Financial Management News

d’Amico International Shipping S.A., an international operator in the product tanker sector, announced its financial results for Q2 and H1 2025. Despite market normalization following last year’s record highs, DIS achieved solid profitability and maintained its strong financial position.Financial Highlights (H1 2025 vs H1 2024):Net Profit: US$ 38.5 million (vs USD$122.9 million)Time Charter Equivalent (TCE) Earnings: USD$129.8 million (vs USD$210.5 million)EBITDA: USD$73.4 million with a margin of 55.5%Operating Cash Flow: USD$86.2 millionNet Debt to Fleet Market Value (excl.

The Society of Naval Architects and Marine Engineers (SNAME) announced it has appointed Elizabeth Bouchard as its next Executive Director. She will become the 15th person to serve in this capacity since the organization’s founding in 1893, and she will assume the helm at SNAME Headquarters on July 1, 2024, succeeding Valerie Hutnan.Bouchard comes to SNAME from International Registries, Inc. (IRI), where she served as Senior Vice President, Regulatory Administration. Bouchard also served as Deputy Commissioner of Maritime Affairs for the RMI Maritime Administrator…

Austal USA, a U.S. shipbuilding subsidiary of Australia's Austal Group, announced it has named Mark Santamaria as its new chief financial officer (CFO).“Mark’s extensive background in government and commercial contracting environments is a valuable asset to Austal USA,” stated Austal USA president Michelle Kruger. “We are excited to have him on our senior leadership team and look forward to benefiting from his financial management experience.”Santamaria has served as CFO for several major defense contractors throughout his lengthy career.

Ferry operator Scandlines announced changes to its executive management team, hiring Eric Gregoire and Mikael Koch Jensen to join the company as CEO and CFO respectively.Gregoire will start in July 2024 and comes from a position as CEO of Goodpack Pte Ltd. in Singapore. He has previously held positions at several international companies such as General Electric and DuPont.“Scandlines is strongly positioned for the future as an innovative and competitive provider of maritime transport between Germany and Denmark.

The American Salvage Association (ASA) announced that Mike Dean has been appointed Executive Director. In this role, Dean is responsible for providing strategic leadership and direction to the organization and ensuring that ASA’s mission and objectives are achieved. He oversees day-to-day operations, financial management, government affairs, working committees and ASA staff. Dean reports to ASA’s president, Joseph Farrell, III and works closely with ASA’s Executive Committee.Dean is an industry veteran…

HII announced that Peter Courtney has been promoted to corporate vice president of legislative affairs and Betsy Bina Benedict will join HII to serve as the director of legislative affairs. Courtney succeeds Carolyn Apostolou who retired in December after 10 years with the company.Courtney will be located in HII’s Arlington office and report directly to Stewart Holmes, HII’s executive vice president of government and customer relations (GCR). Benedict will report to Courtney.In Courtney’s new role…

ShipMoney has expanded its agreement with Bernhard Schulte Shipmanagement (BSM) to include the ship manager’s global fleet.Extending the existing agreement to the worldwide fleet reinforces BSM’s commitment to digitizing its payment processes to enable greater financial management efficiencies for all crew wages and CTM payments while offering seafarers freedom and flexibility to manage their wages.ShipMoney is a purpose-built proprietary digital account management system which enables bespoke scalable payment solutions.

Plaintiffs seeking to recover from ship managers or the vessels they operate but lacking a direct claim against a particular vessel have developed a clever strategy under U.S. maritime law. They seize a managed vessel under Supplemental Admiralty Rule B and claim the vessel-owning company is an alter ego of the defendant with whom the dispute really exists. In this way, plaintiffs can take advantage of the relatively low evidentiary bar to delve into protracted discovery to develop…

A new touch-free payment platform for the maritime industry has been launched by Secure Seas.Secure Seas says its electronic payment platform is designed to provide financial security to seafarers by transferring their pay electronically, removing the antiquated and problematic system of cash distribution in U.S. dollars. This provides seafarers with basic facilities the rest of us take for granted: full access to their funds in their preferred currency, use of an International…

America’s largest military shipbuilding company Huntington Ingalls Industries (HII) announced that Ashutosh Gokhale has been appointed vice president, business management and chief financial officer for its Technical Solutions division.Gokhale will replace Billy Jahn upon his retirement on July 9 and will be responsible for all financial management and business management functions in Technical Solutions. Gokhale will be located at HII’s offices in Fairfax, Va., and will report to Andy Green…

Crowley Maritime Corporation said senior executive Dan Warner has been promoted to chief financial officer, consolidating company’s enterprise-level financial strategy, resources and services under his leadership. Warner has served as senior vice president and treasurer and member of the company’s senior leadership team since 2005. He began his career with Crowley in 2001 as a senior analyst for the corporate planning group, and later served as finance director for both the company’s…

America's largest military shipbuilder Huntington Ingalls Industries announced Friday that Keith Munn has been promoted to vice president, business management, and chief financial officer for its Ingalls Shipbuilding division in Pascagoula, Miss.Effective February 15, Munn will be responsible for all financial management, contract management and business management functions at Ingalls, reporting to Ingalls Shipbuilding President Brian Cuccias. Munn replaces Tom Stiehle, who has…

Sri Lanka shipbuilder Colombo Dockyard PLC (CDPLC) said it is moving toward executing an already signed contract with Misje Eco Bulk AS to build a series of six bulk carriers, with options for up to four additional vessels. The contracts were signed in March but are scheduled to come into effect in September upon the Norwegian shipowner's final board approval.Misje is a fully owned subsidiary of Kåre Misje & Co., a family owned Norwegian company which holds a group of companies…

Inchcape Shipping Services (ISS) CEO Frank Olsen opens up on the challenges of COVID-19, the benefits of a global network, and a fundamental shift in the established ships agency marketplace. Change, he says, is coming.“I haven’t spent this much time in Norway, without international travel, since I was at school,” laughs ISS CEO Frank Olsen over a call on Microsoft Teams.With a career that’s taken in seven years at sea, mostly on RoRos with Wallenius Wilhelmsen, living in Costa Rica (where he briefly captained a dive vessel)…

Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

The Massachusetts Port Authority (Massport) picked its port director, Lisa Wieland, to be its next Chief Executive Officer(CEO), bypassing the other finalist, a member of the city's power elite, for one of the most influential public-sector jobs in the state.Board of Directors voted to offer Wieland the position of CEO and Executive Director for a five-year term. Contract negotiations will occur at a later date.The search firm Isaacson, Miller sought a diverse candidate pool for the position and more than 100 applications were received. Members of the Board’s Preliminary Screening Committee interviewed 10 semifinalists, of which five were women and three were people of color.

As a core backbone for their vision to be the leading provider of technology-driven maritime solutions and transform customers experience the Wallem Group has chosen BASSnet Fleet Management Systems. Wallem has selected the complete suite of integrated software to manage their entire fleet.The signing of Wallem marks a key milestone for BASS, signaling a wider move to complete enterprise solutions in the maritime industry as a means to effectively standardize ship processes. Wallem has chosen to use BASSnet as a total solution for maintenance…

Maersk Tankers has appointed Morten Mosegaard Christensen as its new Chief Financial Officer (CFO).Christensen joins Maersk Tankers from Danske Bank where he serves as interim CFO and Chief of Staff. Previously, he has held leadership positions at Danske Bank, including Head of Group Finance and Head of Group Financial Management.He has long experience in finance in areas such as performance management, tax, cost control, accounting, business intelligence and capital management. He has also worked in strategy and business development at a senior management level. Christensen holds a PhD in Finance from the University of Southern Denmark.“Maersk…

Marco Wirén, M.Sc. (Econ.), has been appointed President of Energy Solutions, Executive Vice President and member of the Board of Management of Wärtsilä Corporation, effective October 1, 2018.In this position, he is responsible for Wärtsilä's Energy Solutions business globally, and will report to President & CEO Jaakko Eskola.Wirén is currently the Chief Financial Officer of Wärtsilä, holding this position since August 2013. Prior to joining Wärtsilä, he had broad-ranging experience of financial management and international business management from the steel manufacturer SSAB, the infranet company Eltel Networks, and the construction company NCC.Arjen Berends (50)…

Huisman announced Theo Bruijninckx has been appointed as the company’s new chief executive officer to replace Joop Roodenburg, who decided to step down to the president role. Bruijninckx joined Huisman as chief financial officer and member of the board in May 2017. In his new role as CEO, he is responsible for the daily operation of the company, while Roodenburg will focus on the development of technical solutions and customer relationships. “Since 1981 Huisman is a family owned business. I have taken over from my father and my wish is to handover the company to the next generation.

Jan Arve Haugan resigns as President & CEO of Kvaerner, and from March 1, 2018, he will start his new role as CEO of the newly established oil company Aker Energy. Idar Eikrem, Executive Vice President and Chief Financial Officer in Kvaerner, is appointed interim CEO. Haugan has been President & Chief Executive Officer with Kvaerner since its demerger from Aker Solutions and stock listing in the summer of 2011. "Under Jan Arve Haugan's management, Kvaerner has developed into a leading, renowned oil service company with EPC services as our specialty. Competitiveness, project execution and, ultimately, the results, have continued to improve.

MasterCraft announced that it has acquired NauticStar, a leading manufacturer and distributor of 18-28 foot, high-quality bay boats, deck boats and offshore center console boats for approximately $79.8 million. Founded in 2002, NauticStar, located in Amory, Mississippi, is privately owned and operated. With more than 15 years of boat manufacturing experience—including a 200,000 square-foot manufacturing facility—NauticStar has a reputation for reliability, quality and consistency, with a loyal network of dealers and customers including professional and sport fishermen, and recreational and pleasure boating enthusiasts. NauticStar currently sells its boats in the United States through an established network of approximately 70 dealers.