• 2008 May 29 12:37

    Latvian Shipping Company’s profit up to $15.4 million in Q1 08

    In the 1st quarter of 2008 JSC Latvijas kugnieciba (Latvian Shipping Company – LASCO) Group has been proceeding with the implementation of its strategic goal set – to ensure increase of LASCO value securing its place among the top ten medium size tanker owners in the world. During the report period the core business of LASCO was successful and proves efficient and professional commercial management of LASCO fleet - vessel operating profit has reached USD 18,6 million improving the result for the respective period in 2007 by USD three million.
    Regardless of the unfavourable impact of various external factors on company’s performance, LASCO net profit is USD 15,4 million. The difference in profit, compared to the respective period last year, is connected with the sales of vessels in the 1st quarter of 2007.
    During the report period LASCO assets have grown reaching USD 877,0 million on March 31, 2008. The un-audited equity of the Group comprises USD 504,3 million at the end of the report period.
    The core business of LASCO Group is worldwide cargo shipments among the ports. At the end of the 1st quarter the fleet in LASCO commercial management consisted of 45 vessels – 38 tankers, two LPG carriers, four reefer vessels and one dry cargo ship.
    At the beginning of the report period the tanker voyage charter rates had fallen to their lowest level of the decline experienced at the final quarter of 2007 and the market recovery commenced. In the 1st quarter of 2008 the vessel operating profit of the tanker fleet has reached USD 14,2 million exceeding the result by USD 2,7 million for the corresponding period the year before.
    The LPG carriers of the LASCO fleet continued to operate with profit within the ScandiGas pool during the 1st quarter of 2008. However due to unusually warm weather conditions leading to lower energy consumption the performance of the LPGs has been USD 0.9 million lower compared to the result the year before.
    In the 1st quarter of 2008 LASCO reefer vessels have been employed in time charter in accordance with an agreement signed. The overall results of the reefer vessel operations have been higher during the report period than a year before.
    The dry cargo vessel of LASCO fleet continued to work in accordance with a time charter agreement generating solid and predictable profit of almost USD 0,3 million (LVL 0,1 million, EUR 0,2 million).
    “I am satisfied with the good results of the first quarter – they have been achieved in low market situation and grace to practical knowledge and experience of our specialists. Even though the freight rates have stabilized after the decline experienced at the end of the last year, their growth is hardly expected during 2008. Therefore we are paying particular attention to efficient operational performance and exploitation of the resources”, underlines Imants Sarmulis, Chairman of LASCO Management Board.
    In the 1st quarter of 2008 LASCO took the delivery of one tanker newbuilding Uzava from 3.Maj within the Tanker Fleet Renewal Programme. Completing the Tanker Fleet Renewal Programme LASCO will take delivery of two more tanker newbuildings from 3.Maj shipyard in Croatia. One of them – Salacgriva has been launched on April 26 this year.
    In accordance with the tanker fleet development scenario foreseen in LASCO Operations Strategy for the period till 2015, there are four medium range 52 000 DWT tankers being built at Hyundai Mipo Dockyard Co., Ltd in Korea. The optimum parameters of the tanker newbuildings ordered will provide for their comprehensive employment in oil product, chemical cargo and vegoil shipments.

2024 March 28

12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier
16:23 MAN 51/60DF engine passes 10 mln operational hours milestone
15:56 TotalEnergies restarts gas production at the Tyra offshore hub after a major redevelopment
13:43 HHLA container throughput decreases year-on-year by 7.5 percent to 5,917 TEU in 2023
13:24 Largest shipping lines saw sharp decline in revenues in 2023