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 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
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 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)
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.
According to a June 14 report from Bloomberg, heightened U.S. scrutiny of offshore drilling after the BP spill, the worst in the nation’s history, may spur oil companies to replace aging rigs with new platforms made in South Korea and Singapore. Rig-makers Samsung Heavy Industries Co. and Keppel Corp. stand to benefit from drillers buying $300m-plus semi-submersible rigs. About 57% of current units are more than 20 years old, according to Merrill Lynch, the Bloomberg report said.
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
PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.
POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388
Atlas Resource Partners, L.P. (NYSE: ARP) announced today that it has priced a public offering of 13,500,000 common units representing limited partner interests at an offering price of $19.90 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 2,025
Traders in the Brent oil market have started to use a word that was almost forgotten in the last four years - "contango" in industry jargon, which could also be described as "music to the ears of sellers". The market has not seen a prolonged contango time structure - with
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
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
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 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
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.
Statoil ASA has signed an agreement to divest minority interests in the Gullfaks and Gudrun fields offshore Norway and exit the non-core, non-operated Schiehallion and Rosebank fields, West of Shetlands. In addition to the cash consideration of USD 2
Today in U.S. Naval History - August 21 1800 - U.S. Marine Corps Band gave 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
Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner.
IPO investment firm Renaissance Capital said that Diamond S Shipping Group, a provider of seaborne transportation of refined petroleum and is backed by WL Ross, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400
This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a