• 2019 April 19 18:07

    Keppel posts net profit of S$203M in 1Q 2019

    Keppel Corporation Limited (Keppel) reported a net profit of S$203 million for the first three months of 2019, 40% below that of S$337 million for 1Q 2018. In 1Q 2018, the Group benefitted from a S$289 million gain arising from the en-bloc sale of Keppel Cove in Zhongshan, China as compared to gains of S$174 million in the current period from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam and the re-measurement of previously held interests in M1 Limited (M1) at acquisition date.

    The Group achieved revenue of S$1,531 million for 1Q 2019, which was $61 million or 4% higher than that of 1Q 2018. The increase was underpinned by higher revenues from power and gas sales, infrastructure projects in Singapore and Hongkong, asset management and the consolidation of M1, offset by lower contributions from property trading in Singapore.

    In 1Q 2019, the Group achieved an annualised return on equity of 7.0%. Net gearing increased to 0.72x as at 31 March 2019, compared to 0.48x as at 31 December 2018, due to higher working capital requirements, financing for the acquisition of M1, and as a result of the inclusion of lease liabilities due to the adoption of the new accounting standard on leases. Free cash outflow was S$617 million in 1Q 2019 compared to an inflow of S$248 million in 1Q 2018, mainly due to higher working capital requirements in the Offshore & Marine and Property divisions.

    Mr Loh Chin Hua, CEO of Keppel Corporation, said, "The main pieces of our strategic transformation are in place. Our focus is now on execution. When we have successfully executed on our strategy, Keppel will be a powerhouse of urbanisation solutions, with not only higher profits, but also higher quality, recurrent earnings. We will work all our engines hard towards achieving a mid-to-long term ROE target of 15% for the Group."

    The Offshore & Marine (O&M) Division registered a net profit of S$6 million for 1Q 2019, compared to a net loss of S$23 million a year ago, due mainly to a share of results from associated companies which turned profitable year on year, as well as lower taxes. The Division achieved a profit of S$3 million at the operating level for 1Q 2019, compared to S$8 million for 1Q 2018.

    The O&M Division continues to pursue projects and opportunities in new markets and niche segments. In the year to date, the O&M Division has won new contracts of about S$1 billion, or 59% of the S$1.7 billion secured for the whole of 2018. The latest orders comprise a newbuild harsh environment semisubmersible for Awilco and contracts to upgrade a drilling semisubmersible and integrate an FPSO hull.

    The Property Division was the largest contributor to the Group's 1Q 2019 net profit. The Division recorded a net profit of S$132 million, 65% lower than $378 million for 1Q 2018 due mainly to the absence of gains from the en-bloc sale of Keppel Cove in Zhongshan, China and lower contribution from Singapore property trading which was partly offset by gains from disposing a partial interest in Dong Nai Waterfront City, Vietnam.

    The Infrastructure Division's net profit of S$16 million for 1Q 2019, was 38% lower year on year, mainly due to lower contributions from the energy infrastructure and logistics businesses, as well as a share of losses from Keppel Infrastructure Trust in the current period as compared to a share of profits in the same period last year as a result of costs associated with the acquisition of Ixom in 2019. These were partly offset by higher contributions from businesses in environmental infrastructure and infrastructure services.

    Excluding charges related to the acquisition of M1, the Investments Division recorded a net profit of S$59 million for the first quarter, as compared to net loss of S$44 million a year ago. This was due mainly to fair value gains from the remeasurement of previously held interests in M1 as at acquisition date, as well as higher contributions from Keppel Capital and the consolidation of M1's results, and a lower share of losses from KrisEnergy, which were partly offset by a higher fair value loss on KrisEnergy warrants and a provision for impairment of an associated company.




2019 July 17

18:13 USCG responds to boat collision, assists 4 injured
17:55 LNG vessels to protect environment and increase container turnover at the Port of Riga
17:32 YAMAL LNG obtains certification for the new ISO 45001:2018 and confirms compliance with ISO 14001:2015
17:03 Qatargas delivers 3000th LNG cargo to Japan
16:48 Maslovoz-2 tanker left floating dock of Novorossiysk Ship Repair Yard
16:21 Krasnoye Sormovo delivers the Aleksandr Zuyev, dry cargo carrier of Project RSD59, to STLC
16:03 Safe Bulkers, Inc. announces installation and commissioning of the first scrubber on MV Martine
15:44 Germany accedes to ship recycling convention
15:27 South Africa accedes to compensation regime for hazardous and noxious cargoes
15:02 BHP to introduce low emissions LNG freight
14:02 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
13:32 McDermott awarded FEED contract for Sohar LNG bunkering project in Oman
13:15 Pilbara Ports Authority delivers a total annual throughput of 697.2 million tonnes for the 2018/19 financial year
12:39 Exports of Russian oil products from Kambarka oil tank farm resumed by river route via RPK-Vysotsk-LUKOIL-II
12:01 Aker Solutions announces Second-Quarter and Half-Year results 2019
11:51 New edition of Rules for Classification and Construction of Ships Carrying Liquefied Gases in Bulk published by RS
11:44 Port of Oakland’s keystone project set to be delivered in 2020
11:26 NIBULON shipyard continues forming the hull of its 140-m NIBULON MAX floating crane
11:02 The President of the European Council visits the new Port of Baku
10:40 Gasum Group reports its financial results for Q2 2019
10:30 MABUX: Bunker market this morning, July 17
10:17 AS Tallinna Sadam reports its 2019 Q2 passenger and cargo flows
09:54 Bunker prices increase at the port of Saint-Petersburg, Russia (graph)
09:35 Brent Crude futures price is up 0.25% to $64.51, Light Sweet Crude – up 0.03% to $57.64
09:19 Baltic Dry Index is up to 2,011 points

2019 July 16

18:06 CMA CGM announces FAK rates from Asia to North Africa
17:49 Marine Recruiting Agency to recruit personnel for Petrolesport
17:36 Hapag-Lloyd adds vessel to its North America Westcoast / Oceania Service
17:24 Turnover of DeloPorts’ terminals in 1H’19 decreased by 25% YoY to 3.2 mln tonnes
17:06 Odfjell SE sells its ownership share of terminal in Jiangyin, China
16:30 Keppel secures contract from Yinson for the modification of FPSO
16:01 More than 100,000 containers shipped via Intercity Barge at the Port of Rotterdam
15:56 Van Oord orders third trailing suction hopper dredger from Keppel
15:35 Rostransnadzor launches pilot project on remote monitoring of water transport companies’ compliance with mandatory requirements
15:10 Hapag-Lloyd announces rate restoration from East Asia to North Europe and Mediterranean
14:51 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
14:29 Baltic Transport Forum - development momentum for the region
14:10 Hapag-Lloyd launches new Africa service
13:46 Sea Port of Saint-Petersburg puts into operation new ecological equipment
13:25 Leading Port Planning & Development World Summit comes to Brussels, Belgium this October
13:01 CMA CGM announces GRR from Asia to West Africa
12:37 Naval Group launches first in Barracuda-class series of six nuclear submarines
12:10 Port of Oakland exports up 4.2 percent in June 2019
11:26 Nefteflot CJSC lays down third 4,800DWT barge of Project RDB12 ordered by STLC
11:01 CMA CGM announces FAK rates from Asia to North Europe
10:40 Scope of repair dredging performed by FSUE Rosmorport in 2019 to total about 10 million cbm
10:17 Investment dues collected in Russia’s seaports in 2019-20 to be used for four projects
10:14 MABUX: Bunker market this morning, July 16
10:14 Wärtsilä chosen for another environmentally sustainable hopper dredger from Damen Shipyards
09:54 Icebreaking and Support Fleet conference to be held in Saint-Petersburg on September 16 as part of NEVA-2019 exhibition’s zero day
09:35 Brent Crude futures price is up 0.06% to $66.52, Light Sweet Crude – down 0.05% to $59.55
09:18 Baltic Dry Index is up to 1,928 points

2019 July 15

17:58 IAPH welcomes new Associate Member from Switzerland
17:33 NIBULON transported 3.5 million tonnes of cargoes by water transport
17:06 Hapag-Lloyd to introduce new Middle East-India-Africa Express Service
16:07 Desktop Just-In-Time trial yields positive results in cutting emissions
15:44 Prevention of marine pollution in South Asia discussed at regional workshop
15:15 Cargotec’s MacGregor receives clearance from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group
14:56 Murmansk Sea Fishing Port handled 116,000 tonnes of cargo in 6M’2019, down 35.5% Y-o-Y
14:39 RS issues revised Rules for Classification and Construction of ships carrying liquefied gas