Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market. In a research note, Merrill cut its near-term rating on all three to "neutral" from "buy." Merrill pointed out that the offshore drilling stocks have fallen "significantly" from their highs, but added "these stocks will most likely not rise until rig demand increases and pricing stabilizes." Merrill said that it previously believed drilling demand would improve by the late part of 2001, but it now looks as though that will not occur until early 2002. Shares of Global Marine were down $0.33 cents at $15.30. ENSCO was down $0.27 cents at $18.63, while Rowan was down $0.06 at $16.95 on the New York Stock Exchange.
Merrill Lynch said on Monday it had started coverage of Carnival Corp., the world's largest cruise line operator, with "intermediate" and "long term accumulate" ratings. Merrill said in a research note Carnival had a leading and growing market share in the expanding cruise industry, and both the company's and industry's prospects are reinforced by high consumer satisfaction levels and strong value ratings. It added that it had a 12-18 month price objective of $32 for Carnival - whose
Merrill Lynch downgraded its intermediate-term rating on Mersey Docks & Harbour Plc to "accumulate" from "buy," while keeping a long-term "acumulate" rating on the stock. "We believe MDK's attractive valuation by itself is not compelling enough to support a dramatic re-rating," Merrill analysts said in a research note. They cut their 12-month price objective on the stock to 620 pence from 665p. – (Reuters)
Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock. Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG
A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year.
Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments
Bank of America-Merrill Lynch said that it sees Yangzijiang Shipbuilding Ltd. benefiting from potential orders after a revival of interest from container shipping firms in larger vessels. The broker’s outlook came after reports that Taiwan's Evergreen, the world's sixth-largest container shipping firm, ordered 10 vessels with a capacity of 13,800 twenty-foot containers (TEU) each. "Evergreen Marine decided to lease ten 13
Merrill Lynch said on Monday it had cut its rating on British shipping and logistics group The Peninsular & Oriental Steam Navigation Company (P&O) to "reduce" from "neutral" in the intermediate term. Analysts at the investment bank also cut their long-term rating on the stock to "accumulate" from "buy", citing a worsening outlook for the company's container business. They expected second-quarter results for P&O Nedlloyd (P&O's joint venture with Dutch Koninklijke Nedlloyd Groep)
According to a report from The Telegrapch, nuclear power has become a hard sell in many parts of the world since the disaster at the Fukushima nuclear plant in Japan and natural gas continues to benefit. Bank of America Merrill Lynch said it saw demand rising so fast for natural gas that it expects the market to start tightening in the second half of next year. Source: The Telegraph
GlobalSantaFe Corporation Chief Executive Officer Jon Marshall will present at 8:25 a.m. EST in New York on Wednesday, November 5, 2003, at the Merrill Lynch 2003 Global Energy Conference.
The Maritime Association of South Carolina (MASC) contracts the Mariner Group's system for its port & stakeholder securtiy & operations management. CommandBridge™ has been choses as the cornerstone of MASC's Maritime Command and Control & Situational Awareness project.
Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the
America's Navy League to honor prominent industry, navy, city and financial leaders at their 111th New York City annual dinner. The following individuals are to be honored by the Navy League formed 111 years ago in New York City with the encouragement of President Theodore Roosevelt).
Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting
Highlights Adjusted EBITDAR of $232.1 million for the year -- a 33% increase over prior year Operating income of $61.1 million for the year -- an increase of $57.4 million compared to prior year
From the Navy News Service: 1800 - U.S. Marine Corps Band gives its first concert in Washington, D.C. 1883 - Installation of the first electric lighting on a U.S. Navy Ship completed on USS Trenton. 1920 - Radio station built by U.S
New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX) ("Company")
United Maritime Group, LLC Announces Agreement to Sell U.S. United Barge Line, LLC to Ingram Barge Company. United Maritime Group, LLC ("UMG") today announced that it has entered into a definitive agreement to sell U.S. United Barge Line, LLC ("UBL")
Resurgent interest in construction of giant container ships likely to benefit Chinese shipbuilder Bank of America-Merrill Lynch, as reported by Reuters America Latina news, said it sees China-based Yangzijiang Shipbuilding Ltd benefiting from potential orders after a revival of interest from
Athens, Greece - Safe Bulkers Inc., an international provider of marine dry bulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6
Roy Sea Joins IYC as Florida and California Licensed Yacht Broker. International Yacht Collection (IYC) has announced that, effective immediately, Roy Sea joins the global yachting firm as a Florida and California Licensed Yacht Broker
August 20 1952 - In interservice air operation at Chang Pyong-ni, Korea, U.S. Navy, Marine and Air Force aircraft destroy 80 percent of assigned area. 1959 - USS Thetis Bay (LPH-6) completes 6-day humanitarian operation after floods in Taiwan.
Athens, Greece, April 11, 2011 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it plans to offer 5,000,000 shares of its common stock to the public (the “Public Offering”)
Teekay Offshore Partners L.P. (NYSE: TOO) announced that it plans to offer 5,600,000 common units, representing limited partner interests, in a public offering. Teekay Offshore expects to grant the underwriters a 30-day option to purchase an additional 840,000 common units to cover over-allotments
American Commercial Lines Inc. (NASDAQ: ACLI), one of the largest and most diversified inland marine transportation and service companies in the United States, announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Platinum Equity