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Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “Net income group share reached a satisfactory level compared with 2008, when capital gains on sales of vessels and sales on equity interests were recorded.” Revenue growth for the year reflected two contrasting changes: - The strong growth in Offshore Division revenues (+20.5%), helped in particular by favorable exchange rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%. Gross operating income (EBITDA) was nearly stable at €347.5 million after taking into account very high capital gains recorded in 2008. Operating income came to €213.1 million, down 10.9% compared with 2008 when the Bulk Division posted a historically high performance essentially attributable to capital gains on sales


Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon


Japanese Yards Form Alliance

Three major Japanese shipbuilders are forming an alliance on commercial vessels and ocean engineering to survive competition with South Korean shipyards. The three firms -- Ishikawajima-Harima Heavy Industries, Kawasaki Heavy Industries Ltd and Mitsui Engineering & Shipbuilding Co Ltd will cooperate on joint procurement of materials and design skills for building commercial vessels, aiming to cut production costs. They will decide in one or two years whether to spin off their divisions for


CMB Continues Fleet Rejuvenation

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt).


Bourbon Achieves $770m USD in Vessel Sales in 2013

Photo:  Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million


Blue Star Maritime to Sell Catamaran

Greece's Blue Star Maritime SA said it signed an agreement to sell its catamaran Seajet 2 for $3.6M to the Sea Jet II Shipping Co The delivery of the vessel is expected to take place by the end of March. Part of the sale price will be paid when the vessel is delivered, while the credited amount of $3M will be paid in monthly instalments until September 2006. Blue Star said the vessel sale is part of its policy to focus on the operation of fast, modern, conventional vessels.


Scorpio Tankers Sell One Accept New One

Scorpio Tankers Inc. announce sale of the 'STI Diamond', accept delivery of newbuild 'STI Topaz'. The Company completed the sale of the 'STI Diamond' and sale of a second vessel, the STI Coral, is expected to be completed in September 2012. Scorpio took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under its newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16


Knight & Carver Promotes LoCoco to VP

Knight & Carver YachtCenter has promoted Giovanni LoCoco to the newly created position of Vice President/Operations. The announcement was made by Sampson A. Brown, the boat-building company’s president/chief executive officer. LoCoco, who has been with Knight & Carver for 19 years, now oversees all three divisions – new-vessel construction, vessel repair/refits/repowers and wind-turbine blade manufacture and repair. A native San Diegan, Mr


TEN Announces Sale of the Panamax Bregen

Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time.


Diana Containerships Sells Panamax Ship for Scrap

Hanjin Malta (Photo: Diana Containerships)

Shipping company Diana Containerships Inc. has, through a separate wholly-owned subsidiary, signed a Memorandum of Agreement to sell to an unaffiliated third party the 1993-built vessel Hanjin Malta for demolition, with delivery due to the buyer by the end of March 2016, for a sale price of approximately $5.04 million before commissions. Upon completion of the aforementioned sale, Diana Containerships Inc


Coldharbour, Hansun Ink China Distribution Deal

From right to left: Andrew Marshall, CEO Coldharbour Marine Ltd (seated) and Graham Cole CBE, Chairman, Coldharbour Marine Ltd (standing). On the left, Jason Lee, General Manager, Hansun (Shanghai) Marine Technology (seated) and Simon Gu, Chairman, Hansun (Shanghai) Marine Technology (Photo: Coldharbour Marine)

Coldharbour Marine, developer of a unique in-tank, in-voyage and inert gas-based ballast water treatment system for large tankers, bulkers and LNG vessels, has signed an agreement with Hansun (Shanghai) Marine Technology Co Ltd covering the marketing and distribution of Coldharbour products in


Gulf Bidders Emerge for UASC-linked Shipping Unit

File photo: UACC

Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said.  


Safety Partnership Builds on its Success

Photo: Salvare

International safety expert Salvare has secured a number of orders for its Seapod and Mini-Pod lifesaving systems through its U.K. sales agent SeaSafe over the last year.   The latest contract for five units went to a U.K. west coast fleet operator


Mathewson Joins FarSounder as Sales Director

 Marine electronics manufacturer FarSounder, Inc. announced that Michael Mathewson has joined the company in a newly-created position of Director of Global Sales, charged with addressing the continued growth in the international marketplace for FarSounder key technologies for commercial


MTU Propulsion for High-speed Ferry

Photo: MTU

Rolls-Royce said it will supply four 20-cylinder Series 8000 engines from MTU to Australian shipyard Incat Tasmania. The engines will be installed in the new high-speed RoPax ferry to be used by the Virtu Ferries company on the Malta-Sicily service that it operates daily throughout the year.


BOEM Offers Cook Inlet Blocks Offshore Alaska

Pic: BOEM

 The Bureau of Ocean Energy Management (BOEM) announced it will offer approximately 1.09 million acres off Alaska’s southcentral coast in a lease sale scheduled for June 21.   Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal


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.  


Death Toll On The Rise at Chittagong Shipbreaking Yards

Photo Courtesy: NGO Shipbreaking Platform – Hanjin Rome beached in Chittagong, Bangladesh

 Two workers lost their lives at the Chittagong shipbreaking yards in the last two weeks, bringing the total death toll this year to six workers, reports NGO Shipbreaking Platform.   On 6 May, 26-year-old Shahinoor died at Jamuna Shipbreaking yard


Swiss Fleet Dwindles as State Guarantees End

A dozen ships from the Swiss high seas fleet are being sold off as the global shipping crisis takes its toll on the quirky remnant of landlocked Switzerland's efforts to ensure supplies of essential goods at times of international unrest.  


ABB Launches Emissions Monitoring Module

Photo: ABB

A new development from ABB will enable customers to monitor emissions according to the EU’s Monitoring Reporting and Verification (MRV) regulation requirements, which come into effect January 1, 2018.   ABB’s MRV module has been certified by the independent certifier Verifavia


Hybrid Propulsion for NCA’s New Vessel

Image: Norwegian Coastal Authority/Fitjar Mekaniske Verksted

The Norwegian Coastal Administration’s (NCA) new multipurpose vessel OV Ryvingen will be its second to combine traditional diesel power with battery-driven operation.  The battery pack that Rolls-Royce has been commissioned to equip the Ryvingen with will have an available capacity


New ASD Tug for Saam Smit in Panama

Damen ASD Tug 2411 SST Portobelo (Photo: Damen)

Saam Smit Towage has ordered a new ASD (Azimuth Stern Drive) 2411 tug from Damen Shipyards, for operations in the port of Colón, Panama. Built for stock at Damen Song Cam Shipyard in Vietnam, it was subsequently transported to the Netherlands for finishing


Scorpio to Sell Two MR Product Tankers

Photo: Scorpio Tankers Inc

Scorpio Tankers, provider of marine transportation of petroleum products, announced that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate. 


Saqr Port Orders Damen ASD Tug

Photo: Damen

Saqr Port, part of Rash Al Khaimah (RAK) Ports, has signed a contract with the Damen Shipyards Group for the delivery of an ASD 2913 tug. The vessel will be built a short distance away at Albwardy Damen in Sharjah and will be delivered in time for the opening of the new bulk terminal at Saqr Port


MAN Diesel & Turbo, MES Grow Partnership

 A new cooperation agreement will intensify existing joint business activities between longstanding partners MAN Diesel & Turbo and Mitsui Engineering & Shipbuilding Co., Ltd. (MES).   The agreement was signed by Takao Tanaka






 
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