Finance
Euroseas eyeing investment opportunities
Dry bulk and containership owner Euroseas is eyeing investment opportunities even as first-quarter profits slump. Nasdaq-listed Euroseas reported a net profit of $3.9m for the first quarter of the year compared to $13.6m in the same period a year...
2009-05-26 07:59:46
Golden Ocean net profit slumps
A slashing of revenues led to a slump in first-quarter net profit at John Fredriksen’s Golden Ocean. The Oslo-listed owner did, however, say the dry-bulk market had performed “relatively well” in the period as China almost single-handedly st...
2009-05-26 07:27:04
Severnaya post improved results
Russia’s Severnaya shipyard has reduced first quarter losses sharply to just RUB 1.22m ($39,000) Revenues were up fourfold to RUB 2.45bn. The St Petersburg yard and its neighbour Baltiysky Zavod are owned by United Industrial Corp, which is plan...
2009-05-26 07:18:58
Eitzen order cancellations reduce losses
Norway’s Camillo Eitzen Group has reported a first quarter net loss of $5.9m, an improvement on its last quarter loss of $495m and $12.9m in the same period a year ago. The Oslo-listed group is still, however, in discussions with lenders regardi...
2009-05-22 07:25:44
HSH Nordbank receives $4bn injection
The world’s largest shipping bank HSH Nordbank will receive a capital injection of €3bn ($4.1bn) from the states Schleswig-Holstein and Hamburg, an extraordinary general meeting decided on Wednesday. HSH Nordbank urgently needs fresh money by...
2009-05-22 07:17:33
Shipbuilding stalwarts faltering
South Korea’s major shipbuilders posted markedly decreased operating profits for the first quarter 2009 following the poor performance of the big three in the same period. The main cause of the deteriorated performance was the high-priced steel ...
2009-05-21 06:30:19
US shipyard Conrad net profit grows
Conrad Industries has reported a boost in first-quarter profits and revealed $24m in barge orders. The US shipyard said it earned $5.7m in the quarter, a 26.7% increase on the $4.5m in the same period of last year. The profits amount to $0.88 in d...
2009-05-20 08:00:18
HSH Nordbank posts $255m losses for Q1
The world’s biggest shipping bank HSH Nordbank saw a loss of €188m ($255m) before tax in the first quarter of 2009 compared with a loss of €91m in the same period of 2008. Despite the widening gap the bank was satisfied with the result. HSH exp...
2009-05-20 07:48:00
Liquidity position anxiety
STX Offshore & Shipbuilding of South Korea is said to be in shortage of cashable assets and in urgent need of improving liquidity position. Seoul-based Hanwha Securities said STX O&S’ cashable assets have shrunk to KRW 81.1bn ($65m) at the end o...
2009-05-20 06:44:00
Bond issue rush
South Korean major shipbuilders are getting increasingly dependent on outside borrowings since the start of this year. The country’s seven major shipbuilders have to date secured KRW 2.3trn ($1.84bn) through corporate bonds. STX Offshore & Shipb...
2009-05-19 11:59:29
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