• 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 September 26

18:06 Hapag-Lloyd announces GRI for Trans-Pacific trade
17:55 Yury Kostin to head RF Transport Ministry’s Department of State Policy for Maritime and River Transport
17:36 MOL conducts onboard test of new technology with Rolls Royce
17:06 TenneT contracts DNV GL to certify offshore power substations for Hollandse Kust Zuid wind park
16:42 CMA CGM announces FAK rates from Asia to Pakistan / India / Sri Lanka
16:30 ZIM to introduce improvements of its cross-Atlantic services
16:29 Knud E. Hansen creates entirely new design for the ocean factory trawler
16:07 Maersk implements new guidelines on dangerous goods stowage
16:02 ONE, Hapag Lloyd, Yang Ming, CMA CGM, COSCO, OOCL to increase service quality with enhanced Mediterranean - U.S. East Coast service
16:01 RS specifies requirements for fishing vessels
15:38 Russian Maritime Register of Shipping improves rules for fishing vessels
15:03 Pasha Hawaii celebrates steel cutting for M/V George III at Keppel AmFELS
14:40 Ground-breaking ceremony held for Wärtsilä built Hamina LNG terminal
14:04 RB-2186 tugboat of Project 16609 built by Pella Shipyard delivered to the customer in the Far East
13:09 CMA CGM announces Rate Restoration Program for services from Asia to the Middle East Gulf
12:32 NIBULON put into operation its first multipurpose T3500 Project tug
12:09 Austal cuts metal on 117m trimaran for Fred. Olsen
11:45 LNG shipped from Yamal LNG project tops five million tons
11:09 International Seaways announces contract to install scrubbers
10:47 Baltic Dry Index is up to 1,450 points
10:30 Brent Crude futures price down 0.12% to $81.16, Light Sweet Crude – down 0.19% to $72.14
10:08 IMO will not delay sulphur 2020 limit
09:51 Port of Riga positioned as an attractive destination for world's major cruise companies
09:39 Arctic Environment Ministers' meeting: Exploring common solutions for the Arctic environment
09:20 Bunker prices continue surging at the Port of Saint-Petersburg, Russia (graph)
09:08 Hansa Heavy Lift moves fully assembled Liebherr cranes from Ireland to the UK
08:07 Jumbo awarded transportation & installation contract in Sergipe, Brazil
07:34 Total increases its share in the Danish Underground Consortium

2018 September 25

18:37 Colombo Dockyard achieves recognition at the Presidential Export Award
18:10 Tersan Shipyard (Turkey) lays down lead crab catching and processing ship of Project ST184 for Arktikservis
17:56 CMA CGM announces GRR from Asia to South Africa
17:36 The Ocean Cleanup chooses Iridium as provider of satellite communications services
17:20 First RITM-200 reactor intended for nuclear-powered icebreaker Ural left for Baltiysky Zavod shipyard
17:06 ABP opens up Humber International Enterprise Park development plans to public
16:57 Shippers suspect sulphur stitch-up
16:29 Kotug Smit Towage performs naming ceremony for tug Southampton
16:20 Portugal joins WISTA International
15:38 Volga Shipping Company named the best in terms of transport security
15:12 Mr. Birkir Hólm Guðnason hired as CEO of Samskip Iceland
14:11 CMA CGM to review sales policy regarding Low Sulphur IMO 2020 Regulation
13:49 NIBULON successfully completed its passenger transportation season
13:11 North Carolina Ports’ terminals resume full commercial operations following hurricane Florence
12:50 Fuel oil prices are going up in the Far East ports of Russia (graph)
12:31 Havila Kystruten selects Havyard to deliver the ship design and extensive equipment package for four new vessels
12:14 European ports welcome Parliament’s explicit support to remove the tax barriers for shore-side electricity for ships
12:01 Long Beach Commission OKs budget for expanded rail yard
11:43 DHT Holdings announces $50 mln scrubber financing
11:32 Nevsky Shipyard takes part in «Marintec Offshore Russia» exhibition
11:00 GTT receives a new order from Samsung Heavy Industries for the tank design of two new LNG carriers
10:55 NYK announces delivery of new wood-chip carrier for Hokuetsu Corporation
10:24 Baltic Dry Index is up to 1,434 points
10:01 Brent Crude futures price up 0.2% to $80.69, Light Sweet Crude – up 0.12% to $72.17
09:38 Yaroslavsky Shipyard lays down oil recovery vessel of Project Р2114 for Transneft
09:15 Audit summary report to be considered by Sub-Committee on Implementation of IMO Instruments

2018 September 24

18:36 DNV GL unveils the complexity of ocean governance in report for the UN Global Compact
18:03 Klaveness Combination Carriers AS announces completion of USD 45.0 million private placement
17:52 Port of Southampton recognised in top 20 under 40 cruise award
17:36 CMA CGM announces GRR from India West Coast to Mozambique
17:03 Metropolitan Plan for Great Newcastle endorses Port of Newcastle vision
16:50 Ust-Luga Container Terminal handles cargo for Nord Stream 2