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2012 Results

Ulstein Reports Improved 2013 Results

Gunvor Ulstein (photo courtesy the Ulstein Group)

Ulstein Group reported it delivered a good result for 2013 with an operating income of NOK 2.3 billion compared to 2012’s result of NOK 2.27 billion. Similarly, Ulstein’s operating profits improved in 2013 to NOK 317.8 million from NOK 228 million in 2012. The group’s operating result before tax was NOK 360.8 million, compared to NOK 211.4 million in 2012. Ulstein said it currently has more than 40 vessels in order, of which six to be built at its own yard, while the rest are being built at several shipyards worldwide. At the end of 2013, Ulstein Group had an order reserve of NOK 2.6 billion. “We have worked long-term and strategically to get where we are today,” said CEO of Ulstein Group, Gunvor Ulstein. “Selling design and equipment packages worldwide gives good ripple effects back into the maritime cluster. High competence, extensive experience and focus on project management make deliveries of ships to agreed price, quality and time possible.” Ulstein also delivered the IMR vessel Seven Viking in 2013, a vessel Ulstein calls a next generation offshore construction vessel built for operations in the harshest environments has set a new standard in the North Sea. Additionally, Ulstein delivered three platform supply vessels of PX121 type design from our own yard last year. Nordic American Offshore bought the three PSVs and additional four PX121 vessels.


Hempel Releases Annual Report 2012

Photo: Hempel

Hempel Group reported that its revenues grew by 15% in 2012, despite facing a challenging world market, and the Group is still on track to achieve its long-term goals. The Hempel Group delivered an all-time high revenue of EUR 1,242 million in 2012. EBITDA reached a record high of EUR 126 million, an increase of 21 million compared to 2011. Net profit remained level with2011 at EUR 35 million. Pierre-Yves Jullien, Group President and CEO of Hempel A/S, commented


Intelsat Reports Second Quarter 2012 Results

Satellite investment program progresses with three launches planned for third quarter; Intelsat EpicNG high performance satellite platform establishes leadership with long-term commitments.    Intelsat S.A., the world's leading provider of satellite services, reported financial results for the three months ended June 30, 2012. Intelsat S.A. reported revenue of $638.7 million and a net loss of $84.0 million for the three months ended June 30, 2012


LNG Carrier Owners GasLog Report Q2 2012 Results

GasLog Ltd., owner, operator & manager of liquefied natural gas (“LNG”) carriers, reports financial results for second quarter 2012. GasLog’s fleet consists of 10 wholly-owned LNG carriers, including two ships delivered in 2010 and eight LNG carriers on order. In addition, GasLog currently has 12 LNG carriers operating under its technical management for third parties. Highlights of the report: • Continued strong fundamentals for the LNG industry.


Kværner ASA : Q4 & Preliminary 2012 Results

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million.   "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our


Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The Company explains that the loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx


Trico Marine Completes Exchange Offer

Trico Marine Services, Inc. announced that as of 5:00 p.m., New York City time on September 26, 2002, its offer to exchange up to $250 million principal amount of its registered 8 7/8% Senior Notes due 2012 for any and all outstanding unregistered 8 7/8% Senior Notes due 2012 expired and that all of its unregistered 8 7/8% Senior Notes due 2012 were tendered in the exchange offer and accepted


Matson Ratchets Up Q2 2013 Profit

Matson logo

Matson, Inc. a leading U.S. carrier in the Pacific, report net income of $20.1 million, or $0.47 per diluted share for the quarter ended June 30, 2013. Net income for the quarter ended June 30, 2012 was $7.8 million, or $0.18 per diluted share. Consolidated revenue for the second quarter 2013 was $416.6 million compared with $394.2 million reported for the second quarter 2012. Matt Cox, Matson's President and Chief Executive Officer commented, "We had another solid quarter


Boskalis H1 2013 Results Pointing to Record Profit

Boskalis Logo

In their half year 2013 report the Boskalis Board of Management expects that, barring unforeseen circumstances, net profit for the 2013 financial year will be at least EUR 330 million, including the book gain of approximately EUR 50 million on the sale of the 40% stake in Archirodon that will be accounted for in the second half of the year. HIGHLIGHTS OF FIRST HALF 2013     •    Revenue rises to record level of EUR 1.6 billion


Ship Agents, Sino-Global, Cut Losses in Fiscal 2013

Sino-Global Shipping America, Ltd. (Nasdaq: SINO), an international provider of shipping agency services, today announced its selected financial results for fiscal year ended June 30, 2013. Highlights Revenues decreased by 48.85% to US$17.3 million, from US$33.9 million in the fiscal year ended June 30, 2012. Gross margin increased to 11.13% in the current fiscal year compared to 7.96% in the prior fiscal year.


Demand for Chemical Tanker Fleet Looks Up

Graph:  Drewry Shipping Consultants Limited

Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry.


Foreign Defense Contractor Executives Guilty of Fraud

Two former executives of a foreign defense contractor pleaded guilty in federal court today for participating in a conspiracy to submit bogus bids, claims and invoices to the U.S. Navy in an effort to steal tens of millions of dollars as part of a years-long corruption and fraud scheme.  


ICS on CO2 Reduction Objectives

Pic:  UK Chamber of Shipping

 Members of the International Chamber of Shipping (ICS), including the UK Chamber, met last week in Istanbul, where they agreed to set new objectives in reducing carbon dioxide (CO2) emissions from shipping.    The ICS will submit a paper to the IMO Marine Environment Protection


Boris Johnson Visits Coldharbour Marine

The Foreign Secretary Boris Johnson visiting Coldharbour Marine (Credit: Nottingham Post / Coldharbour Marine)

 U.K. Foreign Secretary Boris Johnson paid a visit to Coldharbour Marine recently as the ballast water treatment system manufacturer’s facility in Nottinghamshire gears up for significant export-oriented production. Coldharbour Marine has spent more than 10 years researching and


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.


Dry Bulk Back from the Brink

Photo: Dennis Schnell, Bulldog and Partners

While the tanker industry worries about OPEC reducing output and the container industry rushes to consolidate, dry bulk values have been quietly increasing. VesselsValue senior analyst William Bennett digs through the data to uncover the reasons why.  


TGS, Schlumberger reimaging central GOM

New M-WAZ Multiclient Reimaging Program in Central U.S. Gulf of Mexico

TGS-NOPEC Geophysical Company (TGS) and Schlumberger today announced a new multi- and wide-azimuth (M-WAZ) multiclient reimaging program in the highly prospective Central U.S. Gulf of Mexico. Final results are expected in early 2018, ahead of a period when substantial block turnover in the area is


Company to Pay $9.5 Mln for Actions Leading to US Gulf Explosion

Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically, Wood Group PSN was ordered to pay $7 million for falsely reporting over several years that personnel had performed


MOL Group Posts Almost USD 1 Billion Profit in 2016

INA Offshore platform. Photo: MOL Group

 MOL Group significantly outperformed its initial USD 2bn target for 2016 and delivered a clean  EBITDA of USD 2.15bn, which is only moderately down compared with the previous year.  Upstream has shown great resilience to the deteriorating external environment


Public Offering Fetches $47.7mln for Nordic American

Photo: Nordic American Offshore

 Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million.    The proceeds could be slightly in excess of $50 million


IMO Secretary-General Urges Vigilance after Tanker Hijack

Official photograph of IMO Secretary-General Kitack Lim

In the wake of the recent hijacking of tanker Aris 13 off Puntland, Somalia, International Maritime Organization (IMO) Secretary-General Kitack Lim urged the shipping industry to be vigilant and apply diligently IMO guidance and best management practices to avert possible piracy attacks.  


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.  


Oil Firm Penalized by DOJ for Jones Act Violation

DOJ.jpg

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


DCNS Delivers Frigate for French Navy

Image copyright: DCNS

In early April DCNS delivered the FREMM multi-mission frigate Auvergne to the French Navy, the fourth of the series ordered by OCCAR1 on behalf of the DGA (French armament procurement agency). Delivery of the FREMM multi-mission frigate Auvergne is the result of a design and construction process


Singapore Ranked World's Top Maritime Capital

Photo: Maritime and Port Authority of Singapore

 Singapore has once again emerged in top place in a ranking Menon’s Leading Maritime Capitals of the World Report (Menon Report) for 2017.   The study, by Norwegian consultancy firm Menon Economics, looked at 24 objective indicators and garnered survey responses from more than






 
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