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2012 Financial

Tsakos Deliver Greek DP2 Shuttle Tanker

Tsakos Energy Navigation Limited – product, crude and LNG tanker operator – delivered the fully-coated DP2 shuttle tanker, the first of its kind internationally to fly the Greek flag, with a carrying capacity of 157,000 dwt, Rio 2016. The delivery was attended by the Greek Minister of Mercantile Marine accompanied by the Ambassadors of Greece in South Korea and the Philippines together with dignitaries representing the local authorities. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013. Both vessels have secured 15-year employments with a national oil major that are expected to generate $520 million in gross revenues over the corresponding periods. The company also announced that it will issue its fourth quarter and full year ended December 31, 2012 financial results including its quarterly dividend declaration on April 19, 2013. That same morning, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release. www.tenn.gr  


Nordic Conglomerate Posts 2012 Loss, Renegotiates Loan Terms

Scana lndustrier ASA, supplier of products & system solutions to energy-related businesses, including the offshore sector has released its 2012 financial report. Scana lndustrier ASA has companies in Norway, Sweden, China, U.S., Poland, Singapore, Brazil and South Korea with the Group’s head office in Stavanger. Their key business is supplying products and system solutions to energy-related businesses. This encompasses oil and gas


Earnings Advance at Ace Winches

Hands on experience for ACE Winches Graduate Scheme member[1].jpg

ACE Winches announced post tax profits of £6.2m for 2012, a 15% increase on the previous year.  Turnover at the Aberdeenshire-based group soared to £31.1m in the year ended October 31, 2012, a 42% increase on the previous twelve months, with around three-quarters (74%) of the company’s business generated from international trade. ACE Winches is a company in the design, manufacture and hire of winches


Euronav Reports Earnings; Pushes Fuel Economy

Belgium's Euronav reported a net loss of US$ 31-million in its Q4 2012 financial report. The result of the fourth quarter is affected positively by the revaluation at marked-to-market levels of non cash items (unrealized) such as hedge instruments on interest rates for a total of US$ 600,000. Fuel savings measures After successfully implementing a strict slow and super slow steaming policy whenever possible, Euronav continues to apply measures to reduce fuel consumption across its spot


Euroseas Report Dip in Profits

Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results. Full year 2012 Highlights: Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million. Adjusted net loss1 for the period would have been $4.0 million or $0.10 net loss per share basic and diluted. Adjusted EBITDA1 was $14.9 million.


Ulstein Reports Good 2012 Financial Result

Launching Seven Viking: Image credit Ulstein

Ulstein Group report an operating income of NOK 2.27 billion and an operating profit of NOK 228 million in their 2012 financial report. *Operating income: NOK 2.27 billion (2011: NOK 2.06 billion)
 *Operating profit: NOK 228.0 million (2011: NOK 253.7 million)
 *Operating result before tax: NOK 211.4 million (2011: NOK 270.3 million) “We deliver a good result in a demanding market thanks to our competent and hardworking employees and an organisation that provide for execution and


Wärtsilä 2012 Profits Stay Healthy

Björn Rosengren President & CEO of Wärtsilä delivers his year 2012 financial results message to shareholders. Extracts from the message follow: "During 2012, we closed our largest ever acquisition with the purchase of Hamworthy. This acquisition supports our growth strategy in the marine gas, offshore and environmental solutions markets, and Hamworthy has performed well while being integrated to our Ship Power business.


Deepwater Driller Ocean Rig 2012 Financial Reports

Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. Year Ended December 31, 2012 Financial Highlights For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share.

 Included in the year ended 2012 results are:     ◦    Costs associated with the 10-year class survey for the Eirik Raude of $65


Box Ships Inc. Announces Q1 2012 Financial Results

Container shipping company, Box Ships Inc., based in Athens, Greece, declares dividend for fourth consecutive quarter Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of seven containerships with a total carrying capacity of 33,237 TEU and a weighted-average age of 4.4 years. The company's shares trade on the New York Stock Exchange under the symbol "TEU."


Baltic Trading Ltd. Announces Q1 2012 Financial Results

Dry bulk transporters, Baltic Trading announce net loss in Q1 2012 Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt. The following financial review discusses the results for the three months ended March 31, 2012 and March 31, 2011.


Norway Invites Coastal Ferry Route Bids

Norways Geiranger fjord (CREDIT: AdobeStock / (c) iPics)

The Norwegian government is inviting shipping firms to compete for the right to provide a transport service for goods and passengers along the country's coastline, with 34 port calls from Bergen to Kirkenes, the Ministry of Transport and Communications said in a statement on Monday.  


Greece Gets Three Improved Bids For Thessaloniki Port Sale

Greece received three improved binding financial bids for a majority stake in Thessaloniki Port , its second-largest, the country's privatisation agency (HRADF) said on Friday. Last month HRADF got three bids for a 67 percent stake in Thessaloniki Port.


Volvo Penta Names Bjuve VP, Customer Support/Training

Martin Bjuve (Photo: Volvo Penta)

 Volvo Penta of the Americas has appointed Martin Bjuve as vice president for customer support and training. In this position, he will provide strategic direction and management for support and product training for dealers and customers across the U.S


Cosco Delays Delivery of Jack-up Rigs for Northern

Photo: COSCO Shipyard Group

 Cosco (Dalian) Shipyard, subsidiary of Cosco Shipyard Group, has reached an agreement with Bermuda-based rig owner Northern Offshore to further delay the delivery dates of two jack-up drilling rigs amid challenging offshore drilling market.   


Emas Offshore Braces for Ezra’s Bankruptcy

Lee Kian Soo, Executive Chairman Photo: EMAS Offshore

 The EMAS Offshore (EOL) board of directors warns that the Chapter 11 filing of parent company Ezra Holdings  may negatively impact EOL and its subsidiaries, which could possibly lead it to face a going concern issue. EMAS Offshore Limited is a subsidiary of Ezra Holdings Limited


Bulkcarrier Fleet Growth In Limbo?

Graph: Clarksons Research

 The pace of bulkcarrier fleet growth has fallen sharply since 2010, when the fleet grew by a record 17%, says a Clarksons Research report.   In 2016, the supply side response to difficult market conditions saw the bulker fleet grow at the slowest pace so far this century


HMM, Korea Shipping Company Pact for Sale and Leaseback for Ten Boxships

Photo: Hyundai Merchant Marine Co Ltd

 Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.  


Gloria reachstackers for Messina Group

Gloria reachstackers delivered Photo Kalmar

Kalmar, part of Cargotec, has delivered nine Kalmar Gloria reachstackers to the Italian ro-ro and container shipping line Messina Group. The order includes a Kalmar Complete Care maintenance contract, which brings several advantages, such as financial predictability


Prosafe Taps Andresen as CEO

Photo: © Prosafe

Semi-submersible accommodation vessels owner and operator Prosafe has made several changes to its management team.   Jesper Kragh Andresen was appointed as Chief Executive Officer (CEO), and Stig H. Christiansen as Deputy CEO and Chief Financial Officer (CFO) of Prosafe Management AS


Shipowner OSG, Former CFO, Charged over Tax Evasion

The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.  


ASL Marine gets approval to delay redeeming $105m bonds

Headquartered and listed in Singapore since 17 March 2003, ASL Marine owns and operates shipyards in Singapore, Batam (Indonesia) and Guangdong (China) Photo ASL Marine

· ASL Marine received noteholders’ approval to extend the maturity dates of its S$100 million and S$50 million notes originally due in March 2017 and October 2018 respectively for three years each · One major condition for ASL Marine to drawdown up to S$99


Orix Buys RBS Shipping Loans

Photo: Orix

 Japanese financial services firm Orix Corp has agreed to buy $290 million (272 million euros) worth of Greek shipping loans from Royal Bank of Scotland (RBS), Reuters reported quoting sources with direct knowledge of the deal.  


Giuseppe Bottiglieri Files for Creditor Protection

Pic: Giuseppe Bottiglieri

 Italian cargo shipowner Giuseppe Bottiglieri Shipping Co. SpA  has filed for court protection while it works on a restructuring plan  reports WSJ.   The Naples company cited "the unprecedented world freight market crisis" that has weighed on profits across the


Scorpio lines up $172m in loans for newbuilds

Photo Scorpio Tankers

Scorpio Tankers Inc. announced today that the Company has received commitments for a loan facility of up to $172 million from a group of financial institutions including Macquarie Bank Limited (London Branch), DekaBank Deutsche Girozentrale ("DekaBank")


DSME CEO Questioned over Accounting Fraud

Photo by DSME Co.,Ltd

 The chief executive of struggling Korean shipbuilder Daewoo was questioned by state prosecutors on Tuesday over allegations that the yard tried to cover a major deficit in 2015 by underreporting losses.   According to a report in Yonhap, Jung Sung-leep, 66






 
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