• 2020 May 10 13:32

    HII reports 1Q 2020 results and provides COVID-19 update

    Huntington Ingalls Industries (NYSE: HII) reported first quarter 2020 revenues of $2.3 billion, up 8.8% from the first quarter of 2019. The increase was driven primarily by higher volume at HII’s Newport News and Ingalls shipbuilding divisions, as well as growth at HII’s Technical Solutions division.

    Operating income in the quarter was $215 million and operating margin was 9.5%, compared to $161 million and 7.7%, respectively, in the first quarter of 2019. The increases in operating income and operating margin were mainly the result of a more favorable operating FAS/CAS adjustment and higher risk retirement at both Newport News and Ingalls shipbuilding divisions.

    Net earnings in the quarter were $172 million, compared to $118 million in the first quarter of 2019. The increase in net earnings for the quarter was mainly the result of higher operating income and a more favorable FAS (non-service) pension benefit, partially offset by a $16 million loss recorded in Other, net as a result of lower returns on marketable securities related to our non-qualified benefit plans.

    Diluted earnings per share in the quarter was $4.23, compared to $2.85 in the same period of 2019. Excluding the impacts of pension, adjusted earnings per share1 in the quarter was $2.43, compared to $2.14 in the same period of 2019.

    First quarter cash from operations was $68 million and free cash flow1 was $2 million, compared to $11 million and negative $63 million, respectively, in the first quarter of 2019.

    New contract awards in the quarter were approximately $900 million, primarily driven by an award for the construction of guided missile destroyer Sam Nunn (DDG 133). As of March 31, 2020, backlog totaled approximately $45.2 billion.

    COVID-19 Update

    “As the COVID-19 pandemic unfolds, the health and safety of our employees remains paramount even as we continue our important work to support the nation’s defense,” said Mike Petters, HII president and CEO. “We are aggressively managing our response to the pandemic and have put in place a number of policies and procedures to mitigate the exposure to and spread of COVID-19 in accordance with guidelines provided by the Centers for Disease Control and Prevention (CDC) and other state and local government health agencies.” Petters continued, “We have done our best to provide employees with the resources they need to stay safe and healthy while also continuing to support our customers, suppliers and communities during this unprecedented situation.” Employee health and safety initiatives include:

    • Implemented liberal leave policies that provide employees flexibility and job security
    • Implemented processes aligned with CDC guidelines to work with any exposed individual on the necessary quarantine period and the process to return to work
    • Adjusting policies, procedures and workspaces to support social distancing, including re-balancing shifts to reduce concurrent headcount, and the utilization of face masks
    • Significantly increased workplace sanitation and deep cleaning
    • Suspended all non-essential work travel
    • Offering telecommute and work from home options where feasible

2020 September 30

18:06 Drone delivers package to inland vessel in port of Rotterdam
17:52 Investments into Astrakhan Region SEZ to exceed RUB 25 billion by 2026
17:36 Yang Ming announces new Chairman
17:20 Sredne-Nevsky Shipyard launches minesweeper of Project 12700, Georgy Kurbatov
17:06 Nexans to supply 46 kilometers of umbilicalsto Subsea 7 for Senegal’s first offshore oil development
16:57 LR awards Digital Safe Security certification to Evergreen for its 12k TEU container ship newbuilding
16:46 APM Terminals Poti reports record box throughput in Sept
16:28 Nikolai Artyomov appointed as General Director of Murmansk Shipping Company
16:19 Maersk despatches first train from Rotterdam to China
16:05 Austal Australia delivers 83 metre trimaran ferry to Jr Kyushu Jet Ferry
15:53 Krasnoye Sormovo shipyard launches dry cargo carrier Alfa Atlant
15:25 Acceptance/delivery certificate signed for Victor Chernomyrdin icebreaker
15:02 NYK Group RORO carrier rescues fishermen at the Strait of Malacca
14:17 Maersk launches its cold store in South Africa
14:12 Finnpilot to undergo reorganisation as of 1 October 2020
13:24 Port of San Diego celebrates completion of Tenth Avenue Marine Terminal modernization project
13:10 RS introduces new distinguishing marks for class notation
12:09 Detachment of RF Navy’s Pacific Fleet returned to Vladivostok after long range campaign in Asia-Pacific region
11:31 Russia’s seaborne cargo traffic turnover to rise by some 10% in 2020
11:04 Port of Los Angeles and Port of Long Beach to host Clean Air Action Plan update meeting
10:50 Rosmorport announces tender for dredging in Kavkaz port’s water area
10:23 Bunker prices decrease in the Port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Sept 30
09:35 Scorpio Bulkers announces the sale of a Kamsarmax vessel
09:27 Oil prices continue decreasing
09:12 Baltic Dry Index as of September 29
08:33 Keppel reaffirms Vision 2030 and rolls out next steps for implementation
07:29 ADNOC signs 25-year agreement to service all petroleum ports in Abu Dhabi

2020 September 29

19:01 Carnival Cruise Line’s Mardi Gras departs on sea trials
18:37 Great Lakes announces receipt of $105 mln Jacksonville deepening award
18:03 Kongsberg Digital wins contract to deliver cutting-edge engine room simulator to German training institute
17:55 Murmansk Commercial Seaport expands its fleet of equipment
17:31 Milaha signs deal with Schlumberger
17:16 Expansion of Aberdeen Harbour by Van Oord in full swing
17:08 HHLA invests in the Adriatic Port of Trieste
16:29 Record-high number of international cruise ships to arrive at the Port of HaminaKotka next year
16:05 Hamworthy Pumps makes strong re-entry to tanker market
15:44 New BIMCO Shipping KPI version offers improved benchmarking concept
15:32 Free energy scan for inland vessels is to stimulate the use of shore power
15:05 Mir sailing training ship accepts new shift of cadets
14:30 Admiral Essen frigate of RF Navy’s Black Sea Fleet passes Black Sea Straits towards Mediterranean Sea
13:58 Traficom surveyed Maritime professionals’ opinions regarding N2000 fairway and nautical chart reform
13:13 Victor Shitukhin is appointed as Acting Director of its Ship Repair Plant ‘Nerpa’
12:49 Lotos shipyard lays down two self-propelled dredgers
12:11 Bunker prices decrease in the Far East ports of Russia (graph)
11:47 Port of Antwerp focuses heavily on general cargo: search begun for breakbulk candidate for Churchill Dock
11:27 Joint oil spill exercise tests inter-agency response and cooperation amidst COVID-19 pandemic
10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
10:09 IAPH presents guidelines for LNG-powered vessels during port calls
09:54 Oil prices are decreasing
09:35 Port Authority of Singapore holds joint oil spill exercise
09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020