• 2018 August 16 12:03

    Boskalis presents half-year results and terminates loss-making low-end transport activities

    The operating results of Royal Boskalis Westminster N.V. (Boskalis) decreased in the first half of the year compared to the first half 2017. This decline was mainly due to a sharp drop in the result of the Offshore Energy division where the transport activities at the low end of the market in particular worsened further and are now heavily loss-making. This segment is rapidly becoming a commodity transport market, often not oil and gas-related, that is structurally confronted with (Asian) overcapacity. In addition, the commodity activities do not fit within Boskalis' strategy aimed at a position higher up in the Transport & Installation market. These developments have prompted Boskalis deciding to terminate these activities. Due in part to this decision an extraordinary charge of EUR 397.0 million was recognized in the first half of the year, consisting mainly of a goodwill impairment and a write-off of vessels.

    A net operating profit of EUR 34.5 million was realized in the first half of the year (H1 2017: EUR 75.1 million). Including extraordinary charges the company reported a net loss of EUR 361.4 million.

    Revenue in the first half of the year amounted to EUR 1.17 billion, a 6.6% increase compared to the first half of last year (H1 2017: EUR 1.09 billion).

    EBITDA totaled EUR 167.2 million in the first half of the year and the operating result was EUR 47.4 million, both adjusted for extraordinary charges (H1 2017 EBITDA: EUR 225.1 million, operating result: EUR 101.7 million).

    Revenue increased at the Dredging & Inland Infra segment, as did the utilization of the hopper fleet. Large ongoing projects in Oman and India contributed to this. The margins and result were stable compared to 2017.

    At Offshore Energy the contracting activities revenue was virtually unchanged, with important contributions from the cable-laying activities and seabed intervention projects such as TurkStream and Nord Stream 2. The sharp drop in the result of the division is largely attributable to the decline at services. Boskalis is able to set itself apart at the top end of the transport market where many opportunities still exist whereas the smaller, predominantly older transport vessels at the low end of the market are now loss-making. This part of the market is at the lower end of the S curve and is not strategically interesting for Boskalis. Therefore Boskalis has decided to exit this market segment and take the closed-stern heavy transport vessels (types IIb and III) out of service. This will result in a structural improvement in the operating result of more than EUR 25 million on an annual basis.

    Salvage had a good first half of the year with several smaller emergency response contracts as well as the successful salvage of the ultra-large container vessel Maersk Honam which had caught fire in the Arabian Sea. The volumes at Towage are relatively stable, albeit that margins are under pressure in a number of ports, mainly due to price erosion in container shipping. A loss of margin has resulted in an adjustment of the book value of two joint ventures by means of a goodwill impairment.

    Boskalis' financial position continues to be strong, with a solvency ratio of 56.2% and a modest net debt position of EUR 239 million.

    HIGHLIGHTS FIRST HALF YEAR 2018
        Revenue: EUR 1.2 billion
        EBITDA: EUR 167 million
        Operating result: EUR 47 million
        Extraordinary charges: EUR 397 million
        Net operating profit: EUR 34.5 million




2018 November 21

10:56 Nobel laureate will speak at VIII International Forum "Arctic: Today and the Future" with a report on climate change
10:33 Transport Week participants named imperfect regulations the key problem of seaborne transport
10:10 Brent Crude futures price up 1.63% to $63.55, Light Sweet Crude – up 1.7% to $54.34
09:49 SHI receives AiP from LR for INTELLIMAN smart ship solution
09:35 Bunker prices continue decreasing at the Port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index is down to 1,003 points

2018 November 20

18:21 Igor Levitin suggests separating positions of Deputy Transport Minister and head of Rosmorrechflot
18:06 MAN Energy Solutions wins order to supply the engine for a new dredger in southern China
17:53 Workshop aimed at building oil pollution preparedness and response capacity held in the Republic of Guinea
17:36 “K” Line announces delivery of new LPG carrier for Gyxis Corporation
17:18 Atomflot: first delivery of fish by NSR expected in summer-autumn season of 2019
17:04 Diana Shipping announces time charter contract for m/v Sideris GS with Berge Bulk
16:47 Rashid Sharipov as Chairman of the Board of Directors NCSP BoD
16:25 NIBULON Shipbuilding and Repair Yard launched second POSS-115 Project tug
16:04 OOCL announces improvements to Asia – Middle East 1 and Asia – Middle East 3
15:50 Storage area line launched at Vostochny Port’s Phase 3
15:34 New overpass at Maasvlakte 2 opens
15:03 Port of Oakland works to reduce impact of trucks
14:33 The port of Marseille Fos is engaged in reducing shipemissions by developing LNG as a marine fuel
14:03 Teesport Intermodal Rail Terminal celebrates fourth anniversary
13:43 12th Transport of Russia Forum and Exhibition opens in Moscow
13:10 Damen signs with Rimorchiatori Spezzini for two new Damen ASD Tugs 2411
13:02 Bunker prices are going down in the Far East ports of Russia (graph)
12:38 CCCC Dredging supports the 6th Forum of Dredging Companies as its Sponsor
11:54 Concession agreement signed for construction of coal terminal “Lavna”
11:30 OOCL introduces the new West Africa Service 2
10:45 Major ASW ship Severomorsk of RF Navy's Northern Fleet escorts Indian civilian vessel in the Gulf of Aden
10:23 Russian Railways’ BoD makes decision on discounts for cargo transportation in 2019
10:00 Brent Crude futures price down 0.39% to $66.53, Light Sweet Crude – down 0.24% to $57.06
09:19 Baltic Dry Index is down to 1,023 points
08:51 Valenciaport container vilume increased by 4.78% in the last twelve months
07:51 Klaveness Combination Carriers declares option for sixth combination carrier newbuild

2018 November 19

18:37 IMO holds workshop boosting maritime security in Gulf of Guinea
18:05 MOL conducts tabletop drill for LNG carrier
17:49 Hapag-Lloyd to start new Asia – Gulf Service (AGS)
17:43 Busan Port Authority signs Letter of Intent for the Maasvlakte Distribution Park West
17:01 Ocean Network Express expands the partnership of Asia - South America
16:32 BIMCO standard ship repair contracts overhauled
16:05 Port of Hamburg railborne container transport up 4.3 percent in the first nine months of 2018
15:44 FESCO and DB Cargo plan to launch joint transit shipments from China to Europe via Kaliningrad
15:10 Costamare announces the acquisition of the York Capital majority interest in five 14,000 TEU containerships
14:56 Half a billion tones of Kazakhstan oil lifted from CPC Marine Terminal
14:47 Saipem 7000 semi-submersible at Damen Verolme Rotterdam for DPS upgrade
14:33 OpenRisk launches guideline for risk management at sea to improve response to accidental spills
13:59 NCSP Group's consolidated cargo turnover for January-September totaled 105,253 thousand tons
13:11 Average wholesale prices for М-100 HFO down to RUB 19,660 in RF spot market
12:47 ABP invests over £1 million on a rooftop solar project at the Port of Goole
12:18 Damen supports 2nd Dredging and Hydraulic Engineering Structures Congress as its General Sponsor
12:00 The Fjords plans to add another all electric passenger vessel to its fleet
11:36 TOTE Services' Philip Greene Jr. retires next year
11:02 Damen Shipyards Group celebrates Multraship Carrousel RAVE Tug winning KNVTS Ship of the Year Award
10:44 Port of Oakland cargo volume up 3.9 percent in August - October 2018
10:43 Throughput of Port Vysotsky up 9.4% to 6.34 million tonnes in 10M’18
10:19 Brent Crude futures price up 0.69% to $67.22, Light Sweet Crude – up 1.02% to $57.26
09:57 Media Group PortNews issues special edition of its magazine for Transport Week 2018
09:35 Rosmorrechflot reduced operation period of locks in Volga-Don Basin
09:18 Baltic Dry Index is up to 1,031 points

2018 November 18

16:21 Wellington ferry skipper fined $1,688 after grounding
15:04 SFL continues its fleet renewal programme, to sell its 2002-built VLCC
14:37 Austal delivers Expeditionary Fast Transport ship USNS Burlington to U.S. Navy