Bank Deposits News

Cosco Shipping International said its net profit rose 42% in the first half of 2017, thanks to higher net exchange gains and net finance income. In the first half of 2017, the global economy saw an upward trend in growth with improving market confidence. The solid economic and trade growth brought about long-awaited signs of recovery for the shipping industry. The rational competition and cooperation in the shipping industry further facilitated the positive growth momentum in the shipping market. However, the shipping industry will remain subdued by excess shipping capacity for a prolonged period of time. During the period, Cosco Shipping  International actively coped with market changes…

Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments, and could see losses topping 40% on amounts over EUR100,000, alongside the imposition of capital controls, which may restrict the companies' business activities. Source: Tax-News

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million. "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our competitiveness", says Jan Arve Haugan, President & CEO of Kvaerner. Operating revenues in the fourth quarter 2012 amounted to NOK 2 930 million, compared with NOK 3 004 million for the fourth quarter 2011. Full year operating revenues totalled NOK 10 748 million, compared with NOK 13 295 for the full year 2011.

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, 2009. Net revenue for the third quarter of 2009 decreased by 31% to $36.9 million from $53.4 million during the same period in 2008. The company operated 13.2 vessels on average during the third quarter of 2009, earning a Time Charter Equivalent ("TCE")(1) rate of $30,113, compared to 11 vessels and a TCE rate of $52,724 during the third quarter of 2008. The decrease in the TCE rate resulted mainly from lower period time charter rates contracted during the second quarter of 2009 or during previous periods.

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Net revenue for the second quarter of 2009 decreased by 14% to $44.3m from $51.4m during the same period in 2008. The company operated 13 vessels on average during the second quarter of 2009, earning a Time Charter Equivalent (TCE)(1) rate of $37,555, compared to 11 vessels and a TCE rate of $52,069 during the second quarter of 2008. The decrease in the TCE rate resulted mainly from lower average period time charter rates contracted in previous periods, and to a lesser extent from the lower prevailing spot market charter rates.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a non-state-owned provider of shipping agency services operating primarily in China, announced its selected unaudited financial results for its third fiscal quarter of 2009 ended March 31, 2009. •    Revenues were $3.3m, an increase of 8.4% from $3m in the third quarter of 2008. •    Gross margin was 24.2%, compared to 12.3% in the third quarter of 2008. •    Operating margin was -7.5% in the third quarter of 2009, compared to 9.3% in the third quarter of 2008. •    On April 27, 2009, Sino-Global announced that it had established branch offices in the ports of Yantai and Yingkou, enabling the Company to offer a full range of shipping agency services in two additional ports that serve approximately 8.7 million people.

Aker Kvaerner reported record high operating results in the period. The EBITDA for the second quarter of $119m, is an increase of 66 percent compared to the second quarter of 2005. New contract awards in the Subsea, Product & Technology segment and growth in existing contracts, resulted in a $2.5b order intake and an order backlog of $9b at the end of June 2006. Revenues in the second quarter totaled $2.3b, an increase of 44 percent compared with the same quarter last year, reflecting strong markets and high activity in all reporting segments. EBITDA for the three-month period was $119m represents an increase of 66 percent from $71m in the second quarter 2005. The quarterly EBITDA margin was 5.2 percent compared to 4.5 percent in the second quarter last year.