Aker Yards Weigh STX Bid
Aker Yards shipbuilding said that a 1.3-billion-dollar bid by STX of South Korea underrated the company's potential, but advised shareholders to accept against a background of weak results, AFP reported. The group reported a temporary slowdown of cruise-liner construction and downgraded its profit margins for the full year. And it said that the takeover bid, worth 6.8 billion kroner (850 million euros), although undervaluing the group's potential, was worthy of serious consideration in the current climate. The group reported a second-quarter net loss of 135 million kroner (16.9 million euros), its third quarterly loss running, from a profit of 200 million euros in the second quarter of last year. But sales surged by 31.4 percent to 7.9 billion kroner, the company said.
Israeli finds Another Large Offshore Gas Field
An Israeli exploration group reported on Sunday it has discovered another large natural gas field off Israel's Mediterranean coast. The group, led by Isramco Negev and Modiin Energy, said that a resource report showed there could be an estimated total of 8.9 trillion cubic feet of natural gas at the Daniel east and west fields. Large natural gas deposits have been discovered in nearby waters in recent years. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)
NOL Reports Shipping Business EBIT Turnaround in Q2 2012
Singapore's Neptune Orient Lines (NOL) Group reports US$57 million Year-on-Year improvement in Core EBIT. NOL Group report second quarter 2012 Core EBIT (Earnings Before Interest and Taxes) of US$16 million, a US$57 million turnaround in the key profitability measure from a year ago. NOLs container shipping line, APL, reported second quarter Core EBIT of US$7 million. It was the first time since the fourth quarter of 2010 that the shipping business has been profitable. NOL attributed the result to improved freight rates and its efforts to control expenses and improve efficiency. APL Logistics, NOLs supply chain management business, reported second quarter Core EBIT of US$9 million.
IBIA Welcomes Early IMO Fuel Availability Study
The International Bunker Industry Association (IBIA) supports the UK government’s call for the International Maritime Organization (IMO) to bring forward its review of the availability of 0.50% sulphur fuel. As more and more locations declare ECA requirements, the latest being Hong Kong this week, the greater the demand for low sulphur fuel. The shipping industry needs some definitive dates to plan implementations on board; the same information is required for the refining industry and the bunker sector.
Bunker Industry Supports 2015 Fuel Availability Review
The International Bunker Industry Association (IBIA) says it supports the UK government’s call for the International Maritime Organization (IMO) to bring forward its review of the availability of 0.50% sulphur fuel. As more and more locations declare ECA requirements, the latest being Hong Kong this week, the greater the demand for low sulphur fuel. IBIA considers that the shipping industry needs some definitive dates to plan implementations on board; the same information is required for the refining industry and the bunker sector. Uncertainty around dates is likely to delay crucial investment decisions and IBIA believes that the shipping and oil industries need clarity.
IMO: Focus on GHG Emissions
Nearly 300 delegates from International Maritime Organization (IMO) Member States, international NGOs and intergovernmental organizations have gathered at IMO Headquarters in London for the first meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (26-30 June). The group, which is meeting in a closed session, will provide a report to next week’s session of the Marine Environment Protection Committee (MEPC 71) (full preview here).
Marine Business Helps Power GD Forward
General Dynamics (NYSE: GD) reported fourth-quarter 2016 earnings from continuing operations of $807 million, a 5.6 percent increase over fourth-quarter 2015, on revenue of $8.2 billion. Diluted earnings per share from continuing operations were $2.62 compared to $2.40 in the year-ago quarter, a 9.2 percent increase. Full-year earnings from continuing operations were $3.1 billion, a 3.3 percent increase from 2015 on revenue of $31.4 billion. Diluted earnings per share from continuing operations were up 8.7 percent at $9.87 compared to $9.08 in 2015.
Fincantieri Half-year 2013 Growth Due to Vard Acquisition
The Finacantieri Group reports being in a phase of strong growth thanks to the acquisition of Vard, & triples its first-half 2013 operating result compared to last year. The first half of 2013 reports an EBIT of euro 101 million (euro 34 million at 30.06.2012), an EBITDA of euro 137 million (euro 68 million at 30.06.2012) and revenues of euro 1,934 million (euro 1,233 million at 30.06.2012). These positive operating results have been obtained in a market environment that remains challenging despite some initial signs of recovery…
Daewoo May Sell Mangalia Shipyard to Damen
Daewoo Shipbuilding & Marine Engineering (DSME) will sell the subsidiary of Mangalia Shipyard Romania to a Dutch builder Damen Shipyard Group, reported local media. Damen already owns in Romania a shipyard in Galati. Korea Economic Daily also said that Damen is in talks to purchase the local shipyard from South Korean group DSME. Quoting unnamed sources, the reports say that on June 20, DSME completed its final talk with the largest shipbuilder of the Netherlands, on the sale of Mangalia Shipyards.
Golden Ocean and Knightsbridge Complete Merger
The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders. The new company, which will be called Golden Ocean Group Limited, will be one of the largest dry bulk shippers in the world, operating a fleet of 72 vessels, 34 of which are new buildings. The merger was first announced in October and will allow John Fredriksen, the Norwegian shipping magnate and owner of Golden Ocean, to keep the name of the struggling Golden Ocean Group on the market.
Daewoo Shipbuilding Wins $590 million Greek Deal
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has bagged a combined 700 billion won (US$590 million) in potential orders from Maran Tankers Management, a unit of Angelicoussis Shipping Group, reported Yonhap. Under the agreement with the Greece's largest shipper the troubled South Korean shipbuilder will provide a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship. The contract also includes an option to build two more LNG tankers if Angelicoussis Shipping Group satisfies with the first deal to build the LNG-FSRU.
Bergesen Forecasts Strong Tanker Markets, Less Scrapping
Norwegian shipping group Bergesen d.y. ASA predicts that tanker markets would stay strong due to good demand for oil, but that the number of vessels sold for scrap would fall in 2000. The company, one of the world's top shipping groups, reported a fall in pre-tax earnings to $10.2 million from $19.8 million in the first quarter of 1999. "The tanker market is expected to stay strong in future due to the lifting of OPEC's production restraints as well as good growth in oil consumption," company officials said. OPEC and other nations including Norway relaxed restrictions on oil production from April 1 after a surge in prices to nine-year highs in early 2000.
Vosper Prospers With Diversity
Britain's Vosper Thorneycroft Plc, posting a two percent rise in year profits, said its diversification strategy was bearing fruit, with 55 percent of operating profits coming from non-shipbuilding activities. "With a strong order book and significant prospects across all divisions, we are well placed to continue to benefit from this strategy," Chief Executive Martin Jay said. The group reported pre-tax profits before goodwill of 36.3 million pounds ($51.49 million) in the year to March 31, 2001, up from 35.5 million last year and just above market forecasts. Shares in the group, which have outperformed the aerospace and defense sector by 22 percent in the past 12 months, were unchanged at 1,157-1/2 pence -- valuing it around 389 million pounds.
First Photo of China's Carrier Battle Group
The Chinese Navy has released the first photographs of what many military observers believe is the 'Liaoning' aircraft carrier battle group reports Xinhua. The photo (reproduced here) shows the Liaoning sailing in company with several battleships, submarines and military aircraft The Navy did not disclose when and where the picture was taken. The carrier has successfully carried out 37 days of tests and training exercises in the South China Sea and has now returned to a People's Liberation Army 's naval base in Qingdao.
Liquidation of PMB Malaysia Completed
Singapore Technologies Engineering Ltd (ST Engineering) today informed that further to the announcement made on 27 August 2013, the members’ voluntary liquidation of its indirect wholly owned subsidiary, PMB Project Management Business Sdn Bhd (PMB Malaysia), has been completed. ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. The liquidation of PMB Malaysia is not expected to have…
Port Klang Ensures Faster Turnaround for CMA CGM KERGUELEN
The CMA CGM Group reported that during the CMA CGM KERGUELEN first call at the Port Klang Port Terminal in Malaysia, the terminal set up a unique arrangement for the vessel: no less than 12 cranes were simultaneously used to match the vessel's exceptional length (398 meters) and capacity (17,722 TEU), setting a new record for one of the Group’s vessels. he CMA CGM 18,000 TEUs ships’ design is similar to the 16,020 TEUs’ and the 13,800 TEUs’ series. Located at the front of the vessel…
ST Engineering Injects Capital in Brazilian Arm
Singapore Technologies Engineering Ltd (ST Engineering) today announced that further to its announcement on 11 July 2014 on the setting up of ST Electronics do Brasil Serviços e Soluções em Sistemas Eletronicôs Ltda (ST Electronics Brazil) in Brazil, it has completed the capital injection of US$2m (about S$2.49m) into its Brazilian subsidiary. ST Electronics Brazil was set up with two shareholders in compliance with Brazilian laws - Singapore Technologies Electronics Limited (ST Electronics) holds 99% stake, while its wholly owned subsidiary, ST Electronics (Satcom & Sensor Systems) Pte. Ltd., holds the remaining 1% stake. This capital…
P&O Stena Q1 Hit By Lower Demand
The P&O Stena Line ferries joint venture reported first quarter results had been hit by dampened demand following the millennium, the abolition of duty-free and by Easter falling in the second quarter this year. The group reported a headline loss of $17.7 million in the first three months of the year - historically its weakest quarter - compared with a profit of $5.4 million in the comparable period a year ago. The number of passengers carried in the first quarter fell to 1.88 million from 2.21 million in the first quarter of 1999, although its market share held unchanged at 36 percent. Freight carryings slipped slightly to 278,000 from 289…
Stolt-Nielsen Granted Conditional Amnesty for Investigations
industry. industry. for violation of U.S. U.S. respect to parcel tanker operations. inland barge operations. the appropriate authorities. amnesty programs, including continued cooperation.
TUI AG Eyes Timing on Hapag-Lloyd IPO
BERLIN, Dec 10 (Reuters) - TUI AG is optimistic it will be able to sell its stake in Hapag-Lloyd via an initial public offering of the shipping company, although the market environment is not the best at present, its chief executive said on Wednesday. Hapag-Lloyd is merging with Chilean peer Compania Sud Americana de Vapores but said last week an IPO was not a top priority. "Their motivation to float is huge," TUI AG CEO Friedrich Joussen said on Wednesday after the group reported annual results. Hapag-Lloyd has said it will consider adding mega container ships to its fleet to boost competitiveness. TUI AG owns a 22 percent stake in Hapag-Lloyd, which is classed as 'held for sale'. TUI values it in its books at 467 million euros ($578.75 million), which Joussen described as 'conservative'.
TUI AG Eyes IPO, Sale of Hapag-Lloyd
TUI AG is still open to a sale or flotation of its stake in container shipping company Hapag-Lloyd , its management said on Thursday. "Whichever comes first at a decent price, we will go for it," Chief Financial Officer Horst Baier told analysts after the group reported third-quarter results. Hapag-Lloyd is merging with Chilean shipper Vapores . After the closing of the deal, expected in autumn, and a capital increase, in which TUI will not take part, TUI's share of Hapag-Lloyd will fall to 13.9 percent. TUI has long been looking to exit container shipping in order to focus fully on tourism. Reporting by Victoria Bryan
Iceland Likely to Order More PSV's
Iceland, which issued its first offshore oil and gas exploration licenses this year, seeks to become a hub for subsea explorers from Greenland to Jan Mayen. Foreign Minister Ossur Skarphedinsson announced that Icelandic companies will probably follow oil-service provider Fafnir Offshore’s 7.3 billion kronur ($59 million) purchase of the country’s first platform supply vessel (PSV) from Norway’s Havyard Group reports Bloomberg. Iceland will seek to become an oil-service hub for exploration in its northern waters, off Norway’s Arctic Jan Mayen island and offshore Greenland, as the island recovers from the 2008 banking meltdown that led to its worst recession in six decades. Source: Bloomberg
Offshore Oil & Gas NPT Benchmarking Report
Crew shortage & integration issues identified as major contributors to control systems-related NPT (Non Productive Time) in Athens Group report. Athens Group has published its fourth annual international benchmarking report on control systems software-related non-productive time (NPT) in the oil & gas industry. The report, subtitled Focus on Metrics, is based on the results of Athens Group’s annual industry surveys. Athens Group maintains that the high rate of non-productive time (NPT) and project delays on today’s highly-automated offshore assets is unacceptable! From topsides to subsea, they promise to ensure that integrated systems are effectively designed, developed and tested, and remain compliant with the customer's performance, reliability, and safety requirements.