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2010 Results

TEN Reports 4Q Results

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18th consecutive year of profitability Company declares quarterly dividend of $0.15 payable in April 2011 Total dividends reach $333 million since 2002 NYSE listing 2010 HIGHLIGHTS - Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge).  - Average daily operating expenses per vessel decreased by 11.9% to $7,647. - Fleet utilization of 97.6%. - Sale of five tankers with a net gain of $19.7 million. - Delivery of two newbuilding aframax tankers and acquisition of four panamax product carriers with employment. - Change from twice yearly to quarterly dividends. Total dividends paid in 2010 of $0.60. - $105 million raised in equity offerings. - Approximately $1.0 billion in net income since NYSE listing.  2010 FOURTH QUARTER HIGHLIGHTS - Voyage revenues of $95.0 million. - Operating income of $9.0 million, after impairment charge of $3.1 million. - Income $0.5 million, before impairment charge of $3.1 million. Net loss of $2.6 million, after impairment charge. - EPS (diluted) of $0.01, excluding impairment charge, or $(0.06) after vessel impairment charge.  - Average daily operating expenses per vessel decreased by 16.7% to $7,284.


Tsakos Energy Navigation Reports Q4, Full Year Results

 Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. 2010 HIGHLIGHTS -- Voyage revenues of $408.0 million. -- Operating income of $80.7 million, after vessel impairment charge of    $3.1 million. -- Net income of $19.8 million, after vessel impairment charge of $3.1    million.


Hercules Offshore Q1 2010 Results

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $16.0 million, or $0.14 per diluted share, on revenues of $150.8 million for the first quarter 2010, compared with a loss from continuing operations of $4.5 million, or $0.05 per diluted share, on revenues of $223.5 million for the first quarter 2009. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "While our financial results remain depressed following the industry-wide


Hornbeck Offshore Q1 2010 Results

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the first quarter ended March 31, 2010.  First quarter 2010 revenues decreased 21.4% to $86.2 million compared to $109.6 million for the first quarter of 2009 and decreased 2.4% compared to $88.3 million for the fourth quarter of 2009.  Operating income was $15.7 million, or 18.2% of revenues, for the first quarter of 2010 compared to $45.4 million, or 41.4% of revenues, for the prior-year quarter; and $24


STX Europe 1Q 2011 - Improvements Continuing

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Highlights:   -  EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1  2010. -  Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million). -  Orderbook situation:     •  Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million).     •  7 vessels successfully delivered in first quarter 2011.


Bourbon Announces 1H Results

Christian Lefèvre, CEO, Bourbon.

“We have arrived at the end of a downturn that has lasted since late 2008, and the market for modern offshore vessels is now turning around. BOURBON has every chance of being the first to benefit from this new turn of events thanks to a high-performance modern fleet and a worldwide network. BOURBON’s operating income for the period is up 19.9% over the first half of the previous year and 145% over the previous six-month period


General Maritime Q2 & Six Months Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2010. Financial Review: Second Quarter 2010 The company recorded a net loss of $14.3 million or $0.25 basic and $0.25 diluted loss per share for the three months ended June 30, 2010 compared to net income of $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009. The decrease in net income was primarily the result of an 18


Tidewater Reports Q2 Results, Fiscal 2011

Tidewater Inc. (NYSE:TDW) announced second quarter net earnings for the period ended September 30, 2010, of $19.4 million, or $0.38 per share, on revenues of $267.1 million. For the same quarter last year, net earnings were $98.2 million, or $1.90 per share, inclusive of a $34.3 million, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation, on revenues of $295.5 million. The immediately preceding quarter ended June 30, 2010, had net earnings of $39


Navios Maritime Q4, Year End Results

Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the fourth quarter and year ended December 31, 2010. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to increase our cash distribution per unit for the fourth quarter. This is the third increase in the last four quarters, and the $0.43 per unit distribution represents an increase of approximately 5% over the fourth


Crude Carriers Corp. Q4 Report & Divident

Highlights: · Declared a cash dividend of $0.30 per share for the fourth quarter of 2010 · Reported fourth quarter net profit of $2.4 million or $0.15 per share (‘EPS’). · Earned average Time Charter Equivalent (‘TCE’) of $26,575 per day for the two Very Large Crude Carriers (‘VLCCs’) and $23,826 per day for the three Suezmaxes in the Company’s fleet.  


HMS Global Maritime Appoints Jaenichen as Chief Operating Officer

Paul “Chip” Jaenichen, Sr. (CREDIT: Marad)

HMS Global Maritime, owner and operator of the American Queen Steamboat Company as well as 85 other U.S. flagged vessels, welcomes former Maritime Administrator Paul “Chip” Jaenichen, Sr. of the U.S. Department of Transportation as the new Chief Operating Officer (COO).   


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.


EU: Pollution Damage from Ships

Photo: European Community Shipowners’ Associations (ECSA)

 European shipowners welcome the European Parliament’s adoption of the Recommendations on the 2010 Protocol to the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea 1996 in its Plenary-session


Norway First to Ratify Hazardous Cargo Treaty

Dilek Ayhan, State Secretary in the Norwegian Ministry of Trade, Industry and Fisheries, hands over the instrument of ratification of the 2010 HNS Protocol to Kitack Lim, Secretary-General, IMO. (Photo: IMO)

Norway has become the first country to become a contracting state to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship.   The International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and


India Proposes New MCA for Port Sector

Nitin Gadkari, Union Minister of Road Transport & Highways and Shipping. Photo: Official FB Page

 India's Shipping Ministry on Thursday proposed a new model concession agreement (MCA) to attract more private sector investments in the development of port infrastructure.     The proposed MCA will replace the existing agreement which came into existence in January 2008


BP Decries Deepwater Horizon Film as Inaccurate

Photograph: David Lee/Lionsgate

BP has criticized the new "Deepwater Horizon" film as being an inaccurate Hollywood dramatization of the deadly oil rig disaster in the Gulf of Mexico in 2010. "The Deepwater Horizon movie is Hollywood's take on a tragic and complex accident


S. Africa Becoming Preferred Destination for Ship Arrests

MV Maverick Guardian Photo PrLab

 At the recent annual Maritime Law Conference (MLA) held at Arabella in the Western Cape, various prominent government and international speakers took to the floor to debate and discuss national global maritime phenomena including inter alia; the progress in handling international oil


LA, Long Beach Ports Focus on Updating Clean Air Action Plan

San Pedro Bay Ports Clean Air Action Plan  Photo

The governing boards of the Port of Los Angeles and the Port of Long Beach will hold a joint public meeting Nov. 17 to discuss proposals for updating the San Pedro Bay Ports Clean Air Action Plan (CAAP). Developed over the past year, the CAAP Discussion Document outlines the ports’ plans for


Fatal 'Duck Boat' Crash Blamed on Mechanical Failure -NTSB

A failed front axle on an amphibious "duck boat" led to a deadly Seattle collision between the vehicle and a charter bus that killed five international students, the National Transportation Safety Board found on Tuesday.   The September 2015 incident on the city's busy Aurora


India Takes Steps To Prevent Attacks On Vessels

Union Minister of State for Road Transport, Highways and Shipping, Government of India Pon Radhakrishnan. Photo: Twitter official page

 Gulf of Aden (East Coast of Africa), Malacca Strait and West Coast of Africa are shipping routes which suffer  incidents of pirate attacks.    Steps taken to prevent recurrence of such incidents in future are:-  


Seanergy Maritime Adds a Bulker

Courtesy Seanergy Maritime Holdings Corp.

Athens, Greece - Seanergy Maritime Holdings Corp. announced today that it has taken delivery of a 178,838 dwt Capesize dry bulk vessel, renamed to M/V Lordship and built in 2010 by Hyundai Heavy Industries in South Korea. The M/V Lordship is the first of two Capesize vessels that the Company


New Research to Examine Oil Spill Impacts

© Arndt Vladimir / Adobe Stock

A research team led by University of South Florida College of Marine Science professor Dr. Steven Murawski has been awarded a $1 million grant to explore how oil spills, such as the Deepwater Horizon (DWH) in 2010, impact the economic, ecological and social system aspects of fishing communities


Aucoin Joins Schottel as U.S. GM

Gary Aucoin and his predecessor Nils Moerkeseth. (Image: Schottel)

Gary Aucoin has joined Schottel Inc. in Houma, La., as the new General Manager. Aucoin is a dedicated sales expert taking over leadership of the growing U.S. subsidiary. Most recently, from 2010, he held the role of account manager at Wärtsilä with responsibility for both new business


Former ST Marine President Pleads Guilty to Corruption

Chang Cheow Teck, the former President of ST Marine, has pled guilty to ‎one charge under section 157(1) of the Companies Act. Chang was sentenced to a Short Detention Order of 14 days.    Change served as ST marine president from March 2008 to April 2010


Virginia Port Hits Record Volume at 65 mi TEUs

JOHN F. REINHART, CEO and Executive Director Photo Virginia Port

The Port of Virginia set a new annual record for container cargo volume having handled more than 2.65 million twenty-foot equivalent units, or TEUs, a 4.2 percent increase over last year’s total. In 2016, import and export volumes were up 6 percent and 2






 
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