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A "slow and steady recovery from the tough market conditions that characterised 2016" helped bring Orient Overseas (International), the parent group of Hong Kong-based Orient Overseas Container Line (OOCL) back to a $53.6m profit from a $56.7m net loss in the previous corresponding period.

One of the world’s largest shipowners Nippon Yusen Kaisha (NYK) returned to the black in the first quarter ended 30 June 2017 and has maintained its full year profit forecast.

The world’s third largest container line CMA CGM reported a first quarter profit of $86m and brought acquisition APL back into the black.

Profits were up 39% in the first quarter for Dubai-headquartered tanker owner Gulf Navigation Holding (GulfNav).

As is the case with maritime weeks the world over, some prominent personalities get roped in to lead many different events. Hong Kong shipping veteran, ex-Wah Kwong Maritime Transport Holdings ceo and current chairman of Mandarin Shipping, Tim Huxley is one such person, having chaired many of the forums at the two-day Asian Logistics and Maritime Conference as well as being on the panel at the Asia Maritime breakfast briefing on feeder shipping.

The weakening tanker market saw Frontline’s net profit fall to $14.3m in the second quarter of the year compared to $78.9m in the first three months.

Nordic American Tankers (NAT) booked profits of $29.3m in the first quarter of 2016, compared with $27.7m in the same period last year.

First Ship Lease Trust (FSL Trust) remained in the black in Q1 despite losses on the sale of two panamax boxships, and is upbeat on the outlook ahead.

Nippon Yusen Kaisha (NYK) The only one of Japan’s “big three” shipowners to make money in the financial year ended 31 March 2016, but still reported a 61% fall in profits.

UAE-based rig manufacturer Lamprell reported $66.5m net profit in 2015, a very healthy result although not matching the $93.2m that the company recorded in what it described as an ‘exceptional’ 2014. 

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