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Friday, January 19, 2018

Year End News

Tide Runs Against Dry Bulk Carrier Genco in 2012

Genco Shipping & Trading Limited reports its financial results for the three and twelve months ended December 31, 2012. The net loss attributable to Genco was $144.9 million or $3.47 basic and diluted loss per share for the year ended December 31, 2012, compared to net income attributable to Genco of $25.4 million or $0.72 basic and diluted earnings per share for the year ended December 31, 2011. Voyage revenues decreased to $223.2 million for the year ended December 31, 2012 compared to $388.9 million for the year ended December 31, 2011. EBITDA was $82.5 million for the year ended December 31, 2012 versus $249.1 million for the year ended December 31, 2011.

Conrad Industries Reports Final 1999 Results

Conrad Industries reported net income of $1.5 million for the year ended December 31, 1999, compared to net income of $254,000 for the year ended 1998. Revenues for the year ended December 31, 1999 were $32.6 million compared to $46.3 million for the year ended December 31, 1998. The results for 1998 were affected by a non-cash executive compensation charge of $4.7 million.

MHI: Notice Regarding Dividends

At a meeting of the Mitsubishi Heavy Industries, Ltd. (MHI) Board of Directors held, a resolution was made to submit a proposal concerning distribution of dividends from retained earnings to shareholders of record as of March 31, 2013, to the 88th Ordinary General Meeting of Shareholders scheduled to be held on June 26, 2013. Details are shown below.

Greece's Danaos Maintains Last Year's Profitability

Danaos Corporation reports fourth quarter and full year results for the year ended December 31, 2012. Operating revenues of $151.8 million for the three months ended December 31, 2012 compared to $128.3 million for the three months ended December 31, 2011, an increase of 18.3%. Operating revenues of $589.0 million for the year ended December 31, 2012 compared to $468.1 million for the year ended December 31, 2011, an increase of 25.8%. Adjusted EBITDA1 of $112.4 million for the three months ended December 31, 2012 compared to $88.8 million for the three months ended December 31, 2011, an increase of 26.6%. Adjusted EBITDA1 of $431.7 million for the year ended December 31, 2012 compared to $318.6 million for the year ended December 31, 2011, an increase of 35.5%.

DryShips Reports 4Q Results

DryShips Inc announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2007. million or $5.37 per share. gain on the sale of 1 vessel of $31.5 million or $0.87 per share. gain, Net Income would amount to $163.7 million or $4.50 per share. million. $475.4 million or $13.32 per share. gain on the sale of 11 vessels of $135.0 million or $3.78 per share. this gain, Net Income would amount to $340.4 million or $9.54 per share. million. quarterly cash dividend of $0.20 per common share. to $74.0 million for the fourth quarter ended December 31, 2006. million for the quarter ended December 31, 2006. 2006. $63.8 million in the quarter ended December 31, 2006. of 2006 earning an average TCE rate of $24,466 per day.

Navigator Holdings Run a Tight Ship, Report 2013 Profit Surge

Gas carrier: Photo courtesy of Navigator Holdings

In its preliminary fourth quarter and financial year 2013 results, ship owners and charterers Navigator Holdings report that EBITDA increased to $106.8 million for the year ended December 31, 2013 from $63.9 million for 2012. Operating revenue for the year ended December 31, 2013 amounted to $234.3 million (excluding the cargo revenue mentioned above), an increase of $87.6 million compared to operating revenue of $146.7 million for the year ended December 31, 2012. Net operating revenue…

Star Bulk Q4 & Year End Results

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the fourth quarter and the year ended December 31, 2009. Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to report that the Company completed its 2009 financial year, a challenging year, in a strong financial condition. As we look forward into 2010, our approach will be one of conservative growth by seeking value-enhancing assets, while maintaining the strength of our balance sheet. In this context, we believe that the recently announced acquisition of the capesize vessel…

Danaos Corporation Reports Q4 & Full Year Results

Athens, Greece, March 17, 2011 – Danaos Corporation ("Danaos") (NYSE: DAC), an international owner of containerships, reported unaudited results for the period ended December 31, 2010. * We took delivery of one 3,400 TEU containership in October 2010, and two more newly built vessels with an aggregate carrying capacity of 13,500 TEU during 2011. * Operating revenues of $100.5 million and $359.7 million for the three months and year ended December 31, 2010, respectively. * Adjusted…

Costamare Q4 & Year End Report

Costamare Inc. (NYSE: CMRE), an international owner of containerships, reported unaudited financial results for the fourth quarter and for the year ended December 31, 2010. Voyage revenues of $85.7 million and $353.2 million for the three months and the year ended December 31, 2010, respectively. Adjusted EBITDA of $56.2 million and $223.6 million for the three months and the year ended December 31, 2010, respectively. Net income of $11.8 million or $0.21 per share and $81.2 million or $1.65 per share for the three months and the year ended December 31, 2010, respectively. Adjusted Net Income of $18.0 million or $0.33 per share and $73.8 million or $1.50 per share for the three months and the year ended December 31, 2010, respectively.

Star Bulk Carriers Q4 & Year End Report

Star Bulk Carriers Corp. (Nasdaq: SBLK),a global shipping company focusing on the transportation of dry bulk cargoes, today announced that its Board of Directors declared a cash dividend of $0.05 per outstanding share of the Company's common stock for the three months ended December 31, 2010. The dividend is payable on or about March 10, 2011, to shareholders of record as of March 4, 2011. The company also announced today its unaudited financial and operating results for the fourth quarter and for the year ended December 31, 2010. Spyros Capralos, President and CEO of Star Bulk commented: "Our strong fourth quarter 2010 results of $0.38 per share excluding non-cash items were above Street estimates capping a solid financial year for our Company despite the volatile markets.

Chinese Shipbuilder Warns of Loss

In accord with  Hong Stock Exchange rules China Rongsherg Rongsheng Heavy Industries Group announces an expected net loss for year ending 2012. The Company believes that the net loss is primarily attributable to the decline in the shipbuilding market during the eleven months ended 30 November 2012, which led to the sharp decrease in the orders and prices of vessels compared with the same period last year. Based on the unaudited consolidated management accounts of the Company and its subsidiaries (collectively the “Group”) for the eleven months ended 30 November 2012 and the preliminary estimation by the Company, the Group is expected to incur a net loss for the year ending 31 December 2012 as compared with the published net profit for the year ended 31 December 2011.

Greeces's Danaos Reports 2011 Results

Greek-based containership owner Danaos Corporation (NYSE: DAC) reported unaudited results for the quarter and full year ended December 31, 2011. - Operating revenues of $128.3 million for the three months ended December 31, 2011 compared to $100.5 million for the three months ended December 31, 2010, an increase of 27.7%. - Operating revenues of $468.1 million for the year ended December 31, 2011 compared to $359.7 million for the year ended December 31, 2010, an increase of 30.1%. - Adjusted EBITDA1 of $88.8 million for the three months ended December 31, 2011 compared to $65.0 million for the three months ended December 31, 2010, an increase of 36.6%.

Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The Company explains that the loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx, and direct sale and other charges associated with the disposal of the vessel Spinel amounting to $12.2 million…

Greece's Costamare Deliver Positive 2012 Financial Results

In a challenging market, Costamere has minimized its re-chartering risk, identifies possibilites to expand in container ship market. Costamare Inc. is a leading international owner of containerships. Through its subsidiaries Costamare Inc. owns a fleet of 58 vessels aggregating approximately 330,000 TEU. Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively. Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively. Adjusted EBITDA of $62.5 million and $253.1 million for the three months and year ended December 31, 2012, respectively.

Conrad Completes New Drydock, Outlook Good In 2001

Conrad Industries, founded in 1948, specializes in the construction, conversion and repair of marine vessels for commercial and government customers and the fabrication of modular components of offshore drilling rigs and floating production, storage and off-loading vessels. The company currently operates three shipyards located along the Gulf Coast in Morgan City and Amelia, Louisiana and Orange, Texas. William H. Hidalgo, president and CEO of Conrad said, “We are pleased with our profitability for the year 2000, particularly considering that a large portion of our vessel construction effort was spent building our new dry-dock which was a non-revenue generating project. The new dry-dock is being tested at this time and should be ready for its first project by February 25, 2001.

Chevron Clarifies Deepwater GOM Production

Chevron Corp. clarified the production rate for Genesis, a deepwater project in the Gulf of Mexico, which was reported in the corporation's quarterly earnings release. The 1999 year-end gross oil-equivalent production from Genesis, operated and 57-percent owned by Chevron, was 47,000 bpd. The 63,000 bpd reported for Genesis was the peak production rate for a period during the fourth quarter, not the year-end level. The gross oil-equivalent production from the 40 percent-owned Gemini project at year-end was 35,000 bpd, as reported in the earnings release. A third Gulf of Mexico deepwater project, Typhoon, in which Chevron has a 50-percent stake, is expected to begin producing by mid-2001.

Global Ship Lease Reports Q4 2009 Results

Global Ship Lease, Inc. (NYSE:GSL)(NYSE:GSL.U)(NYSE:GSL.WS), a containership charter owner, announced its unaudited results for the three months ended December 31, 2009. - Generated $16.5 million of cash in the fourth quarter of 2009 up 29% on $12.8 million on cash generated in fourth quarter 2008. - Reported revenue of $39.9 million for the fourth quarter of 2009, up 52% on $26.3 million for the fourth quarter 2008 due to the purchase of four additional vessels in December 2008 and one additional vessel in August 2009. - Reported normalized net earnings of $7.3 million, or $0.13 per share, for the fourth quarter of 2009, excluding a $5.1 million non-cash interest rate derivative mark-to-market gain.

Dryships 4Q & Year End Operating Results

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2008. Financial Highlights: For the fourth quarter of 2008, the company reported a loss of $1.02 billion or $18.42 per share. Included in the fourth quarter results are a non-cash loss of $700.5 million or $12.68 per share related to the impairment of goodwill associated with the acquisition of Ocean Rig ASA, a loss related to contract termination fees and forfeiture of vessel deposits of $160.0 million or $2.90 per share, a non cash loss of $177.0 million or $3.20 per share associated with the valuation of the Company’s interest rate swaps…

Stolt-Nielsen S.A. Reports 4Q and 2007 Results

Stolt-Nielsen S.A. reported results for the fourth quarter and full year ended November 30, 2007. The financial statements for the full year ended November 30, 2007 have been audited. • Operating revenue for the fourth quarter of $460.8 million, up 14% compared with same quarter last year. Operating revenue for the full year of $1,759.4 million, up 12% compared with the previous year. • Operating income for the fourth quarter of $47.0 million, up 7% compared with fourth quarter of last year. Operating income for the full year of $193.0 million, up 16% compared with the previous year. • Net income for the fourth quarter of $36.3 million…

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…

Intelsat Announces Q4 and 2015 Results

Intelsat S.A., a provider of satellite services, has announced preliminary financial results for the three months and full year ended December 31, 2015. Intelsat reported preliminary total revenue of $571.3 million for the three months ended December 31, 2015. The company expects to incur a non-cash impairment charge resulting in a substantial reduction of our $6.8 billion goodwill and other intangible assets. The charges primarily reflect a reduction to the goodwill value established as a result of the acquisition of Intelsat in 2008. At present, we believe this process will be completed in the next two weeks after which we would expect to file our Annual Report on Form 20-F for the year ended December 31, 2015.

Lighthouse Fast Ferry Reports Record Results

Lighthouse Fast Ferry, Inc. reported record sales results for the fourth quarter and twelve months ended December 31, 2001. For the year-ended December 31, 2001, total revenue increased 10% to a record $4.4 million from $4.1 million for the prior-year period in 2000. Passenger ticket sales jumped nearly 16% to $3.9 million from $3.4 million in the prior-year period, reflecting increased rider-ship at the company's Highlands, New Jersey site, where total annual rider-ship rose 6% to 297,775 passengers. Immediate demand for the company's latest Keyport, New Jersey service, which commenced on October 15, 2001, also contributed to sales, with a rider-ship of 24,693 passengers at year-end 2001.

Tidewater Reports 4Q Results

Tidewater Inc. announced fourth quarter net earnings for the period ended March 31, 2005, of $52.4 million, or $.91 per share, on revenues of $179.6 million. For the same quarter last year, there was a net loss of $7.0 million, or $.12 per share, on revenues of $154.2 million. For fiscal year ended March 31, 2005, net earnings were $101.3 million, or $1.78 per share, on revenues of $692.2 million. For the fiscal year ended March 31, 2004, net earnings were $41.7 million, or $.73 per share, on revenues of $652.6 million. Included in both the fourth quarter and year ended March 31, 2005 results is a non-cash tax benefit of $31.8 million ($.55 per share) resulting from the positive tax impact from the American Jobs Creation Act of 2004.

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

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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