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2011 Results

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.     •  Order backlog of 57 vessels end of first quarter 2011 totalling NOK 27 994 million (Q1 2010: NOK 22 321 million) -  Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million. -  Positive development of the shares of STX OSV, with a share price increase of 4.4% during the first quarter - to a closing price at 31 March 2011 of S$1.19. STX Europe holds a 69.02% equity stake in STX OSV which has a market capitalization of approx. NOK 6.1 billion as of 11 May 2011. -  Cruise & Ferries had much improved results compared to previous periods, but still making losses. The market and order book situation in Cruise & Ferries is still challenging, especially in STX Finland. -  Consolidated interest bearing liabilities (ex. construction loans) reduced by NOK 305 million (-16.7%) to NOK 1 824 million in first quarter 2011.  


Dockwise Secures $55m in Contracts

Dockwise Ltd. announced 12 new awards totaling $55m, of which six, to the value of more than $15m, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The $55m awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig


Conrad Announces Q1 2011 Results

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Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River. For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010


Stealthgas Receives New LPG Ship

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STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast.   Update on Newbuilding Program: On April 20, 2011, the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus


OceanFreight Inc. Reports 2Q Results

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011


DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below


Wilhelmsen Holding Q1 2011 Results

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Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating profit year over year backed by a rebound in its shipping activities.   WWH posted an operating profit of USD 57.7 million for the first quarter of 2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which is up almost 18% from 2010 (USD 639.7 million).  


Feds Urged to Use U.S. Tonnage in SPR Moves

With Rising Gas Prices Fueling SPR Speculation, American Vessel Operators Urge Feds to Work With Industry To Prepare For Future Drawdowns. Foreign Ships Given Preference During Last Summer’s Drawdown.   In a letter to the Departments of Homeland Security (DHS), Energy (DOE) and Transportation (DOT), the American Maritime Partnership (AMP), a broad-based coalition representing U.S.-flag vessel operators and allied interests


AWO's Allegretti to Push AMP Agenda at House Hearing

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AMP to Testify on Administration’s Failure to Comply With Federal Law During 2011 SPR Draw Down; Will Stress How to Avoid a Repeat During Future Draw Downs.     Thomas Allegretti will testify on behalf of the American Maritime Partnership regarding the Administration’s failure to comply with federal law during the summer 2011 draw down of the Strategic Petroleum Oil Reserve (SPR) before House Subcommittee on Coast Guard and Maritime Transportation


St Lawrence Seaways: New Vessels, New Technology, Tonnage Up

Laker in Seaways Lock: Photo courtesy of SLSMC

New ships and new navigational technology play a part as Seaways report 2012 tonnage exceeds forecasts A number of newly built state-of-the art vessels came into service within the Seaway in 2012, boasting sharp increases in fuel efficiency and reductions in emission levels. “These new vessels, part of a billion dollar fleet renewal effort by domestic and ocean carriers, combined with our marketing efforts which have recorded 10


Oil Firm Penalized by DOJ for Jones Act Violation

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Alaska Oil Company Agrees to Pay $10 Million in Penalties to Settle Federal Claims for Violating the Jones Act.   Acting U.S. Attorney Bryan Schroder announced today that Furie Operating Alaska LLC (“Furie”), a company whose focus is exploration and production of natural gas and


Protecting Captive Seafarers’ Wages

Pic: International Maritime Organization (IMO)

The issue of protecting captive seafarers' wages is on the agenda at an International Labour Organization (ILO) meeting in Geneva, Switzerland (3-5 April).    IMO has taken part in the ILO Working Group of the Special Tripartite Committee


CMA CGM Posts Higher Q1 Profits

Photo courtesy of CMA GCM

Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump.  


Rugged Propulsion System Designed for the Swamps

Metal Shark 21 Riverine equipped with Swamp Shark surface drive, shown powering through vegetation in Louisiana’s Atchafalaya Basin (Photo: Metal Shark)

A new all-terrain vessel propulsion system specially engineered and built for operation in extreme shallow water, riverine and mud flat environments will safely and reliably propel a vessel through dense vegetation, mud and debris-strewn waters.  


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:-  


Tanker Docks at Libya's Es Sider Port to Load First Crude Cargo in Two Years

An oil tanker docked at the east Libyan port of Es Sider on Monday to load the first cargo of crude since the terminal reopened following a two-year closure, port officials said.   Es Sider, Libya's biggest export terminal, had been shut due to a blockade by a military faction since 2014


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


BSEE Director Brian Salerno Weighs in on Offshore Ops

Brian Salerno (Photo: BSEE)

Brian Salerno was sworn in as the Director of the Bureau of Safety and Environmental Enforcement (BSEE) on August 26, 2013. He is responsible for promoting safety, protecting the environment and conserving resources through the vigorous regulatory oversight and enforcement of offshore operations


Cosco Shipping Holdings to Post 2016 Loss

Photo:  China COSCO Holdings Company Limted

 Cosco Shipping Holdings (CSH)has announced that its profit for 2016 will be below that of 2015, reports Reuters.    The container shipping arm of state-owned China Cosco Shipping Corp expects to post a net loss of 9.9 billion yuan ($1


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).


Navios Maritime sells MSC Cristina to Repay $100 mln Debt

Image:  Navios Maritime Partners L.P.

 In January 2017, following the completion of the sale of the MSC Cristina, Navios Maritime Partners repaid approximately $100 million of bank debt.    Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%


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.


CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.  


Songa Bulk Buys Kamsarmax Pair

FIle Photo: Logimatic

 Songa Bulk has sealed two more bulker acquisitions as its fleet. According to a report in Reuters, the company entered into an agreement to acquire two kamsarmax bulk carriers built in 2008 at tsuneishi japan (82,107 dwt) and 2011 at hyundai samho korea (81,502 dwt).  


Ecochlor Submits USCG Type Approval Application

Photo: Ecochlor

Ecochlor has announced it has filed an application with the USCG for Type Approval for their Ballast Water Treatment System (BWTS).   Due to a far more stringent set of guidelines, type approval has only been granted to three other BWT Systems worldwide






 
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