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Annual Results

NORDEN Sells Capesize Vessel

Photo: Dennis Schnell, Bulldog and Partners

NORDEN announced it has agreed to sell Nord Power, a 176,000 tdw Capesize dry cargo vessel built in 2005. The ship will be delivered to its new owners at the beginning of 2016   NORDEN said the sale will entail an accounting loss of $12 million, which will be included in the annual results for 2015. In the long term, NORDEN said it expects to reinvest the proceeds from the sale into additional Supramax or Panamax tonnage, in line with its strategy focusing on these vessel types.   NORDEN’s operating results are developing as expected, and the expectations for the EBIT result before profits from vessel sales for 2015 are maintained. The expectations for the EBIT result including profits from vessel sales are solely adjusted as a result of the vessel sale to $58-78 million, compared to the previous $70-90 million.


TUI AG Eyes Timing on Hapag-Lloyd IPO

BERLIN, Dec 10 (Reuters) - TUI AG is optimistic it will be able to sell its stake in Hapag-Lloyd via an initial public offering of the shipping company, although the market environment is not the best at present, its chief executive said on Wednesday. Hapag-Lloyd is merging with Chilean peer Compania Sud Americana de Vapores but said last week an IPO was not a top priority. "Their motivation to float is huge


Teekay Offshore Partners Reports 4Q and Annual Results

Teekay Offshore Partners reported its fourth quarter and annual results for 2007. Highlights include: - Declared a cash distribution of $8.0 million, or $0.40 per unit, for the fourth quarter, an increase of 3.9% from the prior quarter - Increased quarterly cash distributions by 14.3% since initial public offering in December 2006 - As previously announced, acquired one floating storage and offtake unit from Teekay Corporation in October 2007


Strong Results for Skuld on 120th Anniversary

Image: Skuld

 Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million.   For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year.


Gulf Navigation on Recovery Path

Photo: Gulf Navigation

 Dubai-based shipper Gulf Navigation announced its best annual results for eight years, on account of the improvement in spot tanker rates and the reclassification of liabilities.   In a statement, the company said it had benefitted from ‘strong and consistent financial turnaround and transformation’.   It has reported net annual earnings of AED 136.6m ($37.2m), against AED 20.2m in 2015. Profits for the fourth quarter hit Dh5.4m, compared with Dh4


NORDEN Sells its Last Capesize Ship

Nord-Energy (Photo: NORDEN)

In line with its dry cargo strategy to focus on Panamax and Supramax vessels, Danish ship owner NORDEN has entered into an agreement to sell its last remaining Capesize vessel Nord-Energy (180,310 dwt. built in 2004). At the same time, the company has agreed to buy a Supramax vessel (58,000 dwt. built in 2010). Both deliveries will take place in the course of the first quarter of 2016.   Following the sale, NORDEN no longer owns Capesize vessels and currently only operates one chartered


Port of Cork Reports Growth

Image: Port of Cork

Ireland's Port of Cork’s container terminals at Tivoli and Ringaskiddy showed “exceptional growth” last year, recording a 13% increase on 2013 and handling in excess of 10m tonnes of cargo shows the annual results.  Total traffic through the Port of Cork and Bantry Bay Port Company in 2014 reached a total of 10.1 million tonnes. Following the transfer of Bantry Bay Harbour to the Port of Cork Company in January 2014


Wilh. Wilhelmsen Posts Strong Results

The Wilh. Wilhelmsen ASA (WW) global maritime industry group achieved a net operating income of $85m for the third quarter of 2007. The corresponding figure for the same period of last year was $70m. Operating income totalled $672m in the third quarter, up from $542m for the same period of last year. Profit before taxes was $79m, compared with $12m in the same quarter of last year. Net profit amounted to $76m as against a loss of $3m in 2006.


SPEX Doubles Turnover

Ryan Strachan, CFO at SPEX. The company offers a full turnkey service from concept and modelling to end products.

SPEX Group, an Aberdeen-headquartered provider of innovative technology solutions and services to the global oil and gas industry, is investing in one of the U.K.’s smartest supercomputers capable of carrying out more than 100 trillion operations per second. The supercomputer, dubbed the Claymore, is being developed in partnership with Dell and ANSYS and can solve problems at least 20 times faster than the industry norm


Oil Storage at Sea Stalls as Profit Play Fades

Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday.   In January, the price of spot oil was around 50 percent lower than a peak hit in June, enabling traders to potentially make money by storing crude for delivery months down the line, when prices were expected to recover.   Tanker industry sources estimated in late January that the volume of oil booked for


IUMI: Offshore Energy Insurance Market “Sinking”

Photo: International Union of Marine Insurance

 At annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”.   His warning was based on declining total premium income set alongside upstream


Mississippi River Deepening Project Gains Support

© Vladimir Melnikov / Adobe Stock

The National Association of State Departments of Agriculture (NASDA) hosted its Annual Meeting in New Orleans, where NASDA President and Commissioner of Louisiana’s Department of Agriculture and Forestry, Dr. Michael Strain championed a motion supporting the deepening of the Mississippi


Skuld Announces Positive Half Year Results

Logo: Skuld

 Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016.   The period has been marked by a small number of substantial claims


Aker Arctic’s Ice Lab is Back in Acton

(Photo: Aker Arctic)

 The Finnish icebreaking season typically ends in May. Around the same time, the cooling system in Aker Arctic’s ice laboratory in Helsinki, Finland, is turned off and the model basin is allowed to warm up for the annual summer maintenance break.  


Drewry Warns BCOs to Adapt Their Contract Strategy

Image: Drewry Shipping Consultants Limited

 International transport and logistics executives using container shipping are facing the biggest shift in their ocean provider base for 20 years and must adapt their procurement and contract strategy, according to ocean freight procurement consultancy Drewry Supply Chain Advisors.  


MAN Engines for the Latest Riviera Luxury Yacht

The strongest version of the twin engine system for the 68 Sports Motor Yacht produces 3,800 hp (2,794 kW). (© Riviera)

Riviera 68 Sports Motor Yacht to be powered by MAN V12 engines.   Australian yacht builder Riviera Yachts is equipping its new 68 and 72 Sports Motor Yacht models with V12 diesel engines from MAN Engines. Customers have the choice of the V12-1550 or V12-1800 models


‘Lunch-and-Learn’ Planned for Fleet Optimization Conference

The organizers of SHIPPINGInsight 2017 say a Lunch-and-Learn program will be held during the annual Fleet Optimization Conference & Exhibition, to be held October 10-12, at the Stamford Marriott Hotel & Spa in Stamford, Conn.  


ZIM Continues to Outperform

Photo: ​ZIM Integrated Shipping Services Ltd

 ​ZIM Integrated Shipping Services Ltd (ZIM)continues to outperform the industry and achieve improved results, claims the company.   The shipping liner industry went through major developments and structural changes which include reshaping of the alliances and M&A activities that


Container Equipment Leasing Rates Under Pressure

Graph: Drewry Shipping Consultants Limited.

 Leasing companies are tightening their stranglehold over container equipment ownership as ocean carriers cut back on new purchasing and sell older inventory for leaseback, Drewry's report said.   But the lessors’ rapid expansion has come at a price as the combination of low


K-Fleet Voyage Application Verified for EU MRV

Photo: Kongsberg

K-Fleet Voyage gives KONGSBERG customers a simple, cost effective way to meet new CO2 reporting requirements   Qualifying shipping companies must have CO2 Monitoring, Reporting and Verification plans prepared by August 31, 2017


Hapag-Lloyd UASC Complete Integration Soon

Image: Hapag-Lloyd

 In the first half of 2017, Hapag-Lloyd delivered a significantly better operating result and healthy volume growth. The merger with United Arab Shipping Company (UASC) on 24 May 2017 helped the Company to strengthen its market position and climb to fifth place among the world’s liner


MOL Engineering Acquires Ship Class Certificate

Annual inspection of a lifeboat and launching equipment. Photos: MOL

 Mitsui O.S.K. Lines (MOL) announced that its group company MOL Engineering  has acquired a certificate of approval to engage in the servicing and maintenance of lifeboats, launching equipment, on-load release gear, and automatic release hooks


Diana Containerships Reports 1-for-7 Reverse Stock Split

Photo: Diana Containerships Inc

 Diana Containerships, a global shipping company specializing in the ownership of containerships, today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-seven. 


MRV Made Easy: NAPA Updates Performance Monitoring System

(Image: NAPA)

Maritime software, services and data analysis provider NAPA said it has updated its performance monitoring and reporting systems to enable simple, straightforward compliance with EU Monitoring, Reporting and Verification (MRV) legislation. Users of NAPA Shipping Solutions


Suisun Bay Vessel Removal Project Completed

Maritime Administration Executive Director Joel Szabat joined federal, state and local officials and environmental groups to mark the completion of an agreement to remove 57 non-retention vessels from the Suisun Bay Reserve Fleet (SBRF) by September 30, 2017






 
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