Daily Briefing. CSSC is selling $1bn offshore newbuilds to an equity fund. Leading maritime commerce since Wednesday November 15, 2017
|
|
- Joy Joseph
- 5 years ago
- Views:
Transcription
1 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 CSSC is selling $1bn offshore newbuilds to an equity fund Reefer rates are set to maintain an upward curve in 2018 Shipowners hit back at emissions reporting requirements ANALYSIS: Why Japan s security ambitions will help combat Southeast Asia piracy MARKETS: Indian coal imports will continue to fuel bulker demand Boxship oversupply is weighing down transpacific and Asia-Europe rates NEWS IN BRIEF: DFDS acquires Dutch logistics company Alphatrans Odfjell inks four long-term bareboat charters with Sinochem Shipping HHI reshuffles top management BW Group forms FSRU joint venture with Mitsui HHLA confirms full-year target Thoresen Shipping returns to profitability in the third quarter on dry bulk uptrend DHT narrows losses on absence of impairment charges RCL back in the black on higher freight rates and cost cuts Korea s KSS Line sees net profit leap 102% for third quarter SHANGHAI WAIGAOQIAO SHIPBUILDING is planning to dispose of seven undeliverable jack-up rigs and four offshore support vessels, worth more than $1bn, via an equity fund backed by major players in China s insurance and banking sector. The deal comes as SWS, a main unit of state conglomerate China State Shipbuilding Corp, is struggling with the non-performing orders, which have been plaguing the shipyard s operational and financial conditions, according to stock exchange filings and people familiar with the matter. The move also comes as the central government in Beijing is pushing for deleveraging its state-owned enterprises. CSSC Holdings, CSSC s Shanghai-listed arm and SWS s parent, said the jack-ups and OSVs would be sold to an affiliated asset management company for approximately Yuan7.5bn ($1.1bn). The buyer temporarily named Tainjin CSSC CCB Offshore Investment Management Co, as it is still in the registration process will take delivery of the vessels and later operate them via its singleship arms. Major shareholders of CSSC CCB Offshore are CSSC Investment and Development Co, a wholly owned subsidiary of CSSC, and managers of a private fund provisionally named CSSC Cost Reduction and Efficiency Increase Private Investment Fund. No further details regarding the fund were published in the filings. But an internal scheme seen by Lloyd s List shows that other major shareholders of the fund consist of China Life Insurance, China Construction Bank and China Taiping Insurance. According to the scheme, CSSC Investment and China Life will contribute Yuan1.3bn and Yuan3.1bn respectively to the Yuan7.5bn fund. The remaining Yuan3.1bn will be forked out by CCB and China Taiping. Lloyd s List Daily Briefing Wednesday 15th November Page 1
2 CSSC will guarantee a certain amount of the return for the external shareholders, regardless of the actual income of the offshore projects, and will buy back their stake in the fund upon maturity. CCB (Beijing) Investment Fund Management Co and China Life Investment Holding Co are assigned as the fund managers. It is uncertain whether the scheme is the final version. The two fund managers and CSSC Holdings cannot be reached for comment. The relief of Yuan7.5bn, about 80% of the offshore vessels market price, will help shore up the shipyard s liquidity and reduce its financial costs, CICC analysts Wang Yufei and Wu Huimin wrote in a note. They added that the deal, if materialised, would reduce CSSC Holdings inventory by 48% and boost its cash reserve by 48%. CSSC Holdings recorded a recurring net loss of Yuan712.9m for the first three quarters of 2017, deepened from Yuan552.9m during the year-ago period. Some market observers expressed concerns over the latest arrangement. That was because information about the charter hires of the above-mentioned rigs and OSVs, which is difficult to obtain at today s distressed offshore market, was missing in the company s announcements. If CSSC does provide a guarantee of return and buyback to the other fund shareholders, the challenge will be to secure charters that can generate stable and proper cash flows, said a Beijingbased analyst, who declined to be named. The delivery problem of offshore newbuildings has taken a toll on many Chinese shipyards, which rushed to the sector in Another state conglomerate, China Shipbuilding Industry Corp, is close to completing its $3.3bn debt-to-equity swap for two of its major offshore subsidiary yards. The company had already booked a roughly $330m impairment loss on its offshore inventory in 2016, followed by a yard-owner partnership that virtually delayed the payment of $570m for another three jack-ups ordered at SWS. Lloyd s List Daily Briefing Wednesday 15th November Page 2
3 NEWS Robert Yildirim will retain his 24% CMA CGM shareholding ROBERT Yildirim plans to retain his 24% stake in French shipping group CMA CGM next year rather than end his seven-year involvement. At one stage, he had been expected to exit at the end of 2017 when his current two-year financial commitment expires. Instead, Mr Yildirim told Lloyd s List he was ready to keep his money in CMA CGM, which he helped to rescue by buying convertible five-year bonds at the beginning of 2011 when the French group was in urgent need of a cash infusion. France s sovereign wealth fund also helped out. The notes matured at the end of 2015 just as CMA CGM was buying Neptune Orient Lines and so was unable to make the $600m repayment. So Mr Yildirim, president and chief executive of the privately-owned Yildirim Group of Companies, whose activities range from mining and chemicals, to shipping, shipbuilding and port operations, In a telephone interview with Lloyd s List, Mr Yildirim did not rule out eventually selling his CMA CGM stake, which would have risen sharply in value over the past seven years as the container shipping industry recovered from a severe recession. However, he said that assuming there was agreement with the Saadé family, who have a majority 70% shareholding, he wanted to stay in CMA CGM now that the market was looking so much better. Nevertheless, Mr Yildirim said he would consider offers if the price was attractive enough, and would expect to make a hefty profit on his original investment, given the valuations of lines such as Hamburg Süd, which is being sold for $4bn, and OOCL, being bought by Cosco Shipping for $6.3bn. Reefer rates to maintain upward curve in 2018 A LOOMING reefer container equipment shortage and ongoing consolidation in the ownership structure in the upper echelons of the container shipping sector are expected to continue to drive up reefer container freight rates over the next year. In a webinar on Tuesday morning, analysts Drewry said that production figures for new reefer units in 2017 would not be much greater than last year, when a historically low level of manufacturing prompted a temporary shortage in empty reefer box containers and with it a surge in reefer rates, as shippers scrambled to fulfil cargo consignments globally. Shipowners hit back at emissions reporting requirements THE International Chamber of Shipping has criticised the European Commission s data collection system for ships carbon dioxide emissions amid concerns that lack of alignment between agreed to be a preferred shareholder for two years,and continued to receive 12% interest on his investment. According to Drewry s container census and leasing report, the global production of new reefer box equipment was as low as around 80,000 teu last year, representing the lowest newbuilding volumes since As demand increases amid the traditional high season for the perishables market in the coming months and an equipment shortage seemingly unresolved, this only points to further rate increases, according to Drewry. European Union and International Maritime Organization systems will result in a period of double reporting for shipowners. Lloyd s List Daily Briefing Wednesday 15th November Page 3
4 ANALYSIS Why Japan s security ambitions will help combat Southeast Asia piracy JAPAN is to dig into its overseas aid budget to fund four coastguard radar stations to protect shipping traffic in the Sulu and Celebes seas between Indonesia and the Philippines. The area has experienced several piracy incidents over the past year, which has forced ship operators to make expensive detours. But the security investment has both maritime and geopolitical motivation. Japan is known to be seeking a more substantial defence and security role in Southeast MARKETS Indian coal imports will continue to fuel bulker demand INDIA s appetite for coal will continue to feed demand for bulk carriers, at least in the near future, due to the time and expense needed to build alternative means of power generation and switch coal out of the country s energy mix. The nation s aim of boosting its steel-making capacity is already intensifying demand for coking coal, with Braemar ACM forecasting average yearly coal consumption growth of 3.4% between 2018 and Asia, especially under prime minister Shinzo Abe s version of a pivot to the region. Politics aside, though, the investment would be welcomed across the shipping industry because it would enable maritime patrols from both littoral states to be more effective. This would reopen the shortest route between north Asian states including Japan and Southeast Asia. But a swathe of coal-fired power plants, which account for approximately 195 gigawatts of India s total 330-gigawatt installed power capacity, will continue to drive demand for thermal coal as the energy mix is unlikely to change substantially in the coming years. This increase in import demand would primarily benefit the panamax and supramax segments, whose share of the Indian market has grown in recent years, while the capesize market was declining, Braemar noted in a report. Boxship oversupply is weighing down transpacific and Asia-Europe rates THE fate of transpacific and Asia-Europe freight rates will depend on whether more containership tonnage can be removed from the market, says Asian transportation consultancy Crucial Perspective. It said that spot market rates had decreased 4% over the past week and 5% year on year mainly due to excess vessel supply as opposed to weak trade demand. Headhaul demand on the Asia to North America and Asia to Europe trades has risen 10% and 7% respectively, while global container shipping demand has increased 4.9% in the year to date, which matches the consultancy s estimate for Therefore, unless more capacity is being taken out, the liners planned rate hikes in mid-november and early December may meet with limited and shortlived success, said the consultancy. Rising bunker fuel prices will also put more pressure on profit margins if higher fuel surcharges are being offset by discounted underlying freight rates. Lloyd s List Daily Briefing Wednesday 15th November Page 4
5 NEWS IN BRIEF DFDS acquires Dutch logistics company Alphatrans SHIPPING and logistics group DFDS is expanding its European logistics capabilities by acquiring all the shares in Rotterdamheadquartered logistics company Alphatrans Group in an agreement signed on Tuesday with Alphatrans owner Martin Bos. DFDS said the deal was subject to approval by competition authorities in Germany, expected by the end of this year, and would add new countries to the DFDS network and expertise in specialist transport, and would create synergies within the group. Alphatrans is a Netherlandsbased company specialising in the transport of long, wide, high and heavy loads, with annual revenues of 45m ($52.9m). Odfjell inks four long-term bareboat charters with Sinochem Shipping ODFJELL has signed a pact to take four newbuilding chemical tankers on long-term bareboat charters from Sinochem Shipping as it seeks more modern tonnage to replace its ageing chartered-in fleet. Odfjell s chief executive Kristian Mørch said: With this structure, we will replace a large part of our maturing chartered-in fleet with more modern and sophisticated tonnage, and in a highly capitalefficient way. We are also very pleased with the new relationship with Sinochem and with the trust they place upon us as managers of the pool. The four vessels are part of a total newbuilding order of eight 40,900 dwt stainless steel vessels by Sinochem that will form a chemical tanker pool managed by Odfjell and trade as part of the Odfjell Tankers fleet. HHI reshuffles top management HYUNDAI Heavy Industries has announced that its chairman and vice-chairman will step down to take different roles within the group, while its current president and chief executive Kang Hwangoo will continue to lead the South Korean shipbuilder. Choi Kil-seon, chairman of HHI, will step down from his position but remain as an adviser to the firm, while Kwon Oh-gap, vicechairman of HHI, will serve as chairman of a newly-established holding company that will control HHI, according to a statement by the group. The move is part of HHI s efforts to overcome industry challenges amid a lack of orders. BW Group forms FSRU joint venture with Mitsui BW Group has established a joint venture with Japan s Mitsui & Co in which they will jointly own floating storage and regasification unit BW Integrity. Under the agreement, Mitsui has acquired a 49% stake in the venture, with BW owning the rest. BW continues to handle the technical management as well as commercial aspect of the FSRU, which is currently at Pakistan s Port Qasim where it has been chartered to PGP Consortium on a 15-year charter to provide regasification services to stateowned Pakistan LNG Terminals. Mitsui said in a statement that Pakistan started liquefied natural gas imports in 2015 to meet growing local demand and falling production. HHLA confirms full-year target HAMBURG terminal operator Hamburger Hafen und Logistik (HHLA) expects to hit its full-year targets after a 10.8% increase in container throughput helped it raise revenues in the first nine months of this year to 942.8m ($1.1bn). Earnings before interest and tax were up 22.3% to 155.m and net profits rose by a third to 79.3m. HHLA is benefiting from the positive trend in both the global economy and world trade, but also from the targeted sales activities and in-depth discussions with our customers which took place in the spring of this year and by which we secured and in some cases expanded our market position, said HHLA chairwoman Angela Titzrath. Thoresen Shipping returns to profitability in the third quarter on dry bulk uptrend THORESEN Shipping Group posted a Baht74.2m ($2.2m) net profit for the third quarter of 2017, recovering from a Baht222.7m net loss in the year-ago period as the dry bulk market continued to rally. The dry bulk operator s time charter equivalent earnings jumped 51% to $8,288 per day as both the Baltic Dry Index and Baltic Supramax Index were up 54% and 25% respectively during the period, amid continued growth in China s iron ore imports and the recovery in global thermal coal demand as well as minor bulk trades. DHT narrows losses on absence of impairment charges NEW York-listed DHT Holdings has narrowed its net loss for the third quarter of the year to $5.1m compared with a $75.7m net loss in the 2016 period due to the absence of impairment charges. In the third quarter of last year, the tanker operator saw a $76.6m impairment on the fall in value of its secondhand tankers. Lloyd s List Daily Briefing Wednesday 15th November Page 5
6 Due to additions to its fleet, the company s shipping revenue rose to $84.4m compared with $64.8m in the 2016 quarter. However, further gains were limited by softer tanker rates during the period. RCL back in the black on higher freight rates and cost cuts A RECOVERY in freight rates coupled with cost optimisation measures helped Thailand-based Regional Container Lines return to profit in the third quarter of the year. The intra-asia container specialist posted a net profit of Baht241.7m ($7.3m) for the three months ended September 2017 versus a Baht455m net loss in the yearago period. It noted that strong economic activity in Asia helped increase liftings in carrier-owned containers and shipper-owned containers by 6.6% and 3% respectively in the quarter versus Korea s KSS Line sees net profit leap 102% for third quarter GASES and chemicals carrier KSS Line reported a year-on-year jump in third-quarter net profit of 102.5%, due to a total of four new very large gas carriers it deployed in the first half of the year. The South Korean company posted a Won7.8bn ($7.1m) net profit for the three months ended September 30. A total of six new ships are scheduled to be delivered this year, with the fifth rolled out in September. The new ship will be deployed on a long-term contract of affreightment with Japan s JX Ocean to deliver liquefied petroleum gas. With that contract, the company expects to generate about Won61.2bn of profit over the next five years. For classified notices please view the next page. Lloyd s List Daily Briefing Wednesday 15th November Page 6
7 Lloyd s List Daily Briefing Wednesday 15th November Page 7
Daily 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 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 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 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 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 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 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 informationIino Kaiun Kaisha, Ltd. (Iino Lines)
Consolidated Financial Results (Summary) For the Six Months Ended September 30, 2011 - under Japanese GAAP October 31, 2011 Iino Kaiun Kaisha, Ltd. (Iino Lines) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/
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 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 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 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 information1. 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 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 informationNORDEN RESULTS. Annual Report Copenhagen, Denmark. 1 March 2017 NORDEN ANNUAL REPORT 2016 RESULTS 1. Custodians of smarter global trade
NORDEN RESULTS Annual Report 216 Copenhagen, Denmark 1 March 217 NORDEN ANNUAL REPORT 216 RESULTS 1 AGENDA Group highlights Financials Dry Cargo Tankers 217 expectations Q & A NORDEN ANNUAL REPORT 216
More informationJustin B. Yagerman J.P. Morgan Asset Management Global Maritime and Transport
CHARTING THE COURSE: Maritime s role in institutional portfolios Justin B. Yagerman J.P. Morgan Asset Management Global Maritime and Transport FROM THE LOOKOUT: GLOBAL MARITIME Workhorse of the Global
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 informationFINANCIAL HIGHLIGHTS. Brief report of the three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Consolidated
FINANCIAL HIGHLIGHTS Brief report of the three months ended June 30, 2016 [Two Year Summary] Consolidated Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2016 June 30, 2015
More information7 th Annual Invest in International Shipping Forum
7 th Annual Invest in International Shipping Forum March 21, 13 Ole B. Hjertaker, CEO 1 FORWARD LOOKING STATEMENTS This presentation contains forward looking statements. These statements are based upon
More informationFINANCIAL HIGHLIGHTS. Brief report of the six months ended September 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Consolidated
FINANCIAL HIGHLIGHTS Brief report of the six months ended September 30, 2017 [Two Year Summary] Consolidated Kawasaki Kisen Kaisha, Ltd. Six months Six months Six months ended ended ended September 30,
More informationBrief report of the six months ended September 30, 2017 Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Six months Six months Six months
FINANCIAL HIGHLIGHTS Brief report of the six months ended September 30, 2017 Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Six months Six months Six months ended ended ended September 30, 2017 September
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 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 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 informationIINO KAIUN KAISHA, LTD. (IINO LINES)
Consolidated Financial Results For the Three Months Ended June 30, 2014- under Japanese GAAP IINO KAIUN KAISHA, LTD. (IINO LINES) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/ Representative:
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 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 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 informationShip Finance International Limited 4Q 2016 Results
Ship Finance International Limited 4Q 2016 Results February 28, 2017 1 FORWARD LOOKING STATEMENTS This presentation contains forward looking statements. These statements are based upon various assumptions,
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 informationThoresen Thai Agencies Plc. Results Briefing. SET Opportunity Day 22 February Transport Energy Infrastructure
Thoresen Thai Agencies Plc. 1QFY12 Results Briefing SET Opportunity Day 22 February 2012 Agenda FY11 Highlights Financial Review: Consolidated P&L Business Outlook: Group Transport Group Infrastructure
More informationShip Finance International Limited (NYSE: SFL) - Earnings Release. Reports preliminary Q results and quarterly cash dividend of $0.
Ship Finance International Limited (NYSE: SFL) - Earnings Release Reports preliminary Q3 2018 results and quarterly cash dividend of $0.35 per share Hamilton, Bermuda, November 20, 2018. Ship Finance International
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 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 informationMaersk Q report
Maersk Q2 2017 report Date 16 August 2017 Conference Call Webcast 11:00 am CET www.investor.maersk.com Interim report Q2 2017 Page 2 Forward-looking Statements This presentation contains forward-looking
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 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 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 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 informationPrice Developments Evaluating Sector Attractiveness
Price Developments Evaluating Sector Attractiveness Dr Adam Kent - Maritime Strategies International (MSI) 7th Annual Marine Money London Ship Finance Forum 27 th Jan 2016 Agenda Price Developments Evaluating
More informationNORDEN RESULTS. Annual Report Copenhagen, Denmark 14 March Annual report 2017 CUSTODIANS OF SMARTER GLOBAL TRADE
NORDEN RESULTS Annual Report 217 Copenhagen, Denmark 14 March 218 1 Annual report 217 CUSTODIANS OF SMARTER GLOBAL TRADE AGENDA The NORDEN DNA Business update Market Review Latest developments Outlook
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 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 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 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 informationQuarterly financial report
Hapag-Lloyd AG 9M I 2017 Quarterly financial report 1 January to 30 September 2017 HAPAG-LLOYD AG I QUARTERLY FINANCIAL REPORT 9M 2017 SUMMARY OF HAPAG-LLOYD KEY FIGURES QUARTERLY FINANCIAL REPORT 9M 2017
More informationHalf-year financial report
Hapag-Lloyd AG H1 I 2017 Half-year financial report 1 January to 30 June 2017 SUMMARY OF HAPAG-LLOYD KEY FIGURES HALF-YEAR FINANCIAL REPORT 2017 million EUR 1.4. 30.6. 2017 1.4. 30.6. 2016 1.1. 30.6. 2017
More informationDaily Briefing. What lies behind Cosco Shipping s private placement? Leading maritime commerce since Monday October 30, 2017
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
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 informationThe Great Eastern Shipping Co. Ltd.
The Great Eastern Shipping Co. Ltd. Investor Conference,Goa February, 2007 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
More informationThe Great Eastern Shipping Co. Ltd. Investors Meet 17 th November, 2006
The Great Eastern Shipping Co. Ltd. Investors Meet 17 th November, 2006 Forward Looking Statements Except for historical information, the statements made in this presentation constitute forward looking
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 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 informationASL Marine Corporate Presentation 1H FY2013
ASL Marine Corporate Presentation 1H FY2013 Presentation Outline Group Overview 1H FY2013 Financial Review (6 months ended 31 December 2012) Operations Review Business Outlook 2 Group Overview 3 Company
More informationScorpio Bulkers Inc. Q Earnings Supplementary Presentation April 23, 2018
1 Scorpio Bulkers Inc. Q1 2018 Earnings Supplementary Presentation April 23, 2018 Safe Harbor Statement This document may contain forward-looking statements that reflects management s expectations for
More informationNORDEN RESULTS. First quarter of Hellerup, Denmark. 13 May Our business is global tramp shipping. NORDEN - First quarter of 2014 results 1
NORDEN RESULTS First quarter of 214 Hellerup, Denmark 13 May 214 NORDEN - First quarter of 214 results 1 AGENDA Group highlights Financial Dry Cargo Tankers 214 expectations Q & A NORDEN - First quarter
More informationInterim report first quarter 2011
Interim report first quarter 2011 Announcement no. 24 12 May 2011 Key figures and ratios (USD million) 1 st quarter 2011 EBITDA Group 48 Highlights: For the first quarter, NORDEN s operating earnings (EBITDA)
More informationCapital Product Partners L.P.
Third Quarter 2013 Earnings Presentation October 31, 2013 Capital Product Partners L.P. www.capitalpplp.com Disclosures This presentation contains forward-looking statements (as defined in Section 21E
More informationNavig8 Chemical Tankers Inc. Reports Results for the Three and Twelve Months Ended December 31, 2015
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND THE DISTRICT OF COLUMBIA) OR ANY
More informationPresentation of Q results
Presentation of Q1 2010 results 1 Highlights Results Tanker Division Bulk Division Fleet value Greater Efficiency Power Financial position 2010 guidance Coverage of earning days Profit before tax of USD
More informationDaily Briefing. Gulf in shipping industry s gender pay gap revealed. Hapag-Lloyd integration finishes as Maersk's begins
Friday December 1, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Gulf in shipping industry s gender pay gap revealed Hapag-Lloyd completes integration with UASC Gulf in shipping
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 information3. Forecast for the Fiscal Year Ending March 31, 2019 Revenues Operating profit Ordinary profit Profit attributable to owners of parent Net income per
Financial Highlights: The Second Quarter Ended September 30, 2018 1. Consolidated Financial Highlights ( from April 1, 2018 to September 30, 2018 ) (All financial information has been prepared in accordance
More informationQuarterly financial report
Hapag-Lloyd AG 9M I 2018 Quarterly financial report 1 January to 30 September 2018 SUMMARY OF HAPAG-LLOYD KEY FIGURES QUARTERLY FINANCIAL REPORT 9M 2018 1.7. 30.9. 2018 1.7. 30.9. 2017 1.1. 30.9. 2018
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 informationIINO KAIUN KAISHA, LTD. (IINO LINES)
October 31, 2018 Consolidated Financial Results For the Six Months Ended September 30, 2018 - under Japanese GAAP IINO KAIUN KAISHA, LTD. (IINO LINES) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/
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 informationLATEST LOGISTICS AND FORWARDING NEWS
LATEST LOGISTICS AND FORWARDING NEWS FRANCE - New Peak Season Surcharge by French shipping company CMA CGM - More than 30 companies from France have explored business opportunities in Uganda - SNCF Logistics
More informationLooking Ahead: Key Themes for the Drybulk Market
Marine Money Ship Finance Forum November 12 th, 2014 Looking Ahead: Key Themes for the Drybulk Market Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking
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 informationPreliminary fourth quarter/full year report. 15 February 2018
Preliminary fourth quarter/full year report 2017 15 February 2018 Preliminary fourth quarter/full year report 2017 4Q17 Odfjell Group Highlights Fourth quarter 2017 The chemical tanker market remained
More informationNORDEN RESULTS. Full year results of Hellerup, Denmark 7 March Our business is global tramp shipping. NORDEN Full year result of
NORDEN RESULTS Full year results of 2011 Hellerup, Denmark 7 March 2012 NORDEN Full year result of 2011 1 AGENDA Group highlights Strategy Financial highlights Market expectations Dry Cargo Tanker 2012
More informationNORDEN RESULTS. Third quarter of Hellerup, Denmark. 12 November Our business is global tramp shipping
NORDEN RESULTS Third quarter of 214 Hellerup, Denmark 12 November 214 NORDEN Third quarter of 214 results 1 AGENDA Group highlights Financials Dry Cargo Tankers 214 expectations Q & A NORDEN Third quarter
More informationForward Looking Statements
1 Forward Looking Statements 2 This presentation contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities
More informationOther transportation increased 0.9% or USD 9 million, from USD 973 million in 2011 to USD 982 million in 2012.
MD&A 31 st of December 2012 versus 31 st of December 2011 Operating revenue General: Consolidated operating revenue increased by USD 1,054 million, or 7.1% from USD 14,870 million in 2011 to USD 15,923
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. 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 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 informationJP J.P. Morgan Aviation, Transportation & Defense Conference, March 2011
JP J.P. Morgan Aviation, Transportation & Defense Conference, March 2011 1 TODAY S AGENDA Presentation of DS NORDEN (DNORD) Company profile Recent performance Fleet values Market expectations Full year
More informationTEEKAY TANKERS LTD. REPORTS THIRD QUARTER 2015 RESULTS
TEEKAY TANKERS LTD. REPORTS THIRD QUARTER 2015 RESULTS Highlights Reported third quarter 2015 adjusted net income attributable to shareholders (1) of $40.3 million, or $0.30 per share, compared to $2.6
More informationMD&A 31 st of December 2013 versus 31 st of December Operating revenue
MD&A 31 st of December 2013 versus 31 st of December 2012 Operating revenue General: Consolidated operating revenue decreased by USD 21.7 million, or 0.1% from USD 15,923.2 million in 2012 to USD 15,901.5
More informationNippon Yusen Kabushiki Kaisha (NYK Line)
For immediate release Consolidated Financial Results for the Year Ended (Japanese GAAP) (Unaudited) April 28, 2016 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 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 informationBW LPG Limited con. Condensed Consolidated Interim Financial Information Q3 2017
Q2 BW LPG Limited con Condensed Consolidated Interim Financial Information This report is not for release, publication or distribution (directly or indirectly) in or to the United States, Canada, Australia
More informationShip Finance International Limited Q Results
Ship Finance International Limited Q2 2018 Results Aug 22, 2018 1 FORWARD LOOKING STATEMENTS This presentation contains forward looking statements. These statements are based upon various assumptions,
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 informationTEEKAY TANKERS LTD. REPORTS SECOND QUARTER 2015 RESULTS
TEEKAY TANKERS LTD. REPORTS SECOND QUARTER 2015 RESULTS Highlights Reported second quarter 2015 adjusted net income attributable to shareholders(1) of $41.3 million, or $0.35 per share, compared to an
More informationDaily Briefing. Singapore bunkers suppliers face hard choices in a harsher market. Leading maritime commerce since Thursday November 9, 2017
Thursday November 9, 2017 Daily Briefing Leading maritime commerce since 1734 LEAD STORY: Singapore bunkers suppliers face hard choices in a harsher market NEWS: Has the shipping industry reached an LNG
More informationFY2013 Financial Results
FY2013 Financial Results February 2014 Disclaimer The presentation is prepared by AVIC International Maritime Holdings Limited (the Company ). The information contained in this presentation is subject
More informationNET EARNINGS EUR 4.6 MILLION IN Q Financial Results Q2 and 1H August 2018
NET EARNINGS EUR 4.6 MILLION IN Q2 2018 Financial Results Q2 and 1H 2018 31 August 2018 KEY HIGHLIGHTS FOR Q2 2018 Net earnings EUR 4.6 million Revenue EUR 172.6 m up EUR 1.9 m EBITDA EUR 14.9 m down by
More informationInterim report - first half 2005
Copenhagen Stock Exchange Nikolaj Plads 6 1067 Copenhagen K Announcement No. 21 23 August 2005 Interim report - first half 2005 First half 2005 - highlights In the first half-year, the profit for the period
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 THIRD QUARTER RESULTS Highlights Declared a cash dividend of $0.03
More informationTEEKAY SHIPPING CORPORATION Bayside House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212, Nassau, Bahamas EARNINGS RELEASE
TEEKAY SHIPPING CORPORATION Bayside House, Bayside Executive Park, West Bay Street & Blake Road P.O. Box AP-59212, Nassau, Bahamas EARNINGS RELEASE TEEKAY REPORTS FIRST QUARTER RESULTS Highlights Reported
More informationDIRF. Martin Badsted Senior Vice President. Copenhagen, February 2010
DIRF Martin Badsted Senior Vice President Copenhagen, February 2010 THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING. UNIQUE PEOPLE. OPEN MINDED TEAM SPIRIT. NUMBER ONE. Dampskibsselskabet Presentation of
More informationBW LPG Limited con. Condensed Consolidated Interim Financial Information Q and H1 2016
con Condensed Consolidated Interim Financial Information 190 HIGHLIGHTS Time Charter Equivalent ( TCE ) earnings were US$99.4 million in Q2 2016 (US$236.2 million in H1 2016), compared with US$154.7 million
More informationMANAGING COUNTERPARTY RISK. BUNKER ASIA 2011 Adam Dupré, Chairman, Petromedia Group
MANAGING COUNTERPARTY RISK BUNKER ASIA 2011 Adam Dupré, Chairman, Petromedia Group Boring but Necessary A trader wants to make deals. The credit manager is often seen as a hindrance to doing business.
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 informationTORM REPORTS NINE MONTHS RESULTS IN LINE WITH EXPECTATIONS AND MAINTAINS OUTLOOK FOR THE YEAR.
3. quarter 2002 A/S Dampskibsselskabet TORM Marina Park Sundkrogsgade 10 DK-2100 Copenhagen Ø Denmark Tel: +45 39 17 92 00 Fax: +45 39 17 93 93 Telex: 22315 TORM DK E-mail: Website: Comtext: mail@torm.dk
More informationSeanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2018
Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2018 Highlights of First Quarter 2018: Net revenues: $21.3 million in Q1 2018, up 60% compared to $13.3
More information