Diana Shipping Profitable Again

Greek dry bulk shipowner Diana Shipping got back into the positive column in Q4 of 2018.

The company reported a net income of USD 2.9 million for the quarter ended December 31, 2018, whereas they lost USD 436.9 million in Q4 of 2017. Time charter revenues rose from USD 48.9 million to USD 62.9 million for the quarter and USD 161.9 million to USD 226.2 million for the year.

Also, the company has announced a tender offer to purchase about 5% of its outstanding common stock using cash and cash equivalents due to a favorable combination of Diana's cash situation and stock price.

Ocean maritime is getting “greener”?

Due to greenhouse effect, maritime industry is on the same way with the whole world to reduce pollution. Recently it was announced by Dutch shipowners and Netherlands ports of Amsterdam and Rotterdam that they have set a goal to launch methanol as alternative fuel used in maritime deliveries withing few years. European engineers along with shipbuilders and shipowners have made a consortium that has to develop equipment for such alternative fuel in the nearest future.

At the same time world largest shipping company Maersk continues its efforts in order to become carbon neutral company by 2050. Officials of Maersk announced that they have reached 47% reduction of CO2 emission by the end of 2018 since 2007, however the giant plans to achieve 60% level of CO2 by 2020.

Teekay Cuts Net Loss

Bermuda-based shipper Teekay Corporation ended 2018 with a smaller net loss of USD 57.7 million, compared to a loss of USD 529.1 million in 2017.

In Q4 of 2018, their net loss was 6.4 million (USD 32.2 million in Q4 2017). The business benefited from improved LNG and crude tanker market conditions, as well as a USD 96 million settlement received from Petrobras.

“In the fourth quarter of 2018, our total CFVO increased by approximately USD 50 million, or 25 percent, compared to the prior quarter, primarily driven by the contract start-up of various growth projects across the Teekay Group, certain LNG vessels commencing new contracts at firm rates, and higher spot tanker rates,” Kenneth Hvid, Teekay’s President and Chief Executive Officer, stated. “Since the beginning of 2018, the Teekay Group has continued to build financial strength and grow its cash flows while also benefiting from improving LNG and crude tanker macro fundamentals, all of which supports greater long-term value creation.”

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Virginia Port Expansion Project Goes On

Another stage of reconstruction at Virginia porthas been finished and now stack No. 1 is ready to start operation. The whole project implies 2 more stages and then the entire expansion plan will finish. Port authorities spent around USD 320 million to make The Virginia International Gateway more convenient and efficient. Port's capacity increased twice and it can handle 1.2 million containers a year with its 4 new ship-to-shore cranes and 800 m longer berth. Also, terminal got 13 new container stacks. The process is going to be finished in 2020.