Marine Link
Tuesday, January 16, 2018

Interim Management News

Braemar Earnings Boosted by 'Rena' Operations

Braemar Shipping Services, international provider of shipping, marine & energy services, issues interim financial statement. The interim management statement refers in relation to the period since the announcement of the interim results on 30 October 2012. Revenue from the Environmental division was boosted by £15-million in the first half by the work on the MSC Rena in New Zealand. In the third quarter revenue from work on the container shipwreck reduced faster than expected, to £3.4m. Braemar's involvement in this project is expected to be completed by the financial year end. The Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates.

Braemar: Interim Management Statement

Braemar Shipping Services plc, (“Braemar”), an international provider of shipping, marine and energy services, today issues its interim management statement in relation to the period since the announcement of the interim results on 30 October 2012. The Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates. An increasing proportion of Braemar’s business is now done on the spot market. There were no significant changes in the market conditions in the past three months. Braemar Technical Services performed in line with management’s expectations. It continues to develop its position as a global provider of surveying, adjusting and engineering services to the energy, shipping and insurance sectors.

Aker MTW Werft Secures Container Vessels

Aker MTW Werft (AMTW) in Wismar has secured contracts to build an additional six container vessels of its MTW 2500 vessel design for Islamic Republic of Iran Shipping Lines (IRISL), the Teheran based shipowner. The total contract value is about $205 million. in Rostock-Warnemünde. to the success of the two German yards on this bid. while KWW will deliver two vessels in the second quarter of 2004. able to complete this series of six container vessels by mid-2004. the yards would not be able to meet such a tight schedule separately. under a joint interim management team since the end of September. Rostock-Warnemünde. business, while Aker Kvaerner will own the remaining 40 percent. the two yard sites and to adjust and optimize the working processes. The MTW 2500 vessels are 680.4 ft.

Clarksons' Report Buoyant Financial Progress

Shipping services group Clarksons has released its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1, July 2013 to 6, November 2013. Clarksons trading has been encouraging over the period against global shipping markets which, although demonstrating some early signs of improvement still remain challenging. This is evidenced by the ClarkSea index which for the second half of 2013 to date was up 19% against the first half of the year and for the average of the year to date was flat against the same period in 2012. Trading in Q3 was up year on year.

Falling Oil Prices Help Boost Braemar Revenues

Image: Braemar Shipping

Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates, a key driver of revenue, are up in a number of sectors. In an interim management statement the company says that as anticipated, its ship broking division's performance has improved significantly compared with the first half…

Braemar Shipping Interim Management Statement

Braemar Shipping Services plc isued its Interim Management Statement in relation to the period since the six months ending 31 August 2009. The group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for the return of port congestion. Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow.

SatCom Povider Immarsat Reports Growth in Maritime Data Revenue

Rupert Pearce, Inmarsat's Chief Executive Officer, said: "The results for the first quarter are in line with our expectations and give us confidence in our outlook. Strong subscriber growth of over 10% in the first quarter continues to underpin our expectations for improved results in 2012. Growth in our maritime data revenue resulted primarily from the impact of pricing initiatives, in particular as a result of the elimination of volume discounts previously available for older services where we are encouraging customer migration to our FleetBroadband service. In addition, we added 2,010 FleetBroadband terminals during the quarter, showing that take up of this service remains strong.

Braemar: Interim Management Statement

Braemar Shipping Services plc today issues its interim management statement in relation to the period since the announcement of the interim results on 25 October 2011. Over the past few months activity in the Shipbroking division has increased. The Group has seen good levels of spot chartering business particularly in deep sea tankers and in capesize bulk carriers. The specialised tanker chartering desks are also performing well, having secured long term contract business and good prospects of increasing their transaction volumes in the new financial year, beginning 1 March. Our second hand sale and purchase and demolition business has been more active than in the summer, stimulated by the fall in the value of middle-aged ships in most sectors.

Braemer Shipping Interim Management Statement

“Shipping markets have experienced a significant correction over the past four months and in varying degrees dry and wet freight rates and vessel values are sharply lower, mainly in response to the slowing global economic demand and the significant contraction in the availability of bank lending. However, within our Shipbroking division chartering has remained active and to date there have been no significant cancellations within our forward order book. Our Technical Services businesses have maintained the high activity levels experienced in the first half and the Logistics and Environmental businesses are continuing to perform steadily. The Board is confident about the out-turn for the current financial year.

USCG Maritime Security Regulations

The Office of Management and Budget (OMB) has cleared the U.S. Coast Guard final regulations on maritime security. These regulations are intended to replace the interim regulations published on July 1, 2003. This version will take into account comments submitted with regard to the interim regulations. The final regulations might be published as early as the end of this week, but more likely next week. Source: HK Law

Moore Stephens Welcomes UK Tonnage Tax Revision

Sue Bill, Moore Stephens

Accountant and shipping adviser, Moore Stephens, has welcomed the decision of Her Majesty’s Revenue & Customs (HMRC) to revise, as promised, its UK Tonnage Tax Manual to at least partly restore, on an interim basis, the pre-2009 interpretation of the strategic and commercial management tests. Moore Stephens has been working for some time with the shipping industry, and in particular with the Chamber of Shipping, in campaigning for HMRC to reconsider its 2009 reinterpretation of the tonnage tax rules.

Interim Directors for CBP Field Operations

The Bureau of Customs and Border Protection (CBP) of the new Department of Homeland Security issued a Message

Guidance for Private Maritime Security Providers Agreed by IMO’s MSC

A special high-level segment of the MSC saw an intense debate, over the first day and a half of the Committee’s session, on how the international community should deal with issues related to the deployment of privately contracted armed security personnel (PCASP) on board ships and the carriage of arms on board. Following further debate during a working group, the MSC agreed Interim Guidance to private maritime security companies (PMSC) providing contracted armed security personnel on board ships in the High Risk Area. • Deployment considerations, addressing the specific aspects of PCASP deployment and the role of the PMSC in ensuring efficient and successful deployments…

Bawat Gains USCG’s AMS Acceptance

Image: Bawat

The ballast water management system developed by Danish company Bawat A/S has been granted U.S. Coast Guard (USCG) Alternate Management System (AMS) acceptance for an interim period of up to five years, enabling commercial vessels equipped with the system to be approved to discharge treated ballast water in U.S. coastal waters. Diederichsen expects to obtain a full type approval by the U.S. Coast Guard regarding U.S. waters well ahead of the expiration of the interim period. The…

Court Orders Swiber to Stop Payment of Bank Guarantees

File photo: Swiber

Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed. Parent company Swiber Holdings last month applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows for a company to be nursed back to health under the supervision of the Singapore Court.

Swiber Applies for Judicial Management Instead of Liquidation

Photo: Swiber

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation. Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows a financially-distressed company the room to return to financial health under the…

US Approval for Wärtsilä's BWM System

Wärtsilä’s AQUARIUS EC system

The United States Coast Guard (USCG) has granted Alternate Management System (AMS) acceptance for Wärtsilä's Aquarius EC Ballast Water Management System (BWMS). This allows all US and foreign flag ships fitted with this system to operate in US territorial waters and to discharge treated ballast water for an interim period of up to five years from the ship specific implementation date. AMS acceptance is the first stage towards obtaining full USCG type approval. Wärtsilä anticipates having all activities necessary to gain full US type approval completed within the five year interim period.

Wärtsilä Appoint Marco Wirén CFO & Executive V-P

Marco Wirén: Photo credit Wärtsilä

Marco Wirén appointed Chief Financial Officer, Executive Vice President & member of the Wärtsilä Corporation Board of Management. Mr Wirén (47), M.Sc. (Econ.) has broad-ranging experience of financial management and international business management. He currently works as Executive Vice President and CFO in the Swedish steel manufacturer SSAB, having held that position since 2008. Prior to joining SSAB as Vice President Business control in 2007, Wirén held several managerial positions…

New York Court Grants Interim Relief to Marco Polo

Netherlands-based Marco Polo Seatrade BV has been granted interim relief by a New York court which will allow it to continue to operate the business in the ordinary course under Chapter 11 protection. The court granted Marco Polo, a company managed by Seaarland Shipping Management, the right to continue to operate and pay all operating expenses, the right to continue to pay employees and crew, the right to continue all cash management procedures, and the right to continue to maintain all insurance - all in the ordinary course of business. The management team continues to operate the business and the company will continue to honor all of its charter obligations during the pendency of the court protection.

FSL Trust Takes Redelivery of Two Chemical Tankers

Singapore - FSL Trust Management Pte. Ltd. (“FSLTM ”), as trustee-manager of First Ship Lease Trust (“FSL Trust”) announced that, as of March 10, the remaining two 19,900 dwt stainless steel chemical tankers, previously leased to the subsidiaries of Berlian Laju Tanker Tbk, have been redelivered to FSL Trust. The chemical tankers - ‘Pujawati’ and ‘Prita Dewi’ - will be renamed ‘FSL London’ and ‘FSL Tokyo,’ respectively. FSLTM intends for all the three redelivered chemical tankers to be deployed on revenue service as soon as possible, and the tankers are expected to join the 'Nordic Siva' pool after an interim period of commercial management under Nordic Tankers Management A/S.  

IMO to Prevent Cyber-attacks

Image courtesy IMO

At a meeting of the IMO's Maritime Safety Committee (MSC), it was recognised that ships may also be exposed to so-called cyber-attacks. Now, the IMO wants to prevent hostile attempts to interfere with electronic systems in the maritime industry and it has therefore drawn up interim Guidelines on risk management. An important point of the guidelines is that potential attacks will not be aimed merely at traditional computer systems, but will also to a high degree focus on control and steering systems for, for example, navigation, machinery, communication, etc.

Rates for U.S. pilotage on the Great Lakes

The U.S. Coast Guard issued an interim rule providing a partial rate adjustment for U.S. pilotage on the Great Lakes. This interim action is being taken while the agency completes its evaluation of issues raised in response to its proposed rule and calculates a full rate adjustment. The interim rate adjustment comes into effect on January 12, 2004. Comments on the interim rule should be submitted by February 10, 2004. 68 Fed. Reg. 69563 Source: HK Law

Measures Announced to Prevent Environmental Damage from Harmful Aquatic Plants and Animals

The USCG announced measures to prevent environmental and health problems resulting from harmful aquatic plants and animals carried from abroad in ships' ballast water, a move reflecting the Department of Transportation's commitment to controlling and preventing the introduction of these species. A new interim rule, effective July 1, requires ships operating outside of U.S. waters to report their ballast water management practices. It also establishes voluntary ballast water management guidelines for all waters of the U.S. The USCG is taking these actions to implement the National Invasive Species Act (NISA) of 1996. Current federal regulations…

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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