Topaz notes declining activity in 2016

Topaz Energy & Marine's group revenue declined from USD 85.2 million in the first quarter 2015 to USD 77.7 million in 2016. CEO René Kofod-Olesen attributes the downturn to the low oil prices and tough competition in North Africa and the Middle East.

BY TOMAS KRISTIANSEN

Dubai-based offshore carrier Topaz Energy & Marine published its first quarter interim report for 2016 on Monday, which shows that revenue dropped from USD 85.2 million in the first quarter 2015 down to USD 77.7 million in 2016. The profit after taxes increased slightly, however, to USD 2.0 million up from USD 1.1 million in 2015. But low oil prices and fiercer competition in North Africa and the Middle East affected the carrier's revenue.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Impairments send Topaz Energy into big deficit
For subscribers
Blue Water and Topaz secure massive Kazakhstan contract
For subscribers
Topaz lands five-year contract with BP for 14 vessels
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Carriers

Royal Arctic Line's chief executive steps down

After eight years at the helm of the Greenlandic shipping company, Verner Hammeken is stepping down. The board is looking for a new CEO, while an interim chief exec has been appointed.

For subscribers

CEO Patrick Juhl thinks that the ambition to swap out plastic bottles is hindered by the price tag on the carton alternative. | Foto: Seven Seas

Suppliers

Seven Seas: Customers' green ambitions and actions don't align

"Innovation is not the experience economy. It's business," says Nicklas Fursund, partner at venture fund Motion Ventures. | Foto: Paul Chinn/AP/Ritzau Scanpix

Carriers

Venture fund in Singapore wants increased business focus from start-ups

For subscribers

Next year, shipping companies with ships larger than 5,000 gross registered tonnes will be required to compensate for their CO2 emissions through the purchase of EU allowances. | Foto: Daniel Reinhardt/AP/Ritzau Scanpix

Suppliers

German bank to broker CO2 allowances to shipping customers

For subscribers

Foto: Christian Charisius/AP/Ritzau Scanpix

Logistics

MSC chosen as strategic partner for ailing Spanish rail freight company

For subscribers

Carriers

Grieg and Peak Group venture orders up to eight new vessels

For subscribers

First US bunkering terminal for LNG is on its way
The terminal, where ships will be able to refuel with liquefied natural gas, will be located in the Gulf of Mexico and is set to commence in 2026.
For subscribers
Russian oil is trading closer to USD 100 than the G-7 price cap
Russian oil is continuing to rise, defying an increasingly redundant price cap put in place by the Group of Seven and its allies.
For subscribers
Oil supermajor Saudi Aramco enters LNG
Saudi Aramco invests USD 500m in Midocean energy, an energy company focused on liquefied natural gas.
For subscribers
Norway increases support for developing countries' green shipping transition
The country has signed an agreement with the IMO to contribute NOK 30m per year to the green transition of shipping in developing countries.
For subscribers
Oil steady after technical resistance stalled blistering rally
Oil prices settle at a more stable level after taking the biggest slump in eight weeks.
For subscribers
It's time for DHL's new global head of ocean freight to prove he can be number one
PROFILE: People familiar with the new chief executive of DHL Global Forwarding are not surprised by the appointment after a career that has gone in a straight line up.
For subscribers

Media: Sale of DB Schenker enters next phase

After a long period of scrutiny, Deutsche Bahn is ready to pursue a sale of the major freight forwarder DB Schenker, report German media.

For subscribers

Casper Ellerbæk has a professional background at competitor Kuehne + Nagel. | Foto: Dhl / Pr

Logistics

It's time for DHL's new global head of ocean freight to prove he can be number one

PROFILE: People familiar with the new chief executive of DHL Global Forwarding are not surprised by the appointment after a career that has gone in a straight line up.

For subscribers

"As an SME – as we still like to call us today – and with the customers we are serving globally we really need to latch on and grow substantially to stay relevant to our customers," says Constantin Conrad, CEO, Leschaco Group. | Foto: Leschaco

Logistics

German logistics company wants to grow 250 percent by 2030

The third generation of the family behind Leschaco wants to grow the company, and fast. Leschaco needs to grow significantly, says the CEO.

For subscribers

Suppliers

Seven Seas: Customers' green ambitions and actions don't align

Seven Seas’ customers want to reduce plastic onboard ships but do not order the alternative product. The ship supplier’s CEO sees only one logical explanation.

Logistics

DSV's strategy could block acquisition of DB Schencker

In its latest three acquisitions, DSV has dismissed about 45 percent of the new employees when the acquisitions were integrated.

Suppliers

German bank to broker CO2 allowances to shipping customers

Next year, when shipping companies will have to compensate for their ships’ CO₂ emissions by buying EU allowances, the shipping bank Berenberg is ready to act as broker.

For subscribers

Jobs

See all jobs

Topaz notes declining activity in 2016

Read the whole article

With your free trial you get:

Get full access for you and your coworkers

Share article

Related articles:

Impairments send Topaz Energy into big deficit

Blue Water and Topaz secure massive Kazakhstan contract

Topaz lands five-year contract with BP for 14 vessels

Sign up for our newsletter

Front page now

Royal Arctic Line's chief executive steps down

Seven Seas: Customers' green ambitions and actions don't align

Venture fund in Singapore wants increased business focus from start-ups

German bank to broker CO2 allowances to shipping customers

MSC chosen as strategic partner for ailing Spanish rail freight company

Grieg and Peak Group venture orders up to eight new vessels

First US bunkering terminal for LNG is on its way

Russian oil is trading closer to USD 100 than the G-7 price cap

Oil supermajor Saudi Aramco enters LNG

Norway increases support for developing countries' green shipping transition

Oil steady after technical resistance stalled blistering rally

It's time for DHL's new global head of ocean freight to prove he can be number one

Further reading

Media: Sale of DB Schenker enters next phase

It's time for DHL's new global head of ocean freight to prove he can be number one

German logistics company wants to grow 250 percent by 2030

Seven Seas: Customers' green ambitions and actions don't align

DSV's strategy could block acquisition of DB Schencker

German bank to broker CO2 allowances to shipping customers

Jobs