Finance News


'The Seafarers' Charter': P&I Clubs Clarify Financial Obligations

May 27, 2013

Entry into force of the Maritime Labour Convention, 2006 (MLC) Circular 10/13: International Group P&I clubs clarify financial aspects. Outline The International Group clubs have agreed to extend standard P&I cover to include repatriation…

Maersk Tanker Fleet on Fuel-saving Retrofit Crusade

May 26, 2013

Maersk Tankers plan to spend up to $35m as it pushes ahead with a fuel saving retrofit programme.One of the company's 'I-class' VLCCs is being fitted with fuel saving devices, iincluding Becker Mewis propeller ducts and propeller boss cap fins on a range of owned tankers…

AUV Manufacturing a Growth Industry Says New Report

May 24, 2013

Strong revenue growth will continue over the next five years as AUV's (Autonomous Underwater Vehicle) are increasingly used in commercial scenarios predicts IBISWorld's market research.The Autonomous Underwater Vehicle (AUV) Manufacturing…

Gulfstream Services Names Broussard Manager

May 23, 2013

Gulfstream Services, Inc. (GSI), an oilfield rental company providing high pressure equipment for the international oil and gas industry, has named Dale Broussard as Manager – Quality Assurance (QA) and Health, Safety and Environment (HSE), announced Gulfstream Services President Mike Mire…

Oceanteam Offshore Vessels Fully Employed in Q1 2013

May 23, 2013

Oceanteam also says it continued its investment program in 2.000 / 4.000-ton modular carousel systems. Highlights for the first quarter of 2013:· Revenue from operations USD 16.5 million· EBITDA from operations is positive USD 7.2 million· Operating profit of USD 3…

Tankship Surplus Hits Clean Tanker Rates

May 22, 2013

Clean tanker rates for refined petroleum products on top export routes soften with build up of ships pressurizing the transatlantic market.Rates for medium-range (MR) tankers for 37,000-tonne cargoes on the TC2 route from Rotterdam to New York were at W140…

Maersk Drilling Fast Out of the Blocks in 2013

May 21, 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…

China Development Bank Grants Paragon Credit Facility

May 21, 2013

Greece's Paragon Shipping Inc. obtains a $69-million credit facility with China Development Bank  to partially finance its two 4,800 TEU containerships currently under construction.The two container ships on order are expected to be delivered in the second quarter of 2014…

Hapag-Lloyd Cuts Losses in Q1 2013

May 20, 2013

The company reports its earlier loss significantly reduced in first quarter 2013 financial results.Financial highlights: Freight rate up 4.2% year on year Slight increase in transport volume Revenue growth of 3.1% Loss…

China's Shipbuilding Hub Faces Precipice

May 20, 2013

Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide  shipyard finances.The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win…

New CFO at Royal Caribbean

May 16, 2013

Royal Caribbean announced that Brian Rice, Vice Chairman and CFO of Royal Caribbean Cruises Ltd., will transition his CFO responsibilities to Jason Liberty as he prepares for his retirement in the spring of 2014. Rice will continue to serve as Vice Chairman until his retirement…

Hamburg Süd 2012: Better, but Not yet Good Enough

May 15, 2013

Hamburg Süd’s performance in brief Following the powerful recovery of the world economy in 2010 and a weaker 2011, global growth continued in the past financial year, albeit at a slower pace. Against this backdrop, container shipments increased once again…

Shipbuilding Industry Makes a Soft Landing

May 15, 2013

The  landing has been cushioned by a shift in orders from mainstream-type merchant ships towards specialised offshore segment support vessels.According to the BIMCO analysis the shipyard industry seemed to head straight for the output-abyss just 15 months ago…

Conrad Industries Report Smooth Sailing in Q1 2013

May 15, 2013

US shipbuilder & repairer Conrad Industries, announces its first quarter 2013 results and backlog. For the quarter ended March 31, 2013, Conrad achieved net income of $5.9 million and earnings per diluted share of $0.99 compared to net income of $3…

Chinese Ship Agency Reports Profit Tumble

May 15, 2013

Non-state company, Sino-Global, announces major decline in third quarter 2013 financial results, raises cash by share issue.Sino-Global is a non-state-owned provider of shipping agency services operating primarily in China. Financial highlights are as folllows: Total revenues decreased 74…

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