Yangzijiang Shipbuilding Q2 Profit Surges 73%
China’s Yangzijiang Shipbuilding Holdings reported a 73 percent increase in second-quarter net profit, helped by higher revenue from the construction of larger-size vessels, Reuters reported. The company, which specialises in dry-bulk carriers, posted a net profit of 719.92 million yuan (S$146 million) for the second quarter ended June 30, 2017. Revenue increased 27 per cent year on year to 3.79 billion yuan in Q2 due to higher contributions across its different businesses.
OP/Ed: Outsourcing Boosts Marine Staffing Efficiencies
Daniel Ward, Director of staffing services provider WRS’ Marine Division, specializes in providing both contract recruitment solutions and crew management services to clients and vessel operators globally. Ward explains how outsourcing crew management functions can help marine companies increase efficiencies. Clearly the marine industry has had a tough time this past couple of years – links to the oil and gas sector, in particular for marine operators with oil and gas supply contracts mean that the industry at large has been hugely affected by falls in commodity prices.
Boon, Non-executive Director of ST Engineering Resigns
Singapore Technologies Engineering Ltd (ST Engineering) today announced the resignation of Mr Quek Tong Boon as non-executive Director with effect from 1 July 2016. Mr Quek has been with the Board since 1 March 2008 and has been the Chairman of its Research, Development and Technology Committee. The Board of Directors would like to acknowledge its deep appreciation to Mr Quek for his invaluable contributions to the Board and the Board Committee he has served. ST Engineering, headquartered in Singapore…
Otto Marine Redeems Preference Shares, Cuts Staff
Singapore-listed Otto Marine Limited said one of its subsidiaries – GO Marine Investments Pte Ltd – had fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash. “The above transaction is not expected to have any material financial impact on the consolidated net tangible assets per share or consolidated earnings per share of the Company and the Group for the current financial year ending 31 December 2015,” the company said in a regulatory filing.
Sembcorp Marine Q4 Net Profit Up 9.2%
(Reuters) Singapore's Sembcorp Marine Ltd, one of the largest offshore drilling rig producers in the world, said its net profit in the fourth quarter rose 9.2 percent as higher operating profit offset lower contributions from associates and joint ventures. Sembcorp Marine, which is the world's second-largest jackup rig producer after crosstown rival Keppel Corporation Ltd , posted a fourth-quarter net profit of S$182.4 million ($143.89 million). Its full-year net profit rose 3.2 percent to S$555.7 million, above a mean forecast of 23 analysts of S$528.50 million.