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Common Shares News

11 Apr 2023

Scorpio Tankers Exercises Purchase Options on Six Ships

Scorpio Tankers announced Tuesday it has exercised purchase options on six ships and that it has repurchased its common shares in the open market.The company said it has given notice to exercise its purchase options on the 2019-built LR2 product tanker STI Lobelia as well as the 2019-built MR product tankers STI Magic, STI Mystery, STI Marvel, STI Mythic and STI Magister. The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchases, which are expected to occur in June 2023, will result in a debt reduction of $147.3 million for the company.In addition, Scorpio Tankers said it recently purchased 396,706 of its common shares in the open market at an average price of $54.41 per share as part of the company’s securities repurchase program.

23 Dec 2022

Two Offshore Drilling Firms Set to Merge

Credit: Aquadrill

Offshore drilling firms Seadrill Limited and Aquadrill (ex-Seadrill Partners) on Thursday announced a definitive merger agreement under which Seadrill will acquire Aquadrill in an all-stock transaction. When the transaction is completed, Seadrill shareholders and Aquadrill unitholders will own 62% and 38% of the common shares in the new company, respectively. Based on Seadrill's 30-day volume-weighted average share price of US$31.25 on the NYSE as of December 22, 2022, the deal…

15 Dec 2022

Performance Shipping Takes Delivery of Secondhand Tanker

Greek shipowner Performance Shipping announced on Thursday that it has taken delivery of a 2013-built LR2 Aframax oil product tanker that it agreed to purchase in November 2022.The 105,408 dwt P. Long Beach (formerly Fos Hamilton) was acquired for $43.75 million, partially financed through a term loan facility with Alpha Bank S.A.Long Beach is equipped with an eco-electronic engine and fitted with a ballast water treatment system (BWTS).The vessel is the fourth vessel delivered to the company during the course of this year, bringing the Performance Shipping’s current fleet to a total of eight Aframax tankers.Andreas Michalopoulos, the Company’s Chief Executive Officer, said, “The delivery of our second LR2 Aframax tanker, the M/T P.

18 Nov 2022

Castor Maritime to Spin-off Its Tanker Fleet

Bulk carrier and tanker owner Castor Maritime this week announced plans to spin off its tanker fleet into a new subsidiary called Toro.Nasdaq-listed Castor, which owns a fleet of 20 bulk carriers and eight tankers, said the newly formed Toro would act as the holding company for the tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers.In the spin-off, Castor shareholders will receive two common shares of Toro for every five Castor common shares held at the close of business on December 6, 2022. Toro has applied to have its common shares listed on the Nasdaq Capital Market. "The transaction is expected to enable each of Castor and Toro to increase its focus on its respective line of businesses…

30 Sep 2022

Performance Shipping Acquires Secondhand Aframax Tanker

Tanker owner Performance Shipping announced on Friday that it has signed a deal to acquire a 105,525 dwt secondhand Aframax tanker from an undisclosed seller for $35 million.The vessel is the Phoenix Beacon, built in 2011 by Hyundai Heavy Industries in South Korea. The ship is fitted with a ballast water treatment system (BWTS), and its next scheduled special survey is in 2026.Performance Shipping said it expects to take delivery of the vessel by early December 2022. It will be renamed P. Monterey.Andreas Michalopoulos, Performance Shipping CEO, said, “The acquisition of our latest Aframax tanker, M/T P. Monterey, marks yet another important milestone for our company, as we have managed to grow our fleet from five to eight vessels in a short span of six months.

16 Aug 2022

Eneti Sells Its Stake in Scorpio Tankers

Eneti is currently building a fleet of wind turbine installation vessels. (Image: NOV)

Offshore wind farm construction and services company Eneti Inc. announced it has sold its entire holding in Scorpio Tankers Inc.Eneti said it sold its 2,155,140 common shares in Scorpio Tankers for $38.65 per share, for gross proceeds of approximately $83.3 million.As part of the transaction, Scorpio Tankers purchased approximately 1.3 million shares for approximately $50 million.Eneti, formerly Scorpio Bulkers, in 2021 changed its name and began selling off its bulk carrier fleet in a pivot to offshore wind farm construction and services.

12 Aug 2022

Diana Shipping Buys Sea Trade's Bulker Fleet for $330 Million

Greek shipowner Diana Shipping on Thursday announced it has acquired the bulk carrier fleet of U.S.-based Sea Trade Holdings in a $330 million cash and shares deal.The nine ultramax vessels, built between 2015 and 2018 with an average vessel age of approximately 5.4 years, are scheduled to be handed over during the fourth quarter of 2022, Diana said.The ships—STH Athens, STH London, STH New York, STH Sydney, STH Tokyo, STH Kure, STH Chiba, STH Oslo and STH Montreal—are all Japanese-built (Japan Marine United and Mitsui Engineering & Shipbuilding) and range from 60,309 dwt to 60,508 dwt.New York-listed Diana said it will pay for the deal using $220 million in cash and $110 million in the form of 18…

05 Aug 2022

Atlas Receives $3.64 Billion Takeover Offer from Poseidon

© Björn Wylezich / Adobe Stock

Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data.The board will

01 Feb 2022

Eneti to Raise $200M for WTIV Construction via Share Sale

File image: Huisman

Offshore wind turbine installation firm Eneti plans to raise $200 million through a public offering of shares. It will use the funds raised to fund wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act compliant newbuilding vessel. As part of the Offering, Scorpio Holdings Limited, a related party of the company, has expressed an interest to purchase common shares at the public offering price with a value of at least $30.0 million.Citigroup…

19 Oct 2021

Diana Shipping Forms Spin-off OceanPal

(Photo: Diana Shipping)

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…

18 Aug 2021

Eneti Wraps Seajacks Acquisition. Exits Drybulk Business

(Photo: Seajacks)

Eneti, a company until recently known as Scorpio Bulkers, has completed the exit from its bulk carrier business and has also completed the acquisition of Seajacks, boosting its offshore wind ambitions.In its quarterly results release on Tuesday, Eneti said it had on August 12 completed the previously announced transaction to acquire offshore wind installation firm Seajacks for consideration of around 8.13 million shares, $302 million of assumed net debt, $71 million of newly-issued redeemable notes, and $12 million of cash.

16 Mar 2021

Ardmore Shipping Announces Hydrogen Joint Venture

Tanker owner and operator Ardmore Shipping Corporation said it has signed a Letter of Intent (LOI) with Element 1 Corp. (E1) and Maritime Partners, LLC (MP) to establish a joint venture for delivering E1's methanol-to-hydrogen technology to the marine sector.Ardmore, E1 and MP will establish "e1 Marine," each owning 33.3% of the joint venture. e1 Marine will have a worldwide mandate for the marketing, development, licensing and sale of E1's unique hydrogen generation systems for application to the marine industry, including shipping, refrigerated containers, offshore energy, renewable energy, passenger and leisure, and certain port infrastructure…

28 Aug 2020

Hermitage Offshore Services Appeals NYSE Delisting Decision

Offshore vessel owner Hermitage Offshore Services has appealed against the New York Stock Exchange's move to delist its shares.Hermitage Offshore Services (previously known as Nordic American Offshore) on August 12 filed for a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, It cited a prolonged slump in global oil prices, driven in part by the global coronavirus pandemic, and its effect on the company’s business, as well as the inability to reach a financial restructuring deal with lenders out of court, as the reason for the move.Following Hermitage's Chapter 11 application, the NYSE then determined to initiate delisting procedures for the company’s common shares, to which the cash-strapped offshore vessel owner has now decided to appeal.

21 Nov 2019

Performance Shipping Buys a Tanker

Greece-based global provider of shipping transportation services through its ownership of vessels has agreed to acquire a 2007-built aframax tanker for US$26.0 million.The company specializing in the ownership of containerships and tanker vessels said that it will acquire the entity from its Chairman and Chief Executive Officer, Symeon Palios, for an aggregate purchase price of US$11.0 million, which will be paid in common shares of the company at a per share price of US$0.9027. It is equal to the undiscounted closing price of the common stock on the NASDAQ stock exchange on November 18, 2019.The US$11.0 million purchase price of the…

18 Nov 2019

Euroseas Acquires Four Containerships

Greece-based provider of seaborne transportation for containerized cargoes Euroseas  announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008.The owner and operator of container carrier vessels said in a press release that the vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million.The acquisition will be financed by bank debt, existing funds of the Company and $6 million raised in private placements.Euroseas  will also assume the charters the vessels are currently under. As part of the transaction…

30 Sep 2019

Scorpio Buys 19 Tankers from Trafigura

Monaco-based petroleum products shipping firm Scorpio Tankers has signed a deal to acquire 19 product tankers from Trafigura Maritime Logistics for around $803 million.The acquisition of the leasehold interest in the vessels includes a finance lease arrangement with a financial institution under a bareboat contract arrangement.According to the arrangement, Scorpio Tankers will acquire Trafigura Maritime Logistics’ subsidiaries that have leasehold interests in 19 product tankers.The aggregate value of the vessels is $803 million, and after the assumption of the present value of the finance lease arrangement of approximately $670 million, the company issued approximately 4.6 million shares at $29.00 per share to Trafigura for an aggregate market value of $132.6 million.

26 Sep 2019

OMP Acquires Stake in TEN

The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations…

24 Sep 2019

Delek Offered Funds to Invest in Ithaca

Israeli oil and gas company Delek has received an offer from an unnamed investor for a potential investment of up to $250 million into its North Sea focused subsidiary Ithaca Energy."Delek Group, received a signed offer from an international trading company to make an equity investment in Ithaca’s parent company through the purchase of USD 100 million in preferred shares of Ithaca’s parent company," said a stock exchange filing.The preferred shares carry a guaranteed dividend yield, and will automatically convert to approximately 4% of common shares at the time of Delek Group's initial public share offering, reflecting an equity value of USD 2.5 Billion for Ithaca Energy (pre money).In addition…

21 Aug 2019

TOP Ships in 1-for-20 Reverse Stock Split

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

30 Jul 2019

Borr Drilling Launches US IPO

Offshore drilling contractor Borr Drilling has launched the initial public offering (IPO) in the United States of 5 million of its common shares on July 29.The drilling company that operates 27 rigs said that the offering of common shares on the New York Stock Exchange is at prices it expects to be ‘substantially similar’ to its share price on the Oslo Bors.The IPO price will be determined based on the book-building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering. The offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the company do not have any pre-emptive rights.NYSE approved the company to list under the ticker symbol BORR.

14 Jun 2019

Petrobras Sells TAG, Gets $8.7 bln

Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group led by France'sEngie SA and Canada'sCaisse De Depot Et Placement Du Quebec (CDPQ).According to a stock exchange annoucement, Petrobras received a total of 33.5 billion reais ($8.69 billion) from buyers on Thursday for the 90 percent stake it had in TAG.Petrobras will continue to use natural gas transportation services rendered by TAG, through contracts already in force between the two companies, with no impacts on its operations and the delivery of natural gas to its clients.This operation is in line with the company's portfolio optimization and improvement of its capital allocation…

11 Jun 2019

Performance Shipping Buys Aframax Tankers

The provider of shipping transportation services through its ownership of containerships, Performance Shipping Inc.(PSI) announced that it has agreed to acquire two entities, which have signed contracts to purchase two 2011-built Aframax tanker vessels from an unaffiliated third party seller for a total purchase price of US$60.0 million.The transaction was unanimously approved by the disinterested members of the board of directors, said a press release from the Greece-based company.PSI will acquire the two entities affiliated with its Chairman and Chief Executive Officer, Symeon Palios, for an aggregate purchase price of US$10.0 million…

03 Jun 2019

Euroseas Buys Four Feeder Containerships

The provider of seaborne transportation for containerized cargoes, Euroseas also announced that it signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of $15 million and issuance of approximately 22.5 million shares of common stock to the sellers.Euroseas intends to finance the cash portion of the acquisition price with bank debt which will be used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares. This is subject to regulatory approval, including approval from NASDAQ, said a press release from the Greek ship owner.The four vessels…

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