Marine Link
Friday, October 20, 2017

First Quarter

Halliburton Announces 1Q Results

Halliburton announced that net income in the first quarter of 2006 was $488m, or $0.91 per diluted share, compared to net income of $365m, or $0.72 per diluted share, in the first quarter of 2005. Net income in the first quarter of 2006 included income from discontinued operations of $7m after tax, or $0.01 per diluted share, primarily related to the operations of KBR's Production Services group, which is expected to be sold in the second quarter of 2006 with a pretax gain of approximately $100m. Net income in the first quarter of 2005 also included income from discontinued operations of $6m after tax, or $0.01 per diluted share. Income from continuing operations in the first quarter of 2006 was $481m, or $0.90 per diluted share, compared to income from continuing operations of $359m, or $0.71 per diluted share, in the first quarter of 2005. Consolidated revenue in the first quarter of 2006 was $5.2bcompared to $4.8b in the first quarter of 2005. This increase was largely attributable to higher activity in the Energy Services Group (ESG), where revenue increased 35% from the prior year first quarter to a record level of $2.9 billion. Lower revenue in KBR, primarily on government services projects in the Middle East, partially offset this increase. Consolidated operating income was $755m in the first quarter of 2006 compared to $575m in the first quarter of 2005, a 31% increase

Golar LNG Q1 Results 2011

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Highlights Golar LNG reports consolidated net income of $16.3 million and consolidated operating income of $20.4 million for the first quarter of 2011 Golar LNG announces a cash dividend of $0.25 cents per share Significant improvement in charter rates during the quarter Golar secures charters for its 4 modern vessels of between 12 and 18 months. The contracts are expected to generate approximately $80 million of EBITDA on an

Northrop Grumman Reports First Quarter Results

Northrop Grumman Corporation, reported that sales increased 49 percent, earnings from continuing operations increased 17 percent, and segment operating margin increased 44 percent, for the 2003 first quarter compared with the first quarter of 2002. The record results, in large measure, reflect strong contributions by the company's two new segments, Mission Systems and Space Technology; double-digit growth in sales and operating margins at three other segments, Electronic Systems

Odfjells Announces Good 1Q Results

Odfjell's consolidated net result after tax was $34 million the first quarter 2004 compared to $18 million 1Q 2003. The first quarter 2004 figure includes capital gains on assets of $9 million. Time-charter results per day improved by 9 percent compared to first quarter 2003 and to the full year 2003. Increased voyage expenses reflect the increased number of ships in the fleet. Earnings before interest, taxes, depreciation and amortization (EBITDA) for first quarter 2004 were $53 million

Safe Bulkers Reports $44.2 Million Revenue, 1Q13 Results

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013. Summary of First Quarter 2013 Results Net revenue for the first quarter of 2013 remained almost unchanged at $44.2 million from $44.1 million during the same period in 2012.

Kirby Announce Record Earnings in Q1 2014

Image courtesy of Kirby Corp.

US tank barge operator and diesel engine service providers, Kirby Corporation, inform that earnings for the first quarter ending March 31, 2014 amounted to $62.2 million, or $1.09 per share, compared with $56.6 million, or $1.00 per share, for the 2013 first quarter.  Consolidated revenues for the 2014 first quarter were $589.2 million compared with $558.8 million reported for the 2013 first quarter. Excerpts from the financial report follow:

Todd Shipyards Releases First Quarter Results

Todd Shipyards Corporation announced financial results for the first quarter ending June 30, 2002. For the quarter, the company reported net income of $2.3 million or $0.41 per diluted share on revenue of $49.3 million. For the prior year first quarter ending July 1, 2001, the company reported net income of $1.8 million on revenue of $31.2 million. Per share calculations for the first quarter ended June 30, 2002 were impacted favorably by the company’s Dutch Auction share repurchase of 4

Trico Marine Reports First Quarter 2002 Results

Trico Marine Services, Inc. has reported a net loss for the quarter ended March 31, 2002, of $4.8 million, or $(0.13) per share (diluted), on revenues of $32.1 million, compared to net income of $2.0 million, or $0.05 per share (diluted), on revenues of $43.3 million for the first quarter of 2001. The decrease in revenues for the first quarter of 2002 resulted from lower average day rates and utilization for some of the Company's vessel classes, particularly the Gulf of Mexico supply boats

Euroseas Reports Results for Q1

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Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2011. First Quarter 2011 Highlights: -Net loss of $0.6 million or $0.02 loss per share basic and diluted on total net revenues of $14.2 million. Excluding the effect of unrealized gain and realized losses on derivatives

Hong Kong Cargo Throughput Up in Q1 2012

Hong Kong Port cargo throughput increased by 3% over a year earlier to 64.5 million tonnes, while outward  cargo volume increased 7% in Q1 2012 The HK Census and Statistics Department (C&SD) has released statistics on vessels, port cargo and containers for the first quarter of 2012.
 In the first quarter of 2012, total port cargo throughput increased by 3% over a year earlier to 64.5 million tonnes.  Within this total, inward port cargo recorded virtually no change at 35

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

More Cars Shipped Via The Port Of Gothenburg

Photo: Gothenburg Port Authority

 During the first quarter of the year, new car exports and imports passing through the Port of Gothenburg rose by 12 per cent compared with the first quarter of 2016.    The Port of Gothenburg became the number one vehicle handling port in Scandinavia, due largely to the rise in imports.   The number of cars exported and imported through the Port of Gothenburg has grown steadily since 2012 and the trend appears to be holding.   

DP World to buy Dubai Maritime City, Drydocks World

File Image: A DP World Port Terminal (DP World)

DP World said on Monday that it had entered into a deal to buy two other Dubai state-owned maritime companies for a total of $405 million.   The Dubai-based ports operator will acquire Maritime World, the 100 percent owner of Dubai Maritime City, for a purchase consideration of $180 million, and 100 percent of Drydocks World by means of a capital injection of $225 million.   Both deals are expected to close before the end of the first quarter of 2018, it said.

Harley Marine Orders Ocean Tugs from Conrad

The Entech Designs tugs will be built by Conrad’s Morgan City Shipyard for Harley Marine Services. (Image: Entech Designs)

Louisiana shipbuilder Conrad Shipyard said it has been awarded a contract to build two 3,000HP ocean service tugboats for Seattle’s Harley Marine Services.   The two new vessels, designed by Entech Designs, LLC, will be 100-feet in length, with a beam of 34’. They will be powered by Caterpillar 3512C Tier 4 ARated Diesel Marine Engines, and equipped with two Caterpillar C4.4 99Kw at 1,800RPM generators.  

Cargotec Sales Figures Plummet

Photo: Cargotec

 Cargotec Corporation said that the orders received for H1 for the period of January-June 2017 decreased 4 percent and totalled EUR 1.7bln (USD 1.9bln).   The total sales declined 5 percent and totalled EUR 1,638 for the period. However, Cargotec reiterates its outlook published on 8 February 2017 and expects its operating profit excluding restructuring costs for 2017 to improve from 2016 (EUR 250.2 million).  

Helix Energy Cuts Q2 Loss

Photo: Helix Energy Solutions

 Oil service company Helix Energy Solutions has narrowed its loss in the second quarter of 2017 backed by increased activity of its well intervention business. Mainly North Sea operations helped narrow the firm’s losses.   The group, which controls Aberdeen based Helix Well Ops and Canyon Offshore, reported a net loss of $22.9million for the first six months of the year, compared to $38.5million in the same period last year.  

Kirby Announces 2Q Results

Photo courtesy of Kirby

Kirby Corporation (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2017 of $25.8 million, or $0.48 per share, compared with $38.9 million, or $0.72 per share, for the 2016 second quarter.    Second quarter net earnings includes pre-tax expenses of $0.7 million, or approximately $0.01 per share, related to the pending acquisition of Stewart & Stevenson LLC (“S&S”)

Demand Fuels Boxship Freight Rates for Japan's Big Three

File Image: CREDIT Port of Boston

Japan's big three shippers on Monday reported profits for the first quarter, bouncing back from losses a year earlier and raising hopes the firms could be emerging from the industry's worst-ever downturn on record.   Mitsui OSK Lines swung to a 1.1 billion yen ($10 million) operating profit in April-June from a loss of 3.6 billion yen a year earlier, as a strong U.S. economy lifted freight volumes on routes between Asia and North America to record levels in the last quarter.  

Wärtsilä Scrubbers for New Japanese Bulk Carriers

The NYK BP Handymax Bulk Carriers which will be equipped with Wärtsilä scrubbers to be built at Oshima Shipyard (Image courtesy of NYK BP)

Wärtsilä informs it has been contracted to supply exhaust gas cleaning systems for two new 56,000 DWT Handymax bulk carriers being built at Oshima Shipbuilding Co., Ltd. in Japan for Tokyo based NYK Bulk & Projects Carriers Ltd. (NYK BP).   The newbuilds will be the first vessels owned or chartered by NYK Group having exhaust gas cleaning systems installed. By fitting the scrubber systems, the ships will be compliant with the International Maritime Organization’s

Japan's Big Three Shippers Bullish

Photo: Mitsui OSK Lines

 Japan’s big three shippers -Mitsui OSK Lines (MOL), Nippon Yusen Kabushiki Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line) -  have reported profits for the first quarter, bouncing back from losses a year earlier Reuters reported.   Thanks to rising freight rates, the shippers showed brightened financials ahead of their integration into the Ocean Network Express (ONE) next April. The results are also raising hopes the firms could be emerging from the industry’s

Adani Ports Net Dips 14% in Q1

Photo: Adani Ports & SEZ

India's Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer and the logistics arm of $12 billion Adani Group, saw a 13.65% fall in net profit at INR 710.25 crore (USD 111 million) for the first quarter ended June on account of higher tax.   According to PTI report, APSEZ's consolidated revenue from operations for the quarter under review shot up 50 per cent to Rs 2,745 crore from Rs 1,827 crore in the like period year ago.  

Navig8 to Acquire 32 Chemical Tankers

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers Inc,  international  shipping company focused on the transportation of chemicals, has  entered  into  contracts  to  acquire  32  modern,  fuel-efficient  newbuilding  chemical  tankers.    As of today, 31 of these vessels have been delivered and are in operation, the company said in a press release.   The remaining vessel is scheduled to be delivered in the third quarter of 2017

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.  

Awilco LNG Reduces Net Loss in Q2

Photo: Awilco LNG

 Norwegian based LNG transportation provider Awilco LNG reduced its net loss in the second quarter of this year due to higher activity of its vessels and steady spot rates.   Awilco LNG’s net loss dropped to $10.1 million in the second quarter, as compared to $11.5 million in the same quarter last year and $10.4 million in the previous quarter.   Awilco added 13 vessels 1H 2017, a further23 scheduledfor deliveryin 2017, although delays may be expected

Vard Wins Expedition Cruise Contract

Rendering of the VARD 6 01 (Image: Vard)

Vard Holdings Limited said it won a contract for the design and construction of an expedition cruise vessel for Coral Expeditions of Australia. Newly developed by Vard Design in Norway in cooperation with the customer, the vessel is specially designed for small ship expedition cruises to remote and exotic destinations in the regions of Asia-Pacific. The vessel of VARD 6 01 design, measuring 93.5 x 17.2 meters, with room for 120 guests.

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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