Marine Link
Wednesday, January 17, 2018

2010 Results News

Dryships Inc. Reports Q4 2010

March 30, 2011, Athens, Greece. DryShips Inc. (NASDAQ: DRYS), or the Company, a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, today announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2010. *  For the fourth quarter of 2010, the Company reported net income of $99.7 million, or $0.31 basic and $0.29 diluted earnings per share.

Maersk Line Interim Management Statement

Revenue for the period increased by 10% to USD 14.5bn (USD 13.2bn), primarily due to higher container freight rates, container volumes and oil prices. The profit for the period increased by 82% to USD 1.2bn (USD 0.6bn) and was driven by better operational performance in most business units. The Group’s ROIC increased to 11.7% (7.6%). "We have had a good start to the year and are very satisfied with the results. Our businesses have performed very well, even as tanker rates have remained low and container rates have been decreasing during the period.

Dril-Quip Results for Q1 2010

Dril-Quip, Inc. (NYSE:DRQ) announced net income of $25.7 million, or $0.64 per diluted share for the three months ended March 31, 2010, versus net income of $24.7 million, or $0.63 per diluted share for the first quarter of 2009. The first quarter 2010 results include an after-tax charge of $3.9 million, or $0.10 per diluted share, related to the settlement of pending assessments, dating back to 2007, regarding state tax on the importation of goods into the State of Rio de Janeiro, Brazil. Total revenues were $142.5 million during the quarter ended March 31, 2010 as compared to $127.5 million for the same period in 2009. The increase…

Dryships Results for Q3 2010

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and offshore oil deepwater drilling, announced its unaudited financial and operating results for the third quarter and nine-month period ended September 30, 2010. For the third quarter of 2010, the Company reported net income of $49.3 million, or $0.18 basic and diluted earnings per share. Included in the third quarter 2010 results are various items, totaling $49.7 million, or $0.2 per share which are described below. Excluding these items, net income would have amounted to $99.0 million or $0.38 per share. Included in the third quarter 2010 results are non-cash amortization of debt issuance costs…

Maersk Aspires to Arctic Year-round Drilling

Mærsk's oil drilling subsidiary is investing heavily in Arctic-ready drilling rigs, a move that is concerning environmental organisations. According to 'The Copenhagen Post' Maersk Drilling is going to be a key player in opening the Arctic to oil exploration by developing rigs that can drill for oil year-round under extreme conditions. Maersk Drilling belongs to the A.P. Moller Maersk group which also has an oil company, Maersk Oil. But while Maersk Drilling has taken out patents for technology that would allow them to drill in the Arctic, Maersk Oil only owns a limited number of licences for drilling in that area. It is therefore likely they will team up with other companies that have larger drilling licences in the region, such as Shell and Gazprom.

Conrad Industries 2010 Results and New Business

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its fourth quarter and twelve months 2010 results and the addition of new business during the first quarter totaling $75.2 million. For the quarter ended December 31, 2010, Conrad had net income of $3.3 million and earnings per diluted share of $0.51 compared to net income of $2.8 million and earnings per diluted share of $0.43 during the fourth quarter of 2009. The company had net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010 compared to net income of $12.8 million and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009.

COSCO – Annual Results

Revenue rose by 23% to HK$10,656,121,000. Gross profit increased by 25% to HK$892,035,000. Overall average gross profit margin stood at 8%. Steady core profit growth: profit before income tax from shipping services business increased by 19% to HK$487,770,000. Profit before income tax from coatings, marine equipment and spare parts, and insurance brokerage business segments increased by 58%, 36% and 6% respectively. Due to the Group's disposal of its entire shareholding in SOLHL in December 2010, the Group's results for the year no longer included items in relation to the investment and disposal of shareholding in SOLHL. Profit attributable to equity holders of the Company, therefore, declined by 69% to HK$390,339,000.

ITS Reports a Return to Growth

ITS Group, a leading supplier of oilfield products and services to the global oil and gas industry, has reported a noticeable profit improvement in its annual report for the year ended December 31, 2011, in line with improving market conditions. The company, which has its headquarters in Aberdeen, provides drilling equipment and services through a network of 29 facilities across 18 countries and has a strong international footprint. Turnover increased by 22% to $163.1 million as the Group saw the benefit of continued investment in its fleet and facilities.

Conrad Q2 2010 Results & Share Repurchase Program

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its second quarter and six months 2010 results and a new $5.0 million stock repurchase program. For the quarter ended June 30, 2010, Conrad achieved net income of $3.6 million and earnings per diluted share of $0.56 compared to net income of $1.6 million and earnings per diluted share of $0.26 during the second quarter of 2009. The company had net income of $5.4 million and earnings per diluted share of $0.83 for the six months ended June 30, 2010 compared to net income of $7.3 million and earnings per diluted share of $1.13 for the six months ended June 30, 2009. The diluted shares for the quarters and six months ended June 30, 2010 and June 30, 2009 are 6.5 million.

Qatar Navigation Reports Q1 Results

Qatar Navigation Q.S.C. announced today financial results for the three months ended March 31, 2011. • Operating revenues of QR 533 million vs. same period in 2010 of QR 431 million. This represents a 24% increase year over year. • Operating Profit of QR 157 million vs. same period in 2010 of QR 118 million. This represents a 33% increase year over year. • Net Profit of QR 262 million and QR 2.28 earnings per share, vs. same period in 2010 of QR 771 million and QR 6.73 per share.

Safe Bulkersport Q3 & Nine Month Results

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three- and nine- month periods ended September 30, 2010. The company also declared a quarterly dividend of $0.15 per share for the third quarter of 2010. •    Net revenue for the third quarter of 2010 increased by 11% to $40.8 million from $36.9 million during the same period in 2009. •    Net income for the third quarter of 2010 decreased by 1% to $22.0 million from $22.2 million during the same period in 2009. •    EBITDA1 for the third quarter of 2010 increased by 8% to $28.6 million from $26.5 million during the same period in 2009.

BP Deepwater Horizon Costs Balloon to $65 Billion

Response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon April 21, 2010 (File photo: U.S. Coast Guard)

BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion. The post-tax, non-operating $1.7-billion charge BP will take in its fourth quarter results came after claims resolved in recent months were about seven times higher than anticipated, the London-based company said. The claims were part of the Court Supervised Settlement Program that was set up in the wake of the disaster and included nearly 400,000 cases, BP said.

Transocean Reports Q1 2010 Results

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) reported net income attributable to controlling interest of $677 million, or $2.09 per diluted share, on revenues of $2.602 billion for the three months ended March 31, 2010. The results compare to net income attributable to controlling interest of $942 million, or $2.93 per diluted share, on revenues of $3.118 billion for the three months ended March 31, 2009. First quarter 2009 results were adversely impacted by certain net charges, after tax, totaling $264 million, or $0.82 per diluted share, consisting of $221 million of impairments on rigs held for sale and $43 million of discrete tax items, merger-related costs and losses on the retirement of debt.

Excel Maritime Q1 Results

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2010. A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release. Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “We are pleased to report yet another profitable quarter with increased cash flow generation. We believe that our balanced fleet deployment strategy has allowed us to take advantage of the improving dry bulk market conditions and has resulted in increased EBITDA and operating cash flow compared to the respective period of last year.

Northrop Grumman: Strong 4Q and 2011 Financials

Northrop Grumman Corporation (NYSE: NOC) reported that fourth quarter 2011 earnings from continuing operations increased 80 percent to $550 million, or $2.09 per diluted share, from $306 million, or $1.03 per diluted share, in the fourth quarter of 2010. Fourth quarter 2010 results included a pre-tax charge of $229 million, or $0.50 per diluted share, principally related to premiums paid to redeem $682 million in debt in 2010. Fourth quarter 2011 diluted earnings per share are based on 262.7 million weighted average shares outstanding compared with 296.9 million shares in the fourth quarter of 2010. For 2011, earnings from continuing operations increased 10 percent to $2.1 billion, or $7.41 per diluted share, from $1.9 billion, or $6.32 per diluted share in 2010.

Euroseas Announces 3Q, 9 Month Results

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three and nine month periods ended September 30, 2011. For the 3Q 2011, net income of $0.6 million or $0.02 earnings per share basic and diluted on total net revenues of $16.2 million. Excluding the effect of unrealized and realized loss on derivatives and unrealized loss on trading securities, the net income for the period would have been $1.7 million or $0.06 earnings per share basic and diluted. An average of 16.00 vessels were owned and operated during the third quarter of 2011 earning an average time charter equivalent rate of $11,633 per day.

Omega Navigation Enterprises, Q2 Results

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

Seaspan Financial Results, Three and Six Months

Seaspan Corporation (NYSE:SSW) announced the financial results for the three and six months ended June 30, 2010. Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the second quarter, Seaspan achieved high utilization for its modern fleet and posted strong operating results while further expanding its contracted revenue streams. We took delivery of six newbuildings, four of which were delivered ahead of schedule, highlighting increased demand during the quarter. All six vessels commenced long-term time charters with top liner companies as planned. In addition, we capitalized on an attractive market opportunity by acquiring a 4250 TEU newbuilding, our first acquisition since late 2007.

Deep Down Reports Q1 2011 Results

Deep Down, Inc. (OTC Bulletin Board: DPDW) (“Deep Down” or the “Company”), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced a net loss of $1.8 million for the first quarter of 2011, an improvement of $0.7 million, or 28%, over the same period in 2010. For the first quarter of 2011, Deep Down reported a net loss of $1.8 million, or $0.01 loss per diluted share, compared to a net loss of $2.5 million, or $0.01 loss per diluted share, in the first quarter of 2010.

TEN Reports 4Q Results

- Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). - Average daily operating expenses per vessel decreased by 11.9% to $7,647. - Fleet utilization of 97.6%. - Sale of five tankers with a net gain of $19.7 million. - Delivery of two newbuilding aframax tankers and acquisition of four panamax product carriers with employment. - Change from twice yearly to quarterly dividends.

A.P. Moller Maersk Reports Interim Results

Revenue for the period increased by 9% to $29.9bn $27.4bn), primarily due to higher oil prices and container volumes. Profit for the period was 8% higher at $2.7bn $2.5bn), positively affected by divestment gain from sale of Netto Foodstores Limited, UK of $0.7bn. The Group’s ROIC was 12.8% (12.8%).. "Thanks to the good performance of our terminals and oil related businesses, the Group has delivered a satisfactory result for the first half-year. As we anticipated at the start of the year, the shipping market has been difficult, due to growing capacity, and we expect the slow economic growth and market volatility to continue for the coming quarters.

Euroseas Results, Six-Months Quarter

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three and six month periods ended June 30, 2010. • Net income of $0.5 million or $0.02 per share basic and diluted on total net revenues of $13.7 million. Excluding the effect of unrealized gain and realized loss on derivatives and unrealized loss on trading securities and amortization of the fair value of charters acquired, the net income for the period would have been $0.5 million, or $0.02 per share basic and diluted. • Adjusted EBITDA was $5.0 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income.

TBS International Reports Q4 and Year 2010 Financial Results

DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Joseph E. "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011, as evidenced by the Baltic Dry Indices. "The Baltic Dry Index ('BDI') which was at 2,446 on September 30, 2010 descended to 1,773 on December 24th (the last reporting date in 2010) and was at 1,559 on March 14, 2011.

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

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News