Tanker

Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023

Retrieved on: 
Thursday, March 7, 2024
Shipbuilding, Share repurchase, TCE, Tanker, Sale, Aframax, Environment, Security (finance)

Earnings per share, basic and diluted, for the fourth quarter of 2023 were $2.03 and $0.63, respectively.

Key Points: 
  • Earnings per share, basic and diluted, for the fourth quarter of 2023 were $2.03 and $0.63, respectively.
  • During the fourth quarter of 2023, net cash provided by operating activities was $9.3 million, compared with net cash provided by operating activities of $23.7 million for the fourth quarter of 2022.
  • Net income for the years ended December 31, 2023, and December 31, 2022, amounted to $69.4 million and $36.3 million, respectively.
  • Commenting on the results of the fourth quarter of 2023, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
    “During the fourth quarter of 2023, the tanker market continued to strengthen as it did throughout the year.

Renovus Capital Partners Welcomes Jason Tanker to Lead Growing Technology Services Practice

Retrieved on: 
Wednesday, January 24, 2024
Quaternary, Partnership, University, Partner, BBA, MBA, Investment, Tanker, Growth, Management

WAYNE, Pa., Jan. 24, 2024 /PRNewswire/ -- Renovus Capital Partners ("Renovus"), a Philadelphia-area based investment firm, is pleased to announce today that Jason Tanker, a seasoned private equity professional, has joined the team as Managing Director to oversee the firm's Technology Services practice.

Key Points: 
  • WAYNE, Pa., Jan. 24, 2024 /PRNewswire/ -- Renovus Capital Partners ("Renovus"), a Philadelphia-area based investment firm, is pleased to announce today that Jason Tanker, a seasoned private equity professional, has joined the team as Managing Director to oversee the firm's Technology Services practice.
  • Tanker brings over fifteen years of middle market private equity experience to Renovus.
  • "Jason is an ideal addition to Renovus as we continue our commitment to building an A+ team," said Jesse Serventi, Founding Partner at Renovus.
  • "He brings significant experience to our Technology Services practice and will play an integral role in capitalizing on the many attractive opportunities we see in the area."

TEN Ltd. Lloyd’s List Tanker Company of the Year for 2023

Retrieved on: 
Friday, December 8, 2023
Longevity, Head, Tanker, Government, International, Shipbuilding

ATHENS, Greece, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Dr. Nikolaos P. Tsakos, Founder & CEO of Tsakos Energy Navigation received the Tanker of the Year award at the 20th Lloyd’s List Greek Shipping event in Athens.

Key Points: 
  • ATHENS, Greece, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Dr. Nikolaos P. Tsakos, Founder & CEO of Tsakos Energy Navigation received the Tanker of the Year award at the 20th Lloyd’s List Greek Shipping event in Athens.
  • At the prestigious event, industry professionals and prominent government officials gathered to honor TEN’s outstanding company performance and significant contribution to the shipping industry.
  • The special award, ‘Tanker Company of the Year’ is in recognition of TEN’s longevity and outstanding stewardship through the market cycles highlighted by its uninterrupted dividend distribution record and investment in new technology vessels.
  • Dr. Nikolaos P. Tsakos, Founder and CEO of the Company, commented:
    "We are very proud to receive this recognition.

Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023

Retrieved on: 
Monday, November 27, 2023
Sale, TCE, Acquisition, Public expenditure, Tanker, Aframax, Shipbuilding, Share repurchase, Employment, Environment, Security (finance)

The 2023 third quarter results compared to a net income of $10.7 million and net income attributable to common stockholders of $10.4 million for the same period in 2022.

Key Points: 
  • The 2023 third quarter results compared to a net income of $10.7 million and net income attributable to common stockholders of $10.4 million for the same period in 2022.
  • Earnings per share, basic and diluted, for the third quarter of 2023 were $0.88 and $0.27, respectively.
  • Fleetwide, the average TCE rate for the third quarter of 2023 was $31,787, compared with an average rate of $34,411 for the same period in 2022.
  • Net income for the nine months ended September 30, 2023, amounted to $44.5 million, compared to a net income of $12.5 million for the nine months ended September 30, 2022.

Marine Sensors Market: Ballast & Bilge, Fuel & Propulsion, Navigation & Positioning by Ship Type, Application, Connectivity, Sensor Type, and Region - Global Forecast to 2028

Retrieved on: 
Wednesday, November 29, 2023
Pressure, UUV, Ship, Safety, Research, TE, GPS, Fuel, Garmin, Anomaly, Commercial, Investment, Maya AUV India, Navigation, RPM, Tanker, Market development, Data, TE Connectivity, Ballast, Honeywell, Overheating, Ecosystem, ROV, Eaton Corporation, USD, Calibration, Movement, Health, Connectivity, OEM, Pulse, Region, Growth, National security, Congress, NDAA, AUV, MARAD, Fiscal, TSP, Temperature, Transport, Shipbuilding, Oil, Instrumentation, Defense

Increasing need for maritime transportation and navies focusing on technologically advanced marine vessels drive the marine sensors market.

Key Points: 
  • Increasing need for maritime transportation and navies focusing on technologically advanced marine vessels drive the marine sensors market.
  • However, management of massive data generated by marine sensors and maintenance Process and Calibration of sensors are limiting the overall growth of the market.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the marine sensors market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the marine sensors market.

Performance Shipping Inc. Reports Net Income of $18.4 Million, a Second Consecutive Record, 1.7 Million Shares Repurchased for the Second Quarter 2023, and Financial Results for the Second Quarter and Six Months Ended June 30, 2023

Retrieved on: 
Thursday, July 27, 2023
TCE, OECD, Share repurchase, Aframax, EBITDA, Shipbuilding, Hand, Environment, Tanker, Video game, Airline, Petroleum, Tutoring

The 2023 second quarter results compared to a net income of $3.9 million and net income attributable to common stockholders of $3.7 million for the same period in 2022.

Key Points: 
  • The 2023 second quarter results compared to a net income of $3.9 million and net income attributable to common stockholders of $3.7 million for the same period in 2022.
  • Revenue was $31.5 million ($30.5 million net of voyage expenses) for the second quarter of 2023, compared to $16.7 million ($11.3 million net of voyage expenses) for the same period in 2022.
  • During the second quarter of 2023, net cash provided by operating activities was $22.1 million, compared with net cash provided by operating activities of $2.3 million for the second quarter of 2022.
  • Net income for the six months ended June 30, 2023, amounted to $34.1 million, compared to a net income of $1.8 million for the six months ended June 30, 2022.

Performance Shipping Inc. Reports Record Net Income of $15.7 Million, 1.5 Million Shares Repurchased and Financial Results for the First Quarter Ended March 31, 2023

Retrieved on: 
Wednesday, June 21, 2023
TCE, OECD, Share repurchase, Aframax, EBITDA, Shipbuilding, Hand, Environment, Tanker, Cryptocurrency, Video game, Petroleum

The 2023 first quarter results compared to a net loss of $2.1 million and net loss attributable to common stockholders of $11.5 million for the same period in 2022.

Key Points: 
  • The 2023 first quarter results compared to a net loss of $2.1 million and net loss attributable to common stockholders of $11.5 million for the same period in 2022.
  • Revenue was $29.5 million ($28.0 million net of voyage expenses) for the first quarter of 2023, compared to $8.6 million ($5.2 million net of voyage expenses) for the same period in 2022.
  • This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter.
  • During the first quarter of 2023, net cash provided by operating activities was $18.7 million, compared with net cash used in operating activities of $3.9 million for the first quarter of 2022.

Overseas Shipholding Group Reports First Quarter 2023 Results

Retrieved on: 
Monday, May 8, 2023
Maritime, Transport, Logistics, Supply Chain Management, Oil, Gas, Energy, Other Transport, Treasury, Lightering, TCE, American Shipping Company, MARAD, Overseas Shipholding Group, Government, EBITDA, Tanker, Investment, Access, Page Eight, OSG, NYSE, Video game, Beauty salon, Airline

Flag markets, today reported results for the first quarter of 2023.

Key Points: 
  • Flag markets, today reported results for the first quarter of 2023.
  • Shipping revenues for the first quarter of 2023 were $113.8 million, an increase of $9.8 million from the first quarter of 2022.
  • First quarter 2023 Adjusted EBITDA(B), a non-GAAP measure, was $40.9 million, an increase of $15.5 million, or 61.0%, from the first quarter of 2022.
  • The Company will host a conference call to discuss its first quarter 2023 results at 9:30 a.m. Eastern Time (“ET”) on Monday, May 8, 2023.

Performance Shipping Inc. Reports Record Fourth Quarter and Full Year 2022 Net Income of $23.8 Million and $36.3 Million, Respectively

Retrieved on: 
Thursday, February 23, 2023
OECD, Tanker, Shipbuilding, ATM, Environment, TCE, Aframax, Pharmaceutical industry, Video game, Petroleum

Earnings per share, basic and diluted, for the fourth quarter of 2022 was $2.31 and $1.18, respectively, while loss per share for the fourth quarter of 2021 was $6.11.

Key Points: 
  • Earnings per share, basic and diluted, for the fourth quarter of 2022 was $2.31 and $1.18, respectively, while loss per share for the fourth quarter of 2021 was $6.11.
  • Revenue from continuing and discontinued operations was $27.8 million ($25.0 million net of voyage expenses) for the fourth quarter of 2022, compared to $9.6 million ($5.4 million net of voyage expenses) for the same period in 2021.
  • During the fourth quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $23.7 million, compared with net cash used in operating activities of $1.8 million for the fourth quarter of 2021.
  • Our net income from continuing operations during the fourth quarter alone was $23.8 million, indicating the tightening tanker market conditions during the fourth quarter.

Global electric & hybrid semi-trailers market is projected to reach USD 8.33 billion by 2030 growing at a CAGR of 16.8%

Retrieved on: 
Tuesday, January 24, 2023
Lowboy (trailer), Safety, Logistics, Less, Relaxation, Transport, Ageing, GAWR, Hybrid, Carbon, Rail freight transport, Rail transport, Others, Axle, Tanker, Electricity, Health care

As governments across the globe are working towards carbon neutrality, making trailers greener is an important step.

Key Points: 
  • As governments across the globe are working towards carbon neutrality, making trailers greener is an important step.
  • Recently, electric & hybrid semi-trailer trucks have dramatically increased in popularity due to the steady innovation in electric vehicles and a high demand for sustainable and cost effective commercial vehicles.
  • The North American market is currently in the replacement phase with an aging fleet that needs to be replaced with technologically advanced electric & hybrid semi-trailers.
  • The increase in the overall industrial production has led to increased freight transportation, fueling the demand for semi-trailers in this region.