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 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 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, 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. (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 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 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 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 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
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
Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015
Scorpio Tankers Inc has agreed to sell its 6 million common shares of Dorian LPG Ltd to BW Euroholdings Limited, a wholly owned subsidiary of BW Group Limited, for a purchase price of $15.34 per share. The shares will be sold pursuant to an effective resale registration
The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of 73 cents per share on the Common Stock, payable on September 10, 2015 to shareholders of record of Common Stock at the close of business on August 13, 2015.
Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.7 million and net loss attributed to common stockholders of $7
General Maritime Corporation and Navig8 Crude Tankers Inc. complete merger to create large owner of modern eco VLCCs General Maritime Corporation and Navig8 Crude Tankers Inc. have completed a merger to create Gener8 Maritime, Inc., a U.S
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported a net loss of $0.5 million for the first quarter of 2015, compared to net income of $0.3 million for the respective period of 2014.
Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an
DHT Holdings, Inc. announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on November 26, 2014 to stockholders of record as of the close of business on November 20, 2014, (ii) cash dividend of $0
Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately
Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and (iii) that it will not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth
Ocean Rig UDW Inc has launched an offering of its common stock, par value $0.01 per share. As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price
The board of directors of General Dynamics today declared a regular quarterly dividend of 69 cents per share on the company's common stock, payable August 7, 2015, to shareholders of record on July 3. General Dynamics is a market leader in business aviation; combat vehicles
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that Ocean Rig closed the previously announced offering of 28,571
The board of directors of Caterpillar Inc. voted to increase the quarterly cash dividend by 10 percent to $0.77 per share of common stock, payable August 20, 2015, to stockholders of record at the close of business on July 20, 2015.
Genco Shipping & Trading Limited and Baltic Trading Limited have declared July 17 the date for an annual meeting of the two companies, where shareholders will vote on their proposed merger. Genco will acquire NYSE-listed Baltic Trading in a stock-for-stock transaction