Marine link
 

Reports Increased

Northrop Grumman Reports 1Q Results

Northrop Grumman Corporation reported first quarter 2002 net income of $149 million, or $1.27 per share, compared with net income of $132 million, or $1.81 per share, for the same period of 2001, adjusted for SFAS No. 142 - Goodwill and Other Intangible Assets. The comparable per share decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. On an economic earnings basis, the company reported increased earnings of $170 million, or $1.45 per share, compared with $101 million, or $1.39 per share, for the same period of 2001. First quarter 2002 earnings per share are based on average diluted shares outstanding of 112.8 million versus 72.8 million for the first quarter of 2001. "We are very pleased with our first quarter results which reflect the contributions of last year's three strategic acquisitions, coupled with strong organic growth and earnings," stated Kent Kresa, Northrop Grumman chairman and chief executive officer. Dr. Ronald D. Sugar, Northrop Grumman president and COO said, "With our April 1 announcement of the completion of the integration of Newport News Shipbuilding, all three of the company's 2001 acquisitions have been successfully completed." The 2002 first quarter results include the operations of Litton Industries, Inc. (Litton), acquired in the second quarter of 2001 and Newport News Shipbuilding, Inc


Slow Start for Tanker Rates in New Year

Berlian Laju Tanker. Pic by mapelveiculos.com.br

 A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy.    Continued interest for period is keeping the momentum going and rates ex Meg seem to withstand charterers fierce attempts to shave further off the rates. Close to two thirds of the January program covered so far in the Meg and further direction dependent


Hercules Offshore Reports Q3 Earnings Rise

Hercules Offshore Inc. a provider of shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry, announced financial results for its third quarter, reporting increased profit from higher revenues. The Houston, Texas-based company reported third net income of $29.7 million or $0.90 per share, compared to $10.1 million or $0.41 per share in the third quarter of 2005.


Panama Canal Reports Increased Tonnage Flow

The Panama Canal Authority (ACP) announced today second quarter (Q2) operational metrics for fiscal year 2004. Q2 data reveals an increase in tonnage flow and a rise in Panamax vessel (the maximum size vessel that can pass through the Canal) transits. Moreover, there was a notable increase in Canal revenue. These metrics are based on operations from January through March of 2004, the second quarter of the ACP's 2004 fiscal year.


Hapag-Lloyd Increase Q3 2012 Profits

Colombo Express: Photo credit Hapag Lloyd

Container ship owners Hapag-Lloyd report increased revenue and profits in the third quarter 2012. Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging. The average freight rate rose year on year by 8% to USD 1,647/TEU. The rate increases initiated by Hapag-Lloyd in the first quarter and implemented in the second quarter had a tangible effect here.


Three Sheets to the Wind: Three Key Ingredients of the Sober Financial Statement

The author, Richard Paine

Financial reporting is a sobering issue. Creative accounting, “cooking the books,” earnings manipulations and other accounting shenanigans have been around as long as folks have had income, paid bills, taxes or sought investors for their ventures. With intent to defraud for economic gain and financial crimes, came the passage into law of the Sarbanes-Oxley Act of 2002 (Sarbox or SOX) that made the consequences of such behavior more than just a slap on the wrist.


ABS Reports Increase in Fleet Size

ABS_logo.gif

Speaking at the 150th Annual Members Meeting of the classification society on 24 April 2012, in New York, ABS Chairman Robert D. Somerville reported that every sector of the ABS enterprise “contributed to another year of record performance in terms of the size of the ABS-classed fleet and strong orderbook.” ABS will continue to use its experience and knowledge “to create the innovations that will shape the maritime classification,” said Somerville.


London P&I Club Reports Increased Free Reserves

The London P&I Club’s result for the 2015/2016 financial year produced an overall operating surplus of $3.3 million, lifting the free reserve to $160.7 million.  This result was underpinned by a technical underwriting surplus of $15.3 million, with the combined ratio standing at 82.5 percent.    In a circular summarizing the result, the club’s management team says there was a substantially improved claims outturn following the unusually adverse experience seen


A.D.S. Releases Financial Analysis

The Association of Diesel Specialists has released its 1999 Financial Analysis, which provides financial data and operating trends in the diesel fuel injection service industry, based on statistics supplied by participating service members from the 1998 calendar year. The 79 companies reported a combined sales volume of $242 million. Pre-tax income was recorded at 3.76 percent of sales, a decrease from the 4.09 percent in the 1998 report. Gross profit margin increased slightly to 39.82 percent


Royal Caribbean Reports First Quarter Results

Royal Caribbean Cruises Ltd. reports better than expected financial results, updates 2012 guidance KEY HIGHLIGHTS Results For the First Quarter of 2012: Net income was $47.0 million, or $0.21 per share, versus $78.4 million, or $0.36 per share, in 2011; Net Yields increased 7.0% on a Constant-Currency basis (+6.4% As-Reported). Net Cruise Costs ("NCC") excluding fuel increased 5.7% on a Constant-Currency basis (+5.1% As-Reported);


Is China Shipbuilding Sinking into Tough Waves?

Photo: China Shipbuilding Industry Corp, Dalian Shipbuilding

 The world’s largest shipbuilding nation China is facing some tough years ahead as new-vessel orders weaken and order backlogs decline, Caixin reported quoting China Association of the National Shipbuilding Industry (CANSI).  


FSRUs Provide Better Return Than LNG Carriers, Says Drewry

Graph: Drewry Shipping Consultants Limited

 Despite falling freight rates for floating storage regasification units (FSRUs), investment returns at current asset prices and charter rates are higher compared with standard LNG vessels, according to the latest edition of the LNG Forecaster report published by global shipping consultancy


DP World Q2 TEU Count Soars 10%

file Image: CREDIT DP World

State-owned ports operator DP World on Tuesday reported second-quarter gross container volumes up 10.4 percent on a like-for-like basis and 10.7 percent on a reported basis.   DP World handled 17.6 million twenty-foot equivalent units (TEUs) in the three months to June 30


Keppel, Sembcorp Merger on the Cards ?

Photo: Sembcorp Industries

 A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards, report local media quoting the Development Bank of Singapore (DBS).   DBS said that with orders at a trough and expectations for only a


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


Global LNG Deals Set Bullish Tone as Peru Export Halt Tightens Market

© Wojciech Wrzesien / Adobe Stock

Asian spot LNG prices stepped higher this week, shrugging off months of weakness, as Royal Dutch Shell replaced lost output from its Peru plant via spot markets and as a flurry of higher-priced deals surprised traders.   Peru's liquefaction plant suspended loadings for several weeks without


VLCC Outlook Brightens Slightly

file Image: CREDIT EuroNav

Rate correction likely after low S-Oil charter drags market.   Freight rates for very large crude carriers (VLCCs) could see a small respite next week, building on the slight improvement seen in the last two days although sentiment is likely to remain pessimistic of any real recovery


Baltic Index Rises on Stronger Capesize Rates

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday supported by robust demand for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


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


Antwerp Port Container Freight Up by 2.5%

Photo: Port of Antwerp

 The port of Antwerp handled 111,385,518 tonnes of freight during the first six months of this year, 2.8% more than in the same period last year.    Container freight once more performed well after a number of exceptional years, with an increase of 2.5% in terms of tonnage and 1


UK Ship Register Modernization Begins

Photo: UK Chamber of Shipping

 The UK’s Maritime & Coastguard Agency (MCA) is modernising the way the UK Ship Register operates and a number of new initiatives are in the works that could help the red ensign become more commercial and internationally competitive, says a report from UK Chamber of Shipping.


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


Baltic Index Gains for Seventh Straight Session

© bergamont / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for seventh session in a row on Wednesday supported by stronger demand for larger vessels.   The overall index, which factors in rates for capesize, panamax


Piracy Down by 22% in H1, Says ReCAAP

Map: Location of incidents

 A total of 36 incidents of piracy and armed robbery against ships (comprising 30 actual incidents and six attempted incidents) were reported during January-June 2017 in Asia, said a report by Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia


Port of LA Sets FY Cargo Volume Record

File photo: Port of Los Angeles

The Port of Los Angeles reports it has closed its 12-month fiscal year with total cargo volumes of 9.2 million twenty-foot units (TEUs), a new annual record for most container throughput for a Western Hemisphere port. Volumes increased 8.1 percent in June compared to the same period last year






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright