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29 Jan 2024

Saltchuk Takes Anther Run at OSG Takeover

FILE PHOTO: The Greenbrier Companies, Inc.

Seattle-headquartered Saltchuk Holdings has renewed its bid to take over Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—OSG’s largest shareholder—had previously offered to acquire OSG in June 2021 but suspended those discussions several months later, citing pandemic-related market uncertainties.OSG, which operates U.S.-flag tankers and articulated tug barges (ATB), on Monday confirmed its board of directors…

13 Dec 2023

Star Bulk and Eagle Bulk Agree to $2.1 Billion Merger

© Ivan / Adobe Stock

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

07 Nov 2023

Cadeler and Eneti Announce Launch of Share Exchange Offer

Source: Cadeler

Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…

31 May 2023

Viasat Buys Inmarsat, Creating Global Satellite Communications Powerhouse

Credit: wanfahmy/AdobeStock

U.S.-based global communications company Viasat has completed the acquisition of its UK-based rival Inmarsat."The combined company enhances our scale and scope to continue to drive growth in the increasingly dynamic and competitive satellite communications industry. The company’s assets, once fully integrated, are expected to increase the pace and scope of innovation in the global satellite connectivity sector, offering new and improved capabilities to customers that will address the ever-increasing speed…

09 Mar 2022

'World's Largest OSV Fleet': Tidewater to Buy Swire Pacific Offshore

©evannovostro/AdobeStock

U.S.-based offshore support vessel owner Tidewater said Wednesday it had agreed to acquire Swire Pacific Offshore Holdings Limited (SPO), a subsidiary of Swire Pacific Limited for around $190 million. Tidewater said the transaction would create the industry’s largest fleet of offshore support vessels with 203 vessels in total, including crew boats, tug boats and maintenance vessels. "SPO’s fleet of 50 OSVs consists of 29 AHTS vessels and 21 PSVs; pro forma for the transaction…

02 Jun 2021

Eagle Bulk Buys Modern Ultramax Duo for $44M

For illustration only - An Eagle Bulk Shipping vessel / Credit: Eagle Bulk Shipping

The U.S.-based dry bulk shipowner Eagle Bulk Shipping said Wednesday it had bought two high-spec 2015-built scrubber-fitted Ultramax bulk carriers for $44 million.The vessels, which will be renamed the M/V Antwerp Eagle and M/V Valencia Eagle, are of the SDARI-64 design and were constructed at Jiangsu Hantong Ship Heavy Industry Co. The company expects to take delivery of both ships during the third quarter of 2021.Eagle Bulk Shipping said it would fund the acquisition will with cash on hand, which includes equity issued under the company’s ATM program.

17 May 2021

Teledyne Acquires FLIR

(Image: Teledyne FLIR)

Industrial conglomerate Teledyne Technologies Incorporated (NYSE:TDY) said it has completed its acquisition of thermal imaging cameras and sensors company FLIR Systems, Inc. (NASDAQ:FLIR). FLIR will now be included in Teledyne’s Digital Imaging segment and operate under the name Teledyne FLIR.Under the terms of the cash-and-stock deal announced in January, FLIR stockholders received $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of approximately $57.40 per FLIR share based on Teledyne’s closing price on May 13.

06 May 2021

Two Harvey Gulf Board Members Resign

(Photo: Harvey Gulf)

HGIM Corp., the parent company to U.S.-based Harvey Gulf International Marine, LLC, announced on Thursday that the holders of over 85% of its common stock, including Gladiator Investments, LLC, an affiliate of Shane J. Guidry, Walker Ridge Capital Management, LLC, an affiliate of The Jordan Company LP, and certain affiliates of Black Diamond Capital Management, L.L.C., have entered into a securityholders agreement. In connection with the agreement, Sherman Edmiston and James Swent have resigned from the board of directors…

31 Mar 2021

International Seaways to Buy Diamond S Shipping in $416 Million Deal

Tanker operator International Seaways Inc said on Wednesday it will buy Diamond S Shipping Inc for about $416 million, as it aims to expand its crude shipping capacity and create one of the largest U.S.-listed tanker companies.Diamond S shareholders will receive $10.17 per share, or 0.55375 shares, of International Seaways’ stock for each share of Diamond S common stock held, representing a premium of about 5.9% to Tuesday close.International Seaways, which will become the second largest U.S.-listed tanker company by vessel count after the deal, will also assume Diamond S’ net debt of about $565 million.The all-stock transaction with an enterprise value of about $2 billion is also expected to help save in excess of $23 million in costs annually.The deal, set to close by the third quarter,

05 Jan 2021

Teledyne to Acquire FLIR Systems in $8 Billion Deal

(File image: FLIR Systems)

Industrial conglomerate Teledyne Technologies Inc said on Monday it will acquire thermal imaging camera supplier FLIR Systems Inc in a $8 billion cash-and-stock deal to beef up its portfolio of imaging sensor technology.FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held, the companies said.That implies a purchase price of $56.14 based on Teledyne’s last close, and represents a premium of 28.1% for FLIR shareholders to the stock’s Thursday close.Teledyne and FLIR sell cameras and sensor systems.“Our technologies and products are uniquely co

11 Sep 2020

Hornbeck Offshore Services Emerges from Bankruptcy

A Hornbeck Offshore vessel - Image credit: Hornbeck Offshore

U.S.-based offshore support vessel provider Hornbeck Offshore Services said Friday it had completed its reorganization and emerged from Chapter 11 Bankruptcy.The company had in April struck a comprehensive balance sheet restructuring support agreement with its lenders, to be implemented through a prepackaged chapter 11 filing in May in the Southern District of Texas.Hornbeck, which provides offshore services in the Gulf of Mexico and Latin America, said Friday that it had on September 4, 2020, emerged from Chapter 11 under its previously announced reorganization plan.Todd M.

10 Jul 2020

Royal Caribbean Takes Full Ownership of Silversea Cruises

A Silversea Cruises cruise ship -Credit: Fincantieri

Royal Caribbean Group has acquired the remaining shares of Silversea Cruises, a specialist in the ultra-luxury and expedition cruising, after previously buying a two-thirds share of the cruise line in July 2018.The remaining one-third stake held by Heritage Cruise Holding Ltd. was paid for in the form of 5.2 million shares of Royal Caribbean Group common stock, which represents about 2.5% of the total common stock."Silversea has been a great fit for our company from the very first day," said Richard D. Fain, Chairman and CEO of Royal Caribbean Group.

11 Sep 2020

Hornbeck Offshore Strikes Restructuring Deal with Lenders

A Hornbeck Offshore vessel - Image credit: Hornbeck Offshore

US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company said it was in talks with lenders over the terms of the balance sheet restructuring, to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.Hornbeck Offshore said Tuesday that it had entered into restructuring…

27 Dec 2019

Hornbeck Offshore Delisted from NYSE

(File photo: Hornbeck Offshore Services)

Hornbeck Offshore Services announced its common stock has been delisted from the New York Stock Exchange (NYSE) on December 20, 2019, and that the company began trading on the OTC Pink marketplace effective December 23, 2019.The NYSE announced that Hornbeck stock was was suspended from trading because the company did not maintain an average global market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.Hornbeck…

23 Dec 2019

OSVs: Rising Tide Won't Lift All Boats

© corlaffra / Adobe Stock

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady. Not every operator will survive. And even though we’ve seen some improvement from 2017 levels, leverage ratios remain sky-high, the supply of vessels far outstrips demand, and—most crucially—the price of oil remains volatile.

25 Nov 2019

Euroseas Acquires More Vessels

Euroseas, a Greece shipping company that was founded about a century ago, said that it has took delivery of four container carrier vessels of intermediate size of 4,253 teu from Synergy Holdings Limited for approximately $40 million.All vessels are built in South Korea, three in 2009 and the other in 2008, the company said.The acquisition of the four vessels was financed by bank debt of $32 million, existing funds of Euroseas and a private placement of $6 million at a share price of $0.71 subscribed equally by an entity affiliated to the Euroseas’s CEO and an entity controlled by the seller of the four vessels.During the third quarter…

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…

07 Nov 2019

Scorpio Completes Aquisition of 19 Tankers

Scorpio Tankers, the international provider in the transportation for refined petroleum products, announced that it has completed acquisition of the leasehold interests in 19 product tankers.The Monaco-headquarters acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million on September 26, 2019.Of the 19 vessels, 15 (consisting of 11 MRs and four LR2s) were delivered during 2019 and four MRs are currently under construction.For the delivered vessels, the assumption of the obligations under the bareboat charter agreements of $531.5 million and the issuance of 3…

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

11 Sep 2019

Nasdaq: Performance Shipping Out of Compliance

Greek boxship owner Performance Shipping disclosed that it has received a noncompliance notification from the Nasdaq Stock Market.The notice was received from the regulator because the company's  closing share price was below $1.00 per share for 30 consecutive days, said the global provider of shipping transportation services through its ownership of vessels.Performance Shipping  intends to monitor the closing bid price of its common stock during a grace period and will consider its options, including a reverse stock split, in order to regain compliance."The company intends to monitor the closing bid price of its common stock during this grace period and will consider its options…

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".

08 Aug 2019

Total's Investments in Tellurian Totals $907mln

Tellurian, an integrated global natural gas business firm, announced that it entered into definitive agreements with subsidiaries of Total S.A. for a $500 million equity investment in Driftwood Holdings LP, and related purchase of liquefied natural gas (LNG).Along with Total’s previously announced agreement to purchase approximately $200 million of Tellurian common stock, Total’s aggregate investment in the Tellurian portfolio will be approximately $907 million at final investment decision (FID) for Driftwood, the NASDAQ-listed company said in its second quarter 10-Q filing."We continue to advance negotiations for the sale of LNG and interests in Driftwood Holdings with several counter-parties," it said.

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