• 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.




2020 May 25

17:46 Transit cargo flow by Primorye 2 ITC to Zarubino port surged by 64.8%
17:20 Wilson ASA enters into agreement with Arkon Shipping to strengthen European presence
16:42 Oboronlogistics took part in RF Transport Ministry’s meeting
16:18 Average wholesale prices for М-100 HFO rose to RUB 6,405 in RF spot market
15:55 RF Government bans imports of diesel and marine fuel
15:30 Second shallow-draft dry cargo barge of Project RDB20, Belmax 10, floated out
15:04 Upgrading of Wärtsilä FuelFlex Injection Control Unit enables reliable operation with low-sulphur fuels
14:14 UN must persuade governments to adopt crew change protocols or risk ‘humanitarian disaster’ - ICS
13:14 Port of Melbourne appoints Shaun Mooney to lead commercial operations
12:13 APM Terminals Algeciras connects to the national 66KV energy network
11:51 Global Ports handles first batch of BMWs in Saint Petersburg under its contract with ROLF SCS
11:33 Russia's Main Department of State Expertise approves construction of MSCC Bronka terminal
11:00 Drone delivers package to vessel in the port of Rotterdam for the first time
10:55 Austal Vietnam launches first vessel - 94 metre catamaran ferry for Trinidad and Tobago
10:12 C&C Marine and Repair increases its production capacity
09:56 Throughput of port Shanghai (China) in 4M’20 fell by 16% to 149.5 million tonnes
09:35 Oil prices rise by 0.26%-0.78%
09:17 Baltic Dry Index on May 22
09:00 MABUX: Bunker market this morning, May 25

2020 May 24

17:08 Teekay Corporation reports Q1 2020 results
16:43 BIMCO, Institute of Chartered Shipbrokers, Videotel partner in online education collaboration
15:37 ABS launches new guide for wind-assisted propulsion systems
13:44 CMA CGM announces EHS to Abidjan, Côte d'Ivoire
12:38 Longitude Singapore worked on the basic design for a new build cable lay ship for Taiwan’s offshore wind industry
11:07 Coast Guard Cutter Kiska conducts patrol off Northern Mariana Islands

2020 May 23

21:03 Huntington Ingalls Industries to present at Bernstein’s Strategic Decisions Conference
20:32 FMC orders investigation into alleged discriminatory Canadian regulations
20:21 Essential vessel repowered with Volvo Penta IPS amid lockdown
19:32 Ingalls Shipbuilding lifts 320-ton aft deckhouse onto guided missile destroyer Jack H. Lucas (DDG 125)
17:28 USCG, good Samaritans rescue seven passengers from capsized vessel
15:25 ONE to offer the first direct coverage from China to Indonesia with the new CID service

2020 May 22

18:02 Severnaya Verf shipyard launches 22350-series frigate Admiral Golovko
17:37 New ASV charter party to include cap on liability
17:13 World’s only floating nuclear power plant enters full commercial exploitation
16:49 BIMCO offers detailed overview of Covid-19 implementations
16:26 Klaipėda LNG terminal is an established player in the global market
16:01 Dismantling of right-bank dam began at Beloomut hydrosystem
15:38 FESCO launches container train to deliver cars from China to Europe promptly
15:04 CNOOC announces Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project commences production
14:50 Amendment made to data on Vostochny seaport in the Register of Russian Seaports
14:42 American Waterways Operators elect Crowley’s Art Mead as Chairman
14:35 Lead shallow-draft dry cargo barge of Project RDB20, Belmax 9, delivered to the customer
14:12 Icebreaker support period ends in Magadan seaport and on approaches to it
13:46 Rosmorport sums up results of its activities in 4M'2020
13:21 Freeport of Ventspils authority continues development of industrial territory
12:57 RF Navy’s strategic missile carrier Knyaz Vladimir completed tests in White Sea
12:24 Major boost for key ballast water treaty aimed at protecting biodiversity
11:58 Throughput of Taganrog Sea Commercial Port in 1Q’2020 climbed by 2% Y-o-Y
11:33 Tuapse Sea Commercial Port handled 4.2 million tonnes of cargo in 1Q’2020
11:09 Third generation Lily Fortune coal carrier enters service for Tohoku Electric Power
10:46 Global Ports introduces new mobile harbour crane to Petrolesport terminal
10:27 MABUX: Bunker market this morning, May, 22
10:08 Incidents of non-conformities continue to drop for users of ISF Watchkeeper software
09:55 Oil prices fell by 4.02%-5.51%
09:40 Baltic Dry Index on May 21
09:26 Bunker prices are going up at the port of Saint-Petersburg, Russia
09:08 Tianjin Port Group, Xiamen Port Holding Group and Zhonggu Shipping Group sign a strategic cooperation framework agreement
08:57 The Port of Helsinki temporarily dismisses its entire personnel

2020 May 21

18:08 North Carolina Ports welcomes largest container ship to the Port of Wilmington
18:01 Kirovsky Zavod shipped main turbine generator for nuclear-powered icebreaker Ural (video)