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4 Maritime Reporter & Engineering News Circle 271 on Reader Service Card Online @ www.marinelink.com www.MarineLink.com is updated twice every business day, and is distributed free to subscribers. To view breaking news, visit www.marinelink.com. To subscribe to the daily news, delivered directly to your e-mail, visit http://maritimetoday.com/Alerts/MaritimeAlert.aspx. 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. SUBSCRIBE Subscribe to the print or electronic edition of Maritime Reporter & Engineering News at www.marinelink.com/renewsubscr/Renew04/ subscribe.html, or e-mail Kathleen Hickey at mrcirc@marinelink.com DAILY NEWS via E-MAIL Twice every business day we provide breaking news, tailored to your specification, delivered FREE directly to your e-mail. To subscribe visit http://maritimetoday.com/login.aspx POST & SEARCH JOBS Job listings are updated daily and help match employers with qualified employees. Post a position or keep abreast of new employment opportunities at http://www.maritimejobs.com ADVERTISE MR offers a number of print and electronic advertising packages. To see our editorial calendar and advertising rates, visit www.marinelink.com/AdvRates/Rates.asp SUBMIT EDITORIAL MR invites you to submit company news and events for publication on-line and in print. Visit http://www.marinelink.com/Story/PostStory.aspx MR JUNE2006 #1 (1-8).qxd 6/2/2006 2:00 PM Page 6
