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Tuesday, January 16, 2018

Operating Results News

Concordia Releases 2013 Q1 Report

Concordia Maritime's President, Hans Norén. (Photo: Concordia Maritime)

Concordia Maritime released its Interm Report 1, January 1 to March 31, 2013. Operating result of SEK 15.7 million Improved income for vessels on the spot market Strongest product tanker market since 2008 Total income, MSEK 127.9 EBITDA, MSEK 51.2 Operating result before impairment, MSEK 15.7 Impairment, MSEK 0.0 Operating result after impairment, MSEK 15.7 Result after tax, MSEK 7.6 Result per share, SEK 0.16 EBITDA, MUSD 8.0 Available liquid funds, MSEK 427.0 The full report can be found here. www.concordiamaritime.com

Concordia Maritime Release Interim Report

Stena Supreme

In accordance with the Swedish Securities Market Act and the Swedish Financial Instruments Trading Act, Concordia Maritime published its interim report for 2013.

Concordia Maritime - Interim Report 1

Interim Report 1 January-30 September 2012 •    Weak market during the quarter •    Stena Primorsk chartered out to new customer •    Another P-MAX tanker, Stena President, converted to IMO 3 Total income, SEK 417.1 million EBITDA, SEK 175.4 million Operating result before impairment, SEK 61.9 million Impairment, SEK -408.8 million Operating result after impairment, SEK -346.9 million Result after tax, SEK -365.7 million Result per share, SEK -7.66 EBITDA, USD 25.8 million Available liquid funds, SEK 570.4 million (including unutilized credit facilities)  

Fincantieri Half-year 2013 Growth Due to Vard Acquisition

Photo courtesy of Fincantieri

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…

Belships 4Q Results

Belships fourth quarter operating income was $18.98, versus $7.8 million in 4Q 2002. The company's operating result totaled $4.2m. The operating income and operating result were affected by a strong dry bulk market. The product carrier business generated an operating result of $133,000 in the fourth quarter. The gas carrier business generated an operating result of $740,000 in the same period. The improvement is primarily due to the fact that, because of previous write-downs, there was no depreciation posted for the quarter. The dry bulk business generated an operating result for the fourth quarter of $4.1m. The positive results of Elkem Chartering (EC) have already been reported.

Ocean Rig Releases Preliminary Results

In connection with the release of an Offering Circular today for the pending Equity Offering, Ocean Rig announces preliminary financial accounts for third quarter 2003. Ocean rig reports operating results of NOK 24.5 mill, which is the best operating results in the history of the company. Results were improved by significantly better operating performance for the company's two deep water drilling rigs, Leiv Eiriksson and Eirik Raude. The company sees improving market fundamentals based on a build up of planned deepwater development projects. Ocean Rig reports preliminary operating profits of NOK 24.5 mill (NOK -30.7 mill) for the third quarter of 2003. EBITDA for the quarter was NOK 97.7 mill (1.9 mill), and net result was NOK 65.5 mill (NOK -145.7 mill).

Stolt-Nielsen Reports Improved Fourth Quarter

Photo: Stolt Tankers

Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071.7 million, respectively, in 2012.

Hapag-Lloyd Generates Positive Result

Hapag-Lloyd generated an operating result (adjusted EBIT) of EUR 36.7 million in the third quarter 2011. This took the operating result for the first nine months of the current financial year to EUR 78.8 million. EBITDA came to approx. EUR 275 million in the first nine month of 2011. Group earnings after interest and taxes (EAT) were also positive in the third quarter at EUR 9.6 million. This made the third quarter the best in the current financial year to date. The positive result was also achieved by consistently pursuing and optimising the cost savings programme that Hapag-Lloyd initiated in 2009. “We performed very well in a demanding market environment.

Hapag-Lloyd Reports Second Quarter Profits

Hapag-Lloyd returned to profitability in the second quarter of the current financial year, reporting a Group profit of €20.9 million for the months April to June 2013 (Q2 2012: -€7.3 million). The operating result of €66.7 million was more than twice as high as last year’s figure of €30.8 million. EBITDA also improved significantly by 45% to €147.8 million. Although intense competition led to unsatisfactory rate levels, substantial cost cuts and a slight drop in the bunker consumption price were the main factors behind the positive net result. Bunker costs in the second quarter averaged $622/tonne, which was below last year’s figure ($694/tonne). However, the bunker price is currently still more than three times the level seen at the start of 2009, when it was approximately $200/tonne.

Hapag-Lloyd Continues on Path for Profits

Photo: Hapag-Lloyd

Container shipper Hapag-Lloyd said it has increased transport volumes and revenue as well as earnings in the first half of 2015 as volume growth was driven by a merger with Compañía Sud Americana de Vapores (CSAV) that made Hapag-Lloyd the fourth largest carrier globally by capacity. The transport volume increased to around 3.7 million TEU in the first six months of 2015, up 29.4 percent compared to the same period in 2014 and mainly due to the merger with CSAV, the shipper said. The average freight rate in the first half of 2015 came in at $1,296/TEU, 9 percent below the same period of 2014.

EXMAR NV Offers Trading Update

During the 3rd quarter an operating result (EBIT) of $7.1m was recorded by the LPG fleet, $16.5m for the 3rd quarter 2006, including $4.0m non-recurrent items. The EBIT for the first nine months of the current year amounts to $21.5m, compared to $49.4m for the first nine months of 2006, including $14.0m non recurrent items. Although freights remained firm, the Midsize segment suffered from increased idle time. Firming Black Sea Ammonia prices versus ample stocks in USA left no room for Atlantic spot movements. Middle East product, however, became gradually competitive enough to support long-haul liftings both to the Far East and Europe. Whereas originally LPG activity was also at a low, Indian imports resumed, which supported increased employment by the end of the quarter.

Superior Offshore International Announces 1Q Results

Superior Offshore International, Inc. , a leading provider of subsea construction and commercial diving services on the outer continental shelf of the Gulf of Mexico, announced operating results for the quarter ended March 31, 2007. The Company reported total revenues of $54.3 million for the first quarter of 2007, compared with revenues of $49.4 million in the prior year's first quarter, an increase of 10 percent. Revenues for the first quarter of 2007 exceeded the estimate included in the Company's Prospectus relating to its initial public offering completed on April 25, 2007.

Seanergy Reports 2Q and Six-Month Financial Details

Seanergy Maritime Holdings Corp. announced its operating results for the second quarter and six months ended June 30, 2011. For the second quarter, Seanergy reports net revenues of $27.8 million, EBITDA of $13.6 million, and a net profit of $.65 million. For the first six months of the year, the company reports net revenues of $53 million, EBITDA of $26.5 million, and a net loss of $.88 million.

HHLA's Revenue & Earnings Rise

HHLA_robust performance

In the first half of 2014, Hamburger Hafen und Logistik AG (HHLA) increased its revenue by 5.2 percent to € 595.7 million and improved its operating result (EBIT) by 3.4 percent to € 81.4 million. HHLA has confirmed its forecast for the full year 2014. “Hamburger Hafen und Logistik AG has achieved a favourable performance in the first half of 2014. We have maintained our significantly expanded market position in container handling as well as the growth trend for our container transport services, with a further rise in market shares.

Wärtsilä Corp. Interim Report

Ole Johansson, President and CEO said, "The third quarter was strong for Wärtsilä at all levels, as net sales developed according to plan, profitability was strong, and cash flow from operating activities was at an all time high level. As a result of this positive development we now expect our profitability to exceed 10% for the year 2010. The improvements in Wärtsilä's market environment that started in the second quarter have continued, and we expect the order intake for the full year to clearly exceed last year's levels. Based on the current order book and a stable service business we expect net sales to decline by approximately 15 percent in 2010 and our operational profitability (EBIT% before nonrecurring items) to be better than earlier expected and to exceed 10%.

Hapag-Lloyd Posts Q4 Operating Profit

Hapag-Lloyd has achieved its earnings targets for 2015 and also in Q4 significantly improved its operating result (EBIT) versus prior year. Based on the preliminary unaudited figures, Hapag-Lloyd increased operating earnings before interest, taxes, depreciation of intangible and fixed assets (EBITDA) to EUR 831.0 million (2014: EUR 98.9 million) and the operating result (EBIT) to EUR 366.4 million (2014: EUR -382.8 million) in 2015. The EBITDA margin of 9.4% is in line with the company´s guidance. In the 4th Quarter EBITDA reached EUR 140.4 million (Q4 2014: EUR -79.7 million) and EBIT was EUR 17.8 million (Q4 2014: EUR -304.9 million). Revenue increased in 2015 to EUR 8.8 billion (2014: EUR 6.8 billion).

Rickmers Raises 2015 Forecast

Rickmers Group published its Half-Year 2015 results, reporting that the company increased its revenues in the first half of 2015 by 6.6 percent from €271.1  million ($301 million USD) to €289.6 million ($321 million), despite the persistently strained market situation and a number of charter contracts up for renewal. The consolidated operating result before interest, taxes, depreciation and amortisation (EBITDA) improved by a considerable 35.4 percent to €137.4 million ($152.3 million)  (H1 2014: € 101.5 million). This clear increase in the operating result is due to the successful implementation of the sustainable cost-management programme in particular at Rickmers-Linie, and is also attributable to favourable exchange-rate effects following the rise in the value of the U.S. dollar.

Boskalis 2012 Revenue Up, Profits Slightly Down

Royal Boskalis Westminster N.V. (Boskalis) publishes theirl financial report for 2012. Royal Boskalis Westminster N.V. (Boskalis) achieved a record revenue of EUR 3.1 billion in 2012 (2011: EUR 2.8 billion). Net profit amounted to EUR 250 million, thus remaining virtually stable compared to 2011 (EUR 254 million). Despite the slight decline in net profit and a substantial increase in the number of outstanding shares as a consequence of the recent equity issue in connection with the acquisition of Dockwise, Boskalis intends to pay-out an unchanged dividend of EUR 1.24 per share. EBITDA dropped to EUR 568 million (2011: EUR 591 million) and the operating result (EBIT) fell to EUR 337 million (2011: EUR 354 million).

Boskalis Reports Record Revenue & Order Book

Dredging & maritime works specialists Royal Boskalis Westminster N.V. reports a 12% increase in revenue in first half year report 2012. Royal Boskalis Westminster N.V. (Boskalis) reported a 12% increase in revenue in the first half of the year to EUR 1.4 billion (first half of 2011: EUR 1.25 billion). Organic revenue growth was 5%. Net profit declined to EUR 102.5 million (first half of 2011: EUR 114.1 million). Compared to the end of 2011 the order book increased and stood at EUR 3,753 million (end-2011: EUR 3,489 million). The first half year EBITDA amounted to EUR 255 million and the operating result (EBIT) equaled EUR 146 million (first half of 2011: EBITDA: EUR 277 million, EBIT: EUR 163 million).

Frontline Expects Improved Results after Losses Narrow

Net loss $13 mln in Q4 vs forecast $18 mln loss; Repayment of debt dependent on improving tanker rates. Oil tanker firm Frontline expects its operating result in the first quarter to improve on the previous quarter due to a recent increase in rates as it reported fourth-quarter results slightly ahead of expectations on Thursday. The shipping market has struggled for several years, squeezed between an global economic downturn and an oversupply of new ships. On Thursday Frontline said a recent recovery in the rates for hiring tankers suggested the market balance was improving. "The recent positive development in the tanker market is likely to give a better operating result ... in the first quarter," the firm said in a statement.

Smit Internationale NV Exceeds Record

•    Operating result for Harbour Towage increases, partly because of the extended interest in URS. •    Commencement of new contracts leads to growth Terminals. •    Result Salvage exceeds historical average. •    Considerable increase result Transport. •    Strongly improved result Heavy Lift in second half of the year. •    Net profit increases from EUR 105.6 million to EUR 107.8 million. •    Operating result increases 19% from EUR 94.7 million to EUR 112.5 million. •    EBITDA (including associated companies) rises 26% from EUR 159.4 million to EUR 201.0 million. •    Net profit per share decreases 9% from EUR 6.68 to EUR 6.11, owing to the issuing of shares. •    Proposed dividend per share remains EUR 3.00.

Stolt-Nielsen Reports Strengthened Financial Performance

Net profit attributable to shareholders in the second quarter was $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012. Net profit attributable to shareholders for the first six months was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011. •    Stolt Tankers reported an operating profit of $29.0 million, reflecting a net gain of $24.5 million on insurance proceeds related to the loss of MT Stolt Valor following the incident in the Persian Gulf in March. Net of this gain the operating profit was $4.5 million for the current quarter, compared with an operating loss of $8.6 million.

NORDEN Sells Capesize Vessel

Photo: Dennis Schnell, Bulldog and Partners

NORDEN announced it has agreed to sell Nord Power, a 176,000 tdw Capesize dry cargo vessel built in 2005. NORDEN said the sale will entail an accounting loss of $12 million, which will be included in the annual results for 2015. In the long term, NORDEN said it expects to reinvest the proceeds from the sale into additional Supramax or Panamax tonnage, in line with its strategy focusing on these vessel types. NORDEN’s operating results are developing as expected, and the expectations for the EBIT result before profits from vessel sales for 2015 are maintained.

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