The U.S. Navy is continuing the build-out of two of its classes of support ships launched in the last decade to support naval operations. The San Diego-based shipbuilder General Dynamics NASSCO is receiving an additional $1.4 billion in U.S. Navy contract modifications for the construction of a sixth Expeditionary Sea Base ship and two additional John Lewis-class fleet oilers. This award comes in addition to $600 million already received to procure long-lead time materials for the same ships. 

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today reported net income from continuing and discontinued operations of $3.9 million and net income from continuing and discontinued operations attributable to common stockholders of $3.7 million for the second quarter of 2022, compared to a net loss from continuing and discontinued operations and a net loss from continuing and discontinued operations attributable to common stockholders of $2.6 million for the same period in 2021.

Eneti Inc., reported its results for the three months ended June 30, 2022.

Neptune Energy today announced the award of a £10 million three-year vessel services contract to Sentinel Marine, to provide offshore support for its operated Cygnus gas field in the UK southern North Sea.

As ports around the world are struggling to keep up with record volumes and manage the growing number of containers in their yards, the Port of New York and New Jersey has come up with a unique approach announcing plans to launch a quarterly “container imbalance fee” for ocean carriers. The port authority is urging ocean carriers to clear long-dwell empty containers from port property as the peak cargo season approaches, but instead of measuring progress by dwell time, the port will base the fee on the ratio of outgoing to incoming containers moved by each carrier.

Maersk increased its profit forecast for 2022 based on the continued strength in the global markets and delays in its expectations for a normalization in the markets in the second half of the year. The shipping giant, which reported the largest ever profit for a Danish company in 2021, is on track to dramatically exceed last year’s results, raising its forecast by an additional 23 percent.

Despite numerous forecasts that freight rates are or have peaked, German carrier Hapag-Lloyd is raising its outlook for the year. Analysts are calling the forecast extraordinary profits after Hapag and other major carriers had previously said that they expected the markets would normalize in the second half of 2022.

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. This compares to net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. Earnings per share for the second quarter of 2022 was $0.44 basic and $0.42 diluted, compared to earnings per share of $0.02 basic and diluted in the same quarter of 2021.

Italian shipbuilding group Fincantieri continues to recover from the effects of the pandemic reporting record-high production volumes while the production increases and associated costs in part due to the war in Ukraine drove the company to a financial loss in the first half of 2022. Management however expressed confidence that they will be able to lower their ballooning debt while also re-focusing on core businesses to drive future growth.

Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2022.