Page 4: of Maritime Reporter Magazine (June 2006)

4 Maritime Reporter & Engineering News

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Top Tankers 1Q Profit Rises

Greek oil shipping company Top Tankers Inc. said first- quarter earnings rose sharply as the company increased the size of its fleet under operation. Net income rose 59 percent to $30.4m, or $1.06 per share, from $19.1m, or 69 cents per share, in the year-ago period. The latest quarter included charges of $3.2m, or 12 cents per share related to stock options and financing. Revenue more than doubled to $101.7m from $47.3m last year. At the end of March, the company operated 27 vessels, or 2.6 million dry-weight tons, up sharply from 18 vessels (1.3 million dwt) last year.

Nakilat orders 10 LNG carriers

Qatar Gas Transport Company says it has ordered 10 LNG carriers from Korean shipbuilders Daewoo, Hyundai and

Samsung. Nakilat now has 16 LNG carriers on order at a cost of around $5bn. They will be chartered to Qatar

Liquefied Gas Company from January 2009.

Sevmash Starts Building Megayacht

The construction of the second oceanic mega-yacht of the

A1331 class started at the Sevmash shipyard in

Severodvinsk, a shipyard spokesman told Itar-Tass. The construction of the first yacht began last year to order of the

Baltika Shipbuilding Company. Sevmash has technologi- cally prepared for batch production of large cruise vessels.

Bill Would Block LNG Tankers

The House of Representatives on May 10 joined a grow- ing list of official bodies erecting hurdles in front of a pro- posed liquefied natural gas terminal in Fall River, Mass. The

House unanimously approved legislation that would, in effect, block LNG tankers from sailing through Rhode

Island waters to get to the terminal. Sponsored by Rep.

Raymond E. Gallison Jr., D-Bristol, the bill would prevent any tanker from coming within 1,000 yards of any resi- dences, piers, docks, wharves or waterfront facilities

Funding OKd for China LNG Project

Newbridge Capital LLC, one of Asia's largest private equi- ty funds, has signed an agreement to invest up to $200m in

Xinjiang Guanghui's Liquefied Natural Gas project in

China's northwestern Xinjiang region, an official with the

Xinjiang Guanghui Group told XFN-Asia. Under the agree- ment, Newbridge Capital will initially invest $33.8m for a 24.99 pct stake in Xinjiang Guanghui LNG project and has the option to increase its share in the project to as much as 67 pct with an additional investment of $169m.

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