Intelsat Reports Third Quarter 2013 Results
Intelsat S.A., a provider of satellite services, has reported revenue of $651.8 million and net income attributable to Intelsat S.A. of $87.8 million, or $0.75 per share on a diluted basis, for the three months ended September 30, 2013. The company also reported EBITDA1, or earnings before net interest, taxes and depreciation and amortization, of $493.6 million, and Adjusted EBITDA1 of $508.4 million, or 78% of revenue, for the three months ended September 30, 2013.
Olivier Named UK Club Chairman
Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division.
IHC Sealing Debuts “Zero-Pollution” Seal
IHC Sealing Solutions, part of IHC Merwede, will launch the zero-pollution SUPREME Athmos seal at the Europort exhibition in Rotterdam, November 5-8. According to the manufacturer, the SUPREME Athmos seal enables ships – with limited draught up to approximately five meters – to prevent oil from being emitted into the environment. A system has been developed to provide a safe and sustainable operation by capturing every possible drop of oil.
Storage Tanks Installed on World’s First FLNG
Wison Offshore & Marine reports that it successfully completed the installation of the three LNG storage tanks into the hull of the Caribbean FLNG project, considered a significant milestone in the delivery of the world’s first floating LNG production unit. With this major activity completed, the pathway is clear for installing the barge deck and topsides on the project. The Caribbean FLNG project…
Survey: Ship Operating Costs to Rise 3-4%
A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than three% in both 2013 and 2014, unwelcome news to shipowners that…
Maersk Group Appoint Divisional CEO's
Morten Engelstoft has been appointed CEO of Services & Other Shipping in Maersk, as well as of Maersk Tankers to replace Hanne B. Sorensen who has been appointed CEO of Damco. The four businesses in Services & Other Shipping (Damco, Maersk Tankers, Maersk Supply Service and Svitzer) will remain individual businesses with their own CEO’s reporting to Morten Engelstoft, who will report directly to Group CEO Nils S. Andersen.
Spent Nuclear Waste Lurks Beneath Arctic Ice
Large-scale Soviet nuclear tests, dumping of spent fuel and two scuttled nuclear-powered submarines are a major source of pollution in the Arctic ocean, reports 'The Moscow Times'. There are 17,000 containers and 19 vessels holding radioactive waste submerged in the Kara Sea, as well as 14 nuclear reactors, according to a report passed by Russia to the Norwegian authorities in 2012, says 'The Moscow Times' citing Bellona, an environmental group that acquired a copy of the document.
ISC Reports Negative Impacts of Sequestration in Q3 2013
International Shipholding Corporation (ISC) reported a net loss of $2.2 million for the three months ended September 30, 2013, which included a $2.0 million reduction from the impact of sequestration on the U.S. Maritime Security Program and $1.6 million charge from the refinancing of various U.S. Flag vessel collateralized loans into one senior $95 million debt facility. Completed a refinancing of its U.S.
Electronic Spectrum: 'We Need to Know What Normal Is', Says Navy CNO
Chief of Naval Operations (CNO) Adm. Jonathan Greenert was the keynote speaker at a national electronic warfare convention held in D.C. hosted by The Association of Old Crows (AOC), a non-profit organization that promotes all aspects of electronic warfare within the Department of Defense and Industry. Speaking to more than 500 military and civilian electronic warfare and information operations professionals…
IMO Sec-Gen to Address Upcoming Denmark CSR Conference
Danish Shipowners' Association in collaboration with the World Maritime University; BIMCO; The Nippon Foundation and the Japanese International Transport Institute…
UK Shipyard Invests in Cornwall Apprentices
5 new apprentices have started work at A&P Falmouth shipyard, underlining the company’s long-term commitment to Cornwall (in the extreme Southwest of England) and the future of the dockyard there. The apprentices beat off stiff competition from almost 70 applicants to be awarded the opportunity with A&P, one of the biggest commercial ship repair companies in the UK. They are electricians Dave Blizzard…
P&I: UK Club Increases 2014 Renewal Rate 10%
The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance. Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year…
International Bunkering Acquires Glander & Re-Brands
Leading bunker and lubricant trading company, International Bunkering, has acquired Glander International, one of the oldest bunker brokering companies in the US.
China Shipyard Delivers Another Handysize Bulker
COSCO (Guangdong) Shipyard has delivered the 57,000 dwt bulk carrier 'Greener' to an Asian buyer. Founded in June 2001, COSCO Shipyard Group Co., Ltd, which is a…
Scana Industrier CEO Steps Down
Norwegian marine, energy, steel and machinery group Scana Industrier announce that as from 1, November 2013, Rolf Roverud leaves his position as CEO of Scana Industrier ASA and Jan Henry Melhus will act as CEO from the same date. Currently, Melhus holds the position as Executive Vice President / COO of Scana Industrier. "I want to thank Mr. Roverud for his strong efforts through a very challenging period for Scana. Both the Board of Scana and Mr.
Google Link With Mystery Barge Confirmed
CNBC reports, citing a Coast Guard spokesman, that the USCG confirms Google is involved or associated with the barge but there is a non-disclosure agreement in effect. And while most of the attention has been on the hulking structure floating in San Francisco Bay, the plot of the mystery is thickening. Another barge that looks eerily similar, and is reported to be registered to the same holding company as the one in San Francisco, appeared off Portland, Maine, just last week.
At Least Viking Profitable for TransAtlantic in Q3 2013
In its interim financial report TransAtlantic states that the Group's liquidity situation is strained and it has been in breach with certain covenants during the third quarter, but it has received waivers from relevant banks. The Group presented a positive quarterly result which relates to Viking Supply Ships operational profit of SEK 100 M. Rederi AB TransAtlantic (STO:RABTB)(OSE:VSS01) entered into…
Port of Hueneme Celebrates Record FY 2013
The Port of Hueneme, on the US West Coast, says it realizes another strong year in FY2013 achieving a record revenue total of approximately $13.4 million in Gross Operating Revenue for a 10.4% increase over FY 2012. The Port’s CEO, Kristin Decas and CFO, Andrew Palomares submitted the auditor’s report to the Port’s Board of Harbor Commissioners at its recent Commission Meeting. Commissioner President…
BC Shipbuilding Industry Launches Cash Prize Competition
The B.C. Shipbuilding and Ship Repair Board (SSRB), with support from the B.C. Ministry of Jobs, Tourism & Skills Training, is kicking off their Shipbuilders campaign with an online contest.
Nontank Vessel Response Plan Final Rule
The "Nontank Vessel Response Plans and Other Response Plan Requirements" (NTVRP) final rule, which was published in the Federal Register on September 30, 2013, requires…
