Iron-Ore Ship Rents Fall
According to a report from Bloomberg, rents for capesize ships that haul iron ore fell the most in a month on excess vessel supplies. Hire rates fell 5.4% to $6…
AKE Supports Unarmed Solution to Piracy
On the day a South Korean ship was attacked by pirates, the “Security Threats to Korean Business Operating Overseas” conference, run by Assist Card Korea, heard…
Stealthgas Receives New LPG Ship
STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast. On April 20, 2011, the Company took delivery of the 5…
Hapag-Lloyd In 2011 First Quarter
In the traditionally weak first quarter Hapag-Lloyd managed to boost revenues by comparison with the same period of the previous year by 16.5 percent to 1.483 million euros. The main reason for this achievement was a ten percent rise to 1,563 USD/TEU in the average freight rate. Transport volume was two percent up on the 2010 first quarter at 1.2 million TEU. Active yield management enabled Hapag-Lloyd to concentrate successfully on profitable cargo…
Marine Current Turbines Wins Prestigious International Award
Marine Current Turbines, the UK tidal energy technology company, has won EnergyOcean International’s 2011 Technology Pioneer Award for successfully demonstrating…
STX Europe 1Q 2011 - Improvements Continuing
- EBITDA of NOK 424 million in Q1 2011 compared with NOK 88 million in Q1 2010. - Profit before tax of NOK 334 million for Q1 2011 (Q1 2010: NOK -151 million). • Order intake of NOK 1 708 million in Q1 2010 (Q1 2010: NOK 2 808 million). • 7 vessels successfully delivered in first quarter 2011. - Singapore listed STX OSV Holdings Limited ("STX OSV"), had continued strong performance in Q1 2011 with an EBITDA result of NOK 439 million.
Dr. Fleming President of BMT Fleet
BMT Fleet Technology Ltd, a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, is pleased to announce the appointment of Dr Gordon Fleming as President. A former Canadian Naval Officer, Gordon has over 30 years of experience in the aerospace and defence industry with a focus on the naval marketplace. He holds a BSc from Royal Roads Military…
Wilhelmsen Holding Q1 2011 Results
Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating profit year over year backed by a rebound in its shipping activities. WWH posted an operating profit of USD 57.7 million for the first quarter of 2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which is up almost 18% from 2010 (USD 639.7 million).
Conrad Announces Q1 2011 Results
Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River. For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010.
NOIA Applauds Passage of HR 1229
Washington, D.C. “We applaud the bi-partisan passage today of HR 1229, `Putting the Gulf of Mexico Back to Work Act'. The legislation is important to oil and gas companies because it lays the foundation for consistency and reliability in the offshore permitting process. A statutory timeframe in which the government must decide to either approve or deny a permit to drill offshore will replace the current limbo-like waiting game with a predictable response time.
Prem Kumar Added to EPA Fugitive List
WASHINGTON – Prem Kumar, also known as Premakumaran Krishnan, a citizen of India, has been added to the U.S. Environmental Protection Agency’s (EPA) fugitive list for failing to surrender to federal law enforcement authorities after he was indicted for his role in an illegal ocean-going vessel wastewater discharge case. Illegally discharging wastewater into the ocean threatens aquatic life and can lead to fish kills, contamination of fish and shellfish, and may have long-term ecological effects.
Shipping Disruptions: Japan Battles Back
Japan is waging a public relations war as it struggles to control the nuclear contamination threat at home while playing down the concerns of consumers abroad. Fears of tainted goods from the battered nation are affecting trade flows, with regional weather distributing radiation particles and hysteria across Asia. In South Korea, panic over radioactive rain in March saw schools shut down en masse, despite the minute level of radiation posing no known health risks.
Danish Shipowners: On Growth track in Wake of Economic Crisis
Denmark has retained its position as one of the world's leading maritime nations, despite the economic crisis. In terms of operated tonnage, Denmark is today the fifth largest maritime nation in the world. In all, Danish shipping companies transport some 10% of the world trade. Henrik Segercrantz reports on Danish maritime issues. Danish shipping is global, with trade within Europe counting for only a quarter of the industry’s total revenues.
Goldenport Holdings: Delivery of Two New-Build Bulk Carriers
Goldenport Holdings Inc., (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that on 18 April…
Globus Maritime Limited Reports Financial Results
Globus Maritime Limited (NASDAQ: GLBS), a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the three-month period ended March 31, 2011. The Company also declared a quarterly cash dividend of $0.16 per share for the three-month period ended March 31, 2011. This is the third quarterly cash dividend declared by the Company’s Board of Directors since the listing of its common shares on the NASDAQ Global Market in November 2010.
Focus On China: Refineries, Pipelines And Vessel Supply
China’s demand for imported oil is, and will, continue to be one of the key influences on the tanker market, according to industry experts Braemar Shipping Services plc. Demand growth in the country has progressed at an unprecedented pace over the last decade, a pattern universally anticipated to continue. This additional demand will increase China’s dependence on imported crude with beneficial knock-on effects for the tanker industry.
Farstad Shipping Awarded Charter Contracts
AHTS Far Sound (2007, UT 712L, 16.000 BHP), AHTS Far Sword (2006, UT 712L, 16.000 BHP) and AHTS Far Scimitar (2008, UT 712L, 16.000 BHP) have been contracted by Hess to support their drilling program in Australia for at least 10 months commencing in May. In the North Sea PSV Far Service (1995, UT 745, 4.680 DWT) has been awarded a 24 months firm contract by BP commencing in July with 2x6 month options.
Hornbeck Offshore Announces Q1 2011 Results
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2011. First quarter 2011 revenues decreased 16.1% to $72.3 million compared to $86.2 million for the first quarter of 2010 and decreased 25.7% compared to $97.3 million for the fourth quarter of 2010. Operating income was $0.7 million, or 1.0% of revenues, for the first quarter of 2011 compared to $15.7 million…
Essar Shipping Ports and Logistics: New Management Structure
Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL) which is a part of Essar Group today held its Committee of Directors (Demerger Committee) meeting and announced the completion of the demerger process. The committee fixed 19th May 2011 as the record date. ESPLL announced that the company has received all the approvals hence the completion of the process. The company also announced the new management structure for the two companies once they are listed on exchange.
Fairmount Tugs Deliver FPSO Pazflor
A specialized team lead by Fairmount Marine has completed successfully the tow, mooring and positioning hook-up of the floating production storage and offloading unit (FPSO) Pazflor offshore Angola. Earlier Fairmount’s powerful tugs Fairmount Expedition, Fairmount Glacier and Fairmount Alpine have towed FPSO Pazflor from Korea to Angola. After arrival offshore Angola the 30 man team of Fairmount Marine connected the FPSO Pazflor to its moorings…
