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First Half

Offshore Wind Major, Dong Energy, Trims Sails, Ups H1 2013 Profit

Image courtesy of IWEA

The Board of Directors of DONG Energy has approved the interim financial report for the first half of 2013 with the following financial highlights and outlook compared with the first half of 2012: First-half 2013 EBITDA was DKK 7.8 billion against DKK 6.6 billion in the first half of 2012, primarily reflecting higher earnings from the wind activities and lower costs Profit after tax was DKK 0.4 billion, down DKK 0.3 billion on the first half of 2012. Gain (loss) on disposal of enterprises and impairment losses depressed first-half 2013 profit by DKK 0.2 billion net after tax compared with a gain of DKK 0.6 billion in the same period in 2012 Operating cash inflow increased to DKK 4.6 billion from DKK 2.9 billion in the first half of 2012, primarily reflecting a decrease in funds tied up in working capital and the higher EBITDA First-half 2013 net investments amounted to DKK 3.2 billion against DKK 6.1 billion in the first half of 2012. Gross investments amounted to DKK 8.4 billion and related primarily to development of wind activities and gas and oil fields, while disposals related to the Swedish hydro power company Kraftgården (DKK 3.3 billion) and the Polish onshore wind business (DKK 1.8 billion) Interest-bearing net debt decreased by DKK 0.5 billion from the end of 2012 to DKK 31.4 billion


Chemoil Reports Increase in Q2 Revenues

Chemoil has reported a 96 percent increase in revenues to $2.5b for the second quarter of 2008, compared to $1.3 billion for the second quarter of 2007. This was driven by an increase in energy prices and sales volume growth by 15% compared to the same period in 2007. Chemoil's revenue for the first half of 2008 increased 102% to $4.67 billion, compared to $2.31 billion for the first half of 2007. For the second quarter of 2008, profit after tax was $22 million, compared to $0


Bourbon Reports Increased Operating Income

Gross Operating Income totaled $146.2m or 115.1 million euros, up 12.7% in the first half of 2006. This strong performance was achieved by the sharp growth in the Offshore Division, particularly in Africa, and by the solid performance achieved by the Towage & Salvage Division, whereas the Bulk Division was impacted by lower cargo rates. Operating income rose 7.6% to $90.4m or 71.2 million euros and reflects the increase in amortization and depreciation due to the rise in the


NOL Group reports $67m loss in 1H 2011

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago.  The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion.  It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million.


Bourbon Announces 1H Results

Christian Lefèvre, CEO, Bourbon.

“We have arrived at the end of a downturn that has lasted since late 2008, and the market for modern offshore vessels is now turning around. BOURBON has every chance of being the first to benefit from this new turn of events thanks to a high-performance modern fleet and a worldwide network. BOURBON’s operating income for the period is up 19.9% over the first half of the previous year and 145% over the previous six-month period


COSCO Warn of Dramatic Profit Dip

COSCO Shipping warns of 99.5% interim profit drop Shanghai-listed COSCO Shipping, the vessel service provision arm of China Ocean Shipping (Group) Co, says that profit attributable to shareholders for the first half will drop 99.5% from a year earlier to about RMB700,000 ($109,000). SinoShip News adds that other listed firms are feeling the pinch too. Shanghai-listed China Shipping Haisheng, a bulk carrier subsidiary of China Shipping Group


SembCorp First Half Down 6%

SembCorp Marine posted a 6.4 percent drop in half-year net profit to S$39.2 million ($21.4 million) from S$41.9 million in the first six months of 2001. The Singapore-based group -- a subsidiary of the SembCorp Industries conglomerate which concentrates on ship repair, offshore conversion and shipbuilding -- said in a statement its performance in 2001 was expected to be comparable with the previous year. It valued its outstanding order book for 2001-2004 at S$1.72 billion.


Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2003. Stelmar reported its 34th consecutive quarter of profitability since inception and 10th quarter since going public in March of 2001. For the second quarter of 2003, including a non-operating loss from the sale of a vessel, the Company reported net income of $4,489,000, or $0.26 per diluted share. Excluding the non-operating loss, the Company earned net income of $11,744,000, or $0


Port of Hamburg Grows 8%

In the Port of Hamburg a total of 58.6 million tons of seafreight was handled in the first half year 2010. This comes up to a plus of 8.1 per cent compared to the previous year. Especially the strong growth of imports, which reached a total of 33.7 million tons, made for a higherthan- average growth by 12.3 per cent. Exports reached 24.9 million tons in the first half-year and, thus, increased by 2.9 per cent compared to the previous year


Hapag-Lloyd in Troubled Waters

Photo: Hapag-Lloyd AG

 German container shipping company Hapag-Lloyd AG has swung to a loss in the first half of the year as tumbling freight rates weighed on revenue.   The bad news comes as the Hamburg-based company tries to boost its fortunes through a merger with United Arab Shipping Company.   Subdued economic growth in many parts of the world, persistently tough competition in the liner shipping industry and further declines in freight rates have marked the first half of the 2016 business


New Quetzal Terminal Welcomes CSAV Traiguen

Photo: APM Terminals

 The 8,600 TEU capacity CSAV Traiguen became the largest container ship to call a Guatemalan port when it arrived at Terminal de Contenedores Quetzal (TCQ) on Guatemala’s Pacific Coast on April 12th, 2017, on the maiden call of German-based Hapag-Lloyd’s Mediterranean Pacific


Antwerp Port Gets off to the Strongest Start Ever

Photo by Port of Antwerp

 The port of Antwerp handled 54,324,303 tonnes of freight during the first three months of this year, 1.5% more than in the same period last year. The further growth is mainly due to container freight, which was up by 2% in terms of tonnage.   


Med Diesel Diffs at 21-month High

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

A closed arbitrage from other regions and refinery shutdowns have tightened the Mediterranean diesel market driving cargo premiums to ICE gasoil futures to their highest since August 2015.   "It's almost impossible to find cargoes for the first half of May in the Mediterranean


Sungdong Wins Tanker Order

Photo: Sungdong Shipbuilding

 South Korea's Sungdong Shipbuilding  won an order for seven mid-sized tankers, including two as an option, from a Greek shipowner, reported Korea Economic Daily.   It has been more than one year that the Korean mid-sized shipyard to receive a newbuilding contract.  


MSC Mulls Stake in Messina

The world's no. 2 container line Mediterranean Shipping Company (MSC) is in talks to acquire a stake in smaller Italian counterpart Messina, the Swiss-headquartered group said, in another sign of consolidation in the sector. Container lines are battling their worst ever downturn due to a glut


W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade

File Image (CREDIT: AdobeStock)

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan.   * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.


MSI: OPEC’s cut is deepest for VLCC, Suezmax markets

 Maritime Strategies International (MSI), a leading independent research and consultancy has forecast a testing time for the crude tanker market over the next six months – and perhaps longer if OPEC is successful in extending production cuts beyond the first half of 2017.


Keel Laid for Teekay’s First New Canada Tanker

Photo: Teekay Corporation

 Teekay Offshore will be the sole supplier and operator of shuttle tankers sfor East Coast Canada(ECC), says Teekay Corporation.   On February 15, the keel laying ceremony for Teekay’s first shuttle tanker newbuilding for ECC took place at the Samsung Heavy Industries shipyard in


Cutterhead Shaft Bearing as Good as New After 10 Years of Dredging

The bearing was installed in 2007 to the Royal IHC-built dredger Al Mirfa  (Photo: Thordon Bearings)

After 10 years and more than 100,000 operating hours dredging up silt, sand, rocks and stones in some of the toughest marine environments imaginable, the Thordon Composite bearing installed on the Al Mirfa’s dredge cutter head shaft has emerged unscathed.


Shipping Woes: DVB Bank Posts Loss

Pics: DVB Bank

 Shipping Financier DVB Bank reported a consolidated net loss before taxes of EUR 135.3 million ($142.4 miln) for 2016 (previous year: consolidated net income of EUR 46.1 million).    Since DVB Bank SE, the parent company of the DVB Bank Group


G2 Ocean Given All Anti Trust Approvals

Pic: Gearbulk Ltd

 The US Department of Justice has approved the establishment of G2 Ocean.  Authorities in Poland, Germany and Brazil have already approved G2 Ocean.   This means the joint venture between Gearbulk and Grieg Star is a vital step closer to reality


Video: Crowley Builds for LNG Bunkering at JAXPORT

Photo: Crowley Maritime

Crowley Maritime Corp. and Eagle LNG Partners have started to build a new shore-side liquefied natural gas (LNG) facility on Crowley-leased property at JAXPORT’s Talleyrand Marine Terminal in Jacksonville, Fla. The new LNG bunkering facility will serve Crowley’s Commitment Class


Russia Plans Sovcomflot Privatization in First Half

File photo: Sovcomflot

Russia plans to reduce its holdings in the state shipping company Sovcomflot in the first half of this year, Economy Minister Maxim Oreshkin told reporters on Tuesday.   He said the sale would be split between new and existing shares so the company can raise funds for its own development.


Gail India Seeks First-half April LNG Cargo

Gail India launched a tender seeking a liquefied natural gas (LNG) cargo for delivery in the first-half of April, trade sources said.   The tender, launched on Monday, follows two recent cargo purchases also for delivery in April.


Asia Dry Bulk-Capesize Rates Set to Climb Again

File Image (CREDIT: AdobeStock / Lidian Neeleman)

Capesize rates hit new multi-month highs this week; BHP and FMG likely to renew chartering activity next week.   Freight rates for large capesize dry cargo vessels on key Asian routes, which hit multi-month highs on Tuesday, could climb further on increased chartered activity by miners






 
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