China Merchants Profit up 29pct
While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects. China Merchants Holdings (International) reported first-half net profit rose 29 per cent to HK$2.78 billion ($US 361 million) from a year ago, after throughput gains at Chinese terminals exceeded China’s overall container growth rate and traffic through overseas facilities rose at a double-digit clip. The profit is driven by steady growth from ports and contributions from overseas greenfield projects.
P&O Nedlloyd 4Q Results
P&O Nedlloyd announced that it achieved an operating profit of $84 million in 4Q 2003, compared with an operating loss of $49 million in 4Q 2002. Driving the improved performance: average freight rates increased 16 percent over 2002, and volumes shipped were up 5 percent. Commenting on the future, the company sees a favorable trend in freight rates, and provided trade growth continues as in 2003, the outlook for the container shipping industry remains positive for 2004 although cost pressures remain. "During 2003 the P&O Nedlloyd team succeeded in turning a prior year operating loss of $206 million into an operating profit of $96 million - a positive swing of $302 million in our financial performance. This is a significant achievement, but we need to do more.
essDOCS Names Toet Board Chairman
essDOCS announced that Non-Executive Board Member, Andre Toet, has been appointed Chairman of the Board of Directors, succeeding Barry Williams, who is standing down after chairing the board since 2013, having previously served a term as Chairman from 2006 to 2011. Andre Toet possesses over 30 years of maritime industry experience and has held numerous supervisory board positions, of which PortInfolink (subsequently Portbase), directly supported his previous role as Non-Executive Board Member for essDOCS. He has served as Managing Director of P&O Nedlloyd Europe, CEO of Maersk Central Europe, COO of the Port of Rotterdam and, since 2011, CEO for Sohar Industrial Port Company in Oman.
Hatteland Names Hawthorne as General Manager
Hatteland Display computers and panel computers has appointed David Hawthorne as General Manager of its American operations. The appointment comes as Hatteland Display's global growth continues in the wake of the introduction of new Naval displays, upgraded Series 1 displays and the 2006 launch of the sophisticated Series 2 product family. David, who is based in San Diego, California, joined Hatteland Display on 23rd October 2007, from his position as Business Development Manager at L-3 Communications RCCS Division. Previous to this, he spent time as a Sales Manager for Barco and has a total of 15 years experience as an Electrical Engineer at major U.S. defense contractors including Loral and Lockheed Martin.
Aker Solutions Extends Growth Ambitions
Aker Solutions announce it is on track to meet its 2015 growth targets, with growth to continue into at least 2017. The company made its announcement on its recent capital markets day, sayiing that in 2010, Aker Solutions set an ambitious target of doubling the size of the company by 2015. The company is on track to reach this target. Year-to-date revenues (Q3) are 32.2 per cent higher than in the first nine months of 2011. Now the company sees growth continuing beyond 2015. "Based on our record high order backlog of almost NOK 60 billion, and an estimated 10 per cent annual growth rate in offshore spending over the next five years, Aker Solutions…
BV Fleet Tops 8,000 Ships
Bureau Veritas has topped 8,000 ships in its classed fleet, which now totals over 60m gt. With the delivery of the high speed passenger ferry Superstar from Fincantieri to its owners Tallink in April 2008, the BV classed fleet reached more than 60.2 m gt and 8,000 ships. The continuing strong fleet growth follows excellent financial results reported in April, with the BV group posting a turnover of Euro2.067bn, up 12 percent on 2006, and adjusted net profit up 19 per cent. Both figures reflected guidance given before a successful IPO in October 2007, and the forecast for group growth in 2008 is 15 per cent overall. However the Marine Division outperformed the rest of the group in 2007 and continues to grow strongly, not only in the classed fleet but in a wide range of services to owners.
IEA: Oil Demand to Grow 2.2% in 2005
The International Energy Agency’s most recent monthly report estimates for 2005 that global demand will grow by 1.8 mb/d, or 2.2%. for 2004. The 2005 demand estimate assumes: normal weather, a moderate slowdown in global GDP growth, an easing of crude oil and product prices and a modest reduction in Chinese oil consumption growth. Even so, Chinese oil demand is expected to grow by 510 kb/d, or 8.1% in 2005. The Middle East is also expected to contribute strong consumption growth in 2005 of 260 kb/d or 4.7%. These high growth rates contrast with substantially lower oil demand growth in the OECD of slightly less than 1% in 2005, holding flat in OECD Asia but rebounding slightly in OECD Eastern Europe.
Boatbuilding Booms as More Americans Take to the Water:
New data from The National Marine Manufacturers Association (NMMA) show 88 million Americans expected to take to U.S. waterways this summer. NMMA add that recreational boating in the U.S. has an annual economic value of $121-billion. The industry’s rising tide supports 964,000 American jobs and 34,833 businesses, generates $40 billion in annual labor income and drives $83 billion in annual spending. The NMMA, on behalf of the U.S. boating industry, released these findings as part of its annual U.S. Recreational Boating Statistical Abstract, a collection of data and analysis on the state of the U.S. recreational boating industry. Retail sales of new power and sailboats increased 10.7 percent in 2012 to 163,245, demonstrating a post-recession recovery for the industry.
P&I Club Celebrates 21 Years in Germany
Dr Matthias Reith, director of German bulk carrier owner Orion Schiffahrtsgesellschaft Reith & Co of Hamburg, helped the North of England P&I club celebrate 21 years of working with the German shipping industry today. Speaking a major industry reception organized by the club at the Zipplehaus restaurant in Hamburg, Dr Reith said 'In 1982 Orion became the first company from Germany to join the North of England. The club now insures 36 fleets in Germany and works with 11 of the German-based brokers. Dr Reith said he was particularly pleased with the way the club had developed in Germany, from its initial Hamburg-based membership to involvement with shipowners from Bremen, Leer and elsewhere in the German shipping community.
Fifth Consecutive Record Year for Antwerp
The port of Antwerp has achieved a record freight volume for the fifth straight year in a row. In 2017 the port handled 223,606,610 tonnes of freight, an increase of 4.4% compared with the previous year. Practically all sectors turned in an excellent performance: the container volume expanded in tonnage by 4.3% (123 million tonnes), liquid bulk such as oil derivatives by 5.7% (73.1 million tonnes), and conventional breakbulk such as steel by 4.8% (10.3 million tonnes), while ro/ro completed the growth list with 10.5% (5.1 million tonnes).
Denmark is World's Sixth-Biggest Seafaring Nation
The Danish-controlled fleet is increasing. Taking the sixth place on the list of the world’s major shipping nations given as operated tonnage, Denmark has advanced one place. Already from early 2018, Danish shipping has a fair wind and has succeeded in advancing on the list of major shipping nations. This is demonstrated by the most recent overview from IHS Markit (Sea-web). At present, Danish shipping is undergoing positive developments. This is now directly deductible from the ranking list of the world’s major shipping nations.
Recreational Boating: a $121-billion Economic Driver for U.S.
The National Marine Manufacturers Association (NMMA), announced that recreational boating in the U.S. has an annual economic value of $121 billion. The industry’s rising tide supports 964,000 American jobs and 34,833 businesses, generates $40 billion in annual labor income and drives $83 billion in annual spending. The NMMA, on behalf of the U.S. boating industry, released these findings today as part of its annual U.S. Recreational Boating Statistical Abstract, a collection of data and analysis on the state of the U.S. recreational boating industry. -Retail sales of new power and sailboats increased 10.7% in 2012 to 163,245, demonstrating a post-recession recovery for the industry. -New powerboat sales increased 10% to 157,300 in 2012. -New sailboat sales increased 29.2% to 5,945 in 2012.
Euronav: VLCC Order Book Expands
The challenging freight market during the third quarter came despite some encouraging signs with active scrapping of vessels returning (nine VLCCs scrapped plus one removed from fleet for FPSO project; six Suezmax scrapped during the third quarter) incentivized by a steel price at near three-year highs, says Euronav NV. This was supported by continued upgrades to crude oil demand with the IEA raising its forecast for 2017 from 1.2 mbpd to 1.6 mbpd over the course of the third quarter and U.S. crude exports again making further progress to record on average 933k bpd for the third quarter.
Region’s Ports Vital Conduit for Africa-Asia Trade Development
The continent of Africa will take center stage at the 2013 World Ports & Trade Summit, which takes place in Abu Dhabi from March 19-20, with a special focus session on day two of the event to examine opportunities in the region for both trade and infrastructure development. Growth in seaborne trade between China and Africa is already benefiting UAE ports, as the world’s third largest economy and the emerging African continent rely on the Emirates’ trading gateway status, further boosted by growth in bilateral trade between South Africa and the UAE…
Inmarsat 3Q Results
Inmarsat Holdings Limited, a wholly-owned subsidiary of Inmarsat plc (LSE: ISAT), provider of global mobile satellite communications services, reported unaudited consolidated financial results for the 3 months ended 30 September 2008. Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer said, "Our business continues to generate strong revenue and cash flow growth across all of our market sectors. We have seen no impact of global economic weakness in the usage and take…
NewLead Holdings Company Update
NewLead Holdings Ltd. has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments. NewLead's fleet has been entirely transformed to include younger, flexible in size, fuel-efficient vessels with an anticipated substantially longer employment lifetime and revenue capacity. Today, NewLead controls a fleet of ten vessels, five dry-bulk and five tanker vessels, with an average fleet age of 7.4 years. At the beginning of 2014, NewLead controlled a fleet of two dry-bulk vessels with an average fleet age of 17.84 years. NewLead succeeded in taking delivery of three modern…
BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016. The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016. That is well in line with BIMCO’s full estimate of 8.5m DWT for the full year 2016. The main drivers of the total growth continue to be the MRs and LR2s. With a net fleet growth of 5.8 % in 2015, the oil…
Oilennium Ltd Hires Graduate Trainees
Spinnaker Communications- Oilennium Ltd, provider of training programs for the international oil and gas industry, announced the appointment of five full-time graduate trainees. The announcement coincides with the launch of the company's new Graduate Training Program. The new employees were hired as a result of a recruitment drive to attract dynamic recent graduates seeking to put their design, communication and IT skills to work on behalf of the company's growing portfolio of customers in the international oil and gas and maritime industries.
Drewry: Dry Bulk Shipping Needs Drastic Measures
Dry bulk shipping is facing a perfect storm and requires drastic supply side measures if the industry is to return on course to profitability in the medium term, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry. Drewry estimates that if dry bulk ship-owners collectively removed half of all capesize ships over 12 years old, equating to around 20 million dwt of capacity, it would enable earnings to return to profitability by 2018. If they were to remove all old capsize vessels the recovery would occur even sooner (see chart below). This could be achieved through a combination of scrapping and temporary vessel idling.
DP World Profit Up 22%
Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015, delivering profit attributable to owners of the Company before separately disclosed items of $405 million, up 21.9% compared to the first half of 2014. Profit for the period attributable to owners of the Company before separately disclosed items of $405 million; (1H2014 attributable income of $332 million) Acquisitions of EZW helps boosts profit attributable to owners of the Company before separately disclosed items by 21.9%.
Maher to Invest in Prince Rupert Port Expansion
Maher Terminals Holding Corp., the operator of the Port of Prince Rupert’s Fairview Container Terminal, today announced its decision to proceed with expansion of the 7-year-old facility, increasing its container capacity by 500,000 TEUs to accommodate growing container volumes and further enhancing the Canadian gateway’s growing role in North American trans-Pacific trade. “Intermodal customers have been capitalizing on the advantages of Prince Rupert as part of their transpacific trade solution since Fairview’s first phase opened in 2007…
Global Ship Lease Eyes Acquisitions
The London-based Global Ship Lease (GSL) said that it is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.
Offshore O&G: Cuts, Delays in Norway as Costs Soar
More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off, Bente Nyland, the head of the Norwegian Petroleum Directorate said on Thursday. Most vulnerable will be small fields, projects to increase the recovery from producing assets, and new finds further than 40 km from existing infrastructure, Nyland told Reuters. Oil firms are cutting back on capital spending across the world as years of cost inflation has squeezed margins, cutting back their ability to pay dividends.