Marine Link
Wednesday, January 24, 2018

2011 Results News

Conrad Industries Reports Profit, New Orders in Annual Results

Conrad Industries, Inc. has announced its fourth quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. New business added during the first quarter of 2012 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $68.7 million, compared to $47.1 million at December 31, 2011, $112.3 million at March 31, 2011, and $89.5 million at December 31, 2010. New contracts added during the first quarter of 2012 include four 297'6"x 54'x 12' 30,000 bbl. tank barges, a 245'x 48'x 12'LPG tank barge, a 260'x 72'x 16' ocean deck barge…

DryShips to Announce 3Q 2011 Results

Announcement to include Third Quarter 2011 Results Release, Conference Call and Webcast. DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), 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, announced today that it will release its results for the third quarter 2011 after the market closes in New York on Monday, November 7, 2011. DryShips' management team will host a conference call the following day on Tuesday, November 8, 2011, at 9:00 a.m.

Transocean Reports Q1 2011 Results

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $310 million, or $0.96 per diluted share, for the three months ended March 31, 2011. The results compare to net income attributable to controlling interest of $677 million, or $2.09 per diluted share for the three months ended March 31, 2010. $38 million of net charges primarily related to discrete tax items. First quarter 2011 results also included expenses associated with the Macondo well incident of $23 million, $19 million after tax, or $0.06 per diluted share.

Transocean Reports 4Q & FY 2011 Results

Transocean Ltd. reported a net loss attributable to controlling interest of $6.119 billion, or $18.62 per diluted share, for the three months ended December 31, 2011. The results compare to a net loss attributable to controlling interest of $799 million, or $2.51 per diluted share, for the three months ended December 31, 2010. • New contracts totaling $1.4 billion were secured in the Fleet Status Report period October 17, 2011 through February 14, 2012. • An estimated, non-cash charge of $5.2 billion, or $15.83 per diluted share, resulting from a goodwill impairment associated with the contract drilling services reporting unit. • $1.0 billion…

STX Europe 1Q 2011 - Improvements Continuing

-  EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1  2010. -  Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million). •  Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million). •  7 vessels successfully delivered in first quarter 2011. -  Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million. -  Positive development of the shares of STX OSV…

OSX Presents Fourth Quarter Earnings

OSX, a company which provides equipment and services for the offshore oil and gas industry, part of EBX Group, consolidated third quarter 2011 results with important achievements, including the start of the construction of the Açu Shipbuilding Unit (UCN Açu); arrival of FPSO OSX-1 in Rio de Janeiro; agreement for the construction of the FPSO OSX-3; a financing agreement for the construction of FPSO OSX-2 ($850 Million); and Disclosure of its 2011-2015 Execution Plan. OSX finished the fourth quarter with a R$7 million net profit and the full year of 2011. The consolidated cash position of the Company and its subsidiaries on December 31st, 2011 was of R$1.0 billion (R$ 2.2 billion on December 31st, 2010).

Hornbeck Offshore Announces Q1 2011 Results

Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2011. First quarter 2011 revenues decreased 16.1% to $72.3 million compared to $86.2 million for the first quarter of 2010 and decreased 25.7% compared to $97.3 million for the fourth quarter of 2010. Operating income was $0.7 million, or 1.0% of revenues, for the first quarter of 2011 compared to $15.7 million, or 18.2% of revenues, for the prior-year quarter; and $18.7 million, or 19.2% of revenues, for the fourth quarter of 2010.

Dockwise Secures $55m in Contracts

Dockwise Ltd. announced 12 new awards totaling $55m, of which six, to the value of more than $15m, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The $55m awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig, assorted dredging equipment, offshore transfer and elevation platforms and tugs & barges. Transportations in 2012 will now also include a SPAR buoy from Finland to the Gulf of Mexico and a LOI for a multi voyage module transportation assignment.

Horizon Lines Report 4th Quarter Financial Results

Horizon Lines, Inc. have reported financial results for the fiscal fourth quarter ended December 25, 2011.Financial results are being presented on a continuing operations basis, excluding the discontinued FSX and logistics operations. "Our fourth-quarter operating performance from continuing operations was relatively stable when compared with a year ago, as both container volumes and rates reflected marginal improvement on a comparable 52-week basis," said Stephen H. Fraser, interim President and Chief Executive Officer. "Our financial performance was pressured by high fuel prices, the ongoing recession in Puerto Rico, severe winter weather in Alaska, and increased expenses from incremental lift and equipment costs resulting from the expiration of certain of our Maersk agreements.

Safe Bulkers, Inc. Reports Q2 and First Half 2011 Results

Athens, Greece – July 21, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six months periods ended June 30, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the second quarter of 2011. Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6 million during the same period in 2010. Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4 million during the same period in 2010. Adjusted net income1 for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.

Safe Bulkers, Inc. Reports Q1 2011 Results

Athens, Greece – May 3, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the first quarter ended March 31, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the first quarter of 2011. Net revenue for the first quarter of 2011 increased by 23% to $42.3 million from $34.3 million during the same period in 2010.

Dredging, Marine Experts, Boskalis Trading Update

The developments at Royal Boskalis Westminster N.V. (Boskalis) in 2012 to date are in line with expectations. Boskalis realized a slightly higher revenue in the first quarter of 2012 compared to the same period last year. In recent months, market circumstances remained challenging with continued pressure on revenue and margins. For the combined Dredging and Dry Infrastructure segment revenue for the first quarter was comparable to the same period in 2011. The Harbour Towage activities showed a stable revenue development. The level of activities was particularly high in Brazil. The Salvage, Transport & Heavy Lift segment showed on balance a positive picture in the first quarter.

OceanFreight Inc. Reports 2Q Results

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011, the company received notice from the Nasdaq Stock market that the company regained compliance with the minimum bid price of $1.00 per share and the noncompliance matter is now closed. On July 26, 2011, it entered into a definitive agreement for DryShips Inc.

Hempel Enjoys Growth in a Turbulent Market

Driven by growth through a strategic acquisition in the decorative coatings market, Hempel’s revenue grew by 21 per cent in 2011, passing the EUR one billion milestone for the first time. The Hempel Group delivered an operating profit of EUR 72 million in 2011, and a record turnover of EUR 1,077 million. Increasing raw material prices had an impact on Group profitability. Hempel’s 2011 results: Group revenues rose by 21 per cent, from EUR 889 million to EUR 1,077 million. EBITDA of EUR 105 million was the second highest in the Group’s history. Operating profit of EUR 72 million was  reported. The net profit was EUR 35 million. The growth in revenue was driven by the revenue gained following the strategic acquisition of Crown Paints…

Conrad Announces Q1 2011 Results

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River. For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010. The Company’s financial reports are available at www.otcmarkets.com.

DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

SFL First Quarter 2011 Results

Hamilton, Bermuda, May 23, 2011. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2011. •    The Board of Directors declared an increased quarterly dividend of $0.39 per share. •    Net income for the quarter was $32.1 million, or $0.41 per share, including an accrued profit share in the first quarter of $2.3 million, or $0.03 per share. •    In February 2011, the Company acquired a 2007-built jack-up drilling rig in combination with a seven-year bareboat charter back to the seller.

Stealthgas Receives New LPG Ship

STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast. On April 20, 2011, the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus, from the yard which has since been deployed in the spot market.

Conrad Industries Announces 2011 Results

Conrad Industries Inc. announced its fourth-quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. For the quarter ended December 31, 2011, Conrad had net income of $6.8 million and earnings per diluted share of $1.09, compared to net income of $3.3 million and earnings per diluted share of $0.51 during the fourth quarter of 2010. The Company had net income of $19.2 million and earnings per diluted share of $3.01 for the twelve months ended December 31, 2011, compared to net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010.

AWO's Allegretti to Push AMP Agenda at House Hearing

AMP to Testify on Administration’s Failure to Comply With Federal Law During 2011 SPR Draw Down; Will Stress How to Avoid a Repeat During Future Draw Downs. Thomas Allegretti will testify on behalf of the American Maritime Partnership regarding the Administration’s failure to comply with federal law during the summer 2011 draw down of the Strategic Petroleum Oil Reserve (SPR) before House Subcommittee on Coast Guard and Maritime Transportation. Allegretti will discuss how the Administration can be in compliance with the federal law during future SPR draw downs.

Nordic Tankers: 2Q "Slightly Improved"

The second quarter of 2011 saw slightly improved time charter equivalent (TCE) revenue resulting in improved results compared to the first quarter 2011, and led to an impoved H1 2011 EBITDA compared with H1 2010. EBITDA in Q2 2011 was $4.8 million, up from $1.5 million in Q1 2011, and cash flow was a positive USD 4.3 million compared to a negative cash flow in Q1 2011 of USD 6.1 million, Nordic Tankers reported for the first half of 2011. In H1 2011 Nordic Tankers’ TCE revenue increased by $20.4 million compared to H1 2010 to $51.2 million ($30.8 million). EBITDA was $6.3 million in H1 2011 ($1.9 million) and the result before tax was a loss of $5.9 million ($-12.0 million).

NOL Group reports $67m loss in 1H 2011

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago. The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion. It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million. The Group said first half 2011 results were affected by higher operating costs, especially for fuel, and declining freight rates. It added that its supply chain management business, APL Logistics, increased revenue and Core EBIT. “Conditions are challenging throughout the shipping industry,” said NOL Group CEO Ronald D. Widdows.

St Lawrence Seaways: New Vessels, New Technology, Tonnage Up

Laker in Seaways Lock: Photo courtesy of SLSMC

A number of newly built state-of-the art vessels came into service within the Seaway in 2012, boasting sharp increases in fuel efficiency and reductions in emission levels. “These new vessels, part of a billion dollar fleet renewal effort by domestic and ocean carriers, combined with our marketing efforts which have recorded 10.6 million tonnes in new business over the past five years, underscore the Seaway’s future potential”, added Terence Bowles, President and CEO of the St Lawrence Seaway Management Corporation (SLSMC).

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