On Wednesday, tanker titan Frontline (NYSE: FRO) reported robust operating income of $190.9 million, but after backing out large gains of $66.1 million from asset sales, the adjusted figure fell 6% year over year and 21% sequentially. The company secured strong rates for its crude tankers, thanks in
Imtech (technical services provider in Europe) announces that it has acquired all shares of the Dutch-based Free Technics B.V., a small software specialist on the international maritime market. The acquisition price (including earn-out) is based on five times the EBITA and is being paid in cash. The
Buruna Raya Logistics (Indonesia), has signed an order for three 31 metre Offshore Service Vessels, the vessels will be constructed at Strategic Marine’s Singapore Facility. Powered by three Cummins KTA 38 Engines giving the vessel a total of 3600 bhp, each vessel with be capable of reaching a maxim
Strategic Marine Pty Ltd has been awarded a $60 million contract to build the Floating Dock, for the Australian Marine Complex in Henderson, Western Australia with delivery scheduled for mid 2009.
Less than one year after Dutch superyacht builder Icon Yachts was launched at Monaco Yacht Show 2006, managing director Wim Koersvelt is delighted to announce that the third Icon 62 metre has been sold and steel will start being cut this September for 2009 delivery. With exterior styling by Tim Heyw
* Frontline reports net income of $189.1 million and earnings per share of $2.53 for the second quarter of 2007. * Frontline reports half year net income of $347.9 million and earning per share of $4.65. * Frontline reports a total gain on sale of assets of $66.1 million consisting of $31.2 million
The future of Poland’s iconic Gdansk shipyard remains in doubt as a key European Union (EU) deadline approaches for the site to reduce its capacity. Brussels has given Poland until the end of Tuesday to either close two of Gdansk’s three slipways or else repay 51m euros ($69m; £35m) of European aid.
The people of the oil producing areas of Ondo State may soon heave a sigh of relief over shortage of land in the areas as government has commenced the establishment of a new town with reclamation work in Adagbakuja. Yinka Oladoyinbo reports. ONE thing that the people of the oil producing communities
Kenya’s main port handled 7.7 million tonnes of cargo in the first half of 2007, a 11.5 percent rise from the 6.9 million it handled a year earlier, the Kenya Ports Authority (KPA) said on Wednesday. The harbour at Mombasa also handled 14.4 million tonnes in the whole of 2006 compared to 13.3 millio
Gibraltar Government Minister Joe Holliday has this evening explained that the stricken cargo ship New Flame, which collided with the petrol tanker Torm Gertrude, could be towed into a safe port if the break up operation undertaken by the salvage team is successful.
John Kostecki has resigned his position as lead skipper of Ericsson’s two-boat campaign for the 2008-09 race. Kostecki had been charged with spearheading Ericsson’s challenge for overall honours, the team having failed to live up to expectations in 2005-06. The second boat, with an all-Nordic crew,
Transas Norway AS has announced the signing of a new contract for S-VDR with DOF Management AS of Storebø, Austevoll in Norway. The agreement covering the entire existing fleet of 13 vessels, began aboard ‘Skandi Admiral’ in late June.
The new office establishes a European base for MCM in order to support all aspects of their yacht management services in Europe and in particular the Mediterranean. With an expanding portfolio of clients whose relationship with MCM continues long after their yacht has been delivered, MCM felt it was
Highlights first half of 2007 * Robust growth: o EBITA: +38%, 62.1 million euro (organic +16%) o Net profit: +30%, 35.1 million euro o Revenue: +18%, 1,517 million euro o Order portfolio: +19%, 3,549 million euro o Operational EBITA margin: up from 4.0% to 4.6% * Recovery continued in the Benelux, G
