STX Europe warns of more challenging times after Cruise & Ferry EBITDA plunges to red
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 14 August 2012 14 August 2012
STX Europe, which part of the South Korean STX Business Group, has reported second quarter pre tax profit of NOK370 million, little changed from NOK407 million in the same period last year.
The company, which builds cruise liners and ferries at two fully owned yards in Finland and at one yard in France in which it has a 66% stake, said that market conditions in its Cruise & Ferry business area remained challenging through the review period and more of the same is expected from the future.
STX Europe said it is committed to remain a leading builder of cruise liners and ferries, but its Finnish yards would retain ice breaking tonnage as a key area in the future. Order intake in passenger ship business fell to NOK165 million from NOK5.15 billion a year earlier, while order backlog in the sector declined to NOK11.67billion on 30 June from NOK16.21 billion a year earlier.
The Cruise & Ferry business area generated revenues of NOK2.19 billion in the second quarter of this year, slightly more than the NOK2.10 billion a year earlier. However, EBITDA plunged to negative by NOK41 million from positive by NOK86 million a year earlier, resulting in an EBITDA margin negative by 1.9% against a figure positive by 4.1%.
STX Europe said that financing of newbuilding projects would remain a difficult task and the outlook remained challenging.
Royal Caribbean promotes Bayley as President and CEO of Celebrity, moves Lutoff-Perlo to RCI
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 31 July 2012 31 July 2012
Royal Caribbean Cruises, Ltd. today announced that Michael Bayley has been promoted to President and CEO of Celebrity Cruises, replacing Dan Hanrahan, whose departure was recently announced. Bayley will report directly to Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises, Ltd. Bayley has been with Royal Caribbean for over 30 years, most recently as Executive Vice President of Operations. Prior to this role, Bayley served as Executive Vice President — International, where he oversaw the international expansion for the company.
"In his role as Executive Vice President — International, Michael successfully spearheaded our aggressive expansion efforts into emerging and high-growth markets, and most recently has overseen all Operations for Royal Caribbean International," said Fain. "Fortunately, Celebrity has a very strong management team to build on and I am delighted that Michael will bring his vision, passion and drive to bear on the continued growth of this important brand."
In a related move, Lisa Lutoff-Perlo will be promoted to Senior Vice President of Operations for Royal Caribbean International, reporting to Adam Goldstein, President and CEO of Royal Caribbean International. Lutoff-Perlo is a 27 year veteran of the company who has served in a variety of roles within both Celebrity Cruises and Royal Caribbean International. Most recently, Lutoff-Perlo served as Senior Vice President of Hotel Operations for Celebrity Cruises. In that role, she oversaw all the hotel operations of the brand, including the highly successful introduction of the Solstice-class of ships. Prior to her tour of duty with Celebrity Cruises, Lutoff-Perlo was in charge of Product Marketing and Strategic Alliances for Royal Caribbean International. In the past, she has also served both brands in a variety of increasingly senior sales roles.
"I am happy to welcome Lisa back to our team," said Goldstein. "Given her tremendous accomplishments leading Celebrity's highly successful hotel operations, I am excited to have her in this expanded role."
Fincantieri first half profit rises, lay offs loom as orderbook shrinks
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 31 July 2012 31 July 2012
Fincantieri, the Italian state owned shipbuilder that is a leadinhg builder of passenger vessels, has reported an increase in profit from ordinary operations, but a reduction in its orderbook for the first half of the year. Consequently, the company warns of insufficient workload.
The profit rose by 62.5% to €26 million in the first six months of the year compared to the same period in 2011, while revuenues increased to €1.23 billion from €1.18 billion. Cash holdings at the end of June amounted to €909 million, significantly more than €166 million on 31 December last year. Order portfolio totaled at €7.07 billion at the end of June, a decline from €7.92 billion 12 months earlier.
“Of particular note is the Group's net financial position, which at the end of June reported a net cash surplus of euro 909 million. Such a financial position makes it possible, on the one hand, to plan and cover future working capital financing requirements with complete peace of mind and on the other to consider, without particular duress, potential new investments to create value for the Group,” Fincantieri said in a statement.
New orders won fell to €488 million from €874 million in the first half of 2011. At 30 June 2012, the Fincantieri Group’s order portfolio stood at €7.07 billion. “The associated order backlog, although a still significant €5,047 million, will continue to be unable to saturate production capacity at all the Group's shipyards. The Group therefore plans to carry on using extraordinary income-support benefits to lay off workers at Italian shipyards where there is insufficient work,” Fincantieri warned.
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