Marine Link
Thursday, October 19, 2017

Corporation Reports

International Shipholding Corporation Reports Third Quarter Results

International Shipholding Corporation reported results for the quarter ended September 30, 2001. Net loss for the third quarter was $165,000 as compared to net income of $418,000 for the third quarter of 2000. For the nine months of 2001, International Shipholding Corporation reported a net loss of $62.9 million as compared to net income of 461,000 during the first nine months of 2000. The nine-month results for 2001 reflect a previously reported asset impairment loss of “Assets Held-for-Disposal” of approximately $51.6 million, net of taxes, in accordance with FASB 121, “Accounting for the Impairment of Long-lived Assets.” This non-cash charge was made to write down certain assets to estimated market value as part of the Board of Directors previously announced plan to separate the Lighter Aboard Ship (LASH) service, one 1981-built Cape-size Bulk Carrier and certain special purpose barges from the balance of its operations and to reclassify these assets in their balance sheet as “Assets Held for Disposal.” Since the second quarter announcement, International Shipholding Corporation’s intent to dispose of certain of its assets, their Cape-size Bulk Carrier was sold during the third quarter. The process of disposing of the LASH Assets and the special purpose barges is continuing. Excluding the $51.6 million impairment loss, net loss for the nine months of 2001 was $11.3 million as compared to net income of $61,000 for the nine months of 2000.

VSE Comments Further on SeaPort Enhanced Contract Award

VSE Corporation reported that its Fleet Maintenance Division was awarded a contract by the U.S. Naval Surface Warfare Center, Dahlgren Division. The contract, entitled SeaPort Enhanced ("SeaPort-e"), is a multiple award, indefinite delivery, indefinite quantity contract, and accordingly, actual VSE revenue estimates for the contract cannot be predicted. VSE understands that the Navy awarded SeaPort-e contracts to VSE and about

Stratos Announces 4Q Results

Stratos Global Corp. announced financial results for the fourth quarter and year ended December 31, 2005. The Corporation reported net earnings in 2005 of $5.4 million, or $0.13 basic earnings per share, compared with $25.1 million, or $0.51 basic earnings per share, reported in 2004. Revenue for 2005 was $381.0 million, a 4 percent improvement compared with the $367.8 million achieved in 2004. Segment earnings for 2005 were $58.2 million, compared with $78.1 million reported for the prior year

GlobalSantaFe Worldwide September SCORE Up 1.7 Percent

SCORE ReportsWorldwide oil and gas drilling contractor GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2006 increased 1.7% to 130.4 from the previous month's SCORE of 128.1. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of the offshore drilling cycle

GlobalSantaFe SCORE Improves

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for December 2004 was up 3.6% from the previous month's SCORE. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent

Northrop Reports 4Q Results

Northrop Grumman Corporation reported 2001 fourth quarter economic earnings of $158 million, compared with $106 million for the same period of 2000. On a per share basis, the company reported 2001 fourth quarter economic earnings of $1.55 on average diluted shares outstanding of 98.0 million, compared with economic earnings of $1.46 on average diluted shares outstanding of 72.5 million for the fourth quarter of 2000. Under Generally Accepted Accounting Principles (GAAP)

Offshore SCORE Drops in November

GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2002 was down from the previous month's SCORE by 1.0 percent. GlobalSantaFe President and CEO Sted Garber said, "Worldwide SCORE was essentially flat in November. SCORE in the various international markets continues to fluctuate. The offshore drilling rig market will likely be in a holding pattern until operators' 2003 exploration and production budgets provide

General Maritime Corp. Announces 3Q Results

General Maritime Corporation reported its financial results for the three and nine months ended September 30, 2006. Financial Review: 2006 Third Quarter The company had net income of $24.0m, or $0.78 basic and $0.76 diluted earnings per share, for the three months ended September 30, 2006 compared to net income of $7.2 million, or $0.19 basic and $0.19 diluted earnings per share, for the three months ended September 30, 2005

ENSCO Rig Damaged in Blowout

ENSCO International Incorporated and Forest Oil Corporation reported that one of ENSCO's jackup rigs sustained extensive damage while operating in the Gulf of Mexico. ENSCO 51 was on location in Eugene Island Block 273 drilling a development well over a platform (the ``A'' platform) for its customer, Forest, the operator of the block. Eugene Island Block 273 is located approximately 75 miles offshore. Shortly after midnight on Thursday, March 1

Lockheed, Navy Display Systems Contracts

Lockheed Martin has received a six-year contract from the U.S. Navy to provide performance-based logistics support for the AN/UYQ-70 (Q-70) Advanced Display System. The contract provides Q-70 logistics and supply support at over $13m a year for the first two years, with options for additional support over the next four years, bringing the total potential contract value to $72m. This contract follows a recently awarded $525

Hindustan Shipyard May Get $3.1bln Order

Photo:  Hindustan Shipyard Limited

 India's Hindustan Shipyard Limited (HSL) has received a proposal from United Shipbuilding Corporation of Russia for a strategic partnership, The Hindu reported.   The report said that the Russian shipyard will be placing orders worth INR 200bln (USD 3.1bln)  immediately.    The move came up for discussion when Andhra Pradesh Economic Development Board CEO J. Krishna Kishore recently met HSL Chairman and Managing Director Rear Admiral L.V. Sarat Babu. 

US Iron Ore Boosts St. Lawrence Seaway Shipping

© johnsroad7 / Adobe Stock

With strong increases in iron ore and other cargo, total tonnage shipped via the St. Lawrence Seaway is up 20 percent over last year.   The St. Lawrence Seaway Management Corporation reports that cargo shipments from March 20 to June 30 totaled more than 12 million metric tons – up two million metric tons over the same period in 2016.   “St. Lawrence Seaway shipping is a bellwether for the health of the overall U.S

Ardmore Shipping Reports Loss in Q2

Image: Ardmore Shipping Corporation

 Ardmore Shipping Corporation reported a net loss of $1.9 million for the three months ended June 30, 2017 as compared to a net income of $5.5 million  for the three months ended June 30, 2016.    The company has completed refinancing of the Ardmore Sealeader and Ardmore Sealifter, two 47,000 Dwt Eco-Mod product tankers, under a sale and leaseback arrangement, releasing net proceeds of $12.3 million which will be used for general corporate purposes.  

US Iron Ore Shipments Remain Strong

Photo credit: Mike Gibby Besko

Iron ore, dry bulk cargo and general cargo shipments remain strong on the St. Lawrence Seaway, with overall tonnage up 18 percent over last year.  The St. Lawrence Seaway Management Corporation reports that cargo shipments from March 20 through July 31 totaled more than 16 million metric tons – up 2.5 million metric tons over the same period in 2016. “We continue to see demand for raw materials that are needed for construction and in the manufacturing and automotive

MOL Express Refloated

MOL Express

  The MOL Express, a 4,600 TEU container vessel which went aground in Tateyama Harbor, Japan on January 11, was successfully refloated, Seaspan Corporation reports. No crew injuries and no environmental consequences from this incident have been reported. An investigation into the cause of the grounding is underway. The vessel is currently on charter to MOL, is managed by Seaspan Corporation, and is owned by MOL affiliate GCI.

MHI Receives "Grand Prix" Award

High Marks Given to MHI REPORT 2014

  Mitsubishi Heavy Industries, Ltd. (MHI) has received the Grand Prix at the Nikkei Annual Report Awards 2014 sponsored by Nikkei Inc. The Grand Prix is the top award to be given to the company most highly appreciated by judges. The award-winning publication is the "MHI REPORT 2014" released in October 2014, which marked the first time the company integrated the contents of its earlier "Annual Report" and "CSR Report

Response to Grounded Bulker Ongoing

The motor vessel Juno, a 621-foot bulk carrier, sits aground under Thousand Islands Bridge near Alexandria Bay, N.Y., April 20, 2015. The vessel ran hard aground after suffering a steering casualty, and at this time there is no pollution reported. (U.S. Coast Guard photo)

UPDATE: U.S. Coast Guard responding to vessel aground in St. Lawrence Seaway   The U.S. Coast Guard reports it is continuing its response Tuesday to a 621-foot bulk carrier which ran aground in the vicinity of Wellesley Island in the St. Lawrence River, New York, Monday while transiting inbound from the St. Lawrence Seaway to the Port of Toronto.    The Bahamian-flagged motor vessel Juno, carrying a load of sugar

Bulk Carrier in St. Lawrence Seaway Refloated

U.S. Coast Guard photo

Vessel previously grounded in St. Lawrence Seaway refloated, navigational channel open. The vessel ran hard aground after suffering a steering casualty, and at this time there is no pollution reported. The motor vessel Juno, a 621-foot bulk carrier which ran agound in the vicinity of Wellesley Island in the St. Lawrence River, New York, was refloated about 7 a.m. Wednesday and is now safely anchored at Mason Point.

Tundra Aground in St. Lawrence Seaway

MV Tundra in the St. Lawrence Seaway, Canada. Photo by Canfornav

 The 185 meter long drybulk vessel MV Tundra (30,892dwt, built 2009) owned by Canfornav, part of the Canadian Forest Navigation Group, has run aground overnight on the St. Lawrence Seaway at Lancaster, Ontario in Canada.   The Tundra had veered a short distance out of the shipping channel and ran hard aground on a shoal. No reports of injuries.   Canfornav has a fleet of over 40 vessels dedicated to servicing the St. Lawrence Seaway and Great Lakes

Carnival Announces Leadership Changes

Carnival Corporation names Michael Ungerer to new Chief Operations Officer Role for Asia, also appoints Felix Eichhorn as President of AIDA Cruises   Carnival Corporation & plc announced that Michael Ungerer, currently President of Germany-based AIDA Cruises, has been appointed Chief Operations Officer-Shared Services for Carnival Asia, effective September 1, 2015. Ungerer will relocate to Shanghai, China, and directly support each of the Carnival Corporation brands operating in the

Carnival's Earnings Up 40%

Image by Carnival Corporation

  Carnival Corporation reported a 40 percent increase in its results for the full fiscal year ended November 30. Strong operational execution delivered $0.25 per share higher earnings than the mid-point of the company’s full year 2015 December guidance, despite a $0.10 drag from the net impact of currency and fuel prices. Carnival Corporation & plc announced adjusted net income for the full year 2015 of $2.1 billion, or $2.70 diluted EPS, compared to $1.5 billion, or $1

Carnival Corp. Appoints Chairman in China

Roger Chen (Photo: Carnival)

25-year veteran Chinese executive charged with overseeing Carnival Corporation’s presence in China and facilitating the company’s long-term growth plans for cruising in the region   Carnival Corporation & plc today announced that Roger Chen has been appointed chairman in China, effective January 1, 2016. A native of China, Chen will be based in Shanghai and lead all government relations and port development

Shipping Corporation Q3 Profit Surges

SCIs Container vessel Photo AFP

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs. 31.35 crores during the quarter ended 31st December 2014. With this, SCI, a public sector company, has registered a net profit of Rs. 384.41 crores for the nine month period ended 31st December 2015 as against a net profit of Rs. 99.44 crores reported during the same period last year.  

Oil Spill at Port of Los Angeles

The U.S. Coast Guard is investigating a report of an oil spill in the Los Angeles Harbor, Thursday morning.   Watchstanders at Coast Guard Sector Los Angeles/Long Beach command center received a report at 10:48 a.m. of an unknown quantity of oily-water mixture coming from a holding tank residing on the Vopak Terminal.   Coast Guard investigators from Sector Los Angeles/Long Beach are currently investigating the report.   

No Operating Income from Hanjin Vessels: Danaos Corporation

Photo: Hanjin Shipping Co. Ltd

 Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers.    Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. This reduced our operating revenues by $24.8 million and was the main contributor to the $21 million reduction in our adjusted net

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