The financial results of Louisiana-based shipyard Conrad Industries was negatively affected by losses in a project to construct a liquefied natural gas (LNG) bunker barge, says its President and CEO.
“Our 2017 and 2016 operating results were affected by losses of $11.9 million and $13.2 million, respectively, on the LNG bunker barge,” says Johnny Conrad.
“Despite the losses we have incurred on the construction of the LNG barge, we believe that we have developed the resources to establish ourselves as a leader in LNG marine-related construction in North America.”
The yard posted net loss of $3.4 million for the quarter ended December 31, 2017 (Q4 2017), compared to net loss of $836,000 in Q4 2016.
New business added during the first quarter of 2018 includes the signing of contracts totalling $35.2 million in the form of four 30,000 bbl. tank barges, two LPG tank barges, four spud barges, three 24,000 bbl adiponitrile barges and two anchor barges.
To date, the yard’s estimated current backlog is approximately $107.0 million, compared to $111.3 million at December 31, 2017, and $216.5 million at December 31, 2016.
“During 2017 our new construction segment continued to be adversely affected by a soft market for energy transportation, increased pricing pressure, and low demand for large barge project orders, while our repair and conversion segment continued to be impacted by low oil prices and depressed Gulf of Mexico activity,” said Conrad.
“These factors had a negative impact on our operating results in 2017, and they may continue to impact our operations during 2018.”
Moving forward, Conrad expects 2018 to be another challenging year for the company.
“We have met these types of challenges in the past, and we remain confident that with our talented and dedicated employees, strong balance sheet and diversified customer base we can effectively respond to changing market conditions,” he says.
Photo credit: Conrad Industries
Published: 9 April, 2018
“A lot of milestones will follow,” says Senior Adviser Harbourmaster Policy Department, Port of Rotterdam.
MPA broadcasted its Request for Proposal in October and will issue up to two additional LNG bunker supplier licenses to support growing market demand.
‘Due to certain conditions in the contracts not being fulfilled by the counterparty, the contracts have become null and void,’ says Seaspan, adding it has notified relevant parties.
Bunker volume at the Port of Dampier rivals Rotterdam’s LNG bunkering volume in 2017.
The Abel Matutes received LNG fuel for its auxiliary generator unit from Gas Natural Fenosa.
HL Green departed South Korea last December and arrived at Gwangyang Works in January loaded with 180,000 tons of iron ore from Australia.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
Bernard Chew was a former shareholder of MB Marine and was an authorised signatory of the company’s cheques at the material time, according to court documents obtained by Manifold Times.
