Nov 17 (Reuters) – General Maritime Corp, a
crude oil and refined petroleum products shipper, filed for
Chapter 11 bankruptcy protection on Thursday, becoming the
latest victim of a downturn triggered by an oversupply of
vessels amid weak demand.
Bankers expect more bankruptcies and restructuring in the
sector as daily rates for vessels fall below their operating
costs, hurting companies’ cash flows and ability to comply with
Oct 28 (Reuters) – Arch Coal Inc posted a
lower-than-expected quarterly profit as flooding in the U.S.
Midwest hit shipments and West Virginia mine costs rose, but it
forecast record exports this year on strong demand from Asian
Shares of the St. Louis-based company rose 6 percent to $19.37
on Friday on the New York Stock Exchange. The stock had lost 48
percent of its value this year by Thursday’s close.
Oct 27 (Reuters) – Airgas Inc beat Wall Street
estimates with a 17 percent rise in quarterly profit, as
manufacturing and energy customers kept demand high, prompting
the industrial gas supplier to raise its full-year adjusted
Manufacturing, medical, petrochemical and utilities sectors
are the strongest customer bases for Airgas, which supplies
canisters of oxygen, argon and other gases used in
construction, healthcare and many other industries.
Oct 26 (Reuters) – U.S. power utilities reported higher
quarterly profits on Wednesday, as a pickup in industrial
activity and rate hikes helped sales overcome the drag of a
American Electric Power , headquartered in Columbus,
Ohio, expects to see an improvement in the economy.
By Krishna Das – Analysis
(Reuters) – Chinese solar companies are snapping up their own shares amid a brutal selloff in the stock market, spending crucial resources on the effort rather than conserving cash or spending on new strategic projects.
The buyback programs come as the industry struggles to maintain profitability in the face of rapidly falling prices for solar panels that have driven many of the stocks to multi-year lows.
(Reuters) – Pipeline company Plains All American Pipeline LP (PAA.N: Quote, Profile, Research, Stock Buzz) said it made an unsolicited $1 billion bid for rival SemGroup Corp (SEMG.N: Quote, Profile, Research, Stock Buzz) but the $24-a-share offer was rejected.
Shares of SemGroup soared 19 percent to $28.11 in morning trading on the New York Stock Exchange, indicating investors are looking for a higher bid.
FRANKFURT/NEW YORK (Reuters) – The solar industry is in for a dire quarter as falling government subsidies and low volumes further drive down equipment prices at a time when oversupply has already led many sector players to lower their full-year profit outlook.
A pick-up in demand for solar panels, widely expected by industry players for the second half, failed to materialize, pushing several U.S. companies, most notably panel maker Solyndra LLC, to file for bankruptcy in recent months.
Oct 19 (Reuters) – Freeport-McMoRan Copper & Gold Inc posted better-than-expected quarterly profit on
Wednesday as weak copper prices were offset by soaring gold and
it was able to hold down mining costs
But the world’s largest publicly traded copper producer
lowered its sales forecasts for next year, citing an
“uncertain” near-term global economic outlook.
(Reuters) – Most solar power component makers are coping with lower margins these days because of an industry downturn — but solar inverter makers are suffering less.
Unlike companies that make solar panels and cells, solar inverter makers enjoy some insulation from competition and the weak economy. Their products are complex and harder to make, and prices have stayed relatively stable.
By Krishna Das
(Reuters) – A steep drop in the price of solar panels has been a boon to the companies that install the renewable energy systems on rooftops, and it could set off a wave of consolidation in the sector.
Those installers number in the hundreds across the country, focusing mostly on residential and small commercial market rooftop arrays rather than large-scale multi-megawatt systems under development in the U.S. Southwest.