased the interim dividend payable to 3.25p a share, an 8.3% increase from 2005. Within the next six months, the group will find out whether its bids for three large military PFI support programmes have been successful


Diamond Offshore Drilling Announces 3Q 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


Eagle Reports 2Q Results

Eagle Bulk Shipping, Inc., the largest U.S. based owner of Handymax dry bulk vessels, reported its financial results for the second quarter ended June 30, 2005. Members of Eagle Bulk's senior management team hosted a teleconference and webcast at 8:30 a.m. this morning to discuss the results.


BC Ferries Announces 3Q Results

British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2005/06 with a net loss of $0.9 million for the three months ended December 31, 2005, compared to a net loss of $4.2 million in the same quarter last year. Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the spring and summer quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year.


Continued Success for WW

Continued progress characterized results for Wilh. Wilhelmsen ASA (WW) in the first half of 2005. The group has never delivered such high quarterly figures, including an operating income of $511 million in 2Q 2005 (vs. $452 million in 2Q 2004). WW's net operating profit for the second quarter was $72 million, an improvement of $15 million from the same period of 2004. Profit before tax for the quarter came to $64 million, compared with $51 million for April-June last year.


BIMCO Updates SUPPLYTIME for Offshore Charters

Anastasios Papagiannopoulos, President of BIMCO. Photo: BIMCO

 Now in its fourth edition, BIMCO’s best-selling contract has been updated to reflect contemporary shipping practice and legal developments in the offshore sector. It has a purer knock for knock liability regime and is more neutrally balanced than its predecessor.  


Diana Shipping in Time Charter Contract for Clio with Phaethon

M/v Clio. Photo:  Diana Shipping Inc

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Clio.    The gross charter rate is US$8,550 per day


Glickman takes the Helm ZIM

Image: ZIM

Eli Glickman, 56, took office as the new President and Chief Executive Officer of ZIM effective July 1, 2017. Glickman is taking over from Rafi Danieli, who has been President & CEO of ZIM since 2009.    "I’m pleased and honored to take office as ZIM’s CEO


Marsol Signs Two-Year OOCEP Contract

Photo: Marsol International

Marsol International, a UAE-based global marine solutions provider focused on the offshore oil terminal market and related infrastructure, has signed a two years contract with Oman Oil Company Exploration & Production LLC (OOCEP) for the provision and management of the marine and offshore


MOL (America) Announces December KPI Results

Table Courtesy MOL Liner

MOL Liner Ltd. announces the December 2016 results of Regional Key Performance Indicators (KPI) in the Americas in the following categories:  customer service, and electronic data interchange (EDI). The results are available on a monthly basis and posted in greater detail at www.CountOnMOL.com


Mazagon Docks to Make 3 more Scorpene-Class Subs

Photo: Mazagon Dock Shipbuilders

 Mazagon Dock Shipbuilders Limited has approached the Indian Navy with a repeat order for three Scorpene-class submarines, reports The Hindu Businessline.   The leading shipyard of the country has  French shipbuilder DCNS as its technology partner for the Scorpene submarines.


WSF’s M/V Kaleetan on Board with Sherwin-Williams

(Photo: Sherwin-Williams)

A total of 5,300 gallons of Sherwin-Williams Protective & Marine Coatings ensures that one of Washington’s most valuable assets will provide service for years to come.   With a longstanding history of ferry operation in the Puget Sound


DP World, Port of Fujairah End Concession Agreement

File Image (CREDIT: AdobeStock / (c) Pavel Losevsky)

Dubai-based ports operator DP World said on Sunday it and the Port of Fujairah have agreed to terminate the company's concession agreement to operate the port.   DP World entered into the agreement in 2005 on a build, operate and transfer basis to expand and develop the container terminal


MOL Group Q1 Shows Robust Earnings Growth

North Sea block. Photo: MOL Group

 MOL Group announced its financial results for Q1 2017 in which all business segments – Upstream, Downstream, Consumer Services, Gas Midstream – managed to increase their contributions compared with the same period of the previous year.  


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.  


Hapag-Lloyd, UASC Complete Merger

Photo: UASC

 Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg.    With 230 vessels and a shared fleet capacity of approximately 1


CMA CGM Slashes CO2 Emissions 4% in 2016

Photo: CMA CGM Group

CMA CGM Group said it has reduced its CO2 emissions per container transported by 4 percent in 2016.   In 2016, the Group has succeeded in reducing its carbon emissions in line with its 2025 targets. The CMA CGM Group intends to reduce its CO2 emissions per transported container by 30


MLC, 2006 Inspections Yield Positive Results

© momentscatcher / Adobe Stock photo

Aiming to verify that the minimum standards for working and living conditions have been implemented for crews working on board commercial vessels, as well as generate more awareness, Port State Control Officers in the Paris MoU region have carried out a Concentrated Inspection Campaign (CIC) on


Gullickson Joins EBDG

Image: EBDG

Stephanie Gullickson joins Elliott Bay Design Group's Seattle office as the Marketing Manager. She brings 12 years of experience within the maritime industry including management, marketing, sales, event planning and administrative support. Stephanie will be responsible for the development of


DOF Subsea Shelves IPO Plans

Pic: DOF ASA

Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions.   Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership






 
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