VT Group Benefits from Acquisitions
Support services and shipbuilding firm VT Group said its interim results benefited from the positive impact of recent acquisitions, which traded in line with expectations. The company's earning per share jumped 22.3% to 12.89p. Due to the strong results, the company increased the interim dividend payable to 3.25p a share, an 8.3% increase from 2005. Within the next six months, the group will find out whether its bids for three large military PFI support programmes have been successful.
Aker Kvaerner Appoints Helsing EVP
Pål Helsing was appointed Executive Vice President for Aker Kvaerner's Business Area Field Development, succeeding Simen Lieungh. Helsing will be a member of the Executive Management Team reporting to Martinus Brandal, President & CEO. Helsing comes from Subsea, one of Aker Kvaerner's five Business Areas, where he was Senior Vice President for Subsea Systems. Helsing has worked with Aker Kvaerner since 1993, and has extensive industry experience from several high-level management positions within the company in Norway and internationally. Before starting with Aker Kvaerner, Helsing worked with FMC Kongsberg as Engineering Manager. He obtained his academic education from Glasgow University and the Norwegian School of Management.
Steamship Reports Strongest Results
The Steamship Mutual Underwriting Association (Bermuda) achieved a combined ratio of 78.6% for the 2014-2015 policy year, one of the strongest results in its 100-plus years of existence. Free reserves increased by US$75 million to US$376.2 million and the financial year combined ratio was 78.6%, one of the strongest results in the Club’s history. For the 2014/15 policy year, when compared to the preceding year, the Club again experienced fewer claims in the layers below US$250,000 but the average cost of such claims rose by 7%.
Seoul Shares Rise; STX Shipbuilding Surges
Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY.OL) for $800m, a move analysts said underlined its commitment to fast expansion and would bolster networks in Europe. The benchmark Korea Composite Stock Price Index (KOSPI) (.KS11) gained 2.3 percent to 1,947.98, staging a strong rebound a day after slumping 3.4 percent to its lowest close in more than a month.
NOL Shares Surge, 1999 Results Seen Strong
Shipping and logistics group Neptune Orient Lines (NOL), which lost more than half its market capitalization since the start of the year, saw a staggering 26 million shares traded on Tuesday. By 0900 GMT, NOL ended at S$1.24 ($.72), up 19 cents, amounting to a market capitalization of about S$1.4 billion ($814.5 million). Fueling the shares of the national shipper were persistent buy calls by major research houses, even after NOL's share price collapsed to S$1 ($.58) by mid-March from S$2.35 ($1.37) in early January. Adding to market euphoria were expectations that NOL, in the red since 1997, would unveil strong results for 1999 on March 27, due to improved freight rates and asset sales, analysts said.
Norden Boosts Earnings Expectations
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.
Stelmar Shipping Reports 2Q Results
Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003. Net income for the quarter included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process.
Recovery for European Shipowners?
European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS. Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to. A bunker clause is an agreement between charterer and shipowner whereby the charterer pays for fuel at the port and then the shipowner reimburses the charterer for the fuel left in the vessel on its return…
Seanergy Maritime Q3 Results
Seanergy Maritime Holdings Corp. announced its operating results for the third quarter and nine month period ended September 30, 2009. -- EBITDA of $23.1 million for the three months ended September 30, 2009. -- Following the acquisition of BET in August 2009, the company operates a fleet of 11 vessels with a total capacity of 1,043,296 dwt. -- Net Revenues of $70.7 million. -- EBITDA of $60.7 million for the nine months ended September 30, 2009. -- Net Income of $33.3 million, or $1.44 per basic share and $1.13 per diluted share, based on weighted average common shares outstanding of 23,109,073 basic, and 29,420,518 diluted. -- Fleet utilization of 87.4%.
Shell Announces Strong Results
Oil giant Royal Dutch/Shell Group announced record fourth quarter profits, after a more than twofold jump in oil prices and as the benefits of its restructuring program continued to show through. Adjusted current cost net income soared by 173 percent to $2.235 billion in fourth quarter 1999, which was at the top end of analysts' forecasts, while net income of $2.582 billion compared with a loss of 3.739 billion the year before. Current cost net income for the full year rose 38 percent to $7.09 billion, after adjusting for special credits and charges. Exploration and production provided the main profit boost, hitting $1,507 million in the fourth quarter compared with a loss of $1,906 million in 1998 as crude prices soared.
Maersk Drilling Fast Out of the Blocks in 2013
Interim financial results for Q1 2013 show a strong start to 2013 by Maersk Drilling. With an increase in profit to USD 146 million in the first quarter of 2013 from USD 123 million in first quarter of 2012, Maersk Drilling has come off to a good start in 2013. The strong result – up by 19 % – is positively impacted by a solid operational performance across the entire rig fleet. “The performance in the first quarter of 2013 shows the strength and potential of our business. With a strong financial performance driven by solid operations we are back on track, and we reiterate our expectation of a higher result in 2013 compared to 2012. Our long term target remains intact with an ambition of delivering a profit of USD 1 billion by 2018,” says Claus V.
Bunkerers Aegean Report Strong Q2 Results
Aegean Marine Petroleum Network Inc. Sales volumes of 2,659,620 metric tons. Gross profit of $84.5 million. Operating income of $19.3 million. Net income attributable to Aegean shareholders of $9.3 million or $0.20 basic and diluted earnings per share. EBITDA of $26.7 million. E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "Our strong second quarter results extend our recent track record of profitability and growth and demonstrate that we are successfully executing our strategy despite prevailing industry headwinds. Mr.
OSG Reports $284m Profit In 2015
Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015. The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period. For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million. The Board has declared a dividend of $0.08 per share. “We are pleased to report strong results for the 4th quarter and full year 2015,” said Captain Ian T.
Greg Scheu to Head Up ABB's N.America Business
ABB, the power and automation technology group, is realigning responsibilities in its Group Executive Committee (EC) to put a strong focus on acquisition integration and the significantly expanded North American business portfolio with the new appointment. Under these changes, Greg Scheu, who is currently responsible for Marketing and Customer Solutions (MC) on the EC, will lead the Group’s acquisition integration efforts and take over responsibility for North America including the United States, ABB’s largest geographical market.
Stolt-Nielsen S.A. Reports Unaudited 1Q Results
Stolt-Nielsen S.A. reported unaudited results for the first quarter ended February 28, 2007. -- Operating revenue of $407.9 million for the quarter, compared with operating revenue of $382.5 million for the first quarter of 2006. -- Net income of $105.5 million (including $44.3 million gain on sale of Southern bluefin tuna business and $21.8 million for the 25% interest in Marine Harvest), compared with net income of $47.9 million for the same quarter last year. -- Stolt-Nielsen Transportation Group (SNTG) operating income was $49.6 million, compared with $50.2 million for the same quarter last year. -- Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.32…
Marine Survey Company Avoids Storm
On Wednesday April 24, the marine survey company EIVA a/s published its 2012 Annual Report. The offshore specialist thereby concludes a financial year where its activities have been characterised by growth, with high expectations for 2013. While many businesses are still experiencing weak demand, EIVA a/s can look back on a very satisfactory year in the offshore industry. EIVA has provided hardware and software for businesses specialised in energy, engineering and surveys at sea since 1978, which the annual report published today demonstrates through strong results that are the best the company has seen the last 35 years. While the revenue declined by nearly DKK 6 m due to reduced sales of third-party equipment, the number of own products sold advanced.
Seanergy Maritime Q4 & Year End Results
Seanergy Maritime Holdings Corp. announced its operating results for the fourth quarter and the year ended December 31, 2009. Dale Ploughman, the Company's Chief Executive Officer, stated: "Despite the difficult market conditions we are pleased to report strong results for 2009. These results reflect our strong cash flow, the high fleet utilization and our operational efficiency. "2009 has been a transformational year for Seanergy. We managed to double our controlled fleet from 6 to 11 vessels with the acquisition of BET and we reinforced our capital structure with the conversion of the $28.5 million promissory note, issued in our business combination, into common stock.
Jotun Announces Strong Results
The Jotun group has four profitable months behind it and concludes the period with higher turnover, higher volumes and higher profits than for the same period in 2005. "It is pleasing to see turnover continue to increase in 2006 as well, and the profit for the first four months bodes well for the rest of the year," said Morten Fon, President and CEO of the Jotun group. The positive developments from 2005 have continued in 2006, and during the first four months of the year Jotun had sales and operating income of NOK 2.4 billion, NOK 333 million higher than for the same period in 2005. The group's ordinary profit before tax was NOK 220 million, compared with NOK 163 million in 2005.
Allianz Reports Strong 2Q 2014 Results
Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros. Net income attributable to shareholders amounted to 1.76 (1.59) billion euros, an increase of 10.5 percent. In the first half of the year, Allianz Group reported the highest total revenues in the company’s history. Total revenues rose 7.8 percent to 63.42 (58.82) billion euros.
Dredging Permits for Bayport & Barbours Cut Expected Soon
Following the recent meeting of the Port Commission of the Port of Houston Authority, the following news items of note were released. The Port Commission approved a $68 million construction contract with Orion Construction L.P. for Bayport and Barbours Cut channel improvements. These significant dredging projects will begin, following issuance of U.S. Army Corps of Engineers permits and approval of its assumption of maintenance of the channels, Executive Director Roger Guenther reported.
Aecon Report Strong Q2 2014 Energy Sector Results
Canada-based Aecon Group Inc. Revenue was $590 million for the second quarter of 2014 compared to $698 million for the same period of 2013, largely due to lower revenue in Mining (as a result of lower volume of site installation work following the substantial completion of a significant project in 2013, and lower demand for contract mining services largely driven by temporary client production shutdowns in the oil sands during the second quarter). Adjusted EBITDA for the second…
Long Beach Tops 7 Mln TEUs
Propelled by six consecutive months of rising cargo volumes in the final two quarters of 2015, the Port of Long Beach recovered from systemic congestion and cargo diversion in the first quarter to deliver one of its strongest results on record. For only the third time in its 105-year history, Long Beach topped 7 million TEUs (twenty-foot equivalent units, a standard container unit) during the year. Cargo volume climbed 5.4 percent in 2015 compared to 2014, as the Southern California…
Cummins Reports Revenue Jump in Q2 2014
Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Revenues in North America increased 14 percent while international sales decreased 1 percent compared to the second quarter a year ago. Within international markets, lower revenues in Mexico, Brazil and India offset stronger demand in China.