Second Quarter News

Finnish engineering group Wärtsilä has agreed to divest its Gas Solutions business to German private equity investor Mutares SE & Co. KGaA, continuing its efforts to streamline operations and unlock value from its portfolio.Gas Solutions, which operates globally across the gas value chain, provides systems and lifecycle services for maritime gas handling, inert gas systems, gas-to-power solutions, liquefaction and biogas applications. The unit generated annual revenue of around $350 million (€300 million) in 2024…

MPC Container Ships (MPCC) has entered into contracts with Taizhou Sanfu Ship Engineering in China for the construction of six 3,700 TEU container vessels scheduled for first delivery in second half of 2028.Each vessel will operate under a 10-year time charter, with extension options, to a top five liner company.The vessels are based on the newest design, which optimizes speed and fuel consumption for regional and feeder trades, while keeping enough flexibility to shift between…

Norwegian offshore vessel owner Solstad Maritime has sold its Normand Clipper construction support vessel (CSV) to Global Maritime Group.Global Maritime Group, the current charterer of the vessel, declared the purchase option for the Normand Clipper, with the deliver of set to take lace at the end of the firm contract period on June 1, 2026.The vessel has supported Global Marine Group’s worldwide cable-laying operations since 2020.Solstad Maritime said it recognize a gain on the sale of approximately $10 million to be reflected in the second quarter 2026 accounts.Built in 2001…

Germany has been putting import terminals for liquefied natural gas into operation as part of its efforts to replace piped Russian gas following Moscow's invasion of Ukraine in 2022.The Brunsbuettel terminal received its floating storage regasification unit, the Hoegh Gannet, back on November 24 after upgrades, and Wilhelmshaven 2 has restarted its FSRU Excelsior ready for the coming winter months, state-appointed terminal company Deutsche Energy Terminal said.DET, which is in charge of three terminal locations…

Poland said on Wednesday it had chosen Sweden's Saab to supply it with three submarines, in a multi-billion-dollar deal that forms a key element of Warsaw's efforts to bolster its defences in the Baltic Sea.Warsaw has been ramping up investments in the armed forces to counter what it sees as a growing threat from Russia after Moscow's 2022 invasion of Ukraine.The deal with Sweden under the "Orka" programme to boost Poland's military exemplifies Warsaw's efforts to build a Baltic alliance…

MacGregor has secured a contract to deliver a newly developed high-performance lightweight 165-tonne active heave compensated (AHC) crane to Hong Hua Yard in China for the vessel owner Atlantic Navigation.Equipment delivery is scheduled for completion by the second quarter of 2027, with an option included for one additional crane.The scope of supply includes the complete delivery of a modern 165-tonne AHC crane to be installed on a 90-metre construction support offshore vessel…

Italian offshore services provider Next Geosolutions (NextGeo) has secured a new contract worth around $9.8 million by Saipem for offshore survey and installation support activities under the Bouri Gas Utilization Project (BGUP) in North Africa.The contract covers survey and construction support work for the development of the Bouri gas field, located off the Libyan coast, one of the largest offshore initiatives in the region aimed at boosting gas recovery and utilization.Next Geosolutions said the project will involve deployment of its vessels NG Worker and NG Surveyor…

U.S. ocean shipping company Matson MATX.N has paid $6.4 million in port fees to China since they were implemented on October 14, CEO Matt Cox said on Tuesday.President Donald Trump and President Xi Jinping last week agreed to put those tit-for-tat levies on pause for 12 months, starting on November 10. Media outlets in China had reported that Hawaii-based Matson, one of a handful of global shipping firms with U.S.-built and -flagged vessels, was the first to pay the fees in China.Matson expects the U.S.

Vard Electro, a subsidiary of the Fincantieri-owned Vard Group, has signed an agreement with the German shipyard Lloyd Werft for the delivery of complete automation and power management systems to a Platform Supply Vessel (PSV) currently being converted into a research vessel.The scope of supply covers the removal of the vessel’s existing automation systems, replacing it with Vard Electro’s advanced SeaQ Integrated Automation System (IAS) and SeaQ Power Management System (PMS)…

Norwegian offshore supply vessel owner DOF Group has secured contract extensions for two of its subsea vessels, both operating in Guyana.The contract extensions are for Skandi Nomad and Skandi Constructor, which will remain on duty for one more year each.Following the extensions, Skandi Nomad is contracted until the fourth quarter of 2026 and Skandi Constructor until the second quarter of 2027.Skandi Nomad is a 2010-built vessel, designed for subsea operations across a wide range of water depths and environmental conditions.Skandi Constructor is a 2009-built vessel…

GTT has received an order from its partner the shipyard Hanwha Ocean for the tank design of a new LNG1 Carrier, on behalf of a North America-based ship-owner.The vessel will be equipped with cryogenic tanks designed by GTT for the transport of LNG, offering a total capacity of 174,000 m³. These tanks will incorporate the NO96 L03+ membrane containment system, a technology developed by GTT.Delivery of the vessel is scheduled for the second quarter of 2028.

Technology group Wärtsilä has signed a ten-year lifecycle agreement with Hong Kong-based OPearl LNG Ship Management covering a total of 14 LNG carrier vessels.The agreement is designed to ensure the vessels’ maximum operational reliability by enabling flexible maintenance scheduling and optimizing time between overhauls (TBO).The scope of the agreement includes Wärtsilä’s Dynamic Maintenance Planning solution, which will provide flexible maintenance scheduling and extended maintenance intervals…

Singapore-based marine logistics firm Marco Polo has hired Norwegian ship designer Salt Ship Design to design the CSOV Plus, the next-generation commissioning service operation vessel (CSOV) for oil and gas and offshore wind sectors.The contract was signed between Marco Polo’s Taiwan-based subsidiary PKR Offshore, Salt Ship Design and Marco Polo Shipyard.Marco Polo Marine’s new CSOV Plus marks a significant advancement in offshore support vessel capability.The CSOV vessel will…

Offshore supply vessel operator Havila Shipping ASA delivered stronger results in the second quarter of 2025, supported by high fleet utilization and stable freight revenues.Freight revenues reached NOK 165.5 million in Q2, up NOK 19.5 million from the same period in 2024 and broadly in line with the previous quarter. Total operating income rose to NOK 175 million compared to NOK 152.9 million last year.Operating profit before depreciation increased to NOK 91.3 million (Q2 2024: NOK 78.4 million).

Conrad Industries has announced a net income of $5.8 million for the quarter ended June 30, 2025.Earnings per diluted share of $1.16 compared to net income of $2.2 million and earnings per diluted share of $0.44 during the second quarter of 2024.The company had net income of $9.7 million and earnings per diluted share of $1.93 for the six months ended June 30, 2025 compared to net income of $3.7 million and earnings per diluted share of $0.75 for the six months ended June 30, 2024.During the first six months of 2025…

Global freight forwarder Expeditors International of Washington reported second-quarter profit and revenue above Wall Street estimates on Tuesday, helped by higher airfreight and ocean container volumes and bigger custom fees.Airfreight tonnage and ocean container volume increased 7% each year-over-year for the quarter ended June 30, as companies rushed to import before new U.S. tariffs kick in.The company also benefited as increasingly complex trade policies allowed it to charge shippers higher processing fees.U.S.

Norwegian Cruise Line Holdings signaled a demand rebound for its cruise vacations and maintained its annual profit target, sending its shares up 12% on Thursday.The company had earlier warned that geopolitical tensions and economic uncertainty around tariffs had weakened consumer spending on its premium vacations, particularly for its longer itineraries in Europe.The 12-month forward booked position was ahead of historical levels in recent months after having softened in early April, while on-board spending was strong, CEO Harry Sommer said in a statement.The reaffirming of annual forecast was

Huntington Ingalls Industries, America’s largest military shipbuilder and a global defense technology provider, announced its second-quarter 2025 financial results, highlighting robust cash generation, strategic progress in AI-driven shipbuilding, and a record backlog of $56.9 billion.Q2 2025 Highlights:Revenue: $3.1 billion, up 3.5% YoYNet Earnings: $152 million, or $3.86 diluted EPSFree Cash Flow: $730 million, vs. negative $99 million in Q2 2024New Contract Awards: $11.9 billionRecord…

French shipping giant CMA CGM said on Tuesday it is interested in taking over some of CK Hutchison's ports after the Hong Kong conglomerate's exclusive talks ended with a consortium led by BlackRock this week.CK Hutchison agreed in March to sell the majority of its $22.8 billion global ports business to the consortium also including Italian billionaire Gianluigi Aponte's family-run shipping company MSC, but the exclusive talks expired on Sunday.Gaining a stake in CK Hutchison's…

Royal Caribbean raised its annual profit forecast on Tuesday, banking on resilient demand for its luxury destinations, even as the cruise operator faces pressure from higher fuel costs.The company forecast current-quarter profit below estimates, sending its shares down about 7% in early trading. The stock has gained about 53% this year.Escalating Israel-Iran tensions as well as a recently announced trade deal between the U.S.

General Dynamics' second-quarter profit and revenue topped analyst estimates, driven by robust orders in its marine segment from Columbia- and Virginia-class submarine programs, boosting shares 5% in early trading.The defense company's nuclear-powered submarine-making marine systems segment produced 22.2% more revenue. The unit is now expected to generate 2025 revenue of $15.6 billion with a 7% margin.During the quarter, the Pentagon modified a submarine production contract awarded to the company's marine segment…

Saipem achieved a semester of further growth, confirming the constant progression in operating and financial performance over the last three years which enabled, in the month of May, the distribution of the largest dividend in the company's history.Revenue stood at USD$8.47 billion (€7.2 billion), and EBITDA reached USD$898 million (€764 million), the latter growing by 35% compared to the first six months of last year.

French high-tech industrial group Exail Technologies on Wednesday reported a 52% rise in second-quarter sales, as geopolitical tensions fuel military spending in Europe.The underwater drone maker reported quarterly revenue of 126 million euros ($148 million), boosted by programmes to counter mines and solid navigation system deliveries."The defense sector is making a significant contribution to commercial expansion, with the signing of numerous sovereign programs during the quarter, particularly in Europe and Asia," the group said in a statement.Exail's shares have leapt almost 500% so far thi