Finance Costs News

08 Oct 2019

Shipping Confidence Dips as Trade War Worries Weigh

Richard Greiner (Photo: BDO)

Confidence in the shipping industry fell in the past three months to its lowest level for two and half years, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO. Yet owners, charterers and managers were more confident than they were at the time of the previous survey in May 2019.The average confidence level recorded by the survey in the three months to end-August 2019 was 5.8 out of a possible maximum of 10.0. This compares to the…

18 Jun 2019

Concern Over Trade Wars Impacts Shipping Confidence

Richard Greiner (Photo: BDO)

Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO.The average confidence level in the three months to May 2019 was 6.1 out of a possible maximum of 10.0. This is slightly down on the figure of 6.2 recorded in February 2019.Confidence was up in Asia, from 5.8 to 6.0, and in North America, from 5.6 to 6.4.

24 May 2019

MISC Group Q1 Financial Results

One of MISC's LNG carriers at sea (CREDIT: MISC)

MISC has announced its financial results for the financial period ended March 31, 2019.Financial Highlights:Group revenue for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group profit before tax for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group Revenue, Operating Profit and Profit Before Tax for the Quarter Ended March 31, 2019Group revenue for the quarter ended March 31,2019 of $544 million was 12.7% higher than the corresponding quarter’s revenue of $482 million.

14 Dec 2018

Moore Stephens: Shipping Confidence Dips

Image: Moore Stephens UK

Shipping confidence dipped slightly in the three months to end-November 2018, according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens.The average confidence level expressed by respondents fell to 6.0 out of a maximum  score of 10.0, compared to the 6.3 recorded in August 2018.Confidence on the part of all main categories of respondent was down, with the exception of brokers, where the rating increased from 4.9 to 5.2. Owners’ confidence fell to 6.4 from 6.8…

25 Oct 2018

Moore Stephens: Ship Operating Costs to Rise in 2018, 2019

Richard Greiner, Moore Stephens partner, Shipping and Transport

International accountant and shipping consultant Moore Stephens says total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.Responses to the firm’s latest annual Future Operating Costs Survey revealed that drydocking is the cost category likely to increase most significantly in both 2018 and 2019, accompanied in the latter case by repairs and maintenance. The cost of drydocking is expected to increase by 2.1% in 2018 and by 2.3% in 2019…

29 Jul 2018

Pacific Basin Shipping Back in the Black

Photo: Pacific Basin Shipping Limited

The Hong Kong-based maritime transport company Pacific Basin Shipping, has announced unaudited interim net profit of US$30.8 million (HK$241.74 million), compared with a net loss of US$12 million last year.The international dry bulk shipping company declared an interim dividend of HK$2.5 cents.Pacific Basin's Handysize and Supramax daily TCE earnings outperformed the market indices by 19% and 11% respectively. It has secured a US$325 million revolving credit facility that significantly…

28 Jun 2018

Shipping Industry Confidence Holds Firm: Moore Stephens

Image: Moore Stephens

Shipping confidence held steady in the three months to end-May 2018 according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the four-year high of 6.4 out of 10.0 recorded in February 2018. Confidence on the part of owners was also sustained at a four-year high, of 6.6, while managers’ confidence was up from 6.4 to 6.7. The rating for charterers was up to 6.7 from 5.0 and confidence in the broking sector was up from 6.1 to 6.3.

29 Mar 2018

Shipping Industry Confidence at Four-Year High

Greiner Richard (NS) Photo Moore Stephens LLP

Shipping confidence reached a four-year high in the three months to end-February 2018, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was up from 6.2 out of 10.0 in November 2017 to 6.4 this time. Confidence on the part of owners was also at a four-year high, up from 6.4 to 6.6, while managers’ confidence was up too, from 6.1 to 6.4. The rating for charterers…

25 Feb 2018

Nakilat Posts 2017 Profit of $233

Nakilat's flagship, the QMax Mozah. Photo: Qatar Gas Transport Company

Qatar-based Nakilat (Qatar Gas Transport Company) has announced its financial results for the year ended December 31, 2017, with a net profit of QR 847 million (about USD 233 million). The earnings per share attained in 2017 was QR 1.53. During the year, Nakilat successfully deployed the company’s strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain. Despite the challenges facing the energy and maritime industry…

19 Dec 2017

Shipping Confidence Rises to 3.5 Year High -Survey

© yaniv / Adobe Stock

Shipping confidence held steady at its highest rating in the past three-and-a-half years in the three months to end-November 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the level of 6.2 out of 10 recorded in the previous survey in August 2017. Confidence on the part of charterers was significantly up, from 4.7 to 7.7, the highest…

27 Oct 2017

Ship Operating Costs to Increase for 2017 and 2018

Image: Moore Stephens UK

Vessel operating costs are expected to rise in both 2017 and 2018, according to Moore Stephens' survey. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are likely to rise by 2.1% in 2017 and by 2.4% in 2018.

26 Oct 2017

Vessel Operating Costs on the Rise -Moore Stephens

© Big Face / Adobe Stock

Vessel operating costs are expected to rise in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Repairs and maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are likely to rise by 2.1 percent in 2017 and by 2.4 percent in 2018.

22 Oct 2017

Nakilat Net Profit Down for the Last Nine Month

Nakilat's flagship, the QMax Mozah. Photo: Qatar Gas Transport Company

Qatar Gas Transport Company (Nakilat), the largest LNG ship owner in the world, concluded its financial results for the nine-month period ended 30 September 2017, with a net profit of QR 607 million compared to QR 749 million of the same period last year in 2016. The lower profit was mainly attributed to the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year).

25 Sep 2017

Shipping Confidence Continues to Climb -Report

© weerasak / Adobe Stock

A recent survey found that shipping confidence reached its highest rating in the past three years in the three months to end-August 2017. According to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens, the average confidence level expressed by respondents to the survey was up slightly from the 6.1 out of 10 recorded in the previous survey in May 2017 to a three-year high of 6.2. The improved rating was attributable mainly to increased confidence on the part of owners, up from 6.1 to 6.5.

26 Jul 2017

Safe Bulkers Reports 2Q Loss, Buys Newbuild

Photo: Safe Bulkers

Safe Bulkers has reported a loss of $1.6 million in its second quarter ended June 30, 2017 as compared to $9.0 million, during the same period in 2016. Net loss for the six months of 2017 was $4.9 million as compared to $26.8 million, during the same period in 2016. The remaining order book consisted of one newbuild vessel; its  wholly-owned subsidiary Pinewood Shipping Corporation has contracted to acquire Hull No. 1552 with scheduled delivery date in 2018 and has agreed to issue $16.9 million of preferred equity to an unaffiliated investor upon delivery.

25 Jul 2017

Nakilat Ends H12017 with $112 Mln Net Profit

Nakilat's flagship, QMax Mozah. Photo: Qatar Gas Transport Company

Qatar Gas Transport Company (known as “Nakilat”, which means carriers in Arabic) recorded its financial results for the first half of the year ended June 30, 2017 with a net profit of QR 409 million ($112 million) compared to QR 501 million ($137 million) of the same period last year in 2016. The lower profit was mainly attributed to the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year), the effect of changing…

21 Jun 2017

Shipping Confidence Climbs to Three-year High

© Sergey Evsyukov / Adobe Stock

Shipping confidence reached its equal highest rating in the past three years, according to the latest Shipping Confidence Survey for the three months to end-May 2017 from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents to the survey was up to 6.1 out of 10 from the 5.6 recorded in the previous survey in February 2017. Increased confidence was recorded by all main categories of respondent to the survey, which launched in May 2008 with an overall confidence rating of 6.8.

22 May 2017

Jinhui Shipping Sees Bumpy Road to Recovery

Oslo-listed dry bulker Jinhui Shipping sees a bumpy road ahead despite signs of a recovery in the dry bulk market. The road to recovery will be challenging and the market will remain volatile, vice president Raymond Ching told the Q1 conference call on Monday. "To be honest it's very hard to pin down what will happen, this industry has been characterized by high volatility," Ching said. Q1 net loss $8 mln includes a non-cash impairment on disposed vessels of $6 million vs net loss of $18 mln in Q1 2016. Q1 average daily timecharter $5,925 per vessel vs $2,934 in Q1 2016. Jinhui Shipping owns two modern post-panamaxes of size of 93,000 dwt…

21 Mar 2017

Shipping Confidence Steady despite Industry, Political Pressures

© Federico Rostagno / Adobe Stock

Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In February 2017, the average confidence level expressed by respondents was 5.6 out of 10, unchanged from the previous survey in November 2016 and equal to the highest rating since August 2015. Owners were the only main category to show an improved level of confidence, up from 5.4 to 5.6.

12 Feb 2017

Marco Polo Marine Revenue Drops for Q1

Photo:  Marco Polo Marine Ltd

Marco Polo Marine Group  Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017. The decrease was mainly due to the lower utilization and charter rate for the Group’s offshore fleet. The Ship Building & Repair Operations of the Group also recorded a decrease in revenue of 34% in Q1FY2017 relative to Q1FY2016. The decrease was due mainly to reduced ship building projects.

21 Dec 2016

Shipping Confidence Improved: Moore Stephens

Graphics: Moore Stephens

Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10.0, equalling the highest rating since August 2015. All main categories of respondent were more confident than in August 2016, when the overall rating was 5.4. Charterers’ confidence this time increased by 2.0 points, to 6.8, the highest figure in the life of the survey for such respondents.

20 Dec 2016

Shippers’ Confidence at 15-month High -Survey

© Sergii Figurnyi / Adobe Stock

Shipping confidence improved for the third successive quarter in the three months to end-November 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10, equaling the highest rating since August 2015. All main categories of respondent were more confident than in August 2016, when the overall rating was 5.4. Charterers’ confidence this time increased by 2 points, to 6.8, the highest figure in the life of the survey for such respondents.

16 Dec 2016

No Operating Income from Hanjin Vessels: Danaos Corporation

Photo: Hanjin Shipping Co. Ltd

Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers. Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy, we did not recognize any operating revenues for the vessels that had been chartered to Hanjin during the quarter. As a result of the Hanjin bankruptcy we also recorded a write-off of $15.8 million, representing the outstanding charter hire owed to us by Hanjin as of June 30, 2016.

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