The Korean liner netted an operating loss of $177m in the first three months compared to an operating profit of $116m in the same period of 2008. Total sales declined 39.2% to $1.266bn. On the plus side, Hanjin forecast that global layups may well see an improvement in results for the second quarter. The company said it ‘expects the drop in rates to slow down as more ships are laid off and service lanes are shuffled to increase efficiency.
Sunday, May 10, 2009
Red-stained Hanjin Shipping hopeful of improved Q2
Seoul: Hanjin Shipping’s heavy exposure on the transpacific saw it hit harder than most analysts had expected as it released its Q1 results today.
The Korean liner netted an operating loss of $177m in the first three months compared to an operating profit of $116m in the same period of 2008. Total sales declined 39.2% to $1.266bn. On the plus side, Hanjin forecast that global layups may well see an improvement in results for the second quarter. The company said it ‘expects the drop in rates to slow down as more ships are laid off and service lanes are shuffled to increase efficiency.Read More
The Korean liner netted an operating loss of $177m in the first three months compared to an operating profit of $116m in the same period of 2008. Total sales declined 39.2% to $1.266bn. On the plus side, Hanjin forecast that global layups may well see an improvement in results for the second quarter. The company said it ‘expects the drop in rates to slow down as more ships are laid off and service lanes are shuffled to increase efficiency.
US Navy ship flees from pirate onslaught
US Navy dry cargo and ammunition ship, ‘USNS Lewis and Clark’ has managed to outrun pirates off the eastern coast of Somalia, the Navy said yesterday (May 7).
The attempted pirate attack took place on Wednesday (May 6) when two pirate skiffs chased ‘USNS Lewis and Clark’ for over an hour. The Navy said that the pirates managed to get as close as one nautical mile to the ship. According to CNN, the ‘USNS Lewis and Clark’s’ security team issued verbal warnings to the pirates who then fired small arms at the ship. The Navy said that the bullets fell short of the ship’s stern.The pirates gave up the chase shortly after that, when the US ship sped up. “The actions taken by ‘Lewis and Clark’ were exactly what the US Navy has been recommending to prevent piracy attacks for both commercial and military vessels,” Captain Steve Kelly, Commander of Task Force 53, assigned to ‘Lewis and Clark’ was quoted as saying by CNN.Read More
The attempted pirate attack took place on Wednesday (May 6) when two pirate skiffs chased ‘USNS Lewis and Clark’ for over an hour. The Navy said that the pirates managed to get as close as one nautical mile to the ship. According to CNN, the ‘USNS Lewis and Clark’s’ security team issued verbal warnings to the pirates who then fired small arms at the ship. The Navy said that the bullets fell short of the ship’s stern.The pirates gave up the chase shortly after that, when the US ship sped up. “The actions taken by ‘Lewis and Clark’ were exactly what the US Navy has been recommending to prevent piracy attacks for both commercial and military vessels,” Captain Steve Kelly, Commander of Task Force 53, assigned to ‘Lewis and Clark’ was quoted as saying by CNN.
Port of Pittsburgh Applies for ARRA Grant
The commonwealth has applied for a $1.5 million Clean Diesel Emerging Technology grant through the American Recovery and Reinvestment Act to upgrade two marine diesel engines in the Pittsburgh area, Governor Edward G. Rendell announced.
"Diesel engines play important roles in our everyday lives, but old, inefficient engines are major sources of air pollution that make it difficult for many people to breathe," Governor Rendell said. "Diesel emissions are not limited to our highways and factories. Marine vessels used at the Port of Pittsburgh are essential to moving freight along the Allegheny, Monongahela and Ohio rivers, but they also diminish the region's air quality.This ARRA grant would fund an overhaul on both propulsion engines in the Pittsburgh-based vessel Champion Coal, which operates on a 200-mile stretch of the Monongahela and Ohio rivers. Caterpillar dealer Cleveland Brothers in Murrysville will upgrade the tow boat's two engines, which will reduce emissions and improve fuel efficiency.In addition to the environmental benefits, the Governor said the project would also help strengthen the local economy by creating or retaining 32 jobs.
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Production suspended at Galoc field
PALAWAN, PHILIPPINES: The Galoc Production Company (GPC) is suspending production at the Galoc field due to category 1 Typhoon Emong (Chan Hom) passing 300 nautical miles (1,666.8 km) to the north of the field.
Production is being suspended while preliminary preparations are being made to disconnect the FPSO [floating production, storage and offloading vessel] if necessary.On May 5, the fifth offtake from the FPSO was completed with a total of over 336,000 barrels. The next offload is scheduled for the end of May or early June. The Galoc Field is in SC14-C in 290 meters (951 ft) of water offshore Palawan in the Republic of the Philippines. Galoc field has two subsea production wells tied back to an FPSO via a seabed pipeline and mid-water riser system.Read More
Production is being suspended while preliminary preparations are being made to disconnect the FPSO [floating production, storage and offloading vessel] if necessary.On May 5, the fifth offtake from the FPSO was completed with a total of over 336,000 barrels. The next offload is scheduled for the end of May or early June. The Galoc Field is in SC14-C in 290 meters (951 ft) of water offshore Palawan in the Republic of the Philippines. Galoc field has two subsea production wells tied back to an FPSO via a seabed pipeline and mid-water riser system.
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