Marine Link
Monday, October 23, 2017

2009 Results

Conrad Industries Q3 2009 Results

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its third quarter and nine months 2009 results. For the quarter ended September 30, 2009, Conrad had net income of $2.8m and earnings per diluted share of $0.43 compared to net income of $4.5m and earnings per diluted share of $0.64 during the third quarter of 2008. The company had net income of $10.1m and earnings per diluted share of $1.56 for the nine months ended September 30, 2009 compared to net income of $15.9m and earnings per diluted share of $2.22 for the nine months ended September 30, 2008. The diluted shares for the nine months ended September 30, 2009 and September 30, 2008 are 6.5 million and 7.2 million, respectively. The company's financial reports are available at www.pinksheets.com. Conrad's backlog was $56.1m at September 30, 2009, $40.4m at June 30, 2009, $56.3m at December 31, 2008 and $74.8m at September 30, 2008. (www.conradindustries.com)

ASL Marine Gowing Strong

Photo courtesy Cummins Marine

If there is a slowing in the marine industries no one told the people at ASL Marine in Singapore. Among other projects the shipyard is building a series of Roto Tugs, a series of large PSVs and a 196.8-ft dive support vessel.   In November ASL was nearing completion of another in their series of diesel-electric emergency vessels for the Danish firm Esvagt. These red boats are equipped with five Cummins KTA19D powered 485 kW generators.  

Conrad 1Q 2009 Results

Conrad Industries, Inc. announced its first quarter 2009 results and the signing of contracts and sale of barges with a total value of $24m which brings our current backlog to approximately $44.4m compared to $34.1m at March 31, 2009, $56.3m at December 31, 2008 and $96.4m at March 31, 2008. For the quarter ended March 31, 2009, Conrad achieved net income of $5.7m and earnings per diluted share of $0.88 compared to net income of $4.5m and earnings per diluted share of $0

Safe Bulkers Q2 2009 Results

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Summary of Second Quarter 2009 Results: Net revenue for the second quarter of 2009 decreased by 14% to $44.3m from $51.4m during the same period in 2008. The company operated 13 vessels on average during the second quarter of 2009, earning a Time Charter Equivalent (TCE)(1) rate of $37,555

Safe Bulkers Q3 Results

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three- and nine-month periods ended September 30, 2009. Summary of Third Quarter 2009 Results Net revenue for the third quarter of 2009 decreased by 31% to $36.9 million from $53.4 million during the same period in 2008. The company operated 13.2 vessels on average during the third quarter of 2009

Euroseas Q4 & Year End Report

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the fourth quarter of 2009 and year ended December 31, 2009. Fourth Quarter 2009 Highlights: - Net loss of $16.3 million or $0.53 loss per share basic and diluted on total net revenues of $16.5 million. The results include a $9.0 million loss from the sale of two vessels

Euronav 1Q 2009 Results & New Financing

The executive committee of Euronav NV (Euronext Brussels: EURN) reported its financial results for the three months ended 31st March 2009. The most important key figures are (in thousands of USD):                    first quarter 2009    first quarter 2008 Turnover    128,505    218,004 EBITDA     73,208    154,156

Kirby Corp 1Q 2009 Results

•    2009 first quarter earnings per share were $.52 compared with $.68 earned in the 2008 first quarter •    Results included a $.05 per share charge for early retirements and staff reductions •    2009 second quarter earnings per share guidance is $.52 to $.62 versus $.74 earned in the 2008 second quarter •    2009 year earnings per share guidance revised to $2.40 to $2.55 versus $2

Royal Caribbean Q3 Results

Royal Caribbean Cruises Ltd. (NYSE:RCL) announced earnings for the third quarter of 2009 and provided guidance for the fourth quarter and full year. Key Highlights •    Third quarter 2009 net income was $230.4 million, or $1.07 per share, compared to net income of $411.9 million, or $1.92 per share in 2008. •    The results were better than the company's most recent guidance of $0.95 to $1

ABS Milestone For Fleet Size & Total Gross Tonnage

Class society ABS achieved another record performance in fleet size during 2010, reported Chairman Robert D. Somerville at the annual meeting. An eight percent increase in gross tonnage from year-end 2009 resulted in the ABS-fleet reaching a new record of 173m gross tons (gt) representing 11,191 vessels.     Somerville pointed out that ABS is in a strong position with regards to the world orderbook holding more than 20 percent of the newbuild market

NORDEN Expands Tanker Fleet

Photo: NORDEN

 NORDEN is in the process of increasing its tanker exposure. The purpose is to take advantage of the business opportunities provided by the fluctuations of the cyclical market, said a communicaion from the company.   ”During the strong tanker markets throughout 2015 and the first half-year of 2016, NORDEN prioritised coverage. We therefore reduced the open capacity for 2017 and onwards. But in the wake of the decline in the market during the second half of 2016

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.  

ZF Marine Opens New North America Commercial Craft Center of Competence

Dr. Klaus Geissdoerfer, Head of the ZF Group Industrial Technology Division officially opens ZF Marine’s new North American Commercial Craft Center of Competence.  L to R: Paul Johnston – Jefferson Parish Councilman, Fred Preis –Jefferson Chamber of Commerce, Andre Koerner – ZF, Dr. Klaus Geissdoerfer – ZF, Michael Babin – ZF, Jessica Foreman – New Orleans Inc. Regional Economic Development Alliance, Jerry Bologna – Jefferson Parish Economic Development Commission]  Image: [ZF – Gauvin Photo]

The new facility has dedicated transmission and thruster repair facilities, and larger warehouse and training areas.   ZF Marine has a long standing presence in Louisiana, opening their first location in the city of St. Rose in 1996. The ever increasing customer base combined with the addition of the commercial thruster product line in 2009 resulted in the need to create a larger physical presence in the region

Tanker Scrapping on the Rise

Photo:  Teekay Corporation

One of the main contributors to the low tanker rates experienced during 2017 has been high fleet growth, particularly in the large crude tanker sectors, says a report from Teekay.   This is partly due to a heavy delivery schedule as a result of orders placed in 2015, but it also due to very low levels of tanker scrapping. However, it appears as though the tide my be turning.    Tanker scrapping was virtually non-existent in 2015 and 2016 with around 2

Ballast Water Management Systems: Let the Games Begin

Costly Critter: Pictured is the Bythotrephes longimanus, more commonly known as the Spiny Water Flea, a species native to N. Europe and accidentally introduced through ballast water into Lake Huron in 1984. Emerging Ballast Water Treatment System rules will potentially cost shipowners millions per ship.  (Photo Source: Michigan Sea Grant; Spiny Flea Information Source: U.S. Department of Agriculture)

With the accession by Finland to the International Convention for the Control and Management of Ships’ Ballast Water and Sediments, 2004 (better known as the Ballast Water Management or BWM Convention), there are now sufficient ratifications for the Convention to enter into force.  Entry into force will occur on 8 September 2017.  It has been an agonizingly slow process for a convention that was adopted with such high hopes.  

Recent Vessel Sales: October 2016

Vessel sales for October2016 (as of November 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported - Vessel Name - DWT - Year Built - (Age) - Price in Millions USD   Bulk Carriers 10/16 - ORIENTAL PHOENIX - 14,181 - 1999 - (17) - $2.35 10/25 - STELLAR PACIFIC - 16,730 - 2007 - (9) - $6 10/25 - IS TRINITY - 28,306 - 2009 - (7) - $6.5 10/25 - EXELIXIS - 29,926 - 1997 - (19) - $2.6 10/10 - GENCO SUGAR - 29,952 - 1998 - (18) - $2.55

MOL Smart Ship Project Launched

Concept Image MOL

Mitsui O.S.K. Lines, Ltd. today announced the launch of the ISHIN NEXT ~ MOL SMART SHIP PROJECT ~, a new technological development project that builds on the success of the Senpaku ISHIN project (Note 1) , announced in 2009. Through the project, MOL will share its technological development policies with customers and other stakeholders, and therefore collect diversified needs and various seeds of technologies. By matching them

US Naval Secretary Calls for 355-ship Fleet

Ray Mabus (Photo: U.S. Navy)

In announcing the results of the 2016 Force Structure Assessment (FSA), U.S. Secretary of the Navy Ray Mabus recommended a 355-ship fleet, including 12 carriers, 104 large surface combatants, 52 small surface combatants, 38 amphibious ships and 66 submarines.   The FSA is a year-long effort which began in January that was conducted to evaluate long-term defense security requirements for future naval forces today at the Pentagon in Arlington, Va.  

Damen's CEO Receives KIVI Honorary Medal

Rene Berkvens receives an honorary medal from KIVI Photo Damen

On December 21, René Berkvens, CEO of Damen Shipyards Group, received the KIVI Honorary Medal for Marine Technology. KIVI (est. 1847) is the professional association of engineers in the Netherlands. The ceremony took place at Delft Technical University during the symposium ‘Maritime Manufacturing - Is there room for innovation in the boardroom?’ Both jury and speakers praised Mr Berkvens' long-standing role as an initiator and promoter of many commercial

Vessel Earnings and Global Fleet Trends

Graph: Clarkson Research Services

 Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016.   The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping sectors, but how is the wider global fleet covered by World Fleet Monitor faring now, in comparison to the post-downturn period as a whole?  

Hempel: New Coatings for Offshore Structures

Photo: Hempel

Hempel has launched two new advanced coatings specifically developed to protect the vulnerable “splash zone” areas of offshore structures. The “splash zone” is the area of an offshore asset (oil & gas platform or wind turbine, for example) that is just above the waterline and so suffers from the dual impact of atmospheric and immersion-type corrosion; as well as physical damage such as abrasion and impact, especially in areas around boat landings.  

Port Cooperation and Maritime Security in Belize

Photo: International Maritime Organization (IMO)

 Identifying and dealing with potential threats to port security operations was at the core of a three-day workshop in Belize City, Belize (18-20 July).    The event took a closer look at security needs and associated risks. Through interactive presentations and discussions between participants the workshop helped identify opportunities for increased collaboration between government agencies and port owners/operators as well as assessing port security training priorities

Tokyo, Paris MOUs Launch Navigation Safety Push

© torsakarin / Adobe Stock

The Maritime Authorities of the Tokyo and the Paris Memoranda of Understanding (MoU) on Port State Control will launch a joint Concentrated Inspection Campaign (CIC) on safety of navigation.   The aim of the CIC is to check compliance with the applicable requirements of the SOLAS Convention, the overall status of the vessel’s navigation safety, and the competency of crew involved in navigation operations.  

Oil Spill Response: SCOPE 2017

(Image: SCOPE)

Later this year a major oil and chemical protection exercise dubbed SCOPE 2017 will be carried out in Norway. A joint project including major European and Scandinavian stakeholders, the simulated response to a combined oil and chemical spill aims to foster clearer communication and coordination of spill response across agencies and physical country boundaries. Stig Wahlstrøm, Project Manager SCOPE 2017, Norwegian Coastal Administration and Johan Marius Ly, Director

Bilge Keel Damping from In-field Motion Measurements

Fig9.jpg

Chevron and MARIN worked together on a novel approach to characterize the actual damping for an FSPO in real world conditions. Results show that using damping from model tests means that roll decay in calm water is conservative and that natural roll periods are less sensitive to the FPSO draft than often considered in the design phase.   Due to the resonance behavior of roll motions, roll damping is an important consideration for vessel motions and the associated extreme and fatigue

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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