Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market, even as lower fuel prices would help operations. Stolt-Nielsen's fourth quarter net profit fell to $13.1 million from $35.2 million a year earlier, coming short of expectations for $21 million in a Reuters poll of analysts. "We remain concerned about the market outlook for Stolt Tankers, as the order book now stands at over 30 percent in the parcel-tanker segment and the global economic outlook is uncertain," it said. "With the prolonged challenging chemical tanker market, we have and will continue to challenge our cost structure." It added that lower bunker costs would eventually have a positive impact on its results but big parts of the savings would have to be passed onto contract customer. Reporting by Balazs Koranyi
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fifth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies.
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)
Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013. Summary of Results for the Twelve-Month Period Ended December 31, 2013 Net revenue for the twelve-month period ended December 31, 2013 increased by 1% to $186.7 million from $184.3 million during the same period in 2012. Net income for the twelve-month period ended December 31
Teekay Tankers Ltd. (NYSE:TNK) - Highlights · Declared a cash dividend of $0.22 per share for the quarter ended December 31, 2010. · Reported fourth quarter adjusted net income of $2.6 million, or $0.05 per share (excluding specific items which increased GAAP net income by $5.2 million, or $0.10 per share). · Over 60 percent of fourth quarter revenue days earned average fixed
Stolt-Nielsen Limited reported unaudited results for the first quarter ended February 28, 2013. Net profit attributable to SNL shareholders in the first quarter was $1.5 million, with revenue of $519.4 million, compared with $18.2 million, with revenue of $510.9 million, respectively, in the fourth quarter of 2012. Highlights for the first quarter of 2013, compared with the fourth quarter of 2012, were:
Tulsa-based Parker Drilling Company reported an unaudited loss for the fourth quarter of $13,353,000. This compares with a loss of $11,266,000 for the fourth quarter of 1998. Financial results for the fourth quarter of 1999 were improved over the third quarter loss of $14,900,000 after adjusting for non-recurring gains and losses. For the year 1999, Parker Drilling reported a loss of $37,897,000, as compared to a loss of $5,587,000 for calendar 1998
SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share
Greece-based Diana Containerships has reported a net loss of $8.5 million for the fourth quarter of 2016, compared to a net loss of $8.8 million for the respective period of 2015. On a per-share basis, the company said it had a loss of 92 cents. Losses, adjusted for non-recurring costs, were 66 cents per share. The loss for the fourth quarter of 2016 includes $2.4 million of direct sale and other charges associated with the disposal of one vessel
Trico Marine Services, Inc. announced a net loss for the fourth quarter ended December 31, 2002 of $14.4 million, or $(0.40) per share (diluted), after an extraordinary item, on revenues of $35.2 million. The net loss for the 2002 fourth quarter includes an extraordinary charge of $102,000 resulting from the early extinguishment of debt and a non-cash charge of $5.2 million due to an asset write-down. This compares to a net loss of $884,000, or $(0
Piraeus Port, Greece's largest, aims to increase its cruise traffic from 1 million passengers a year up to 1.5 million in the short-term and to 3 million long-term, its managing director, Fu Cheng Qiu, said on Friday. COSCO Shipping
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as panamax rates surged to their highest in over three years and capesize activity firmed up. The overall index, which factors in rates for capesize, panamax
Boosted by an improving market and cost savings from a recent merger, China’s COSCO Shipping Holdings expected to report a profit in the first-quarter, says a report by Reuters. In a stock market statement the world's fourth-largest container shipping line said that it expects
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its biggest one-day percentage decline in over one month, as a holiday in China weighed on demand for capesize vessels. The index, which factors in rates for capesize, panamax
Seanergy Maritime Holdings Corp reports financial results for the fourth quarter and twelve months ended Dec. 31, 2016. For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively
China's COSCO Shipping Holdings Co Ltd made a loss last year of 9.9 billion yuan ($1.44 billion), the company reported on Thursday, due to both persistently weak freight rates and restructuring costs. Freight shipping firms have been hit hard by a prolonged downturn in rates caused by
South Korean utilities jointly bought a total of 1.5 million tonnes of coal from the United States to arrive from the third quarter, a spokesman at one of the utilities said on Tuesday. The purchase comes as South Korea, the world's fourth-largest coal importer
Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), launched the fourth Littoral Mission Vessel (LMV), Justice, designed and built for the Republic of Singapore Navy (RSN).
CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.
UK-based containership owner Global Ship Lease (GSL) has reported a fourth-quarter loss of $54.3 million, after reporting a profit in the same period a year earlier. It posted revenue of $41.4 million in the period. Operating revenues for the year ended December 31, 2016 were $166
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
Genco Shipping and Trading (GNK) has reported a loss of $24.5 million in its fourth quarter of 2016. The transporter of drybulk cargo said that its basic and diluted loss per share is $3.35. It had posted revenue of $43.9 million in the period.
Tanker firm Frontline said on Tuesday it had made a higher and final offer for rival DHT Holdings which was rejected. Frontline said it had raised its all-share offer to 0.80 Frontline share per DHT share from an initial 0.725 but that DHT had again rejected the offer.
Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has reported a net profit of $195 million for the year ended December 31, 2016 compared to $300 million reported the previous year. The fall in the profit was mainly as a result of lower revenue from
Teekay Offshore Partners has reported GAAP net income attributable to the partners and preferred unitholders of $92.0 million and adjusted net income attributable to the partners and preferred unitholders of $8.5 million in the fourth quarter of 2016.