Marine Link
Thursday, January 18, 2018

2008 Results News

TEN Sells Tanker

Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded in the first quarter of 2008. The Olympia is debt-free and as a result all proceeds from this sale will be free cash available for reinvestment.

Attica Completes Sale of RoRo

Attica Holdings has concluded the sale and delivery of its ice-class RoRo vessel Marin to Compagnie Maritime Marfret. The delivery of Marin to her new owners took place yesterday in Patras, Greece. The total sale proceeds of Marin of Euro 8.52mln generate for Attica Group additional cash of approximately Euro 5.90mln and capital gains of approximately Euro 2.33mln, which will appear in the Group’s first quarter 2008 results.

RoRo Challenge Sold

The Board of Directors of Attica Holdings S.A. announced that it has concluded the sale and delivery of its RoRo vessel Challenge to Challenge Shipping Co. Ltd. controlled by Clipper Denmark A/S. The delivery of Challenge to her new owners took place yesterday at the port of Liverpool, UK The total sale proceeds of Challenge of Euro 16.90mln generate for Attica Group additional cash of approximately Euro 5.51mln and capital gains of approximately Euro 2.00mln, which will appear in the Group’s first quarter 2008 results.

Chiles Offshore LLC Completes Finance Moves To Free Up Cash

Chiles Offshore has raised $15 million through the sale of equity interests to its current equity holders. The proceeds were used by the company to repurchase and retire $15 million aggregate principal amount of its 10% Senior Notes due 2008, resulting in $95 million of Senior Notes remaining outstanding after the repurchase. Following such repurchase, the banks party to the company's existing $25 million credit facility increased the available credit under such facility to $40 million and extended the final maturity for such facility from December 31, 2004 to December 31, 2006. Chiles Offshore owns and operates two new LeTourneau Enhanced and Super 116 class cantilevered drilling units designed to operate in up to 375 ft.

Conrad Announces 1Q Results

Conrad Industries, Inc. announced its first quarter 2008 results and net new business of $21m, including the signing of contracts for the construction of eight barges and a drydock and cancellation of two barges of a four barge contract previously announced. This brings the current backlog to approximately $102.0 million compared to $96.4 million at March 31, 2008 and $81.7 million at March 31, 2007. For the quarter ended March 31, 2008, Conrad achieved net income of $4.5 million and earnings per diluted share of $0.62 compared to net income of $3.3 million and earnings per diluted share of $0.45 during the first quarter of 2007 and net income of $6.3 million and earnings per diluted share of $0.86 during the fourth quarter of 2008.

Conrad Industries 3Q Results

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its third quarter and nine months 2008 results and the termination of its stock repurchase program. For the quarter ended September 30, 2008, Conrad had net income of $4.5 million and earnings per diluted share of $0.64 compared to net income of $5.0 million and earnings per diluted share of $0.69 during the third quarter of 2007. The Company had net income of $15.9 million and earnings per diluted share of $2.22 for the nine months ended September 30, 2008 compared to net income of $12.9 million and earnings per diluted share of $1.77 for the nine months ended September 30, 2007. Conrad's backlog was $74.8 million at September 30, 2008 compared to $80.9 million at December 31, 2007 and $93.4 million at September 30, 2007.

Conrad Industries Announces 2008 Results

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its fourth quarter and twelve months 2008 results. For the quarter ended December 31, 2008, Conrad had net income of $7.1m and earnings per diluted share of $1.09 compared to net income of $6.3m and earnings per diluted share of $0.86 during the fourth quarter of 2007. The Company had net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008 compared to net income of $19.2m and earnings per diluted share of $2.63 for the twelve months ended December 31, 2007. The diluted shares for the quarters ended December 31, 2008 and 2007 and for the twelve months ended December 31, 2008 and 2007, are 6.5 million, 7.3 million, 7.0 million and 7.3 million, respectively.

Conrad Industries 2008 Results

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its fourth quarter and twelve months 2008 results. For the quarter ended December 31, 2008, Conrad had net income of $7.1m and earnings per diluted share of $1.09 compared to net income of $6.3m and earnings per diluted share of $0.86 during the fourth quarter of 2007. The Company had net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008 compared to net income of $19.2m and earnings per diluted share of $2.63 for the twelve months ended December 31, 2007. The diluted shares for the quarters ended December 31, 2008 and 2007 and for the twelve months ended December 31, 2008 and 2007, are 6.5 million, 7.3 million, 7.0 million and 7.3 million, respectively.

Transocean Reports 4Q & 2008 Results

Transocean Ltd. (NYSE:RIG) reported net income for the three months ended December 31, 2008 of $800m, or $2.50 per diluted share. Revenues for the fourth quarter 2008 totaled a record $3.3b. The results compare to net income of $1.05b, or $4.17 per diluted share, for the three months ended December 31, 2007. For the three months ended December 31, 2007, revenues were $2.1b. •    $17m of write-offs for uncollectible accounts receivable associated with the Sedco 712 rig contract after the operator announced it had been placed into administration (a form of bankruptcy protection under U.K. •    Partially offset by $21m of income related to the sales contract termination fee on the Transocean Nordic and income from the TODCO tax sharing agreement.

Rowan 3Q Operating Results

For the three months ended September 30, 2008, Rowan Companies, Inc. (NYSE: RDC) generated net income of $114.1m or $1.00 per share, compared to $130.8m or $1.16 per share in the third quarter of 2007 and $120.6m or $1.06 per share in the second quarter of 2008. Revenues were $527.1m in the third quarter of 2008, compared to $502.2m in the third quarter of 2007 and $587.1m in the second quarter of 2008. The third quarter 2008 results included $21.4m, or $0.12 per share, of gains on asset sales, compared to $1.1m, or less than $0.01 per share, in the third quarter of 2007 and $1.5m, or $0.01 per share, in the second quarter of 2008. Rowan's offshore rig utilization was 95% during the third quarter of 2008…

Hercules Offshore Q3 2009 Results

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $7.6 million, or $0.09 per diluted share, on revenues of $183.7 million for the second quarter 2009, excluding the effects of non-recurring items, compared with income from continuing operations of $20.0 million, or $0.22 per diluted share, on revenues of $270.1 million for the second quarter 2008, also excluding non-recurring items. When including the effect of non-recurring items, the Company reported a loss from continuing operations of $11.8 million, or $0.13 per diluted share for the second quarter 2009, compared with income from continuing operations of $16.4 million, or $0.18 per diluted share for the second quarter 2008.

Northrop Grumman Q4 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported Q4 2009 net earnings of $413 million, or $1.31 per diluted share, and 2009 net earnings of $1.7 billion, or $5.21 per diluted share. In 2008, the company reported a fourth quarter net loss of $2.5 billion, or $7.75 per diluted share, and a net loss for the year of $1.3 billion, or $3.77 per diluted share. 2008 fourth quarter and full year results were significantly impacted by a goodwill impairment charge. In December 2009, the company completed the sale of TASC, Inc. (TASC), its advisory services business, for $1.65 billion in cash and a net gain of $0.05 per share. TASC's operating results are accounted for as discontinued operations, and results for all periods presented in this release have been adjusted for the divestiture.

Dryships 4Q & Year End Operating Results

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2008. Financial Highlights: For the fourth quarter of 2008, the company reported a loss of $1.02 billion or $18.42 per share. Included in the fourth quarter results are a non-cash loss of $700.5 million or $12.68 per share related to the impairment of goodwill associated with the acquisition of Ocean Rig ASA, a loss related to contract termination fees and forfeiture of vessel deposits of $160.0 million or $2.90 per share, a non cash loss of $177.0 million or $3.20 per share associated with the valuation of the Company’s interest rate swaps…

Tognum 2008 Results & 2009 Outlook

Tognum, a specialist for propulsion and power solutions, reported its 2008 results and 2009 outlook. In the financial year 2009, the financial and economic crisis will also have a negative impact on Tognum’s markets and its business performance. However, the company does expect to see a return to sustained growth rates in the medium term resulting once again in double-digit EBIT margins on average. “In 2009, our successful business model will face completely new challenges,” stated Volker Heuer, chairman of Tognum AG’s Executive Board. “In terms of our revenues for 2009, we anticipate scenarios of 2 minus 10 to minus 20 percent compared with 2008.

Norden Boosts Earnings Expectations

Photo: Peter Gramstrup / Norden

 Danish shipping firm Dampskibsselskabet Norden A/S said its unaudited and preliminary results indicate an adjusted result for 2017 in the range of $20 million to $35 million, up from previous expectations of -$10 to $30 million.   Norden said the anticipated earnings improvement is a result of a stronger than expected performance in the fourth quarter of 2017 in both the tanker business and dry cargo business, including the dry operator.   Norden will publish its annual report for 2017 on March 6, 2018.  

TBS Reports 3Q, 9 Mo Results

Joseph E. Royce, Chairman and Chief Executive Officer and President of TBS International Limited, stated: "We attribute these record results to the efforts of our worldwide team of shipping professionals delivering our TBS Five Star Service (Ocean Transportation, Logistics, Portside Services, Operations and Strategic Planning) to our global customer base. TBS owns its vessels, deals directly with our clients and presently does not have vessels on long term time charters. "We are in unprecedented times for the global economy and dry cargo shipping industry. The stagnation caused by the crisis in the financial community has interrupted normal trade and reduced cargo movement.

Star Bulk Q4 & Year End Results

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the fourth quarter and the year ended December 31, 2009. Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to report that the Company completed its 2009 financial year, a challenging year, in a strong financial condition. As we look forward into 2010, our approach will be one of conservative growth by seeking value-enhancing assets, while maintaining the strength of our balance sheet. In this context, we believe that the recently announced acquisition of the capesize vessel…

SEACOR Q4 Results

SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the twelve months ended December 31, 2009, net income attributable to SEACOR Holdings Inc.

Star Bulk 3Q, 9 Mo Results

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced its operating results for the third quarter and nine months ended September 30, 2008. •    The Company reported net income of $35.24 million for the third quarter of 2008 compared to net income of $0.94 million for the third quarter of 2007. •    Voyage and time charter revenues were $65.18 million for the third quarter of 2008. This figure includes revenues of $16.89 million attributable to the amortization of the fair value of below/above market acquired time charters. •    Earnings per share, basic and diluted for the third quarter of 2008 were $0.63 and $0.62, respectively.

Teekay Restated 1 & 2Q 2008 Results

Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.

General Maritime 4Q and 2008 Results

On Feb. 25, General Maritime Corporation (NYSE:GMR) reported its financial results for the three months and full year ended December 31, 2008. Excluding the $3.2m of other gain and $34m in compensation accruals in connection with the company's executive transition plan as well as litigation costs in connection with the Genmar Defiance, the company recorded net income of $19.3m or $0.47 basic and $0.45 diluted earnings per share for the three months ended December 31, 2008. Net loss was $11.5m or $0.28 basic and $0.28 diluted loss per share, for the three months ended December 31, 2008, compared to net income of $5.2m, or $0.13 basic and $0.13 diluted earnings per share, for the three months ended December 31, 2007.

Danaos Corp 4Q & 2008 Results

Danaos Corporation (NYSE: DAC), international owner of containerships, reported unaudited results for the fourth quarter and the full year ended December 31, 2008. •    Net earnings on a comparable basis1 from continuing operations of $25.5 million or $0.47 per share and $118.7 million or $2.18 per share for the quarter and the year ended December 31, 2008, respectively, compared to $25.5 million or $0.47 per share and $107.2 million or $1.96 per share for the respective periods of 2007. •    Net earnings on a reported basis from continuing operations of $23.8 million or $0.44 per share and $117.1 million or $2.15 for the quarter and the year ended December 31…

Spectec Posts 2008 Results

SpecTec Group aggregated results (the sum of all revenues of all companies in the Group) have reached $47.8m, compared to $42.6m in 2007, with a growth of 12.16%. In the same period, consolidated revenues have grown by 12.9%. SpecTec’s growth in revenue has been of 53.7% since the acquisition from Xantic in 2005. The group closed 2006, 2007 and 2008 with profit. In the period 2005 to 2008, the company equity grew 28 %. During 2008, the company has been cash flow positive and has not had to use any corporate bank overdraft facility, even considering the heavy investment due to the creation of the new suite of products, AMOS2. AMOS sales have grown by 26.5%compared to 2007, and by 41% compared to 2006. All companies in the SpecTec Group are audited by Deloitte.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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