The TTS Group’s total turnover in 2010 was NOK 3 241 million, a 15 percent decrease compared to the previous year. The group reported a pre-tax loss of NOK 156.1 million, compared to a loss of NOK 311.9 million in 2009.  The net result was a loss of NOK 196.7 million, compared to a loss of NOK 248.5 million the year before. TTS’ order backlog at the end of 2010 was NOK 3 996 million, compared to NOK 4 510 million at the start of the year. The order intake in 2010 was NOK 3 291 million, of which NOK 1 467 million during the fourth quarter. The order intake in the fourth quarter of 2009 was NOK 554 million. The Marine division is supplier of equipment for cargo access and cargo handling onboard vessels. Turnover in 2010 was NOK 2 230 million, a decrease of 4 percent compared to the previous year. The division reported an operating profit before depreciation of NOK 158.7 million, compared to 93.7 million in 2009. Operating profit for the fourth quarter was NOK 46.2 million. The level of activity in the division increased toward the end of the year, in particular in China, which has shown a solid growth rate throughout the year. Based on an increasing share of turnover relating to service and after sales market, the profit margin of the division has improved. The Marine division’s order backlog at the end of 2010 was NOK 2 228 million, compared to NOK 3 758 million in the previous year. These figures include 50 percent of the order backlog of the joint ventures TTS Hua Hai Ships Equipment Co Ltd. and TTS Bohai Machinery Co Ltd in China. The order intake in the fourth quarter was NOK 801 million.

Port and Logistics – a division in progress
The Port and Logistics division supplies production lines and systems for material handling in shipyards and other industries, and loading and handling systems for ports. Turnover in 2010 was NOK 299.2 million, a decrease of 10 percent compared to the previous year.The division’s operating profit before depreciation was NOK 20.6 million, compared to NOK 19.5 million in 2009. Operating profit in the fourth quarter was NOK 1.7 million. The level of activity in the division in 2010 was still somewhat marked by the financial crisis. At the end of 2010, the order backlog of the Port and Logistics division was NOK 102 million, compared to NOK 242 million at the start of the year. The order intake in the fourth division was NOK 65 million.

The Energy division acquires new orders
The Energy division supplies offshore cranes and drilling equipment for offshore rigs, as well as complete drilling units for land-based drilling. Turnover in 2010 was NOK 712.1 million, a 40 percent decrease compared to 2009.

The division noted an operating loss of NOK 168.6 million, compared to a loss of NOK 192 million in the previous year. Operating profit in the fourth quarter was a loss of NOK 58.1 million. Operations were influenced by a extremely low level of activity in the offshore cranes and land rigs segment, as well as low margins on orders in progress. The division has carried out further write-offs on cancelled orders. The activity in the market for products and services supplied by the Energy division is however on an upward trend. In November 2010, TTS entered into an agreement with the Chinese shipbuilding group Dalian Shipbuilding Industry Corporation (DSIC) regarding strategic cooperation on delivery of drilling equipment to the offshore drilling industry. Parallel to this agreement on strategic cooperation, TTS entered into an agreement with DSIC for the delivery of two drilling equipment packages for jack up rigs, ordered by Prospector Offshore Drilling, to a total value of USD 76 million. Through its offshore company DSOC, DSIC holds options for the delivery of additional three jack up rigs. At the end of 2010, the order backlog of the Energy division was NOK 690 million, compared to NOK 540 million at the end of 2009. The order intake in the fourth quarter was NOK 600 million.

TTS’ capital situation strengthened – positive outlook
In January 2001, TTS strengthened the group’s capital situation though raising a subordinated convertible loan of NOK 200 million. 

– There is still uncertainty related to future market developments, however, TTS has a higher rate of progress and improved order backlog when entering into 2011, than it had in the previous year, says Johannes D. Neteland.  

The Port of Charleston completed the USD22 million improvement project in order to accommodate BMW’s growing export business, along with other rolling stock, large machinery, power-generating equipment and additional non-container cargoes. A primary driver of the work is BMW’s growing export business. BMW manufactures X5, X6 and the all-new X3 vehicles at its Spartanburg, SC plant. In 2010, BMW’s exports of the X-series to 130 global markets were valued at more than USD4 billion.

To accommodate and better serve the automaker’s business and other operations, the SCSPA is relocating roll-on/roll-off cargo operations from Union Pier Terminal to the larger Columbus Street Terminal, where the first BMW shipments arrived by rail last Tuesday. “BMW is a strategic customer of the Port of Charleston, and this relocation to a more robust and capable terminal is essential to handle port growth,” said Jim Newsome, President and CEO of the SCSPA.  “BMW’s success in South Carolina demonstrates the impact trade and our ports have on jobs and economic health”.

Ships serving the BMW business began calling at Columbus Street Terminal over the weekend with the arrival of “K” Line’s California Highway. Additional carriers including Wallenius Wilhelmsen, Hoegh Line and ARC offer roll-on/roll-off service in Charleston, and numerous other break-bulk carriers routinely call Columbus Street Terminal.

The expansion will also serve increases in other non-container cargoes. “With highly skilled labour, rail infrastructure and lifting capabilities up to 500 tonnes, Charleston offers solutions for over-dimensional moves, project cargoes and other break-bulk cargoes,” said Newsome. As a result of the move, daily trainloads of vehicles will no longer cross streets south of Columbus Street Terminal. Cargo operations, including other rail, will continue at Union Pier until the new cruise terminal opens and the redevelopment of non-maritime properties begins.

Containers
Both Pacifica Shipping’s The Spirit of Resolution and the MSC Krittika have berthed and unloading went as scheduled. We are expecting PIL’s Kota Permata into Port on Wednesday 02 March. To assist with clearing backlog we request customers to prioritise the delivery of export containers to the Port in order of vessel arrival.

General Cargo
Over the next week the inner harbour will be brought back to full commission. On Monday, 28 February The Antwerp discharged fresh produce on No 3 berth. A repair programme is in place for bringing No 2 berth back up to Class 1 Highways operations by Saturday, 5 March for the loading of the Louise Bulker a log vessel. Our next car vessel the Spring Sky is due on the Sunday, 07 March and will discharge cargo across No7 berth.

Oil Berth
The oil berth continues to operate with another two vessels booked for the next two days.

CityDepot
CityDepot has been alive with activity today as normal operating hours have resumed.

Tunnel
The Lyttelton road tunnel is open for emergency vehicles, Lyttelton residents and trucking companies.

Cruise
Lyttelton Port have advised Cruise New Zealand that they will not be in a position to accommodate Cruise vessels in Lyttelton for the remainder of the season. Auxiliary services and the Christchurch infrastructure associated with cruise have been severely comprised due to the earthquake. The fact that we are still having a number of aftershocks, places the personal safety of cruise passengers at risk. From a sensitivity standpoint, we feel that it would be inappropriate to have international tourists back in the Lyttelton township and wider Christchurch area at this time, as communities are still coming to grips with the devastation of the earthquake.

Other
IT systems are now operational and customers are encouraged to resume normal EDI transmissions. A number of contractors remain on site working with LPC staff to remediate issues. Geotech engineers have assisted to secure unstable rock faces.

“This collaboration agreement continues to strengthen our long partnership with the Port of Montreal, setting the stage for a cross-supply chain collaboration that improves performance and service of the Continental Gateway,” said CP Executive Vice-President and Chief Marketing Officer Jane O’Hagan. “Our collaboration will create the most efficient and reliable routing for freight traffic moving between Europe and the American Midwest.”

“This new service agreement reflects the commitment of the port and the Canadian Pacific to improve efficiency and productivity of our management of containers traffic and strengthen the Port of Montreal’s competitiveness,” said Sylvie Vachon, President and Chief Executive Officer of the MPA.

Canadian Pacific’s tracks already provide the most direct routing between the Port of Montreal and distribution centers in the US Midwest and Northeast. In a typical year, CP freight trains carry the equivalent of more than 1 million truckloads of merchandise through the Detroit River Tunnel, moving goods from Canada’s industrial heartland and trans-Atlantic trade from the Port of Montreal to the American market. This is the fifth collaboration agreement announced by Canadian Pacific in the past 12 months.