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OceanFreight Undergoes Reverse Stock Split

OceanFreight Inc. has announced that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company’s Class A common stock. The company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the 2011 annual general meeting of shareholders held on June 15, 2011. The reverse stock split will take effect today, and the Company’s common stock will begin trading on a splitadjusted basis on the NASDAQ Global Market. The Company’s shares will trade for 20 trading days under the symbol “OCNFD” to indicate that the reverse stock split has occurred. Thereafter, the Company’s symbol will revert to its original symbol “OCNF.” When the reverse stock split becomes effective, every 20 shares of the Company’s issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. This will reduce the number of outstanding shares of the Company’s common stock from 118,923,797 to approximately 5,946,182. No fractional shares will be issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu of such fractional share


Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0


Hvide Files Reorganization Plan

Hvide Marine, Inc. has filed a proposed Plan of Reorganization that, if confirmed, would deleverage its balance sheet, restore liquidity and enhance the Company's competitive position in the marketplace. The Plan is a result from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of about 63 percent of the company's $300 million of 8 3/8 percent senior notes would exchange their Senior Notes for 9,800


Horizon Offshore Completes Private Placement of Stock

Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement.


Euroseas Ltd. Announces Public Offering

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers


DryShips: Details of Partial Spin Off of Ocean Rig UDW

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DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the details of the partial spin off of Ocean Rig UDW Inc.   Based on 408,394,836 common shares outstanding as of the record date of September 21, 2011, DryShips will distribute 2,967,359 common shares of Ocean Rig UDW on a pro rata basis, or 0


Royal Caribbean Prices Public Offering

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


Crowley Settles Stockholder Lawsuit

Crowley Maritime Corporation reached a proposed settlement in the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation, a purported class action and derivative complaint filed in November 2004 against certain members of the board of directors and Crowley. The plaintiffs in that lawsuit have agreed to its dismissal if they and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2


Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246


Costamare Announces Pricing of Common Stock Offering

Athens - Costamare Inc. announced that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering


Ocean Rig Prices Its US$500-Million Note Offering

Calculator credit Dominic Alves CCL

Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers


Principal Maritime Tankers Files for IPO of up to $100m

 Principal Maritime Tankers Corp, which is backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock. UBS Investment Bank was underwriting the IPO, the company told the U


Stalwart Tankers Postpones U.S. IPO

BSS Force (Image: Stalwart Tankers)

Greece-based chemical transportation company Stalwart Tankers Inc has postponed its U.S. IPO plans due to "market conditions," an underwriter told Reuters.   The company filed with U.S. regulators in February to raise up to $100 million in an IPO of its common stock.  


Parsley Energy Makes Public $400 Mln IPO Plan

 Parsley Energy Inc made public its plan to raise up to $400 million in an initial public offering of    Class A common stock.   The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December.  


Market Show Confidence in Baltic Trading's Public Offering

Baltic Trading Limited has successfully completed its previously announced public offering, issuing 12,650,000 new shares of common stock, which included the exercise in full of the underwriters' option to purchase up to 1,650,000 shares of common stock


Regal Beloit Finalize Cemp Acquisition

Image courtesy of Regal Beloit

US-based manufacturer of electric motors, mechanical and electrical motion controls and power generation products, Regal Beloit, has closed on the acquisition of Cemp, s.r.l., a European manufacturer of hazardous duty motors primarily for oil and gas and marine applications. 


FreeSeas Announces Reverse Split of Common Stock

FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, has announced  that the company's amended and restated articles of incorporation were amended to effect a reverse stock split of the company's issued and


Berkshire Hathaway to Acquire Business from Phillips 66

Berkshire Hathaway is acquiring Phillips Specialty Products Inc. (PSPI), a flow improver business, from Phillips 66 (NYSE: PSX). In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive shares of Phillips 66 common stock currently held by Berkshire Hathaway


Hypertherm is Now Fully Employee-owned

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Hypertherm, a U.S. based manufacturer of plasma, laser and waterjet cutting systems, has announced the transfer of all its common stock into an Employee Stock Ownership Plan (ESOP), making the company 100 percent employee owned under an S-Corporation structure.


Teekay Forms New Tanker Company

Samba Spirit is one of Teekays four modern Samba Class shuttle tankers, designed for offshore loading in Brazil. (Photo: Teekay Corporation)

Teekay Tankers Ltd. and Teekay Corporation today jointly announced the creation of Tanker Investments Ltd. (TIL), which will seek to opportunistically acquire, operate and sell modern secondhand tankers to benefit from an expected recovery in the current cyclical low of the tanker market


Euroseas to Sell $29 Million in Shares

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  Euroseas Ltd. has announced  that it entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC (TCP) and 5,700 shares to Preferred Friends Investment Company Inc


General Dynamics Authorizes Share Repurchases

The board of directors of General Dynamics (NYSE: GD) yesterday authorized management to repurchase up to 20 million shares of the company’s issued and outstanding common stock on the open market.   General Dynamics, headquartered in Falls Church, Virginia, employs approximately 96


Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012.


Safe Bulkers Squeeze One Percent More Revenue Out of 2013

Image courtesy of Safe Bulkers

Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013. Summary of Results for the Twelve-Month Period Ended December 31, 2013


Greece's Box Ships Stays the Course in FY 2013 Despite ...

Container ship file image CCL3

Container ship owners Box Ships announce its financial results for the fourth quarter and year ended December 31, 2013, showing an increased EBITDA in the past year. Excerpts as follows: Adjusted EBITDA was $42.087-million in year 2012 which rose to $47.209-million in 2013.


 
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