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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


NZ's Z Energy Year Profit Falls

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  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


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


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


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


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.


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


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


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


Gulf Navigation Sails to Profit

Photo: Gulf Navigation Holding

 Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016.    The result came at a stage while the company is witnessing a significant improvement in its


CMA CGM Posts Higher Q1 Profits

Photo courtesy of CMA GCM

Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump.  


Baltic Index Falls on Lower Iron Ore Demand

© corlaffra / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell 2 percent on Monday as lower demand for iron ore fixtures hit capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Maersk: Shipping Recovery Coming

File Image: Credit Maersk

Maersk Line posts loss, but company sees improvement.   A.P. Moller-Maersk beat first-quarter net profit forecasts on Thursday, boosted by the energy business it plans to spin off, but also reported signs of improvement at its long-suffering container shipping business.  


DryShips Acquires Suezmax Newbuilding

File Photo: DryShips Inc

 Greece-based DryShips, a diversified owner of ocean going cargo vessels,  entered into an agreement with an entity affiliated with the Company’s Chairman and CEO, George Economou, to acquire one 158,000 deadweight tons Suezmax tanker currently under construction in China.  


Petronas Targets New Markets for LNG

Photo :Petronas

Malaysian oil company Petronas is looking to tap new markets to sell liquefied natural gas, including as fuel for ships, the head of its upstream operations told Reuters on Monday. State-owned Petroliam Nasional Berhad, known as Petronas, also sees significant growth potential for LNG in India


Meyer Turku Reports Larger 2016 Profit

Photo: Meyer Turku

Shipbuilder Meyer Turku reported a net profit of 25 million euros ($27.4 million), or 3.2 percent of revenue, in 2016, rising from 15 million euros ($16.5 million) in 2015.   The Finish shipyard, which specializes in cruise ship and large passenger vessels


DONG Energy Settles Platform Dispute

DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to


Norden Back to Profit in Q1

Photo:  Dampskibsselskabet NORDEN A/S

 Danish shipping company Dampskibsselskabet Norden A/S has reported its adjusted result for the first quarter of 2017 at $1 million, against a loss of $5 million seen in 2016.   The shipowner and operator in the dry cargo and tanker segment worldwide returned to an adjusted profit for


FSL Q1 Earnings Rise

 Pic: First Ship Lease Trust

FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), reported a net profit of $3.4 million for the three months ended March 31, 2017, compared to $2.3 million reported in 1QFY16.  This positive result was achieved despite challenging industry conditions and


Japan's Big 3 Shipping Lines Eyes Profits

Photo: Kawasaki Kisen Kaisha

Japan's top three  shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported.  The brighter outlook comes amid a gradual recovery in prices


Hyundai Heavy Sails Back to Profit in Q1

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries (HHI) has posted a net profit of KRW462.3bn ($409.6m) for the first quarter of 2017, making it the fifth consecutive quarterly profit for the group.   This represents a surge of 90% from the previous corresponding quarter. However, sales fell 1.9 percent to 10


DSME Turns Profit in Q1

Photo: Daewoo Shipbuilding & Marine Engineering

 Daewoo Shipbuilding & Marine Engineering (DSME) swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures, reports Yonhap.   The Korean shipyard reported an operating profit of 292 billion won ($257


Daewoo Shipbuilding books first Quarterly Profit in 4 years

File Image (CREDIT: AdobeStock / (c) Burnel11)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line.  


UK P&I Club Advises On Hatch Cover Maintenance

Photo: (c) Lidian Neeleman / Adobe Stock

The UK P&I Club’s Loss Prevention Department, in conjunction with the IMCS Training Academy, advises on the importance of hatch cover maintenance: “Whether a ship’s hatch covers are weathertight is a seemingly simple question that should have a “Yes” or






 
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