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Describing the state of Hanjin Shipping’s operations as an “emergency”, the embattled shipping line is requiring senior staff to return part of their salaries that they received in 2015. The move appears to be part of Hanjin’s plan to raise liquidity and came just two days before Hanjin Shipping’s creditors decide whether to permit the… Read More
APM Terminals, Terminal Link, Terminal Investments Ltd (TIL), and PSA International have pre-qualified for bidding on Panama’s proposed Corozal container terminal, according to the Panama Canal Authority (ACP). Three other interested parties – Mitsui OSK Lines, Manzanillo International Terminal (MIT), and Ports America – failed to make the cut. Which company ultimately wins the concession… Read More
Collapsing freight rates dragged Maersk Line’s first quarter net profit down 95%, with the world’s largest container carrier barely managing to remain in the black for the first three months of the year. Maersk Group chief executive officer (CEO) Nils Andersen described it as a “break-even result” for the container transport unit in a tough… Read More
Orion Marine Group, Inc., a leading construction company, today reported a net loss for the three months ended March 31, 2016, of $1.2 million ($0.04 diluted loss per share). These results compare to a net loss of $0.3 million ($0.01 diluted earnings per share) for the same period a year ago. Consolidated Results for the… Read More
Creditor banks have moved to request South Korea’s Big Three shipbuilders submit self-rescue plans in addition to measures already being taken by Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI), and Daewoo Shipbuilding & Marine Engineering (DSME). The actions of the banks, led by state policy lender Korea Development Bank (KDB), the country’s largest provider… Read More
Yorkshire Water has signed a framework contract with four marine engineering partners up to £100 million. As formally agreed on 28 April, the four partners, ABCO Marine, Farrans Construction, Van Oord and Ward & Burke, will undertake all the company’s marine civil engineering work over the next five years. The four partners will install new… Read More
RH Marine Group announced Wednesday that Paul Smulders has been appointed CEO of Radio Holland, effective May 15. Smulders started his career ashore at Radio Holland in 1989 as sales engineer, deepsea, after a career at sea as nautical officer. From 1993 on he fulfilled various positions, such as sales manager for the Radio Holland… Read More
Great Lakes Dredge & Dock Corporation (GLDD) reported quarterly earnings results on Tuesday, May-3-2016. The company reported $-0.07 EPS for the quarter. Analysts had a consensus estimate of $-0.07. The company posted revenue of $163.10 million in the period, compared to analysts expectations of $178.42 million. The company’s revenue was down -6.6% compared to the… Read More
The stock of Orion Marine Group Incorporated (NYSE:ORN) registered a decrease of 20.56% in short interest. ORN’s total short interest was 1.31 million shares in May as published by FINRA. Its down 20.56% from 1.64 million shares, reported previously. With 222,900 shares average volume, it will take short sellers 6 days to cover their ORN’s… Read More
Coastal Ace has been contracted to support a European Dredging Company during the expansion of the Kaohsiung International Container Centre Phase II in Taiwan. This is the largest Taiwanese port located in the South China Sea, which plays an important role in the region’s export-oriented economy. Their Multicat is involved in the dredging and reclamation… Read More
Jack recently successfully defended his PhD thesis at the University of Lancaster, where he was sponsored by the company over a period of three years to develop and refine the particle tracking/sediment tracing technology pioneered by Partrac. ‘Particle tracking’ is a methodology used by various agencies (consultants, governments, research institutes) to track soils, sediments, contaminants,… Read More
The Maersk Group delivered a profit of USD 224m (USD 1.6bn) and an underlying profit of USD 214m (USD 1.3bn). The result was negatively impacted by the low oil price and low average container freight rates. The return on invested capital (ROIC) was 2.9% (13.8%). The underlying profit was significantly lower than same period last… Read More
The marine engine technology is on its way to move from pure mechanical to more and more electronic controlled engines. Engines equipped with common rail and dual fuel systems are available today and spark ignited gas engines are upcoming fast. With this change, a lot of improvements to engine performance and emissions are achieved. On the… Read More
Great Lakes Dredge & Dock Corp. has signed two subcontracts valued at approximately $55 million for work in the Middle East, as well as the received a $38 million award for a coastal protection project in North Carolina. The first subcontract in the Middle East is for a land development project and involves dredging over… Read More
Yorkshire Water has signed a marine framework contract worth up to £100m over the next five years. The four framework partners include ABCO Marine, Farrans Construction, Van Oord and Ward & Burke. The partners will undertake all of the companies marine civil engineering work, helping the firm to maintain its reputation for helping to create some… Read More