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Reports Profit

COSCO Pacific Reports Profit Increase

COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company, an indirect unit of China's largest shipping firm China Ocean Shipping (Group) Co., engages mainly in container leasing and container terminal operation. Managing director Shi Qin said the listed firm planned to spend about $100 million to $110 million to buy containers in 2000 to match the rise in demand caused by global economic growth. The sum almost doubles the $57 million the firm spent in buying containers in 1999, when the size of its container fleet dropped 1.0 percent to 500,899 teu.


Global Marine Reports Profit Slump

Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year


Mersey Reports Profits, Eyes British Port Consolidation

Mersey Docks and Harbour Co. has reported an increase in profits of nearly eight percent in the first half, its shares following suit with a similar rise. Representatives of Mersey, which owns the Port of Liverpool and the ports of Sheerness and Chatham in southeast England, said the company’s investment program was reaping rewards as it managed to push up profits despite flat volumes of cargo. The program was buoyed by achieving record volumes in two key market sectors — containers and


COSCO (Singapore) Presents Q1 2012 Report

COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses. Highlights: Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012. Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects


NZ's Z Energy Year Profit Falls

Logo

  New Zealand petrol retailer Z Energy Ltd reported a 31 percent fall in its annual profit on Thursday, on the back of lower revenue and higher costs. The company reported a profit of NZ$95 million ($82.4 million) for the 12 months to March 31 compared with NZ$137 million the year before. It is the company's first reported profit as a listed entity after an IPO last year. Z Energy said earnings before interest, tax, depreciation, amortisation


Skaugen Goes to Red Again

Photo: I.M. Skaugen SE

 Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities for long routes the petrochemical market.   The gas carrier owner reported profit before and after tax of minus $ 5.1 million (loss) in Q2 2016. The same quarter a year ago profit before and after tax minus $ 0.5 million. Freight revenues amounted to $ 18.5 million in this year's 2nd quarter, against 15


Canadian Pacific To Split Up

Canadian Pacific Ltd., one of Canada's biggest and oldest companies, said it would split into five publicly traded firms, a move aimed at shedding a conglomerate discount that had dogged its stock. Besides CP Rail, Canada's No. 2 railway, Canadian Pacific owns 86 percent of cash-rich PanCanadian Petroleum Ltd., the country's top oil and gas explorer and producer, as well as Fording Coal Ltd., CP Ships, a global shipping firm, and CP Hotels.


Mitsui: Revenue Up, Profits Down

Mitsui Engineering & Shipbuilding Co. reported that group net profit for the fiscal first half fell 6.3% from a year earlier to 2.51 billion yen despite a 6.6% rise in revenues to 199.64 billion yen. The shipbuilder cited falling product prices, stiffer competition and exchange losses as the primary culprits. In its consolidated earnings report, Mitsui Engineering posted a pretax profit of 2.31 billion yen in the six months to Sept. 30, down 52.3%, with net profit per share falling to 3


A.P. Møller - Mærsk Q1 Pre-tax Profit Plunge

A.P. Møller - Mærsk Q1 2012 reports plunge in pre-tax profit, sees slightly lower 2012 result Denmark-based conglomerate A.P. Moeller-Maersk A/S reported a plunge in first-quarter pre-tax profit to 8.48 billion Danish kroner from 15.03 billion Danish kroner last year, reports RTT News. In US Dollar terms, pre-tax profit amounted to $1.50 billion, a 46% drop from the prior year's $2.75 billion. However, profit for A.P. Moller - Maersk's share was 6


Saudi Shipper Bahri Q3 Net Profit Falls

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510.3 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital and Albilad Capital forecast the company would make a quarterly net profit of 391


Harvey Produces Rare Jet Fuel Exports to U.S.

File Image: a product tanker loads at berth (Transnet)

Traders are shipping jet fuel from Europe to the United States, where Tropical Storm Harvey has sparked concern over possible shortages of the aviation fuel.   French oil major Total has booked the Maersk Misumi and Butterfly to load 37


Dynagas LNG Posts Q2 Loss

Pic: Dynagas LNG Partners

 Greece-based Dynagas LNG Partners has reported a second-quarter loss of USD 5.2 million, after reporting a profit in the same quarter a year before.   Tony Lauritzen, Chief Executive Officer of the Partnership, commented: "We have previously communicated that this quarter would


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


Dim Q3 Forecast for Korean Shipyards

File photo: Hyundai Heavy Industries

 South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders.   Yonhap News Agency, quoting data compiled by Yonhap Infomax


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.  


DSME Bounces Back with USD 1 Bln Profit in Q2

Photo: DSME

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) said that its net profit reached 1.26 trillion won (USD1.1 billion) in the April-June period.   According to a report in Yonhap, it posted a profit for the second straight quarter in the second quarter


Fog Lifts as Maersk CEO Remains Upbeat

File Image: The Madrid Maersk, one of Maersks largest boxships. CREDIT: Maersk

Container shipping fundamentals at best since 2010 - CEO.   Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges.  


Maersk Reports Q2 Loss, Sees Cyber Attack Bill at $200-$300 Mln

Maersk Chief Executive Soren Skou (CREDIT: Maersk)

Danish shipping group A.P. Moller Maersk reported an unexpected net loss in the second quarter due to terminal and tanker impairment charges, but said it was upbeat on the container shipping outlook.   Maersk also said it expected a $200 million to $300 million bill from a June cyber attack


FTC Fines Global Car Shipping Firms USD 37.8mln

The Gaia Leader Ocean Carrier. Photo: NYK RORO

 South Korea's antitrust watchdog Fair Trade Commission (FTC)  has imposed a combined 43 billion won (US$37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing, reported Yonhap.   According to the FTC


DP World 'Confident' of meeting FY View

File Image: CREDIT DP World

DP World, one of the world's largest port operators, said on Thursday it was confident it would meet full-year market expectations as it reported a flat half-year net profit.   The Dubai-headquartered firm made a profit of $606 million attributable to the owners of the company in the six


Cosco Shipping H1 Net Profit Up 42%

Photo: Cosco Shipping  International

 Cosco Shipping International said its net profit rose 42% in the first half of 2017, thanks to higher net exchange gains and net finance income.  In the first half of 2017, the global economy saw an upward trend in growth with improving market confidence


European Gasoline Margins at 4-1/2 Month High

File Image (CREDIT: AdobeStock / (c) Sharrif CheLah)

Benchmark European gasoline refining margins spiked nearly 9 percent on Tuesday to their highest since April after more than 2 million barrels per day (bpd) of U.S. refining capacity was knocked offline by Hurricane Harvey.   Margins, a measure of the profit that can be made from refining


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.  


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


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






 
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