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Gas, Tanker Business Drives Milaha s Profit Up
Qatar-based maritime transport and logistics company Milaha saw its net profit rise in the first half of 2019 amid a stronger gas and tanker business.
The company s profit reached QAR 316 million (USD 86.7 million) for the six months ended June 30, 2019, representing a rise of 6% compared to a net profit of QAR 297 million (USD 81.5 million) reported in the same period in 2018.
Operating revenues for the period were at QAR 1.26 billion, up from QAR 1.25 billion seen a year earlier.
However, operating profit dropped to QAR 230 million from QAR 258 million reported in the first half of 2018.
Milaha’s business units delivered mixed results.
Specifically, Milaha Maritime & Logistics revenue decreased by QAR 14 million with net profit remaining flat at QAR 65 million against the same period in 2018. Stronger performance in port business offset declines in logistics and shipyard units.
The company s Milaha Gas & Petrochem business reported a decrease in revenue by QAR 5 million, with net profit increasing by QAR 181 million, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which the company s operates.
Furthermore, Milaha Offshore saw a revenue increase of QAR 99 million, however the bottom line decreased by QAR 95 million. Despite strong operating performance and increase in operating profit, the segment s results declined due to vessel impairments.
Milaha Capital s revenue decreased by QAR 49 million and net profit by QAR 62 million, as a result of lower dividends and held for trading portfolio income.
Established in 1957, Milaha focuses on marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.Posted On:30-Jul-2019
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Castor Maritime Doubles Fleet with Secondhand Panamax
Cyprus-based dry bulk shipowner Castor Maritime has doubled its fleet with the recent acquisition of a 2001-built Panamax bulker.
The transaction is expected to be finalized late third quarter or early fourth quarter of 2019 and "is subject to the satisfaction of certain customary closing conditions."
Namely, the company agreed to purchase its second dry bulk carrier from Greek dry bulk vessel owner Diana Shipping.
Under the memorandum of agreement, signed on July 25, 2019, Castor Maritime’s subsidiary is to acquire the 75,300 dwt Nirefs at a price of USD 6.7 million.
"We believe that the addition of this vessel to our fleet will be immediately accretive to our cash generating ability and is consistent with our growth-oriented strategy and our goal of increasing shareholder value," Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, said.Posted On:30-Jul-2019
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ITF: Another Fatal Incident Hits Hutchison s Karachi Terminal
A worker has lost his life at Hutchison Ports Karachi International Container Terminal (KICT) in a second fatal incident this year, according to the International Transport Workers Federation (ITF).
The 23-year-old truck driver passed away at the Pakistani terminal in the early morning hours of July 21, 2019.
ITF reported that the worker was "crushed when a container was lowered on top of him as he slept on the back of his truck."
The previous incident occurred in the evening hours of March 17 when a reach stacker reversed over a yard checker. Less than an hour later, the 58-year-old worker passed away.
"Two workers have been killed this year inside the yard at KICT which for anyone should raise serious questions about Hutchison s traffic and yard management procedures inside the terminal and how an incident like this can happen," Steve Biggs, Chair of the ITF Dockers’ Section Occupational Safety and Health Working Group, said.
"The report that the ITF Dockers Section has received from KICT Labour Union - our affiliate in the terminal - highlights significant safety concerns that the workforce hold about the adequacy of lighting in the yard, traffic management systems and the minimum number of checkers deployed to manage safe yard operations," Biggs added.
The two deaths in Pakistan this year follows the death of five workers at Hutchison’s Jakarta International Container Terminal (JICT), between 2016 and 2018.Posted On:30-Jul-2019
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Brittany Ferries, Repsol Extend LNG Supply Deal in Spain
Shipowner Brittany Ferries and energy company Repsol have reached an agreement for the extension of the supply of liquefied natural gas (LNG) to the ferry operator s Spanish operations.
Repsol will supply LNG bunker fuel to the company s Salamanca and Santona during the ships regular visits on routes linking Portsmouth, UK and northern Spain, beginning in 2022. These units will be the company s second and third LNG-powered vessels, and the first to operate to and from northern Spain.
Salamanca and Santona will follow in the wake of Honfleur, currently under construction in Germany and due to enter service early 2020.
Under the deal, the energy company will build two LNG bunker terminals at the ports of Bilbao and Santander, where Brittany Ferries conducts its operations. Each terminal will include an intermediate storage tank of 1,000 m3 to guarantee an uninterrupted supply.
"These new terminals will allow regular, flexible and reliable deliveries during the calls of Salamanca and Santona in our Spanish ports," said Frederic Pouget, Fleet and Operations Manager Brittany Ferries.Posted On:30-Jul-2019
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Cocaine found in unusual place - in cargo hold loaded with ore
Mexican law enforcement agency on Jul 28 reported cocaine bust on board of US bulk carrier UBC SAVANNAH, docked at Altamira port, Mexico, Gulf of Mexico. The ship arrived from Barranquilla, Colombia, on Jul 23, and was thoroughly checked, 227 packages weighing 225 kilos were found in rather unusual place, in cargo hold, buried in cargo of ore.Posted On:30-Jul-2019
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UK Destroyer Bolsters Protection of Shipping in Hormuz
Royal Navy destroyer HMS Duncan has arrived in the Persian Gulf to contribute to the protection of shipping in the region following Iran s seizure of a UK-flagged tanker earlier this month.
The UK Ministry of Defence confirmed the destroyer would join frigate HMS Montrose, another Royal Navy ship with an identical tasking, in ensuring the safe passage of UK-flagged ships through the Strait of Hormuz until late August.Posted On:30-Jul-2019
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Zeebrugge LNG Terminal Handles Its First Ever Q-Max LNG Carrier
The 2009-built LNG carrier Al Dafna set a new record for the Belgian Zeebrugge LNG terminal as it became the first ever Q-Max vessel to call at the facility.
The ship loaded cargo at the Ras Laffan terminal in Qatar on June 22 and arrived in Belgium a month later, on July 22.Posted On:30-Jul-2019
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Stena Bulk Demands Access to Seized Stena Impero
Stena Bulk, the owner of the seized tanker Stena Impero, has demanded access to the vessel in order to conduct a full assessment.
The company, and the vessel manager, the UK-based Northern Marine Management, said that they consider "it imperative" to be granted access to the tanker, that remains at anchor in Bandar Abbas.Posted On:30-Jul-2019
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Container carrier owners strike sends wrong message, say traders
An indefinite strike launched by container carrier owners demanding sufficient space for parking carriers in Kochi sends the wrong message regarding the business environment at the Cochin port, warned trade and industry here on Sunday.
The strike was launched on Saturday following police action against lorries parked along the Container Road linking Kalamassery and the International Container Transshipment Terminal (ICTT) at Vallarpadam.Posted On:30-Jul-2019
Credits: www.bunkerportsnews.com |
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PSA Singapore and Envision Digital International Ink MoU in Technology Knowledge Sharing and Capability Transfer
PSA Corporation Ltd (PSA) and Envision Digital International Pte Ltd (Envision) signed a Memorandum of Understanding (MoU) to collaborate in knowledge sharing and capability transfer for development in the fields of engineering, technology, Artificial Intelligence and Internet of Things (AIoT).
Posted On:30-Jul-2019
Credits: www.bunkerportsnews.com |
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Kalmar completes the delivery of forklifts and reachstackers to Ashdod Port, Israel
Kalmar, part of Cargotec, has supplied Ashdod Port Company Ltd with a total of eight Kalmar G generation medium forklifts and seven Kalmar Gloria reachstackers. The order was booked in Cargotec s 2018 Q3 order intake and delivery of all machines was completed during Q2 2019.
Posted On:30-Jul-2019
Credits: www.bunkerportsnews.com |
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China s cargo throughput at ports maintains stable growth in H1
China saw an overall growth in cargo throughput at ports in the first half of 2019, according to official data released Sunday.
Chinese cargo throughput at ports reached about 6.7 billion tonnes in the first six months, up by 4.5 percent compared with the same period of 2018, according to a report released on the website of the National Development and Reform Commission.Posted On:30-Jul-2019
Credits: www.bunkerportsnews.com |
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