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.

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New Container Loading Record

MOL Tribute, a containership operated by Ocean Network Express has set a new loading record of 19,190 TEUs.

MOL Tribute achieved the record this year on its Singapore westward departure to North Europe on February 11, and it was the first time for Ocean Network Express to exceed 19,000 TEUs containers onboard.

With a length of 400 meters and a width of almost 60 meters, boxship has a gross tonnage of more than 210 thousand tons and it was built at Samsung Heavy Industries shipyard in South Korea in 2017.

The previous loading record of 18,767 TEUs was set in late December 2018 by MOL Tradition. The boxship achieved the record on its Singapore westbound departure last year on December 29.