Hyundai Glovis Bags $1.3bln Contract
Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles, said a report in RTT News. The auto freight unit of South Korea's Hyundai Motor Group quoted as saying that the orders are to ship vehicles built by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. The report said that, under the two separate deals, Hyundai Glovis said it is set to ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019. The two deals cover up to 60 percent of Hyundai and Kia's exports, respectively. Last year, Hyundai Glovis signed a share purchase agreement with Eusu Ship Management Co., Ltd.
A.P. Møller - Mærsk Q1 Pre-tax Profit Plunge
A.P. Møller - Mærsk Q1 2012 reports plunge in pre-tax profit, sees slightly lower 2012 result Denmark-based conglomerate A.P. Moeller-Maersk A/S reported a plunge in first-quarter pre-tax profit to 8.48 billion Danish kroner from 15.03 billion Danish kroner last year, reports RTT News. In US Dollar terms, pre-tax profit amounted to $1.50 billion, a 46% drop from the prior year's $2.75 billion. However, profit for A.P. Moller - Maersk's share was 6.15 billion Danish kroner, higher than 6.08 billion Danish kroner a year earlier. Quarterly revenue totaled 81.25 billion Danish kroner, up 3% from 79.11 billion Danish kroner a year before. For 2012, the A.P. Moller - Maersk Group expects a result slightly lower than the level reported in 2011.
Dongfang Shipbuiliding Shares to Trade
According to a report on www.rttnews.com, Dongfang Shipbuilding Company Limited intends to seek admission of its shares to trading on the AIM market of the London Stock Exchange. Dealings are expected to commence on AIM on 18 August 2011. Dongfang diversified into shipping, owning and operating six 9,000 dwt chemical tankers and one 9,200 dwt chemical tanker, out of Singapore and Hong Kong. The Group currently has about 530 full time employees across the two businesses. The Group has recently moved into the production of 3,200 DWT chemical stainless steel vessels. The shipbuilding order book as at June 30, 2011, according to the report on RTT News, amounted to around $89m. The contracted delivery dates of new vessels and those under construction are between August 2011 and January 2014.
Golar LNG Posts Q4 Results
According to a report from RTT News, on March 1, Golar LNG Ltd. (GOL) posted consolidated net income of $4.7m and consolidated operating income of $15m for the fourth quarter of 2010. (Source: RTT News)
Senate Democrats Want Inspection of All Rigs
According to a May 20 report from RTTNews, Senate Democrats are urging President Barack Obama to order inspections of all offshore oil rigs. Senate Majority Leader Harry Reid, D-Nev., was joined by Senators Richard Durbin, D-Ill., Charles Schumer, D-N.Y., Patty Murray, D-Wash., and Robert Menendez, D-N.J., in sending a letter to Obama asking him to order the inspections. (Source: RTTNews)
Ocean Power Technologies Gets Additional $1.9M
Ocean Power Technologies, Inc. (OPTT, OPT.L), a developer of PowerBuoy systems that generate electricity by harnessing the renewable energy of ocean waves, said it received an additional $1.9m for the installation of PowerBuoys, in connection with its on-going contract with the U.S. Navy. According to the Pennington, New Jersey- based company, the fund will primarily support the testing and monitoring of the next PowerBuoy systems to be installed off the Marine Corps Base in Hawaii at Kaneohe Bay. The site is one mile away from the coast and 100 feet deep in the sea. Ocean Power indicated that the systems will be tested at the sites and the performance data collected would support the on-going engineering of the next generation of PowerBuoys.
SCI Floats JVs To Foray Into New Ventures
RTTNews reported that Shipping Corporation of India has floated four joint venture companies for its proposed foray into shipbuilding, container terminal operation, dredging and offshore services. The government-owned ship owner is in final negotiations with South Korean Hyundai Heavy Industries for the shipbuilding JV. The company has also inked with Mediterranean Shipping Company - MSC - along with two other public sector majors, namely, Container Corporation of India - Concor - and Central Warehousing Corporation - CWC - to set up container terminals. SCI disclosed that it has short listed three companies for the venture, in which Hyundai is one among them. SCI has already evinced interest in building two mega shipyards proposed by the government.
