Oil Tanker Players Euronav, Frontline Plan $4.2B All-stock Merger
Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…
Subsea 7 Rises on Improved Outlook, Cash Dividend
Engineering firm, a major supplier to the oil industry, has decided to pay a regular dividend and buy back stock as it swung to a full-year profit in 2021 and its outlook improved, the company said on Thursday.Subsea 7 said it "firmly" believed that the market recovery was underway based on increased interest from its customers and it now expects its 2022 earnings to be "in line or better" than last year.Its Oslo-listed shares rose 6.5% by 1019 GMT, on track for their biggest daily gains in some 18 months, following the release of its October-December and full-year earnings.Analysts said the s
Diana Shipping Forms Spin-off OceanPal
Dry bulk shipping company Diana Shipping Inc. announced Tuesday that, through a wholly-owned subsidiary, it has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 to effect a spin-off of three of the company’s older dry bulk vessels. OceanPal Inc., the newly formed subsidiary that will act as the holding company for the three dry bulk vessels, has applied to have its common shares listed on the Nasdaq Capital Market.In connection with the spin-off transaction…
Genco Scrubber Refits Completed
Bulk carrier owner Genco Shipping & Trading said it has completed a refit program that saw scrubbers installed on board its 17 Capesize vessels as part of the New York-listed owner's plan to comply with new International Maritime Organization (IMO) regulations that limit sulfur emissions from vessels to 0.5% down from 3.5%.John C. Wobensmith, Genco Chief Executive Officer, said the scrubber refit program was the busiest drydocking period in company history.“The completion of this…
Matson Announces Q2 2019 Results; Lowers FY2019 Outlook
Matson reported net income of $18.4 million, or $0.43 per diluted share, for the quarter ended June 30, 2019. Net income for the quarter ended June 30, 2018 was $32.6 million, or $0.76 per diluted share. Consolidated revenue for the second quarter 2019 was $557.9 million compared with $557.1 million for the second quarter 2018. For the six months ended June 30, 2019, Matson reported net income of $30.9 million, or $0.72 per diluted share compared with $46.8 million, or $1.09 per diluted share in 2018.
C&J Energy, Keane Merge in $1.8bln Deal
Oilfield services firms C&J Energy Services and Keane Group, said that they will merge in an all-stock deal valued at about $1.8 billion.C&J Energy, which offers a suite of oil and gas production services, and Keane, which specializes in well completions would combine in what the companies described as a merger of equals. The deal would create a company with more than $4 billion in annual revenues.Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Keane Board, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing.
Bahrain Ship Repairing and Engineering FY Profit Rises
Bahrain Ship Repairing and Engineering Co reported FY net profit attributable to shareholders of 3 million dinars versus 1.9 million dinars a year ago. The board proposes FY cash dividend of 50 fils per share with a bonus share of 10 percent of paid-up capital.
Ensco Announces Cash Dividend
Ensco plc announced today that its Board of Directors has declared a regular quarterly cash dividend of US$0.01 per Class A ordinary share payable on March 16, 2018. The ex-dividend date for this payment is expected to be March 2, 2018 with a record date of March 5, 2018.
Milaha Profit Down for 2016
Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has reported a net profit of $195 million for the year ended December 31, 2016 compared to $300 million reported the previous year. The fall in the profit was mainly as a result of lower revenue from our Port Services unit, which was affected by a drop in storage and general/bulk cargo revenue, and rate pressure in our Container Shipping unit, which still managed to grow its market share and volumes. Milaha said its operating profit hit QR555 million compared to QR855 million reported the previous year. The company registered an operating revenue of QR2.551 billion compared to QR2.9 billion the previous year.
Nakilat Profit slips
Nakilat announced its financial results for the year ended 31 December 2016, with a net profit of QR 955 million achieved compared to QR 984 million in 2015. The earnings per share attained in 2016 was QR 1.72 compared to QR 1.77 in the same period last year. The Board of Directors has decided to convene the ordinary general assembly on Sunday March 12th, 2017. Nakilat’s Board of Directors commended the company’s resilient financial results despite the challenging market conditions, which clearly reflects the strength and stability of the company’s commercial position. Nakilat’s long-term contracts continue to underpin the company’s strongfinancial performance.
Shipbuilder HII Declares Quarterly Dividend
Huntington Ingalls Industries announced today that its Board of Directors has declared a quarterly cash dividend of $0.60 per share, payable on March 10, 2017, to shareholders of record as of the close of business on March 3, 2017. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups.
TEN declares cash dividend
TEN Ltd. a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares"; NYSE; TNPPRD) for the period from November 28, 2016 through February 27, 2017. The dividend will be paid on February 28, 2017 to all holders of record of the Series D Preferred Shares as of the third business day prior to the dividend payment date, which is February 23, 2017. Dividends on the Series D Preferred Shares will be payable quarterly in arrears on the 28th day (unless the 28th falls on a weekend or public holiday…
NAT Declares 78th consecutive Dividend
The Board of Nordic American Tankers Limited has declared a cash dividend of $0.20 per share for the fourth quarter of 2016, to shareholders of record February 10, 2017. The dividend is expected to be paid on or about February 24, 2017. The dividend takes into account NAT's future cash outlays, including the purchase of three suezmax newbuilding tankers that NAT has agreed to acquire for delivery during the second half of 2018, increasing the NAT suezmax fleet to 33 vessels. The 4Q2016 earnings report is expected to be released Monday February 6, 2017 before NYSE opening.
Bahri's Q4 Profit Dips 42 pct
Bahri, the exclusive oil shipper for Saudi Aramco made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31, it said on Monday. That compares with 566.4 million riyals in the fourth quarter of 2015. Alistithmar Capital and Albilad Capital had forecast the company would make a quarterly net profit of 454.60 million riyals and 431.00 million riyals respectively. Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later. The board of Bahri has proposed an annual cash dividend for 2016 of 2.5 riyals per share, the company said last month. Reporting by Hadeel Al Sayegh
Teekay Declares Dividend
Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that its Board of Directors has declared a cash dividend on its common stock of $0.055 per share for the quarter ended December 31, 2016. The cash dividend is payable on February 15, 2017 to all shareholders of record as at January 27, 2017.
GE to Merge Oil & Gas Unit with Baker Hughes
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. Shares of Baker Hughes were down nearly 7 percent, a drop that executives said likely was due to the deal's complicated structure. GE is already the world's largest oilfield equipment maker, supplying blowout preventers, pumps and compressors used in exploration and production.
Diana Containerships in Red, Suspends Dividend
Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier. The shipping company posted revenue of $8 million in the period. Net loss for the six months ended June 30, 2016 amounted to $13.8 million, compared to net income of $0.4 million for the same period of 2015. Time charter revenues, net of prepaid charter revenue amortization, for the six months ended June 30, 2016, amounted to $19.8 million, compared to $31.2 million for the same period of 2015. The company made a decision to suspend the quarterly cash dividend on its common shares effective with the quarter ended June 30, 2016.
Caterpillar Maintains Dividend Rate
The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable August 20, 2016, to stockholders of record at the close of business on July 20, 2016. “Our balance sheet and operational performance are strong, even after several years of challenging market conditions. We are maintaining an attractive dividend for our stockholders and positioning the company for growth once our markets rebound," said Caterpillar Chairman and CEO Doug Oberhelman. Caterpillar has paid higher dividends to its stockholders for 22 consecutive years, and since 2007, the company's cash dividend has more than doubled.
Höegh LNG Turns to Profit in 1Q
Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015. The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24.6 million in the previous quarter according to Höegh LNG’s report issued today reveals. The dividend of USD 0.10 per share was declared for the second quarter of 2016. The President and CEO of Höegh LNG Holdings Ltd., Sveinung J. S. Støhle, said in a comment: "Our portfolio of long-term contracts continues to improve the operating results and constitutes the foundation for upholding the cash dividend at USD 0.10 per share for the second quarter of 2016.
Teekay Tankers Declares Dividend
The board of directors for Teekay Tankers Ltd. has declared a cash dividend of $0.09 per share for the quarter ended March 31, 2016. The cash dividend is payable on June 3, 2016 to all shareholders of record as at May 30, 2016.
Philly Shipyard to Pay Dividend
Philly Shipyard ASA has provided key information relating to the cash dividend to be paid by PHLY Dividend amount: USD 3.75 per share Declared currency: USD Last day including right: 12 May 2016 Ex-date: 13 May 2016 Record Date: 18 May 2016 Payment date: On or about 23 May 2016 Approval date: 6 May 2016 Other information: The USD equivalent of NOK 231,177,204 of the dividend is classified for accounting purposes as a repayment of previous paid in share premium. The remainder is paid out of retained earnings.
Caterpillar Maintains Dividend Rate
The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable May 20, 2016, to stockholders of record at the close of business on April 25, 2016. "Caterpillar’s balance sheet remains strong, and I'm pleased to announce we're maintaining our dividend despite continuing difficult marketplace conditions. We've taken actions to further strengthen our competitive position, including lowering our costs and increasing our machine market position for the past five years," said Caterpillar Chairman and CEO Doug Oberhelman. Caterpillar has paid higher dividends to its stockholders for 22 consecutive years, and since 2007, the company's cash dividend has more than doubled.
Diana Containerships Posts 2015 Net Loss
Diana Containerships Inc. reported a net loss of $8.8 million for the fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014. According to the shipping company, the loss was mainly the result of $6.6 million of impairment charges of the vessel Hanjin Malta, without which the result for the fourth quarter of 2015 would have been a net loss of $2.2 million. Time charter revenues, net of prepaid charter revenue amortization, were $14.9 million for the fourth quarter of 2015…