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Growth Continues

IEA: Oil Demand to Grow 2.2% in 2005

The International Energy Agency’s most recent monthly report estimates for 2005 that global demand will grow by 1.8 mb/d, or 2.2%. This projection is on par with the level of growth experienced in 2003, as the global economy was recovering from a steep, but short-lived, recession, but is conservative when comparing it to the record 2.5 mb/d -- or 3.2% -- projected for 2004. The 2005 demand estimate assumes: normal weather, a moderate slowdown in global GDP growth, an easing of crude oil and product prices and a modest reduction in Chinese oil consumption growth. Even so, Chinese oil demand is expected to grow by 510 kb/d, or 8.1% in 2005. The Middle East is also expected to contribute strong consumption growth in 2005 of 260 kb/d or 4.7%. These high growth rates contrast with substantially lower oil demand growth in the OECD of slightly less than 1% in 2005, holding flat in OECD Asia but rebounding slightly in OECD Eastern Europe. Non-OPEC supply, including non-crude production from OPEC, is expected to show robust growth of around 1.6 mb/d in 2005. Non-OPEC supply growth averages over 1.0 mb/d per year during 1995-2005. Russia has been the engine of non-OPEC supply growth over the last half of this period and has the capacity to maintain strong growth in the future. However, in light of recent developments in Russia, this Report takes a more conservative approach to supply growth in 2005


Boatbuilding Booms as More Americans Take to the Water:

New data from The National Marine Manufacturers Association (NMMA) show 88 million Americans expected to take to U.S. waterways this summer. NMMA add that recreational boating in the U.S. has an annual economic value of $121-billion.  The industry’s rising tide supports 964,000 American jobs and 34,833 businesses, generates $40 billion in annual labor income and drives $83 billion in annual spending.


P&I Club Celebrates 21 Years in Germany

Dr Matthias Reith, director of German bulk carrier owner Orion Schiffahrtsgesellschaft Reith & Co of Hamburg, helped the North of England P&I club celebrate 21 years of working with the German shipping industry today. Speaking a major industry reception organized by the club at the Zipplehaus restaurant in Hamburg, Dr Reith said 'In 1982 Orion became the first company from Germany to join the North of England. The club now insures 36 fleets in Germany and works with 11 of the German-based


Inmarsat 3Q Results

FleetBroadband from Inmarsat will will cover the Volvo Ocean Race.

Inmarsat Holdings Limited, a wholly-owned subsidiary of Inmarsat plc (LSE: ISAT), provider of global mobile satellite communications services, reported unaudited consolidated financial results for the 3 months ended 30 September 2008. Q3 2008 Highlights •    Revenue up 16.4% to $162.5m (2007: $139.6m) •    EBITDA up 15.4% to $112.3m (2007: $97.3m) •    Profit after tax up 58.6% to $37.6m (2007: $23.7m)


Saudi Seaports Witness 10% Increase In Cargo To Q3 2010

Chris Hayman.jpg

Kingdom plans multi-billion dollar PPP investments to boost port capacities as imports and container numbers increase 18% and 20% respectively Recognising the vital role of the region’s ports in providing trade links between the Far East, Asia, Europe and the US, international shipping and cargo experts are set to gather in Abu Dhabi on 28-30 March, for the World Ports and Trade Summit 2011. Multi-billion dollar investment in port operations across the Middle East is again surging


McDonough Launches M 2820 Barge

Photo: McDonough Marine Service

McDonough Marine Service has launched its latest barge design series at the Westport Orange Shipyard in Orange, Texas. The M 2820 (282’L x 54’W x 12’6”H, with 3,000 lbs/sq.ft. deck load rating) was delivered on-schedule, and is expected to bring greater possibilities to Project Cargo transportation on the inland waterways. “As growth continues to develop in the infrastructure, petrochemical and power generation markets


Liebherr Werk-Nenzing's 2009 Results

Photo courtesy Liebherr-Werk Nenzing  GmbH

In a highly volatile business environment, Liebherr’s Mobile Harbour Crane Division delivered satisfactory operational performance. In 2009, deliveries amounted to 74 Mobile Harbour Cranes and thus were 27% below those of the previous year’s period. In comparison the total MHC market including all manufacturers dropped ~40%. To complete the picture, this decrease has also to be put in relation with the figures of the previous years


PPG Reports Record Q1 2014 Results

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  PPG Industries (NYSE:PPG) reported record first quarter 2014 net sales from continuing operations of $3.6 billion, up $528 million, or 17 percent, versus the prior year. First quarter 2014 reported net income from continuing operations was $277 million, or $1.97 per diluted share. First quarter 2014 adjusted net income from continuing operations was $279 million, or $1.98 per diluted share, which excludes $2 million, or 1 cent per diluted share,for acquisition-related costs.


Hawaiian Market Growth Boosts Matson Q3 Results

Photo: Matson

Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014 was $441.8 million compared with $415 million in 2013. For the nine-month period ended September 30, 2014, Matson reported net income of $43 million, or $1 per diluted share compared with $46


Jotun Continues to Grow

Image:  Jotun

 Jotun, coating solutions to the global marine fleet,  recorded sales of NOK 10.9 billion and an operating profit of NOK 1.7 billion in tn the first eight months of 2016.   To help secure long-term growth, the company continues to pursue investments in new production capacity and product innovation, both in Norway and other key markets.   To help secure long-term growth, the company continues to pursue investments in new production capacity and product innovation


Engineering Entrepreneur Buys Wren Industrial

(Photo: Wren Industrial & Marine Fabrications)

Merseyside maritime company Wren Industrial & Marine Fabrications has been bought by Merseyside entrepreneur and former member of the Armed Forces Jonathan Willoughby.   Bootle-based Wren Industrial has been run for 27 years by husband and wife team David and Helen Wren


Nakilat Ends H12017 with $112 Mln Net Profit

Nakilats flagship, QMax Mozah. Photo: Qatar Gas Transport Company

 Qatar Gas Transport Company (known as “Nakilat”, which means carriers in Arabic) recorded its financial results for the first half of the year ended June 30, 2017 with a net profit of QR 409 million ($112 million) compared to QR 501 million ($137 million) of the same period last


Samskip Scoops up Nor Lines

(Photo: Samskip)

European multimodal transport provider Samskip said it will acquire activities associated with Nor Lines AS, marking a major expansion of its shipping, transport and logistics businesses in Norway.    Subject to approval by Norway’s competition authorities


DP World Reports Q2 10.7% Gross Volume Growth

Photo: DP World Limited

DP World Limited handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2% year-on-year on a reported basis and 7.7% on a like- for-like basis


Maersk Bullish on India

Photo: A.P. Moller – Maersk

 Domestic reforms have slowed down India’s trade momentarily, thereby weakening domestic demand. However, A.P. Moller – Maersk expects Indian EXIM trade to pick up pace in the next quarter.   “This dip in import growth was due to piling up of inventory in the market


Glickman takes the Helm ZIM

Image: ZIM

Eli Glickman, 56, took office as the new President and Chief Executive Officer of ZIM effective July 1, 2017. Glickman is taking over from Rafi Danieli, who has been President & CEO of ZIM since 2009.    "I’m pleased and honored to take office as ZIM’s CEO


Maritime Drives Ireland's Blue Economy

Photo:  Irish Maritime Development Office

 Ireland’s marine economy is outperforming Ireland’s general economy according to the latest Ocean Economy Report by the Socio-Economic Marine Research Unit (SEMRU) of NUI Galway, with shipping and maritime transport playing a key role in driving growth.  


JNPT Registers 5.11% Growth in Container Traffic

Photo: Jawaharlal Nehru Port Trust (JNPT)

 India's largest container port Jawaharlal Nehru Port Trust (JNPT)registered a growth of 5.11 per cent in container traffic in the first quarter of 2017-18.   According to a press statement, the JNPT handled 1.20 million TEUs in the first quarter of the current financial year as


SC Ports Reports Record Volume in FY2017

Wando Welch Terminal. Photo: South Carolina Ports Authority

 South Carolina Ports Authority moved a record 2.14 million twenty-foot equivalent units in fiscal year 2017, an increase of 10 percent over the previous year’s container volumes.   Highest-ever June volumes of 183,237 TEUs gave SCPA a strong finish to its fiscal year


Qatar to Maintain Dominance in Global LNG Market

Photo: Qatargas Operating Company Limited

 Qatar will maintain its dominance over the global liquefied natural gas market despite increased supply from Australia and the United States, the weekly report by Qatar National Bank (QNB) said.   A report in The Penisula quoting QNB said that Qatar currently accounts for 30


AHHI Insures 1,900 Vessels in First Year

Photo: American Hellenic Hull Insurance

 Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement.  


Yang Ming to Float 500 mln Shares

Photo: Yang Ming Marine Transport

 The Taiwanese ocean carrier Yang Ming Marine Transport will make a public offering of 500 million shares as part of the company's ongoing recapitalization plan, the Taiwanese ocean carrier said in a statement .  It will offer the shares to existing shareholders


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


Wartsila Order Intake Beats Forecast as Marine Market Revives

file image: Wartsila

Finnish ship technology and power plant maker Wartsila reported on Thursday a bigger-than-expected rise in quarterly order intake, saying the market demand had improved for its marine solution business.   * Bookings of new orders in the second quarter increased 14 percent from a year


Mermaid Maritime Wins Subsea Charters

Image: Mermaid Subsea

 Thailand-based Mermaid Maritime, a subsea and offshore drilling services company, has  been awarded two subsea contracts with a combined estimated value of $4.6 million.    The company press release said that the first contract award will involve a short ROV campaign for






 
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