News in English
New DNV GL class notations aim to improve stern tube bearing performance
- Λεπτομέρειες
- Δημοσιεύτηκε στις Παρασκευή, 16 Φεβρουαρίου 2018 13:16
DNV GL has revised its class rules for single stern tube bearing installations and introduced two new class notations, “Shaft align(1)” and “Shaft align(2)”, to help customers better manage the risk of stern tube bearing failure. The new class notations can be assigned to both newbuilds and vessels in service in conjunction with propeller shaft withdrawal.
Danaos Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2017
- Λεπτομέρειες
- Δημοσιεύτηκε στις Τρίτη, 13 Φεβρουαρίου 2018 09:50
Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of containerships, today reported unaudited results for the fourth quarter and the year ended December 31, 2017.
Highlights for the Fourth Quarter and Year Ended December 31, 2017:
Adjusted net income1 of $31.2 million, or $0.28 per share, for the three months ended December 31, 2017 compared to $23.2 million, or $0.21 per share, for the three months ended December 31, 2016, an increase of 34.5%. Adjusted net income1 of $114.9 million, or $1.05 per share, for the year ended December 31, 2017 compared to $140.9 million, or $1.28 per share, for the year ended December 31, 2016, a decrease of 18.5%.
Operating revenues of $114.2 million for the three months ended December 31, 2017 compared to $112.1 million for the three months ended December 31, 2016, an increase of 1.9%. Operating revenues of $451.7 million for the year ended December 31, 2017 compared to $498.3 million for the year ended December 31, 2016, a decrease of 9.4%.
Adjusted EBITDA1 of $80.0 million for the three months ended December 31, 2017 compared to $75.9 million for the three months ended December 31, 2016, an increase of 5.4%. Adjusted EBITDA1 of $310.4 million for the year ended December 31, 2017 compared to $350.6 million for the year ended December 31, 2016, a decrease of 11.5%.
Total contracted operating revenues were $1.7 billion as of December 31, 2017, with charters extending through 2028 and remaining average contracted charter duration of 5.7 years, weighted by aggregate contracted charter hire.
Charter coverage of 86% for the next 12 months based on current operating revenues and 69% in terms of contracted operating days.
Danaos' CEO Dr. John Coustas commented:
Our earnings for the fourth quarter of 2017 improved markedly when compared to the earnings of the fourth quarter of 2016 which had been negatively impacted in the aftermath of the Hanjin bankruptcy. This is mainly the result of our high charter contract coverage which remains at 86% for the next 12 months based on current operating revenues and 69% in terms of contracted operating days.
Adjusted net income of $31.2 million for the quarter represented an increase of $8.0 million, or 34.5%, compared to $23.2 million for the fourth quarter of 2016. This increase was attributable to a $5.2 million increase in the operating revenues of the vessels that were previously chartered to Hanjin compared to the fourth quarter of 2016, and improved operating performance of $2.8 million.
As previously reported, the Company is in breach of certain financial covenants as a result of the Hanjin bankruptcy. We are currently engaged in discussions with our lenders regarding restructuring our debt, substantially all of which matures on December 31, 2018. In the meantime, we continue to generate positive cash flows from our operations and currently have sufficient liquidity to service all our operational obligations as well as all scheduled principal amortization and interest payments under the original terms of our debt agreements leading up to the December 2018 maturity date.
The charter market in general has stabilized at slightly better levels compared to the lows of 2016. However, although the size segment above 10,000 TEU has recently seen some improvement, the size segment between 5,000 to 10,000 TEU has retracted from the charter rate levels achieved within 2017. For panamax vessels between 4,000 to 5,000 TEU the market is stagnant however comfortably above operating costs. For the smaller feeder sector there is a firming market however the lack of long term fixtures shows that there is no faith in the sustainability. We do not expect a material improvement in the market environment within 2018, given the large number of scheduled vessel deliveries. Danaos continues to have low near term exposure to the weak spot market as a result of the aforementioned charter coverage.
During this extended period of market weakness which has presented many challenges, we remain focused on taking necessary actions to preserve the value of our company.
Petrofin Research: The greek - owned fleet was increased
- Λεπτομέρειες
- Δημοσιεύτηκε στις Δευτέρα, 22 Ιανουαρίου 2018 08:34
The Greek-owned fleet was increased, but the number of Greek shipping companies declined, according to Petrofin Research's annual survey for the Greek-owned fleet and the Greek shipping companies.
DNV GL: Energy transition changes the shape, but not the importance of shipping to the global economy
- Λεπτομέρειες
- Δημοσιεύτηκε στις Παρασκευή, 22 Δεκεμβρίου 2017 12:12
DNV GL published the Maritime Forecast to 2050 which analyses the impact of the changing global energy system on the shipping industry through to 2050. The report explores how the expected shifts in energy production and demand, GDP growth, industrial production and regional manufacturing might change the maritime industry, and the impact on individual ship segments.
France: Juncker Plan - first green financing in the maritime transport sector signed
- Λεπτομέρειες
- Δημοσιεύτηκε στις Τρίτη, 19 Δεκεμβρίου 2017 04:31
The European Investment Bank (EIB), Societe Generale and Brittany Ferries are pleased to announce the success of the first green maritime financing under EIB’s EUR 750m Green Shipping Guarantee (GSG) programme put in place last year by the EIB and Societe Generale.
Macroeconomics: A "new normal" gives the global shipping industry a better outlook for growth
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- Δημοσιεύτηκε στις Κυριακή, 10 Δεκεμβρίου 2017 17:38
The wheels of the global economy are spinning faster and faster, demonstrated by growing output across the board, reaching pre-crisis growth levels in some advanced economies. The current state of the global economy can now be described as an accelerating cyclical upswing. It is essential that policymakers ‘seize the moment’ and take advantage of this window of opportunity to undertake critical reforms.
Aframax tanker Bergen TS delivered and commenced long-term charter
- Λεπτομέρειες
- Δημοσιεύτηκε στις Τρίτη, 14 Νοεμβρίου 2017 09:23
Athens, Greece – November 13, 2017- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15 vessel ,pre-employed on long-term business, growth program, which increased the size of TEN’s fleet by 30% over the last 18 months.
