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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


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


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


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.


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


Is Container Shipping on the Mend?

File Photo: Hanjin Shipping

A new report from Drewry’s investment research arm, Drewry Financial Research Services Ltd., examines the financial health of the global container shipping industry.   In the report, Container Shipping - A Financial Health Check - Macros and Micros


J.P. Morgan Raises Distressed Shipping Fund

Photo: JP Morgan

 J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London.   The Global Maritime Investment Fund II


JNPT Registers 5.11% Growth in Container Traffic

Photo: Jawaharlal Nehru Port Trust (JNPT)

 India's largest container port Jawaharlal Nehru Port Trust (JNPT)registered a growth of 5.11 per cent in container traffic in the first quarter of 2017-18.   According to a press statement, the JNPT handled 1.20 million TEUs in the first quarter of the current financial year as


India Government Sops for Ship-Repairing Facilities

Indian Prime Minister, Narendra Modi. Photo: PIB

 In order to promote ship building and ship-repair industry in India, the government has formulated a policy of financial assistance for shipbuilding for a period of ten years for contracts signed between 1st April, 2016 and 31st March, 2026.   


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


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.  


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


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.   


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


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.


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.  


Daewoo Shipbuilding books first Quarterly Profit in 4 years

File Image (CREDIT: AdobeStock / (c) Burnel11)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line.  


Cox Takes over as Matson Board Chairman

Matthew Cox (Photo: Matson)

Matson, Inc. president and chief executive officer Matthew J. Cox will succeed retiring chairman of the board Walter A. Dods, the company announced today.   The appointment becomes effective at the end of the company's annual shareholders’ meeting today


Hapag-Lloyd to Omit UASC in 2017 Financials

Photo: United Arab Shipping Company (UASC)

 The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016.   


Gulf Navigation Sails to Profit

Photo: Gulf Navigation Holding

 Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016.    The result came at a stage while the company is witnessing a significant improvement in its






 
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