Tanker Bottleneck Grows at Mexico's Ports
More than 20 vessels loaded with fuel have waited a week or more to discharge gasoline, jet fuel, diesel and liquefied petroleum gas at Mexico's ports, according to Refinitiv Eikon data, as demand craters due to coronavirus-related lockdowns.Mexico imports most of its fuel and has very limited storage capacity. State oil company Pemex and about a dozen independent importers typically discharge at least two gasoline cargoes per day, mostly coming from the United States.In January…
Hong Kong Looks to Ride Out Boxship Turmoil
Hong Kong's port expects a slight rise in container shipping volumes this year despite continuing global turmoil in the sector. The global container industry, which transports everything from bananas to iPhones, is showing signs of better returns after a near-decade long slump. Nevertheless, worries over global retail demand and too many ships have continued to put the brakes on a bigger recovery. Hong Kong's Secretary for Transport and Housing, Frank Chan Fan, said container throughput was expected to increase slightly this year from 19.8 million TEUs (20-foot equivalent units) in 2016 and 20 million TEUs in 2015. "This year it is going up by a single digit percentage…
BW LPG Establishes a JV in India
BW LPG Limited and Global United Shipping India Private Limited, have agreed to establish a joint venture in India in which the parties will own 50% each. The purpose of the new joint venture, named BW Global United LPG India Private Limited, is to own and operate Gas Carriers for the transportation of LPG within Indian waters. As part of the establishment, BW LPG will sell two of its vessels, BW Boss and BW Energy, to the joint venture company and to that end BW LPG has entered into binding vessel sales contracts. “The joint venture will allow BW LPG to create a strong base in India which is one of the world's largest LPG import markets. LPG growth in India is driven primarily by increased retail demand and strong support for LPG consumption from the government of India.
BW LPG Registers 10% Growth in VLGC Fleet
Less domestic petrochemical consumption of LPG would be positive for VLGC shipping as it would result in a greater surplus of LPG available for export. However, it is still unclear whether this dedicated-feedstock ethylene (five new ethylene plants, two expansions) and propylene production capacity expansion will displace a portion of the olefin production currently coming from flexible-feedstock ethylene crackers (positive for VLGC freight), or whether it will supplement it and the excess olefin production will then be exported (negative for VLGC freight). This development, along with energy prices, will be the key driver of LPG balances in the US going forward. The VLGC fleet grew by 10% in the first quarter of 2016 as 19 vessels were delivered in the quarter.
Marine Products Corporation Reports Q1 Results
ATLANTA, April 27, 2011 – Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended March 31, 2011. Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including Premiere Sport Yachts, SSi and SSX Sportboats and Cuddy Cabins, Sunesta Sportdecks, Xtreme Towboats, Signature Cruisers, and outboard sport fishing boats by Robalo. For the quarter ended March 31, 2011, Marine Products generated net sales of $27,148,000 a 10.8 percent increase compared to $24,493,000 last year.
Brunswick Reports Q2 2010 Results
-- Total net sales of $1,014.7 million, up 41 percent versus 2009. -- Net earnings of $13.7 million, or $0.15 per diluted share, which includes $0.26 per diluted share of restructuring, exit and impairment charges and $0.02 per diluted share of expense from special tax items. -- Operating earnings of $55.7 million, a $201.1 million improvement from prior year. -- Cash totaled $619.6 million, up from 2009 year-end balance of $526.6 million. -- Increased production and wholesale shipments resulted from low beginning-of-year marine dealer inventories. "The continued successful execution of our strategic initiatives over the past several quarters was a key factor in our improved second quarter results," said Brunswick's Chairman and Chief Executive Officer Dustan E. McCoy.
