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February 27, 2011

Red ink at OSG

Tanker giant Overseas Shipholding Group, Inc. (NYSE: OSG) reports a net loss for FY 2010 of $134.2 million, or $4.55 per diluted share, compared with earnings of $70.2 million, or $2.61 per diluted share, in…
The Board of CIMC Raffles Offshore (Singapore) Limited said Friday that it expects to report a loss for the financial year ended December 31, 2010. CIMC Raffles Offshore, now a subsidiary of China International Marine…
The ITF (International Transport Workers' Federation) is now recommending the carrying of military guards on ships, and is recognizing the use of private armed guards, subject to certain conditions. However, it reaffirmed its position that…
Rowan Companies, Inc.  (NYSE:RDC) is again talking about spinning off its LeTourneau and land rig businesses.Rowan reported results for the three months ended December 31, 2010, that saw net income of $57.3 million or $0.45…
Many in the U.S. shipbuilding industry find the Coast Guard's logic in determining what constitutes a foreign rebuild to be weird, if not perverse. For instance, in one case, a new inner double hull was…
Cardiff Marine Inc, a Liberian-registered shipping company, was sentenced Wednesday in federal court in Baltimore after pleading guilty to a felony violation of the Act to Prevent Pollution from Ships. The company admitted falsifying records…
Northrop Grumman (NYSE:NOC) today announced what it called "an important step toward an anticipated spin-off" of its shipbuilding business through wholly-owned subsidiray Huntington Ingalls Industries, Inc. (HII), It said that HHI intends to offer up…
The Port of Los Angeles this month became the first port worldwide to provide Alternative Maritime Power (AMP) to three separate cruise lines. In recent weeks, ships from Disney Cruise Line, Princess Cruises and Norwegian…
Charles G. "Chuck" Raymond is stepping down as Chairman, President and Chief Executive Officer of U.S.-flag containership operator Horizon Lines, Inc. (NYSE:HRZ), while Executive Vice President and Chief Operating Officer John V. Keenan has "been…
Gladding-Hearn Shipbuilding, Duclos Corporation, Somerset, Mass., has received an order to build a new all-aluminum mono-hull ferry for Fire Island Ferries, Inc., Bay Shore, N.Y.  The vessel’s delivery is scheduled for June 2011.The new 387-passenger…
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