Marine Link
Wednesday, January 17, 2018

Reports Fourth News

Marine Business Helps Power GD Forward

On Wednesday, January 25, General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (NYSE: GD), began construction on a fifth ship for the U.S. Navy’s Expeditionary Transfer Dock (ESD)/Expeditionary Sea Base (ESB) program. (Image: General Dynamics NASSCO/USN)

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.

Golden Ocean Sees Dry Bulk Market Upswing

Reuters - Dry bulk shipping firm Golden Ocean reported fourth-quarter earnings broadly in line with expectations on Tuesday and said it expects the market to continue recovering as Chinese demand remains strong. Golden Ocean, part of shipping tycoon John Fredriksen's business empire, said its operating profit rose percent to $21.9 million, just ahead of expectations for $21 million. (Reporting by Balazs Koranyi)

Marine Drilling Reports Fourth Quarter Results

Marine Drilling Companies Inc. reported fourth quarter 1999 net income of $2.5 million, or $0.04 per share, on revenues of $44.8 million, compared to net income of $7.0 million, or $0.13 per share, on revenues of $43.0 million for the fourth quarter of 1998. Average daily revenue for the fourth quarter of 1999 decreased to $33,643 per operating day compared to $39,666 per operating day during the same period in 1998. However, utilization increased to 90% from 78% for the same respective periods. Jan Rask, president and chief executive officer of Marine, said, "We are encouraged by the recent market improvements in utilization and dayrates, particularly for jack-up rigs in the Gulf of Mexico, where our utilization increased to 100% for the fourth quarter from 86% in the third quarter.

Asia-Europe Box Rates Fall Again

File Image (Maersk)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fourth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies. In the week to Friday, container freight rates dropped 22.4 percent from Asia to ports in the Mediterranean, rose 0.8 percent to ports on the U.S.

Stolt-Nielsen Q4 Profit Misses Forecast

A Stolt Tanker underway (Stolt-Nielson)

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market, even as lower fuel prices would help operations. Stolt-Nielsen's fourth quarter net profit fell to $13.1 million from $35.2 million a year earlier, coming short of expectations for $21 million in a Reuters poll of analysts. "We remain concerned about the market outlook for Stolt Tankers, as the order book now stands at over 30 percent in the parcel-tanker segment and the global economic outlook is uncertain," it said.

Norden Boosts Earnings Expectations

Photo: Peter Gramstrup / Norden

 Danish shipping firm Dampskibsselskabet Norden A/S said its unaudited and preliminary results indicate an adjusted result for 2017 in the range of $20 million to $35 million, up from previous expectations of -$10 to $30 million.   Norden said the anticipated earnings improvement is a result of a stronger than expected performance in the fourth quarter of 2017 in both the tanker business and dry cargo business, including the dry operator.   Norden will publish its annual report for 2017 on March 6, 2018.  

Asia-Europe Box Rates Down 8 pct

The containership Maersk Kalmar. Maersk controls around a fifth of containers transported from Asia to Europe. (file image)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fifth consecutive week of falling freight rates on the world's busiest route, and the current level is widely seen as loss-making to shipping companies. In the week to Friday, container freight rates dropped 7.0 percent from Asia to ports in the Mediterranean, fell 4.8 percent to ports on the U.S.

Northrop Reports 4Q Results

Northrop Grumman Corporation reported 2001 fourth quarter economic earnings of $158 million, compared with $106 million for the same period of 2000. On a per share basis, the company reported 2001 fourth quarter economic earnings of $1.55 on average diluted shares outstanding of 98.0 million, compared with economic earnings of $1.46 on average diluted shares outstanding of 72.5 million for the fourth quarter of 2000. Under Generally Accepted Accounting Principles (GAAP), the company reported fourth quarter 2001 net income of $131 million, or $1.28 per share, compared with net income from continuing operations of $144 million, or $1.99 per share, for the same period of 2000.

Mobil Announces 4Q Operating Earnings of $499 Million

Mobil Corporation reported fourth quarter 1998 estimated operating earnings of $499 million. This is a decrease of $310 million, or 38 percent, from the $809 million earned in the same period in the previous year. Chairman and CEO Lucio A. Noto said, "In the Upstream, earnings were adversely impacted by significantly lower worldwide crude oil and natural gas prices. Total capital and exploration spending in 1999 is estimated to be $4.8 billion, down about 11 percent from the estimated 1998 spending level of $5.5 billion. The program seeks to balance projects which will provide short-term earnings and cash flow with those that will support profitable long-term growth.

Another Bulkship Owner Reports 2012 Profits Imploded

Bulk Carrier 'Amphitrite': Photo credit Diana Shipping

Greece's Diana Shipping reports fourth quarter and year ended 31, December, 2012 results. Diana Shipping Inc. a shipping company specializing in the ownership and operation of dry bulk vessels, reported net income of US$ 5.0-million for the fourth quarter of 2012, compared to net income of US$ 20.2-million reported in the fourth quarter of 2011. Time charter revenues were $49.4 million for the fourth quarter of 2012, compared to $57.4 million for the same period of 2011, mainly due to reduced time charter rates.

Manitowoc Reports Fourth-Quarter and Full-Year Results

The Manitowoc Company, Inc. debt reduction for the full year 2003. the same period last year. the year-ago period. fourth quarter of 2003, earnings were $0.11 per diluted share. the same period last year. release. crawler cranes in U.S. company's ship-construction business. retirement. certain post-retirement benefits. $1.4 billion last year. of $20.5 million, or $0.80 per diluted share, last year. modestly above the company's previous guidance range.

Northrop Grumman Reports 2002 4Q Results

shares outstanding of 98.0 million in the fourth quarter of 2001. with SFAS No. Schedule 4). of common stock in conjunction with its Dec. 11, 2002, acquisition of TRW Inc. do not include TRW's post-acquisition results because they were not material. Financial Metrics). the full quarter results for Newport News, which was acquired on Nov. 2001. same period last year. 8 percent to $411 million from an adjusted $381 million in the prior year. compared with $88 million in the fourth quarter of 2001. Northrop Grumman chairman and chief executive officer. include double digit increases in both net income and economic earnings. defense budgets and homeland security initiatives. 2003 sales of $25 billion to $26 billion," Kresa concluded.

Horizon Lines Reduces Debt in Q4

Horizon Lines, Inc. (NYSE:HRZ) announced that it reduced funded debt by $38.1m during the fourth quarter and completed its fiscal year with $28m less in funded debt than a year ago. The company achieved stronger-than-projected free cash flow during the fourth quarter ended December 20, 2009. Cash was deployed to voluntarily pay down $35.0 million on a revolving credit facility and $1.5m on a crane loan, as well as for a $1.6m scheduled term-loan amortization payment. The fourth-quarter voluntary payments followed voluntary payments of $10m in the third quarter and $5m in the second quarter. At December 20, 2009, funded debt totaled $542.5m, compared with $570.5 a year earlier.

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.

International Shipholding Reports Fourth Quarter Results

International Shipholding Corporation reported results for the year and quarter ended December 31, 2001. Net loss for the fourth quarter was $1.5 million as compared to net income of $775,000 for the fourth quarter of 2000. For the year ended December 31, 2001, the Company reported a net loss of $64.4 million as compared to net income of $836,000 during the year ended December 31, 2000. The annual results for 2001 reflect a previously reported asset write-down on "Assets Held-for-Disposal" of approximately $51.1 million, net of taxes, in accordance with FASB 121, "Accounting for the Impairment of Long-lived Assets". This non-cash charge…

Norden Raises Expectations for 2017

Photo: Peter Gramstrup, Dampskibsselskabet NORDEN A/S

Danish shipping company Dampskibsselskabet Norden A/S has raised its expectations for the adjusted results for 2017 to USD 20 to 35 million. This is an increase from the previous expectations of USD -10 to 30 million. The anticipated improvement in earnings is a result of a stronger than expected performance in the fourth quarter of 2017 in both the Dry Cargo business – including the Dry Operator – and the Tanker business. Norden will publish its annual report for 2017 on 6 March 2018.

Stratos Global Reports Fourth Quarter Results

Stratos Global Corporation announced its financial results for the fourth quarter and full year ended December 31, 2001. The Corporation is reporting revenue for the fourth quarter of US $80 million, representing growth of $46 million over $34 million for the fourth quarter last year. For the year, revenues were $289 million, up $171 million over 2000. Gross margins as a percentage of revenues improved from 32 percent last year to 37 percent in 2001. Operating income before interest expense, income taxes, depreciation and amortization and transition and other costs ("EBITDA")1 was $19.2 million for the quarter and $62.9 for the year. This represents an increase of $14.2 million over the same quarter last year and an increase of $54.3 million over last year.

Yara Reports Lower Q4 Results

Yara International ASA delivered lower fourth-quarter results, with weak commodity margins but robust value-added premiums and strong deliveries. Yara's board will propose to the Annual General Meeting a dividend payment of NOK 10 per share for 2013. "Yara's fourth-quarter results reflect weaker commodity fertilizer markets," said Jørgen Ole Haslestad, President and Chief Executive Officer in Yara. "On the positive side, we report strong production volumes and deliveries, and the Industrial segment delivers higher sales and margins. Value-added product premiums remained robust compared with the strong decline in global nitrogen, phosphate and potash prices," said Jørgen Ole Haslestad.

Carnival Report Better Than Expected Financial Results

Carnival Corporation & plc reports fourth quarter and full year earnings 2012. Carnival Corporation & plc Chairman and CEO Micky Arison noted that fourth quarter earnings on a non-GAAP basis were better than anticipated in the company's September guidance. Stronger than expected revenue yields combined with lower than expected fuel costs more than offset higher than anticipated operating costs. Commenting on full year 2012, Arison stated, "As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company's history. However, through the significant efforts of our brand management teams, we were able to maintain full year 2012 net revenue yields (excluding Costa) in line with the prior year.

Navios Maritime Midstream Posts 4Q Profit

Image: Navios Midstream Partners L.P

Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents. The operator of contracted crude oil tankers posted revenue of $22.8 million in the period. For the year, the company reported profit of $24.9 million, or $1.19 per share. Revenue was reported as $91.8 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report results for the full year and fourth quarter of 2016.

Huntington Ingalls Industries 2013 Revenues Increased

HII logo

Huntington Ingalls Industries reports Fourth Quarter & Year 2013 financial results with increased revenues in each period. Segment operating income in the fourth quarter was $169 million, compared to $140 million in the same period last year, mainly driven by improved contract performance. Total operating income for the quarter was $174 million, compared to $106 million in the same period of 2012. This increase was primarily attributable to increased segment operating income and favorable variances in deferred state income taxes and the FAS/CAS Adjustment.

Navios Maritime Posts 4Q Profit

Photo: Navios Maritime Midstream Partners LP

Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25.8 million in the period. For the year, the company reported profit of $27.1 million, or $1.33 per share. Revenue was reported as $83.4 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015.

Safe Bulkers Squeeze One Percent More Revenue Out of 2013

Image courtesy of Safe Bulkers

Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013. Net revenue for the twelve-month period ended December 31, 2013 increased by 1% to $186.7 million from $184.3 million during the same period in 2012. Net income for the twelve-month period ended December 31, 2013 decreased by 13% to $83.3 million from $96.1 million. Adjusted net income1 for the twelve-month period ended December 31…

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

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