Eight Very Large Crude Carriers are achieving Very Large Carbon Cuts. A detailed performance analysis of a National Shipping Company of Saudi Arabia (NSCSA) tanker confirms that the company has achieved substantial
Calovebora, the first in a series of thirteen Z-Tech tugboats built for ACP (the Panama Canal Authority) by Cheoy Lee Shipyards of Hong Kong is now in Panama. The 26-engine order for
Nuclear powered merchant ships could be sailing again sooner than many might suppose. That’s the view of Lloyd’s Register CEO Richard Sadler. The classification society is a member of a newly formed
Rolls-Royce has signed a collaboration agreement with China’s Shanghai Bestway Marine Engineering Design Company Ltd (Bestway), a leading marine design and research company in China. The collaboration will focus upon development of
“We are ready to take more territory, especially in emerging markets,” he adds.
Maersk Group revenue for the nine month period ended September 30, 2010 increased by 17 percent to $41.4 billion, primarily as a result of higher container shipping freight rates and higher oil prices. The net result for the period was a profit of $4.2 billion compared with a loss of $0.7 billion in the same period last year
“The result is exceptional, and we are very satisfied,” says Group CEO Nils S. Andersen. ‘Markets have been favorable, but first of all, our businesses are in excellent shape. Especially our container business has improved and is ahead of competition on profitability. We have moved from defense to the attacking zone, and we are ready to take more territory, especially in emerging markets.”
Container shipping and related activities turned a profit of $2,254 million (against a loss of $1,590 million in the equivalent period last year). The result reflected an increase in average freight rates of 34 percent, an increase in transported volumes of 7 percent and substantial savings per unit.
APM Terminals’ segment result was $668 million ($340 million), helped by gains on sale of an ownership interest in Sigma Enterprises Ltd. The number of containers handled increased by 3 percent despite discontinued activities at six terminals. The remaining terminals had an 8 percent increase in volumes.
Oil and gas activities turned in $1,339 million ($958 million), primarily due to a 35 percent increase in oil prices to an average of $77 per barrel. The increase more than compensated for a 17 percent decline in the Group’s share of oil and gas production to 103 million barrels. The Group’s exploration costs were $346 million ($466 million). Exploration activities led to two new discoveries in Norway in the third quarter. Planned maintenance of platforms in the North Sea was completed in the third quarter.
Maersk Tankers’ segment result was a loss of $103 million in the first nine months of 2010 (same period loss last year was $193 million). Maersk Tankers incurred impairment losses of $107 million in the third quarter of 2010.
Maersk Drilling’s segment result increased to $300 million ($168 million), positively affected by delivery of new rigs and a continued high level of contract coverage at attractive rates.
Group] free cash flow increased by $6.3 billion in the first nine months of 2010 compared to the same period of 2009. Cash flow from operating activities was $7.4 billion ($4.1 billion), while cash flow used for capital expenditure was negative by $3.2 billion (negative by $6.3 billion). Net interest bearing debt was reduced by $4.4 billion to $13.7 billion.
Group competitiveness was enhanced by further cost reductions and activity adjustments with an expected full-year effect of between $500 million and $1 billion.
Outlook for the full year 2010
The group is now expecting a result for the full year in the order of $5 billion, excluding an expected gain from Dansk Supermarked A/S’ sale of Netto Foodstores Limited, UK. That transaction is not expected to be completed until the first half of 2011.
November 10, 2011
The 319,360 dwt, Marshall Islands registered, Samho Dream with a crew of five Koreans and 19 Filipinos, was released at around 11:30 p.m., Saturday night, according to the Korean Ministry of Foreign Affairs and Trade.
The owner, Samho Shipping, reportedly paid a ransom of more than $9 million — the largest amount thus far extorted from a shipowner by Somali pirates.
The ship had been seized approximately 600 nautical miles off the Somali coast carrying roughly $170 million worth of Iraqi crude oil.
An official from the Foreign Ministry said yesterday that “the Samho Dream is currently being escorted to a safe location by the Korean naval ship Wang-gun from the Cheonghae Unit, and is expected to land at the port of Salalah in Oman this Thursday.”
The president of Samho Shipping, Sohn Yong-ho, told Joonang Daily that the crew is in good condition, but he would not disclose the exact amount paid to the pirates, nor how much of the ransom came from insurance payouts.
The Singapore-registered chemical tanker MV Golden Blessing was also released by pirates Saturday, It had been seized on June 28 and carrying a crew of 19 Chinese was released for a reported ransom of $2.8 million.
November 8, 2010
Mr. Angelo, who is currently Deputy Managing Director, will succeed Peter Swift when he retires on December 31, 2010.
Katharina (“Kathi”) Stanzel has been appointed Deputy MD.
Intertanko says it had an “overwhelming level of interest” in the job and some highly qualified and capable individuals were shortlisted. “We are grateful and flattered by some of the names who threw their hat into the ring,” says Graham Westgarth, Intertanko’s Chairman. “Ultimately however, we felt that Joe and Kathi working together to lead Intertanko through its change of MD was an optimal solution.”
Joe Angelo has worked for Intertanko for six years, first as Director of Regulatory Affairs and the Americas.
He is a a1971 graduate of the U.S. Merchant Marine Academy at King’s Point, N.Y.
Prior to joining Intertanko, as a member of the U.S. Senior Executive Service, he held various senior roles with the U.S. Coast Guard — lastly as Director of Standards for Marine Safety, Security And Environmental Protection, — where he led U.S. delegations at IMO.
“Joe is a well respected figure not only within Intertanko but also in the corridors of the iIMO and the international shipping community. Having initially not been available for selection we are delighted this subsequently changed and are pleased that he agreed to take up the challenge,” said Mr. Westgarth.
Kathi Stanzel joins intertanko from the International Oil Pollution Compensation Funds (IOPC). A marine biologist by profession, she has worked in senior technical advisory and claims management roles within the marine pollution sector.
“In her twelve years with ITOPF and IOPC, Kathi has attended and been responsible for handling many major ship source pollution incidents including the Erika and Prestige,” said Mr. Westgarth. “Acting as a signatory on behalf of the 1971 and 1992 Oil Pollution Compensation Funds, she advises governments on oil pollution response measures and potential impacts. She has been extensively involved in the work of the OPRC-HNS technical group and the development of IMO guidance documents for the Marine Environment Protection Committee, focusing both on oil and other hazardous and noxious substances.”
