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Strong Results

Steamship Reports Strongest Results

Image: Steamship Mutual Underwriting Association

The Steamship Mutual Underwriting Association (Bermuda)  achieved a combined ratio of 78.6% for the 2014-2015 policy year, one of the strongest results in its 100-plus years of existence. Free reserves increased by US$75 million to US$376.2 million and the financial year combined ratio was 78.6%, one of the strongest results in the Club’s history. For the 2014/15 policy year, when compared to the preceding year, the Club again experienced fewer claims in the layers below US$250,000 but the average cost of such claims rose by 7%. The number of larger claims was similar to that experienced in recent years but their average cost was significantly lower and the Club incurred only one claim on the Pool. Overall net estimated claims, including IBNR provision and after reinsurance recoveries, are US$198.4 million, 13.4% below the figure for the 2013/14 policy year at the same point. The combined investment portfolio recorded a gain of US$13.7 million, a 1.3% return, and the total of cash and investments increased by 7.0% to US$1,041.9 million. Returns on bonds, equities and hedge funds of funds were subdued by a minimal return on short term US Treasuries, which formed the majority of the portfolio until the end of the year, and by revaluation losses on non-US dollar assets which are held to match claim liabilities


Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003


Strong Results for Northrop Despite Hurricanes

Northrop Grumman said on March 7 that excellent fourth quarter numbers posted in Newport News helped keep the company's shipbuilding business going strong despite suffering heavy damage from Hurricane Katrina. Northrop Grumman estimated that the company incurred $1 billion worth of property and equipment damage on the Gulf Coast. According t the daily Press, Northrop's insurance carriers are covering the first $500 million


Cummins Reports Revenue Jump in Q2 2014

Tom Linebarger

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Revenues in North America increased 14 percent while international sales decreased 1 percent compared to the second quarter a year ago


Strong Returns for Sovcomflot

Grand Aniva is one of two Sovcomflot LNG tankers chartered by the operator of the Sakhalin-2 project – Sakhalin Energy Investment Company (SEIC). The photo has been provided by SEIC.

 Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months.   It has posted a gross revenue increase of 11.8 per cent in the first half of 2015 worth USD 754.9 million against last year’s equivalent of USD 675. 2 million.   In addition, the company’s net profit marked a hike from USD 63.6 million in 2014 to USD 216


Recovery for European Shipowners?

Pic: Maersk Line

 European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS.   Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to.   A bunker clause is an agreement between charterer and shipowner whereby the charterer pays


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


Oslo Sees Comeback For Maritime Stocks

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20


UK Marine Industry Continues Growth

File image: UK Flag

UK marine industry grows for fourth consecutive year; new figures released at the London Boat Show 2016   The U.K. leisure, superyacht and small commercial marine industry continue to grow, according to new statistics published today by British Marine at the London Boat Show 2016.   The statistics, which are released alongside British Marine’s bi-annual Industry Trends survey, show: Industry revenue stands at £2.97 billion for 2014/15, up 1


Subsea 7 Acquires EMAS Chiyoda Subsea Assets

Photo: Subsea 7 S.A.

Subsea 7 S.A. said it has acquires certain businesses of EMAS Chiyoda Subsea (ECS) under a U.S. bankruptcy code Chapter 11 Plan of Reorganization, confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017.  


Ecoslops Production Doubled

Image: Ecoslops

 Ecoslops, an innovative technology company that upgrades ship-generated hydrocarbon residues into valuable new fuels and light bitumen,  announced key achievements for the first half of 2017.  Ecoslops has confirmed the excellent performance of the first industrial micro-refinery


IMO Edges Towards Decarbonisation Objective

Photo: Seas at Risk

 The UN's shipping body has settled on the main elements of an interim strategy aiming to decarbonise the sector, said a press release from Seas at Risk.   Over 170 countries meeting at the International Maritime Organisation in London had some substantive discussion on objectives and


Huge Potential for LNG in Iberian Peninsula

Fernando Impuesto, CORE LNGas hive project coordinator from Enagas (Left) and Liv Hovem, Senior Vice President, DNV GL – Oil & Gas. Photo: DNV GL

 With the global fuel sulphur limit of 0.5% entering into force in 2020, the interest towards LNG as a marine fuel is increasing. One of the main obstacles to the accelerated uptake of LNG, however, is the uncertainty regarding future market volumes for LNG.   


NAVADMIN Soliciting Sailors for RDC Duty

Chief Boatswains Mate Ludwik Dyrkacz, a recruit division commander, ensures the proper fit of Seaman Recruit Madeleine Bohnerts white enlisted hat, or Dixie cup, during uniform issue at Recruit Training Command. Bohnert was among the first female recruits to be issued the Dixie cup as part of the Navys efforts for uniformity in service members uniforms. (U.S. Navy photo by Sue KrawczykReleased))

The Navy is recruiting Sailors to become recruit division commanders (RDCs) at Recruit Training Command, the Navy's only boot camp, and Officer Training Command, as announced in the NAVADMIN 042/17 message, released Feb. 23. Chief of Naval Personnel, Vice Adm. R. P


MOL Group Posts Almost USD 1 Billion Profit in 2016

INA Offshore platform. Photo: MOL Group

 MOL Group significantly outperformed its initial USD 2bn target for 2016 and delivered a clean  EBITDA of USD 2.15bn, which is only moderately down compared with the previous year.  Upstream has shown great resilience to the deteriorating external environment


Is Dry Bulk Still on Track for Profitability in 2019?

© Volodymyr Kyrylyuk / Adobe Stock

The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before


DP World’s Net Income Exceed USD 1 Bln for First Time

DP World London Gateway. Photo: DP World

 Dubai-based port and terminal operator DP World announced strong financial results from its global portfolio for the twelve months ending 31 December 2016, despite “significant challenges” in the industry.   On a reported basis, revenue grew 4


Hapag-Lloyd: Positive Operating Result in a Challenging Environment

Photo: Hapag-Lloyd AG

 Hapag-Lloyd AG remains bullish on the substantial earnings contribution from synergies from CSAV acquisition and OCTAVE cost-cutting programme alongwith further synergies expected due to the merger with UASC.   Hapag-Lloyd closed the 2016 financial year with EBITDA of EUR 607


CMM, HHI, Wärtsila, DNV GL Reveals LPGreen

Nikolaos Kakalis Manager R&D and Advisory Services, South East Europe and Middle East, DNV GL – Maritime. Photo: DNV GL

In connection with the Gastech 2017 conference and exhibition in Tokyo, project partners Consolidated Marine Management (CMM), Hyundai Heavy Industries (HHI), Wärtsilä Oil & Gas, and DNV GL presented the results of a joint industry project (JIP) to develop a new LPG fuelled carrier


Washington Maritime Economy Grows Stronger -Study

© Bill Perry / Adobe Stock

A new report from the Washington Maritime Federation shows strong health of industry, increased average salaries and tremendous opportunity to continue to grow maritime jobs.   The Washington State Maritime Sector Economic Impact Study 2017 Update


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


MOL Group Q1 Shows Robust Earnings Growth

North Sea block. Photo: MOL Group

 MOL Group announced its financial results for Q1 2017 in which all business segments – Upstream, Downstream, Consumer Services, Gas Midstream – managed to increase their contributions compared with the same period of the previous year.  


Med Diesel Diffs at 21-month High

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

A closed arbitrage from other regions and refinery shutdowns have tightened the Mediterranean diesel market driving cargo premiums to ICE gasoil futures to their highest since August 2015.   "It's almost impossible to find cargoes for the first half of May in the Mediterranean


Strong Results for Skuld on 120th Anniversary

Image: Skuld

 Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million.  






 
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