High activity on the Norwegian shelf leads to high day rates for drilling rigs.Desperate oil companies are forcing day rates for drilling rigs to reach new heights. Analysts believe day rates will be over $700,000 this autumn, reports the 'Barents Observer'…
Growth in shipping earnings & rebound by maritime services segment lift operating profit in second quarter 2012.Operating profit for the second quarter was USD 139 million (USD 71 million), an increase of 94% compared with the second quarter of 2011 and up 31% from the first quarter of 2012…
Singapore's Neptune Orient Lines (NOL) Group reports US$57 million Year-on-Year improvement in Core EBIT.Excerpts from the financial report follow:NOL Group report second quarter 2012 Core EBIT (Earnings Before Interest and Taxes) of US$16 million…
The Drewry Hong Kong-Los Angeles container rate benchmark, soared by 17.5% to US$2,452 per 40ft container this week.Last week’s Drewry transpacific price benchmark dated 1st August increased by just $71 per 40ft container from levels in the previous week…
As costs of bunker fuel, logistics and M&R continue to rise to record levels and to close the gap between breakeven and market rates, CMA CGM has decided to file a Rate Restoration Initiative (RRI) for reefer containers from the United States to Asia…
Tognum adjusts its forecast at end of the first half-year 2012, anticipating growth in revenues in the lower single-digits.The company now anticipates growth in revenues in the lower single-digit percentage range and thus remains within the current forecast corridor…
Safe Bulkers, Inc. of Athens, announce unaudited financial results for 3 & 6 months ended 30, June 2012Fleet and Employment Profile: As of July 31, 2012, the Company’s current fleet was comprised of 21 drybulk vessels with an average age of 4…
DNB Bank Singapore appointed Erik Gundersen Papp as its new Regional Head of Asia, Energy & Corporates at its Asian headquarters in Singapore.He will be responsible for the bank’s clients in the energy sector as well as the growing number…
Conditions will eventually improve for the industry over the next five years according to IBISWorld's market research.Excerpts from the synopsis provided follow:The report says that after years of easy growth, life became more difficult for operators in the industry in the second half of 2008…
Qatar Navigation (Milaha) Q.S.C. announce its financial results for the first half of 2012, ending June 30th.Summary financial results are as follows: • Operating revenues of QR 1.164 billion vs. QR 1.159 billion for the same period in 2011…
Horizon Lines reports second-quarter 2012 financial results: container volume improves 3.6% from a year ago.Sam Woodward, President and Chief Executive Officer said 'Our overall adjusted EBITDA performance for the quarter was better than expected…
China’s first half 2012 shipyard figures make grim reading & the national shipbuilding association warns little chance of help from Beijing.In the first half, newly received order volume in China were 10.74m tons, sharply down 50.3% year-on-year…
Matson, Inc. announces its second quarter 2012 financial results.The financial results for the second quarter and first six months of 2012 reflect Matson's separation from its former parent corporation, Alexander & Baldwin, Inc., on June 29…
The Company recorded net loss of US$27.7-million by Genco in the second quarter of 2012 Extracts from the Genco financial report follow:The financial report showed a loss attributable to Genco for the second quarter of 2012 of $27.7 million…
COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses.Highlights: Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012…