Daily Briefing. What lies behind Cosco Shipping s private placement? Leading maritime commerce since Monday October 30, 2017
|
|
- Brooke Bradford
- 6 years ago
- Views:
Transcription
1 Monday October 30, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: What lies behind Cosco Shipping s private placement? NEWS: Is the EU Ship Recycling Regulation a lame duck? What lies behind Cosco Shipping s private placement? DSME shares will resume trading in South Korea on Monday Bullish GoodBulk is about to acquire up to 13 capesize bulkers MARKETS: Capesize earnings lose steam after tropical storm hits Chinese ports Relief at last for Asia-North American carriers, but supply overhang suggests that rate rises will be shortlived ANALYSIS: Shippers, shoppers and how a port can create a market NEWS IN BRIEF: Attica Group inks deal to acquire Grimaldi state in Hellenic Seaways North American ports are having a record-breaking year MPC Container Ships has snapped up another two vessels as part of fleet expansion strategy OOCL s third-quarter volumes and revenues are up Vale s revenues are up but Chinese environmental policies have obscured the outlook Samudera Shipping is offloading ships thanks to Indonesian vessel restrictions GasLog Partners has raised dividends for fourth consecutive quarter, with more increases likely ONLY A FEW days after China Cosco Shipping Group chairman Xu Lirong revealed his takeaway from the Communist party congress larger/stronger state-owned enterprises and their aims for greater global influence his company seems to be beginning to make moves. Cosco Shipping Holdings, the container shipping arm of the conglomerate, and Cosco Shipping Energy Transportation, the oil and gas shipping unit, have both halted trading in their Shanghai-listed shares on Friday, with plans for a private placement. The plans were not yet certain, and more details could come over the next 10 working days, the two said on Thursday evening. But the timing of the announcement makes the results less cloudy. Behind Capt Xu s remarks are President Xi Jinping and his administration s reaffirmed drive for the country s state owned enterprises mixedownership reform. That includes the introduction of strategic investors, especially those in the private sector. China Unicom, the state-owned telecommunications giant, has already unveiled its ownership reform scheme in late August. While the parent group s stake in its Shanghai-and Hong Kong-listed unit has dropped from 63.7% to 36.7%, the Chinese non-state owned internet behemoths Tencent, Baidu, JD.com and Alibaba have been brought on board, among other new investors. Although Cosco Shipping s plans remain under wraps, having someone like Alibaba as a strategic stakeholder for its liner shipping sector is hardly a wild guess. Alibaba has been revving up efforts to develop its logistics networks, as part the efforts to build its global e-commerce empire. It has already established co-operation with major container shipping carriers such as Maersk Line and Cosco Shipping in online slot booking, albeit with Lloyd s List Daily Briefing Monday 30th October Page 1
2 limited progress made. Of course, there may be further thoughts behind the share issuance and the injection of fresh blood. For Cosco Shipping Holdings, its $6.3bn purchase of Orient Overseas International Ltd looks to be going well, with all the approvals from the shareholders and government regulators obtained so far. Moreover, the company also needs to address two issues: OOIL s listing status and the money. Huang Xiaowen, vice-chairman of Cosco Shipping Holdings, earlier said that the company was planning to bring in more minority investors, in addition to Shanghai International Port Group, to keep OOIL s shares listed on the Hong Kong bourse. If a 100% takeover (including SIPG s 9.9%) materialises, Cosco Shipping Holdings can then sell part of the equity to its strategic stakeholders that might emerge soon. While the move will ensure OOIL s listing status, it will also replenish Cosco Shipping Holdings coffers, particularly when talk has been swirling that the state-owned buyer is in discussion with its next acquisition target. So, the move could be killing two birds with one stone. For Cosco Shipping Energy Transport, the picture is less clear, however. Unlike the logistics and e-commerce business, the energy sector, regarded as a state strategic industry, remains gripped by the SOEs. Therefore, the new stakeholders are likely to be mostly companies and financial institutions owned or backed by the government. But Cosco Shipping Energy Transport s attempt to buy an overseas tanker owner, according to sources close to the company, might be at least one good reason for its private placement. As shown by Capt Xu, the ultimate goal of Chinese SOEs is global leadership. And before that is achieved, they need more funds and better corporate management. Nowadays, money comes easily. The hope is that Cosco Shipping will work harder on the latter. NEWS Is the EU Ship Recycling Regulation a lame duck? ANY expectations of a swift shift away from dominant ship scrappers in Asia due to European regulations should be tamed. Viable yards remain limited and shipowners can easily sidestep the rules. With around 95% of the world s ship recycling facilities located in Bangladesh, China, India, Pakistan and Turkey, and with the IMO s Hong Kong Ship Recycling Convention unlikely to be ratified in the next year, shipowners and yards will first have to contend with the more stringent European Union Ship Recycling Regulation. Under the EU regulation, shipowners of vessels carrying an EU flag at the end of their life will be required to send them for scrap only to those facilities included in the list, beginning on December 31, 2018 at the latest. But early signs indicate that the list s clout will not be enough to change current ship recycling practices. The European Commission has said it could introduce financial incentives for shipowners to scrap at approved yards. But concerned stakeholders within the industry suggest that this would be an extremely cumbersome, unrealistic and unworkable scheme, with a number of problems including legality under World Trade Organisation rules, high administrative costs and other practical issues. Lloyd s List Daily Briefing Monday 30th October Page 2
3 DSME shares will resume trading in South Korea on Monday KOREA Exchange has decided to let Daewoo Shipbuilding & Marine Engineering stay listed on the bourse, and will resume trading its shares from October 30. This comes more than a year after the shipbuilder s shares were suspended after it was found guilty of accounting fraud. DSME was found guilty of inflating its accounts in 2013 and 2014 to the tune of Won5.5 trn ($4.6bn), in order to obtain new funding from creditors and investors. After regulators ordered a revision of statements, it turned out the shipbuilder had incurred losses over five consecutive years between 2012 and DSME is currently two years into a five-year restructuring programme, which has seen it sell 30% of its dry dock capacity to date. It plans to sell another two floating docks in the next two years. It has agreed with its board to slash human resources costs, including cutting wages. Bullish GoodBulk is about to acquire up to 13 capesize bulkers GOODBULK, the new dry bulk owner and operator led by John Michael Radziwill, is buying up to 13 capesize bulkers from CarVal Investors. The deal is worth about $180m in stock and cash for the first seven vessels, the minimum number that GoodBulk will acquire, and that amount could almost double if the full CarVal capesize fleet is taken over. GoodBulk, which was launched less than a year ago, currently controls nine capesize vessels, one panamax and two supramaxes, and with the initial seven vessels from CarVal the fleet will rise to 19 bulkers, including 16 capesizes, with an average age of nine years. It will have the option to acquire up to an additional six capesize vessels. I am very bullish on the capesize market, Mr Radziwill told Lloyd s List. He described the deal as a win for all. MARKETS Capesize earnings lose steam after tropical storm hits Chinese ports THE recent rally in the capesize market might have fizzled out, but the index has not yet started falling as it is still being largely supported by the Brazilian and South African markets. An interesting development in the market came from China s biggest coal-producing region, Shanxi, which decided to close an additional nine coal mines by the end of the year. Tropical storm Khanun hit Chinese discharge ports this month, creating vessel delays and leading west Australian shippers to find substitute vessels. That created strong demand for spot tonnage, leading freight rates to increase sharply to above $9 per tonne at the beginning of the week. But as soon as the spot requirement was covered and weather conditions improved, sentiment changed, with freight rates falling to around $8 per tonne. That was mainly to meet Beijing s promise to suspend or slow the construction of 12m tonnes of new coal production capacity. Whether this will be sufficient to spark increased demand for seaborne coal remains to be seen. Meanwhile, Stifel noted in its weekly report that the outcome of the Chinese Communist party congress was not good news for the long-term outlook of dry bulk demand growth. Lloyd s List Daily Briefing Monday 30th October Page 3
4 Reducing emissions, reducing excess production capacity, and shifting to more sustainable economic areas unquestionably means less coal and likely means less iron ore imports, the consultants said. Relief at last for Asia-North American carriers, but supply overhang suggests that rate rises will be short-lived CARRIERS serving the Asia-North America trade have finally been offered some respite from an ailing spot market with a successful price push expected to drive rates north over the coming week. As to why carriers have until now been unable to drive additional revenues in light of this uptick in demand has raised questions over whether they have prioritised market share over increasing rates. Transpacific spot rates have maintained a downward trajectory since the middle of last month despite reports of a boom in Asian imports, as the US and Canadian economies thrive. Indeed, the latest figures published by US and Canadian ports point to record throughput numbers this year. However, the latest Shanghai Containerised Freight Index, a yardstick for rates negotiated in the week ahead, suggests that carriers have moved towards securing the latter, gaining traction from general rate increases effective November 1. ANALYSIS Shippers, shoppers and how a port can create a market TRADITIONALLY, container ports were regarded as fairly passive links in the supply chain, restricted by the fixed geographic location of their assets. merchandise through a particular facility, shipping lines will come under enormous pressure to call there. Those days are long gone, with ports and terminals actively marketing beyond their traditional client base to their customers customers the cargo owners. If a port can persuade a shipper or forwarder that time and money can be saved by moving Our executive editor Janet Porter has been out in Dubai s mammoth Jebel Ali complex, looking at how DP World showed that markets can be created that will generate cargo volumes by demonstrating to shippers and forwarders the commercial benefits of calling at ports that may be of little interest to shipping lines initially. NEWS IN BRIEF Attica Group inks deal to acquire Grimaldi state in Hellenic Seaways GREEK ferry owner Attica Group is poised to consolidate its hold over Hellenic Seaways (HSW), the country s largest domestic ferry line, after striking a deal to buy out Italy s Grimaldi Group, which owns more than 48.5% of the company. Added to the stake of just over 50% it agreed in August to buy from Piraeus Bank, the acquisition will bring Attica s ownership of HSW to more than 98%. Attica already owns Blue Star Ferries and Superfast Ferries and its swift move to take control of HSW, which has long been a subject of wrangling between Grimaldi and Greek ferry interests, would represent the Greek ferry sector s most dramatic consolidation yet. However, both tranches of the HSW acquisition are subject to ratification by the country s competition commission. North American ports are having a record-breaking year NORTH America s port majors are set to achieve record Lloyd s List Daily Briefing Monday 30th October Page 4
5 throughput figures in 2017, with volumes through the first three quarters of the year accelerating at breakneck speed. The burgeoning US economy is driving imports across the country s docks at ports on both the Atlantic and Pacific seaboards. Canadian container terminals too are benefiting from this surge in demand, as US shippers continue to make use of cheaper landside tariffs in the north of the continent to fulfil cargo consignments. Canada s domestic traffic is also experiencing a revival amid the resurgence of its economy on the back of two successive years of sluggish growth. MPC Container Ships has snapped up another two vessels as part of fleet expansion strategy NORWAY-based MPC Container Ships has continued its fleet expansion plans with the purchase of two more vessels. The 2008-built, 2,564 teu Petulia and 2003-built, 1,200 teu Frida were bought for a total of $18.4m, according to the company. The vessels are scheduled for delivery in November, when they will increase MPC Container Ships fleet to 25 vessels. The Münchmeyer Petersen Capital offshoot told Lloyd s List back in June that it planned to boost its fleet size to as many as 50 vessels within the year and subsequently explore the possibility of listing in the US, according to managing director Constantin Baack. OOCL s third-quarter volumes and revenues are up HONG Kong-based Orient Overseas (International) Ltd has reported a 5% increase in total volumes for the third quarter at Orient Overseas Container Line, as revenues rose by over a quarter to $1.5bn. On its main transpacific trade lane, liftings were up 14% on the same quarter a year ago to 474,794 teu. For the first nine months of the year OOCL s volumes were up 20% on the corresponding period last year to 1.4m teu. The increasing revenues and volumes will come as good news to China s Cosco Shipping, which is in the middle of a $6.3bn acquisition of OOCL. Vale s revenues are up but Chinese environmental policies have obscured the outlook BRAZILIAN iron ore giant Vale saw third quarter revenues increase fourfold to $2.23bn, on the back of improved steel production in China. The increase in profits was mainly due to the growth in iron ore shipments during the quarter and higher prices for the raw material used in steelmaking. Higher steel production in China was supported by a resilient demand growth from both property and infrastructure investments and a continued healthier profitability of steel mills, Vale said. The country s push towards more environmentally-friendly practices has seen steel mills using higher-quality ore and less coke. On the other hand, although Vale benefited from sustained higher demand from China s steel mills for iron ore during the period into early October, the miner said that stricter environmental controls in the country put a dampener on the current optimism. Samudera Shipping is offloading ships thanks to Indonesian vessel restrictions SINGAPORE-listed Samudera Shipping has sold off one of its older tankers and a containership amid regulations that prevent it from acquiring newer Indonesiaflagged vessels. Current Indonesian shipping laws have restricted the group from owning or registering newer Indonesia-flagged ships, which prevents it from replacing its older fleet, it said in a statement. As such, it intends to eventually scrap or sell all its Indonesiaflagged ships and subsequently stop providing services on domestic routes. GasLog Partners has raised dividends for fourth consecutive quarter, with more increases likely GASLOG Partners has reported record profits for the third quarter of 2017, helped by the $211m addition of tanker GasLog Geneva. It also declared its fourth consecutive quarterly dividend increase to $ per unit, thus growing the cash distribution per unit by 8.3% on an annualised basis. Andrew Orekar, chief executive of GasLog Partners, sounded optimistic about the partnership s ability to further grow the dividend, based on the dropdown pipeline and a favourable market outlook. For classified notices please view the next page. Lloyd s List Daily Briefing Monday 30th October Page 5
6 Lloyd s List Daily Briefing Monday 30th October Page 6
7 Lloyd s List Daily Briefing Monday 30th October Page 7
8 Lloyd s List Daily Briefing Monday 30th October Page 8
9 Lloyd s List Daily Briefing Monday 30th October Page 9
1. Supplementary Explanation of FY2015 Q1 Financial Results [Overall] [By segment] <Bulkships> Dry bulkers
Aug 2015 1. Supplementary Explanation of FY2015 Q1 Financial Results [Overall] Ordinary income for the first quarter (Q1) was 10.8 billion, marking 37% progress toward the target of 29.0 billion set in
More informationCHINA: ENGINE FOR GROWTH
9th Annual China Ship Finance & Offshore Summit 22nd & 23rd May 2018, Ritz-Carlton Pudong, Shanghai CHINA: ENGINE FOR GROWTH Marine Money Asia, together with our Partner, Bank of Communications Financial
More informationBusiness Performance in
Business Performance in 3 rd Quarter January 31, 2018 HP 0 Contents 3 rd Quarter Results [Consolidated] 2 Outline of 3 rd Quarter Results [Consolidated] 4 Full-year Forecast [Consolidated] 6 Key Points
More informationHyundai Merchant Marine. 3Q 2017 Earnings Release
Hyundai Merchant Marine 3Q 2017 Earnings Release Disclaimer The financial information of Hyundai Merchant Marine contained herein have been duly made subject to K-IFRS(Korean International Financial Reporting
More informationANNOUNCEMENT NO TO THE COPENHAGEN STOCK EXCHANGE
ANNOUNCEMENT NO. 13 2003 TO THE COPENHAGEN STOCK EXCHANGE 21 November 2003 TORM - Interim report for the first nine months of 2003 maintains expectations for 2003 Net profit for the first nine months of
More informationDaily Briefing. Dry cargo tops 2017 stock performance survey. Leading maritime commerce since Friday January 5, 2018
Friday January 5, 2018 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Dry cargo tops 2017 stock performance survey NEWS: Taiwan probes Lighthouse Winmore charterer Dry cargo tops 2017
More informationAnd we now pass the floor to one of your speakers today, Mr Spyros Capralos. Please go ahead sir.
Corporate Participants Star Bulk President and Chief Executive Officer George Syllantavos Star Bulk Chief Financial Officer Conference Call Participants Noah Parquette Cantor Fitzgerald Presentation Operator
More informationDaily Briefing. Euroseas reveals merger talks with Poseidon. Leading maritime commerce since Tuesday October 3, 2017
Tuesday October 3, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Euroseas reveals merger talks with Poseidon NEWS: Hard Brexit could jeopardise UK flag expansion plan, warns Emanuele
More informationFINANCIAL HIGHLIGHTS. Brief report of the three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary]
FINANCIAL HIGHLIGHTS Brief report of the three months ended June 30, 2014 [Two Year Summary] Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2013 June 30, 2014 June 30, 2014
More informationDry Bulk Market Outlook 15 March Marine Money: Gulf Ship Finance Forum Prepared by Angelica Kemene Head of Market Analysis & Intelligence
Dry Bulk Market Outlook 15 March 2018 Marine Money: Gulf Ship Finance Forum Prepared by Angelica Kemene Head of Market Analysis & Intelligence Dry Bulk Demand Outlook Short term & long term demand Global
More informationFINANCIAL HIGHLIGHTS. Brief report of the Three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary]
FINANCIAL HIGHLIGHTS Brief report of the Three months ended June 30, 2013 [Two Year Summary] Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2012 June 30, 2013 June 30, 2013
More informationForesight. Time to Put the Champagne on Ice; Choose Wisely When to Open It
Foresight Time to Put the Champagne on Ice; Choose Wisely When to Open It Markets are on the up but the post-downturn landscape will be complex and nuanced, says Dr Adam Kent, Director of Maritime Strategies
More informationBrief report of the six months ended September 30, 2014 Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Six months
FINANCIAL HIGHLIGHTS Brief report of the six months September 30, 2014 Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] September 30, 2013 September 30, 2014 September 30, 2014 Consolidated Operating revenues
More information2018 Interim Results Presentation Transcript
2018 Interim Results Presentation Transcript 27 July 2018 Speaker: Mats Berglund Slide 1 Cover Good afternoon ladies and gentlemen, and welcome to Pacific Basin s 2018 Interim Results earnings call. My
More information1. Supplemental explanation of FY2014 Q2 financial results
1. Supplemental explanation of FY2014 Q2 financial results [Overall view] During the first half (H1) (April-September) of FY2014, we saw the yen s depreciation driving up revenue and income on a year-on-year
More informationGolden Ocean Group Limited. Preliminary Results for the Financial Year Introduction
Golden Ocean Group Limited Preliminary Results for the Financial Year 2004 Introduction Golden Ocean Group Limited ( Golden Ocean or the Company ) was incorporated as a wholly owned subsidiary of Frontline
More informationWachovia Transportation & Packaging Conference 8 September Eagle Bulk Shipping Inc. Eagle Bulk Shipping Inc. DELIVERING SUSTAINABLE GROWTH
Eagle Bulk Shipping Inc. Wachovia Transportation & Packaging Conference 8 September 2008 DELIVERING SUSTAINABLE GROWTH Forward Looking Statements This presentation contains certain statements that may
More informationEEX Group Global Commodities
EEX Group Global Commodities EEX Group Freight The European Energy Exchange The European Energy Exchange is the Commodities exchange of Deutsche Börse Group. EEX offers a one-stop shop for power, natural
More information4th Athens Triennial Meeting Programme Panel Discussion on Shipping Finance Capital Markets Private Equity
Panel Discussion on Shipping Finance Capital Markets Private Equity 1 Shipping Equities Within The Broader US Market Bloomberg Equity Universe (All Exchanges vs. US) World- Market Cap ($) US Listed - Market
More informationFull-Year Results 2006 and 2007 outlook
Full-Year Results 26 and 27 outlook Carsten Mortensen, CEO Jens Fehrn-Christensen, CFO Copenhagen, ch 27, 27 1 TODAY S AGENDA 26 in highlights Dry Cargo Tanker Guidance for 27 Q&A Session THE PREFERRED
More information(Unaudited translation of Kessan Tanshin, provided for reference only) January 31, 2019 Financial Highlights: The Third Quarter Ended December 31, 201
Financial Highlights: The Third Quarter Ended December 31, 2018 1. Consolidated Financial Highlights ( from April 1, 2018 to December 31, 2018 ) (All financial information has been prepared in accordance
More informationDaily Briefing. Power play, politics, and prickly personalities. Leading maritime commerce since Friday September 22, 2017
Friday September 22, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Power play, politics, and prickly personalities NEWS: Maersk Tankers is safe under the bank of mum and dad Power
More informationExplanation by the CEO and Major Q&A
October 31, 2016 Explanation by the CEO and Major Q&A [Overall View] The second quarter of FY2016 ended with a slight upturn from the previous outlook, despite a continued severe business environment.
More informationUPD Wah Kwong Maritime Transport Holdings Limited Market Review Sept 08 - Sept 09 Growth Targets Being Met: Drybulk Tankers
UPDATE Chairman s Statement We are pleased to present you with an update of the progress of Wah Kwong Maritime Transport Holdings Ltd. Since we postponed our IPO in June 2008, the world economy and shipping
More informationFINANCIAL HIGHLIGHTS Brief report of the six months ended September 30,2009.
FINANCIAL HIGHLIGHTS Brief report of the six months ended September 30,2009. [Two Year Summary] Kawasaki Kisen Kaisha, Ltd. Six months Six months Six months ended ended ended Sep.30, 2008 Sep.30, 2009
More information2012 Annual Results 28 February Script for Results Presentation
2012 Annual Results 28 February 2013 Script for Results Presentation Speaker: Mats Berglund Slide 1 Cover Good afternoon ladies and gentlemen, and thank you for attending Pacific Basin s 2012 Annual Results
More informationProduct tanker supply/demand in dwt rates are (so basically the inverse of last week s discussion). Currently, the one-year time charter
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview So, the elections happened just like everyone had predicted, and the markets responded just
More informationHyundai Merchant Marine Co., Ltd. August 2010
Hyundai Merchant Marine Co., Ltd. August 2010 Important Notice This presentation contains forward looking statements, that are based on Hyundai Merchant Marine s current expectations, prospects, assumptions,
More informationHong Kong & Mainland China News December-2018
Hong Kong & Mainland China News December-2018 China's import-export value passes 2017 level By www.news.rthk.hk Saturday, December 1, 2018 The total value of China s imports and exports already exceeded
More informationMarket Update Time to redesign our models?
MARITIME Market Update Time to redesign our models? INCENTRA Council Meeting - Haugesund Jakub Walenkiewicz 1 SAFER, SMARTER, GREENER JM Keynes AGGREGATED DEMAND Boost the economy Increase spending CREATE
More informationDaily Briefing. CSSC is selling $1bn offshore newbuilds to an equity fund. Leading maritime commerce since Wednesday November 15, 2017
Wednesday November 15, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: CSSC is selling $1bn offshore newbuilds to an equity fund NEWS: Robert Yildirim will retain his 24% CMC CGM shareholding
More informationCOSCO Pacific Limited
Press Release 24th August 2011 Results Highlights COSCO Pacific Limited (Incorporated in Bermuda with Limited Liability) (stock code: 1199) 2011 Interim Results Revenue increased by 25.2% to US$278,667,000
More informationOctober 31, Plan to Equip Part of Our Fleet with EGCS
Capital Product Partners L.P. Announces Third Quarter 2018 Financial Results, Plan to Equip Part of the Partnership s Fleet With Exhaust Gas Cleaning Systems and the Sale of the M/T 'Amore Mio II' October
More informationwas RESULTS Q May 30, 2018
was RESULTS Q1-2018 May 30, 2018 FORWARD-LOOKING STATEMENTS Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides
More informationAffinity Dry Index 3 Month Moving Average
While Capesize returns were weaker this week there were positive returns on Tuesday. Bunker rates were stronger this week which may indicate the disparity between voyage rates on longer Atlantic hauls
More information26 March 2018 Chairman s report 2018
26 March 2018 Chairman s report 2018 2017 was the first full year under our new ownership and with new members of the Board of Directors elected by the shareholders. As a natural consequence of the changed
More informationTEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE
TEEKAY TANKERS LTD. 4th Floor, Belvedere Building, 69 Pitts Bay Road Hamilton, HM 08, Bermuda EARNINGS RELEASE TEEKAY TANKERS LTD. REPORTS SECOND QUARTER RESULTS Highlights Declared a cash dividend of
More informationPacific Basin Shipping Limited
2010 Interim Results Presentation Slide 1 Cover Spoken by: David Turnbull Good afternoon ladies and gentlemen, and thank you very much for attending Pacific Basin s 2010 half year results presentation.
More informationInterim financial information Golden Ocean Group Limited
Interim financial information Golden Ocean Group Limited First quarter 2016 May 24, 2016 Highlights The Company reports a net loss of $68.2 million and a loss per share of $0.22 for the first quarter of
More informationEagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 19 March 2008
Eagle Bulk Shipping Inc. JPMorgan Aviation & Transportation Conference 19 March 2008 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements
More informationEPIC GAS LTD FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 31 March 2018
EPIC GAS LTD FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO SINGAPORE, 9 May 2018 - Epic Gas Ltd. ( Epic Gas or the Company ) today announced its unaudited financial and operating results for the interim
More informationUBS Best of Americas Conference. Eagle Bulk Shipping Inc. 11 September Eagle Bulk Shipping Inc. DELIVERING SUSTAINABLE GROWTH
Eagle Bulk Shipping Inc. UBS Best of Americas Conference 11 September 2008 DELIVERING SUSTAINABLE GROWTH Forward Looking Statements This presentation contains certain statements that may be deemed to be
More informationSeeking Alpha Maritime Investor Forum Presentation. 19 June 2017
Seeking Alpha Maritime Investor Forum Presentation 19 June 2017 Disclaimer This presentation contains certain statements that may be deemed to be forward-looking statements within the meaning of Section
More informationDry Bulk Market Outlook 15 May Presented to the IMSF Geneva Prepared by Angelica Kemene Research Executive
Dry Bulk Market Outlook 15 May 2017 Presented to the IMSF 2017 - Geneva Prepared by Angelica Kemene Research Executive Dry Bulk Demand Outlook Short term & long term demand Global infrastructure spending
More informationIUMI 2014 Hong Kong Conference Building Expertise for a Changing World
IUMI 2014 Hong Kong Conference Building Expertise for a Changing World Keynote Address by the Hon Mrs Laura Cha Chairman of Financial Services Development Council, Hong Kong 22 September 2014 The Shift
More informationEconomic Outlook & the Impact on Shipping
Economic Outlook & the Impact on Shipping Gary Morgan Lloyd s Register IMSF 28 Gdansk, Poland European Dry Bulk Shipping Market Outlook A few points before we proceed Globalisation is further complicating
More informationInterim financial report for the period 1 January to 30 September 2010
Page 1 of 7 Interim financial report for the period 1 January to 30 September Highlights EBITDA was MUSD 5.2 for the first nine months, adjusted for the share options programme of MUSD 7.6. The result
More informationDaily Briefing. Shipping is still divided as climate battle reconvenes. Leading maritime commerce since Monday October 23, 2017
Monday October 23, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Shipping is still divided as climate battle reconvenes NEWS: Chinese government free port support has sent SIPG share
More informationBusiness Performance in FY2015 and Outlook for FY2016. April 28, 2016
Business Performance in FY2015 and Outlook for FY2016 April 28, 2016 HP Contents FY2015 Full-year Results [Consolidated] 2 Outline of FY2015 Full-year Results [Consolidated] 4 FY2016 Full-year Forecast
More informationPRESENTATION OF NORDEN
PRESENTATION OF NORDEN Jyske Bank Company Day 27 November 214 CFO Michael Tønnes Jørgensen Presentation of NORDEN 1 AGENDA NORDEN at a glance Group highlights Financials Dry Cargo Tankers 214 expectations
More informationThe New Maritime Silk Road. Marine Money Istanbul Ship Finance Forum 25 th May 2016
The New Maritime Silk Road Marine Money Istanbul Ship Finance Forum 25 th May 2016 = = = Crude Oil Petroleum Products Chemicals Coal Iron Ore Grains Consumer Goods Average Price $70 Million $50 Million
More informationPacific Basin Shipping Limited Announces 2004 Annual Results
Press Release 1 Pacific Basin Shipping Limited Announces 2004 Annual Results Hong Kong, March 1, 2005 Pacific Basin Shipping Limited ( Pacific Basin or the Company ; SEHK: 2343), one of the world s leading
More informationFinancial Highlights: The First Quarter Ended June 30, Consolidated Financial Highlights ( from April 1, 2018 to June 30, 2018 )
Financial Highlights: The First Quarter Ended June 30, 2018 1. Consolidated Financial Highlights ( from April 1, 2018 to June 30, 2018 ) (All financial information has been prepared in accordance with
More information1. Consolidated Financial Highlights ( from April 1, 2017 to December 31, 2017 )
Financial Highlights: The Third Quarter Ended December 31, 2017 1. Consolidated Financial Highlights ( from April 1, 2017 to December 31, 2017 ) (All financial information has been prepared in accordance
More informationEPIC GAS LTD PRELIMINARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 December 2017
EPIC GAS LTD PRELIMINARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 December 2017 SINGAPORE, 14 February 2018 - Epic Gas Ltd. ( Epic Gas or the Company ) today announced its unaudited financial
More information4 th Quarter and FY 2013 Financial Results
NASDAQ: SBLK 4 th Quarter and FY 2013 Financial Results March 2014 Safe Harbor Statement Except for the historical information contained herein, this presentation contains among other things, certain forward-looking
More informationYangzijiang Shipbuilding (Holdings) Ltd. Roadshow Presentation 25 th April 2008
Yangzijiang Shipbuilding (Holdings) Ltd. Roadshow Presentation 25 th April 2008 Agenda Our Presence & Our Shipyards Strong order book and increasing of production capacity Operation update Market outlook
More informationHong Kong & Mainland China News October-2014
Hong Kong & Mainland China News October-2014 HK-Chile trade pact to take effect Friday, October 03, 2014 A Free Trade Agreement between Hong Kong and Chile will come into effect on October 9, the Trade
More informationLadies and gentlemen: good afternoon everyone! Today, our presentation will include 4 parts: 1. Results Highlights 2. Market and Business Review 3.
1 Ladies and gentlemen: good afternoon everyone! Today, our presentation will include 4 parts: 1. Results Highlights 2. Market and Business Review 3. Financial Review 4. Outlook 2 First of all, let me
More informationAn Overview of Chinese Ship-Finance Market
Keen Maritime Services Inc. An Overview of Chinese Ship-Finance Market Zhongyi (John) Su Keen Maritime Services Inc. Mare Forum - 9 th May 2011, Sorrento The Robust Chinese Economy and Her Substantial
More informationMain Board H-share Listing Research 青島港國際股份有限公司 Qingdao Port International Co., Ltd. (06198)
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8098 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Kelvin Li 26 th May 2014 Main Board H-share Listing Research 青島港國際股份有限公司
More informationMISC GROUP FINANCIAL RESULTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2017
MEDIA RELEASE Kuala Lumpur, 3 November 2017, Friday MISC GROUP FINANCIAL RESULTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2017 MISC is pleased to announce its financial results for the financial period
More informationThe Maritime Standard Ship Finance and Trade Conference 2016 Developing the right financial tools for the changing market
The Maritime Standard Ship Finance and Trade Conference 2016 Developing the right financial tools for the changing market Presented by: Vasudev P. Amonker Unit Head Int l Lending Corporate Banking Group
More informationCOSCO Investment Group s Business
COSCO Investment Group s Business Shipping and shipping-related activities are integral to COSCO Investment s success today. To take the group to its next stage of growth, the management finds it imperative
More informationProduct tanker supply/demand in dwt many expected. This does not mean that drybulk companies are all of a sudden making money,
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview Over the past weekend, the U.S. was struck by merger mania, with AT&T leading the charge
More informationFinancial Results for the Six Months Ended 30 June October 2013
Financial Results for the Six Months Ended 30 June 2013 7 October 2013 Disclaimer Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements reflect the
More informationProduct tanker supply/demand in dwt candidates is much lower than 4% of the fleet, and in fact only 2.3% of the drybulk fleet and
Crude Products Drybulk Containers AXIA Research An American s view from Piraeus Shipping Weekly Market Overview This week, the British currency continued to move in the opposite direction as its stock
More information(Unaudited translation of Kessan Tanshin, provided for reference only) January 31, 2017
Financial Highlights: TheThird Quarter Ended December 31, 2016 1. Consolidated Financial Highlights ( from April 1, 2016 to December 31, 2016 ) (All financial information has been prepared in accordance
More information++ Shipbuilding News ++
++ Shipbuilding News ++ "Rebound in 2014" (http://www.asiasis.com/view_new.php?bbs_id=news&doc_num=16817) Korea's shipbuilding industry will likely begin picking up in 2014 despite the slumping global
More informationCliffs Natural Resources Inc. Reports Third-Quarter Results. Reports Realized Pricing of $101 Per Ton in U.S. Iron Ore in Q3 2014
NEWS RELEASE Cliffs Natural Resources Inc. Reports Third-Quarter Results Reports Adjusted EBITDA 1 of $233 million and Adjusted Earnings 2 of $0.21 per diluted share Reports Realized Pricing of $101 Per
More informationNippon Yusen Kabushiki Kaisha (NYK Line)
Consolidated Financial Results for Six Months Ended September 30, 2017 (Japanese GAAP) (Unaudited) October 31, 2017 Nippon Yusen Kabushiki Kaisha (NYK Line) Security Code: 9101 Listings: The First Section
More informationGenco Shipping & Trading Limited. Morgan Stanley Small Cap Executive Conference June 13, 2007
Genco Shipping & Trading Limited Morgan Stanley Small Cap Executive Conference June 13, 2007 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
More informationEagle Bulk Shipping Inc. 2Q 2008 Results Presentation. 7 August 2008
Eagle Bulk Shipping Inc. 2Q 2008 Results Presentation 7 August 2008 Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking statements within the
More informationHandelsbanken Transport Seminar. Martin Badsted Senior Vice President. Copenhagen, October 2009
Handelsbanken Transport Seminar Martin Badsted Senior Vice President Copenhagen, October 2009 THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING. UNIQUE PEOPLE. OPEN MINDED TEAM SPIRIT. NUMBER ONE. Dampskibsselskabet
More informationBusiness Performance in FY2014 and Outlook for FY2015. April 2015
Business Performance in and Outlook for FY2015 April 2015 HP Contents Full-year Results [Consolidated] 2 Outline of Full-year Results [Consolidated] 4 FY2015 Full-year Forecast [Consolidated] 6 Key Points
More informationpresentation shall not be construed as recommendations for buying or selling shares of China COSCO. China COSCO shall not be responsible for any
1Q2015 Results 30 April 2015 China COSCO Holdings Company Limited Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations
More informationFinancial Highlights: The Second Quarter Ended September 30, Consolidated Financial Highlights ( from April 1, 2015 to September 30, 2015 )
(Unaudited translation of Kessan Tanshin, provided for reference only) Financial Highlights: The Second Quarter Ended September 30, 2015 1. Consolidated Financial Highlights ( from April 1, 2015 to September
More informationWeekly Market Review
Key Shipping Indicators Irish Maritime News: Brexit: Stena Line Discuss the Impact of Brexit As reported by walesonline, Stena Line has said it will have to assess how Brexit could impact the UK. The Swedish
More informationEMBA June 2016 ON CHINA
1 EMBA June 2016 ON CHINA - Introduction - History - Economic challenges - Political challenges - The good news for China - The need for a new economic model 2 INTRODUCTION Gideon Rachman in Financial
More informationPART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 and Q3), HALF YEAR AND FULL YEAR RESULTS
FULL YEAR FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 and Q3), HALF YEAR AND FULL YEAR RESULTS 1 a) An income statement
More informationYIELD HUNGRY INVESTORS HEAD TO OZ
YIELD HUNGRY INVESTORS HEAD TO OZ Sponsored by: SPONSORED CONTENT YIELD HUNGRY INVESTORS HEAD TO OZ Asiamoney and National Australia Bank s latest poll on Asian and European investors appetite for Australian
More informationEncouraging Mutual Growth of Korean Shipping and Shipbuilding Industries
Encouraging Mutual Growth of Korean Shipping and Shipbuilding Industries 2nd November 2016, Busan Copyright THE EXPORT IMPORT BANK OF KOREA, ALL RIGHTS RESERVED Table of Contents 1. Introduction to KEXIM
More informationHyundai Merchant Marine. December 2013
Hyundai Merchant Marine December 2013 Table of Contents 1. Company Overview 1.1 Business Portfolio 1.2 Fleet Portfolio 1.3 Fleet Expansion Plan 2. Performance Review 3. Divisional Data 4. Financial Data
More informationMOL Group Midterm Management Plan FY2007-FY2009
MOL Group Midterm Management Plan FY2007-FY2009 March 22, 2007 Mitsui O.S.K. Lines, Ltd. Contents MOL Group Midterm Management Plan FY2007-FY2009 2 Overall Strategies 3 Measures to Reinforce Safe Operation
More informationA P Moller Maersk Acquiring Firm And. Reasons for Decision
COMPETITION TRIBUNAL REPUBLIC OF SOUTH AFRICA Case no: 48/LM/May05 In the Large Merger Between: A P Moller Maersk Acquiring Firm And Royal P & O Nedlloyd N.V. Target Firm Reasons for Decision Approval
More informationVIRTUAL ARRIVAL FROM A COMMERCIAL AND CONTRACTUAL PERSPECTIVE
VIRTUAL ARRIVAL FROM A COMMERCIAL AND CONTRACTUAL PERSPECTIVE Anna Wollin Ellevsen, Legal and Contractual Affairs Officer, BIMCO INTRODUCTION BIMCO is the world s largest private international shipping
More information(Unaudited translation of Kessan Tanshin, provided for reference only) April 27, ( Million) FY2017 FY2016 1,652,393 1,504,373 22,684
Financial Highlights: Fiscal Year 2017 Ended March 31, 2018 1. Consolidated Financial Highlights ( from April 1, 2017 to March 31, 2018) (All financial information has been prepared in accordance with
More informationMember and Broker Survey 2013
Member and Broker Survey 2013 INTRODUCTION Because we continually strive to maintain the very highest levels of service and support, we place particular value on the opinions of our Members and brokers.
More informationREPORT On the public consultation on new initiative regarding dismantling of ships
EUROPEAN COMMISSION DIRECTORATE-GENERAL ENVIRONMENT Directorate G - Sustainable Development and Integration ENV.G.4 - Sustainable Production & Consumption REPORT On the public consultation on new initiative
More informationIndustry confidence maintains four-year high
Shipping Shipping Confidence Survey June 2018 Industry confidence maintains four-year high www.moorestephens.co.uk 6.4 6.4 Confidence In May 2018, the average confidence level expressed by respondents
More informationCurrent Shipping Finance in Korea
28 th October 215 Current Shipping Finance in Korea - Challenges and Opportunities Maritime Finance Department Contents Part 1 Shipping Finance Market in Korea Part 2 KDB Activities in the Market Part
More informationDaily Briefing. Iran and Venezuela may face US sanctions in 2018, lawyers warn. Leading maritime commerce since Friday December 8, 2017
Friday December 8, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Iran and Venezuela may face US sanctions in 2018, lawyers warn OPINION: Sanctions on shipping; failing since 432
More informationGlenn Stevens: The resources boom
Glenn Stevens: The resources boom Remarks by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, at the Victoria University public conference on The Resources Boom: Understanding National and
More informationFINANCIAL HIGHLIGHTS. Brief report of the nine months ended December 31, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Consolidated
FINANCIAL HIGHLIGHTS Brief report of the nine months ended December 31, 2018 [Two Year Summary] Consolidated Kawasaki Kisen Kaisha, Ltd. Nine months Nine months Nine months December 31, 2018 December 31,
More informationGolar LNG Interim Report September 2003
Golar LNG Interim Report September THIRD QUARTER AND NINE MONTHS RESULTS Golar LNG reports net income of $7.1 million for the three months ended September 30, and operating income of $12.0 million as compared
More informationMEDIA RELEASE FOR IMMEDIATE RELEASE. Yangzijiang reports 38% increase in 2Q2018 earnings to RMB995 million
Yangzijiang Shipbuilding (Holdings) Ltd 16 Raffles Quay #41-02 Hong Leong Building Singapore 048581 (Co. Reg. No. 200517636Z) MEDIA RELEASE FOR IMMEDIATE RELEASE Yangzijiang reports 38% increase in 2Q2018
More informationFinancial Highlights: The Second Quarter Ended September 30, 2010
October 29, 2010 Financial Highlights: The Second Quarter Ended September 30, 2010 1. Consolidated Financial Highlights ( from April 1, 2010 to September 30, 2010 ) (All financial information has been
More informationRationalisation and re-aligning of businesses to focus on core franchises
Results Rationalisation and re-aligning of businesses to focus on core franchises 2 Sale of remaining stake in Noble Agri completed US$500 million rights issue completed Sale of Noble Americas Energy Solutions
More informationMPC CONTAINER SHIPS ASA FINANCIAL REPORT Q3 2018
, MPC CONTAINER SHIPS ASA FINANCIAL REPORT Q3 2018 CONTENTS THIRD QUARTER AND YEAR-TO-DATE 2018 HIGHLIGHTS... 3 SUBSEQUENT EVENTS... 3 BUSINESS OVERVIEW AND CORPORATE DEVELOPMENT... 3 THIRD QUARTER AND
More informationAsian Insights Third quarter 2016 Asia s commitment in policies and reforms
Asian Insights Third quarter 2016 Asia s commitment in policies and reforms One of the commonalities between most Asian governments is the dedicated commitment they have in using policies and initiatives
More information