• 2019 August 23 13:08

    Boskalis half year result 2019 tainted by offshore projects

    Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 1.3 million in the first half of the year (H1 2018: negative EUR 361.4 million), the company said in its release.

    Revenue in the first half of the year increased 8.6% compared to the first half of last year to EUR 1.27 billion (H1 2018: EUR 1.17 billion).

    EBITDA in the first half of the year totaled EUR 135.7 million and the EBIT was EUR 9.1 million (H1 2018 EBITDA: EUR 167.2 million, EBIT: negative EUR 349.6 million).

    A strong decline of the result was caused by operational and contractual issues on a limited number of offshore projects, partly in decommissioning but mostly in offshore wind cables. In the offshore wind market circumstances have changed as a consequence of the move to zero subsidies and increased competition. This has resulted in a recent and unexpected change in the attitude of clients, which is reflected in a sharp increase in the number of disputes and protracted claim negotiations. Following a thorough review of the projects in hand, provisions of slightly more than EUR 100 million have been made on a limited number of onerous contracts. The entire order book was reviewed when determining these provisions.

    Extraordinary items impacted both the 2018 and 2019 half year result. In 2018, these were related to (impairment) charges of EUR 397.0 million pre tax whilst in 2019 a book profit of EUR 42.2 million is included in the earnings, relating to the sale of the Kotug Smit Towage joint venture and the sale of a vessel. The extraordinary items are accounted for at group level.

    Within the Dredging & Inland Infra segment, revenue increased with the strongest growth realized outside Europe. Large projects in progress in Oman, Singapore, Canada and the Indian subcontinent contributed to this. The results were virtually stable compared to the same period last year.

    At Offshore Energy, revenue from contracting activities increased with important contributions from the cable laying activities and seabed intervention projects such as Nord Stream 2. Within the services cluster, the developments were in line with expectations. The subsea and survey activities had a relatively busy first half year. Within heavy marine transport, revenue decreased in part due to the decision taken last year to exit the low-end transport market. The sharp decline in the division result is fully explained by provisions for onerous contracts of more than EUR 100 million.

    Salvage had a very good first half year with high-profile and successful salvage operations. The contribution from the Towage joint ventures decreased, which is entirely attributable to the (intended) sale of our interest in Kotug Smit Towage and Saam Smit Towage. The contribution from the remaining joint ventures was higher compared to the same period last year.

    The net debt position increased to EUR 419.8 million in the first half year, partly due to ongoing investments, acquisitions, the share buy-back program and the effect of an all-cash dividend. With the proceeds of the (intended) sale of our share in two harbor towage joint ventures (Kotug Smit Towage and Saam Smit Towage) combined with the operational outlook, the net debt position will improve substantially in the second half of the year. Boskalis' financial position remains strong with a solvency of 50.9%.

    The order book, excluding our share in the order book of associates, increased to EUR 4.36 billion at the end of the first half year (year-end 2018: EUR 4.29 billion).




2019 September 18

15:24 USCG ends search for migrants of capsized vessel off Martinica Beach
15:03 GTT receives an order from HHI & SHI for the tank design of six Very Large Ethane Carriers
14:50 FSUE Atomflot develops project on construction of 7MW icebreaking tugboat
14:33 Hapag-Lloyd to increase rates from North East Asia to Australia
14:16 Wärtsilä simulators provide advanced training at newly inaugurated Portuguese facility
14:14 Ørsted contracts Van Oord for cable installation at Greater Changhua offshore wind farms
14:12 GTT obtains Approval in Principle for Arc7 ice class ships from Russian Maritime Register of Shipping
14:03 ABS and Samsung Heavy Industries sign digital technology
14:00 SAAM Towage contracts Damen for delivery of tug vessel
13:31 Discussion “Development of recreational crafts and high-speed passenger vessels” begins at Neva 2019
13:10 Wärtsilä launches the Wärtsilä 31SG pure gas engine for marine market applications
13:04 International Association of Ports and Harbors visited by ICHCA representatives
12:38 RS issues Approval in Principle for new GTT’s LNG containment systems
12:03 LR awards Jiangnan AiP for 91,000 m3 VLGC Panda 91T design.
11:49 ADNOC acquires 10% of VTTI
11:30 LNG-fueled tugboat Ishin undergoes 1st LNG bunkering trial in Port of Kobe
11:02 ABS and Samsung Heavy Industries to develop next generation LNG carrier
10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points
08:56 MABUX: Bunker Market this morning, Sept 18

2019 September 17

19:06 Rosmorrechflot’s shipbuilding order for coming six years foresees construction of 147 vessels
18:29 Lead chemical carrier of Project 00216М named PortNews after our agency
18:05 MPC Capital and ZEABORN strengthen HARPER PETERSEN by combining their shipbroking activities
17:24 MOL issues integrated 'MOL Report 2019'
16:35 Eagle Bulk Shipping takes delivery of M/V Sydney Eagle
16:02 CMA CGM and TFG launch Rhine valley rail to German hinterland
15:30 CMA CGM announces FAK rates from North Europe to New Zealand
15:02 Sembcorp Marine’s Brazilian shipyard completes Petrobras P-68 FPSO
14:56 CMA CGM strengthens its intra-European and Mediterranean offer with the launch of the Black Sea Marmara Morocco service
14:10 Hapag-Lloyd announces General Rate Increase for Trans-Pacific eastbound
13:10 Zadar Cruise Port is Port of the Year 2019
12:10 Port of Oakland refrigerated exports jump 20 percent in past year
11:51 Combined Task Force Commanders discussed their shared aims and goals in tackling the threat of piracy
11:34 Lars Thrane makes its Iridium Certus® debut with the LT-4200 maritime satcom system
11:22 Belfast Harbour reveals ambitious growth plans
11:00 Marine cargo market characterised by “accelerating change” as underwriters take action to address continuing unprofitability, says IUMI
10:34 Safety at Sea and BIMCO publish cyber security white paper
10:27 ABS and Keppel partner in developing the first two new build Drilling Rigs with Smart Notations
09:43 Greenland research vessel picks MAN hybrid propulsion package
09:32 Brent Crude futures price is down 0.87% to $68.42, Light Sweet Crude – down 1.24% to $61.89
09:16 Baltic Dry Index is down to 2,311 points
08:56 MABUX: Bunker market this morning, Sept 17

2019 September 16

18:04 Ports draw $5B investment, 12K jobs to Georgia
17:59 GOGL increases investment in Singapore Marine
17:50 Pella launched first serial trawler of Project 03095, Castor
17:25 Tenders on pilot projects for stevedoring company concessions in Olvia and Kherson ports officially announced
17:04 Vestdavit equips Norwegian Coast Guard’s next generation for Polar boat launch and recovery
16:29 USCG halts 2 illegal charters near Miami, Fort Lauderdale
16:04 Royal Caribbean to welcome first Quantum Ultra Class ship to North America
15:27 Boluda Towage Spain manoeuvres world’s largest container ship in port of Algeciras
15:04 Cargill and Maersk Tankers join forces in the Medium Range segment
14:10 Zvezda shipyard hosts keel-laying ceremony for third Aframax tanker for Rosnefteflot
13:39 Jotun transforms turnaround times for storage tanks with a new TankFast solution
13:16 North Sea Port starts testing more reliable lockage planning for scheduled services in the Terneuzen lock
12:42 Meyer Turku is moving the delivery of Costa Smeralda to November
12:18 AEC welcomes Guggenheim Partners Investment Management as Arctic Partner
11:55 Professional emergency response team of Kontur SPb LLC recommended to be certified for emergency response to oil spills