Marine Link
Tuesday, October 17, 2017

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

Shipbuilding: China Races Ahead of South Korea

Photo: China Shipbuilding Industry Corporation (CSIC)

 Shipyards in China have surpassed  South Korea again in terms of receiving the most orders for new ships and platforms, while fierce battle for the number one position in shipbuilding orders continues.   China ranked first globally with 195 vessel orders, while South Korea was second with 104 during the first eight months of this year, Yicai Global reported citing Clarkson Research Services.  

Lamprell's Revenue Falls 65 pct, Cuts FY Forecast

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

Oil rig builder Lamprell Plc reported a 64.7 percent fall in revenue in the first half of the year and cut its full-year forecast, hurt by lower activity levels across the industry.   The company said it expected revenue for 2017 to be in the range of $370 million to $390 million, as it saw continuing low levels of walk-in work. Lamprell had forecast full-year revenue to be in the lower half of the $400 million-$500 million range in March.  

Oil Exports Reach Record Levels in H1 2017

Graph: EIA

 Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase.    Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d.   Although crude oil exports during the period grew, the growth rate in the first half of 2017 was lower than in the first halves

Globus Maritime Posts 63% Increase in Revenues

M/V River Globe Photo: Globus Maritime Limited

Globus Maritime Limited, a dry bulk shipping company, yesterday reported its unaudited consolidated operating and financial results for the six month period ended June 30, 2017.   Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: “As the year evolves we are pleased with our efforts bearing fruit. In the first half of 2017 we saw our total revenues increase by 63% compared to the same period last year

Hapag-Lloyd Posts H1 Operating Profit

File Image: CREDIT: Hapag Lloyd

German container shipping group Hapag-Lloyd swung to a first-half operating profit as it raised transport volumes and freight rates stabilised, but it still posted a net loss after higher ship fuel costs weighed on first quarter earnings.   Profit before interest and tax (EBIT) in the first six months came to 87.3 million euros ($104.55 million), up from a year-earlier loss of 39.7 million, the company said on Tuesday.  

COSCO Shipping Ports Reports Better H1 Results

Photo: COSCO Shipping  Ports Ltd.

 The port terminal operator division of China COSCO Shipping Corp. posted net profits of  US$384.7 million, an increase of  123.7% for FY 2017, compared with the corresponding period last year.   Total throughput of the Group’s container terminals increased by 11.8% to 41,780,867 TEU for the six months ended 30 June 2017 (1H2016: 37,358,210 TEU); of which about 19.3% (1H2016: 21.1%) or 8,046,468 TEU (1H2016: 7,880

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 shipping companies.   The transport volume increased by 14.0% in the first six months, to 4.22 million TEU, which includes almost 250

COSCO Books H1 Profit of $288 mln

File Image (CREDIT: AdobeStock / (c) Marina Ignatova)

China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year.   China's largest shipping group, which last month offered to buy a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 1.86 billion yuan ($288.32 million).   That matched an estimate it announced in July, citing improved market conditions

SCF's Balancing Act in Tanker Market

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

 Despite the turbulent conditions seen in conventional markets, SCF Group has continued to demonstrate resilience whilst remaining able to position itself to take advantage of the future upswing in these markets when it comes.   The first half of 2017 was very challenging for global tanker markets, with spot freight rates in all market segments nearing their historic lows. This has impacted severely upon the profitability of those owners focused solely on conventional shipping

Traders Scramble to Avert Regional Fuel Shortages

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

Mexico buys gasoline from Europe, Asia; in rare move, Europe exports diesel to Brazil.   The crippling of the U.S. Gulf Coast refining hub by Tropical Storm Harvey roiled global oil markets on Thursday as traders scrambled to buy gasoline and diesel from distant markets to avert supply shortages in the United States, Mexico and Brazil.   A slew of gasoline tankers has been booked over the past two days out of Europe to the United States and Latin America, with around 12

DVB Bank Losses on Shipping

Photo: CMA CGM

 DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million).   Ralf Bedranowsky, CEO and Chairman of DVB Bank SE's Board of Managing Directors, commented on the Bank's consolidated results: “The increase in allowance for credit losses was largely required for legacy exposures in the Shipping Finance portfolio

China Merchants Port's 1H Profit Soars 86%

Photo: China Merchants Port Holdings

 Hong Kong-Listed China Merchants Port Holdings reported an 86% surge in first-half net profit, thanks to a one-off gain and higher volume handled by the company's ports.   Net profit attributable to shareholders rose to HK$3.15 billion ($402.5 million) from HK$1.69 billion a year ago, the company said. Profit for core ports operation came in at HK$2.45 billion. Revenue for the period rose 5% to HK$4.05 billion.  

Brazil's 20% Ethanol Import Tax Rule Takes Effect

New rules governing Brazil's ethanol imports, which slap a 20 percent penalty for volumes above a tax-free import quota, took effect on Friday, authorities said.   Brazil's foreign trade chamber Camex said in an official written resolution that the rules will be valid for two years.   It is the first time that Brazil has taxed ethanol imports, with the government reversing its position of avoiding taxes on the biofuel's trade

The Shipowners' Club Reports Steady Half Year Results

Photo: The Shipowners Club

 The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported steady financial results for the six months ended 30 June 2017, despite challenging market conditions.    The Club recorded a 99.3% combined ratio, consistent with previous years. The modest underwriting surplus achieved in the first six months of US$ 0.7m has been supplemented by a favourable return on the Club’s investment portfolio

CMA CGM Confirms Order for Nine Mega Ships

(File photo: Port of Long Beach)

CMA CGM, the world's third-largest container shipping firm, said it expected operating profits to improve further in the second half as the market continues to recover, and confirmed an order for nine giant vessels.   The announcements by French-based CMA CGM underlined a recovery in the industry this year after a prolonged downturn that sparked a series of consolidation deals.   In a second-quarter results statement on Friday

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News