Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.
Global Ship Lease, Inc. (GSL) announced that, based on unfavorable market conditions, it has decided to postpone its proposed initial public offering (IPO). The company will continue to monitor the financial markets going forward. GSL's registration statement on Form F-1 for the IPO remains on file with the United States Securities and Exchange Commission. The registration statement relating to these securities has not yet become effective
Latvian Economy Minister Aigars Kalvitis said the cabinet had approved three bidders to buy a 68 percent stake in Latvian Shipping. "Six companies had applied and we approved the 'long-list' of three companies," Kalvitis said. He did not name the bidders. The three approved companies will have to place their bids in early April. The cabinet will evaluate the bids and shortlist the companies, which will carry out due diligence of Latvian Shipping
American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be
On January 9, 2008, First Class Navigation Corporation, a Marshall Islands corporation, filed a registration statement on Form F-1 with the United States Securities and Exchange Commission. On January 11, 2008, it was reported that First Class Navigation's filing with the SEC and inaccurately stated that Elmira Shipping & Trading was the sponsor of First Class Navigation. Although Dimitris Souravlas and Georgios Souravlas are
STX Shipbuilding Co., received its first order to build a liquefied natural gas tanker. The shares climbed to a record. Spain's Empresa Naviera Elcano SA agreed to buy the vessel for $225m, with an option to purchase three more LNG tankers, which may increase the value of the contract to $1 billion, the Jinhae, South Korea-based company said in a regulatory filing yesterday. Hyundai Heavy Industries Co. and other South Korean yards took almost half of last year's orders in the
Frontline has through market purchases executed January 3, 2001 bought back 257,300 of the Company's common shares. The shares have been bought back at a price of NOK 109.82. Total number of outstanding shares after this is 77,811,511. The shares have been acquired in accordance with a Board authorization to buy back shares. Including the mentioned transaction 1,979,145 shares has been acquired within a total of 2,500,000 authorized.
Dutch Koninklijke Boskalis Westminster NV bought fellow dredger Dragapor from the Portuguese government. The unit, which was put up for sale in December, will be merged with Boskalis' local subsidiary Sociedade Portuguesa de Dragagens Lda. No financial details of the deal were disclosed. Dragapor has about 20 employees and a fleet consisting of two dredgers, some barges, a cutter suction dredger, a hopper dredger and a lift barge.
Blue Marine Shipping, has acquired two new tankers that shall be leased by PEMEX Refinación for the next 10 years. On May 30, Blue Marine awarded two out of the five tender agreements in which PEMEX Refinación invited tenders in order to improve its fleet. The cost of these two new tankers, African Future and Torm Wabash, reached 85.8 million and 98.4 million dollars respectively. The tankers were previously owned by the Torm and Delmod Marine Companies
Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment, have agreed to buy a stake in RINA S.p.A
U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West Africa managing director Lionel Soulard said on Thursday. The mid-crop in the world's top cocoa grower started officially on April
Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as the world's largest alternative asset manager struggles to find a target to fit its asset-light business model
The third officer was at the helm of a South Korean ferry when it capsized on Wednesday with 475 people on board, an investigating prosecutor told a news conference on Friday, and the captain may not even have been on the bridge at the time.
Russian Urals crude weakened in the Baltic on Wednesday due to a number of unsold cargoes while Kazakh CPC continued to strengthen due to a lack of sweet barrels. In the Platts window, Trafigura bought a cargo of Urals from Eni at dated Brent minus $1
Genoil to develop hydro cracking unit to produce ECA-compliant LSFO; OW Bunker to provide feed oil and buy one million tons of 0.1% LSFO per annum OW Bunker, a physical distributors and resellers of marine fuels, today announced that it has signed a Memorandum of Understanding (MOU) with Genoil
North Sea Forties crude differentials edged higher in quiet trade on Thursday as dealers eyed a potential VLCC shipment to South Korea and lower supplies next month. The BW Utah VLCC has docked near to the Hound Point loading terminal at the mouth of the Firth of Forth, ship tracking data showed
U.S. Navy Aims To Smooth Impact Of Fiscal 2015 Cut To Ship Orders Add to Collection(Oil)|Print Download:Plain TextXMLAll WASHINGTON, April 10 (Reuters) - The U.S. Navy hopes to smooth out the impact on Lockheed Martin Corp and Australia's Austal of
Box Ships Inc.,ATHENS, today announced that it has priced its public offering of 5,000,000 units consisting of its common shares and warrants at $2.05 per unit. Each unit consists of one common share and a warrant to purchase 0.40 common shares.
Huntington Ingalls Industries announced today it will conduct a study with Kinder Morgan Energy Partners, L.P. (NYSE:KMP) to explore redeveloping Huntington Ingalls Industries' Avondale shipyard in Louisiana. Since the July 2010 announcement to close Avondale
Gasoline prompt cracks in northwest Europe slipped on Monday but remained at eight-month-highs supported by strong demand from the United States, where inventories are low and refinery maintenance has curbed supply. Stocks on the U.S. East Coast, a major export destination for European gasoline
North Sea Forties crude differentials firmed on Tuesday as traders eyed two potential VLCC shipments to Asia, though gains were capped as the first cargo of Libyan crude was set to load since a deal with rebels to reopen ports. Traders have been watching the progress of two VLCCs - the BW Utah
Activity in the Russian Urals crude market froze on Tuesday as traders said they were awaiting the first loading dates for May for signs of how much supplies from the world's top oil producer could fall next month. Traders said they anticipated lower exports from Russia in May as several major
Forties trades at parity with dated Brent; Competing Libyan barrels returning to market. Refining margins under pressure as capacity ramps up. North Sea Forties crude differentials eased on Thursday as the market remained sluggish ahead of the long Easter weekend and the window of opportunity
State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received in June and supplied to domestic thermoelectrical companies, according to a document seen by Reuters on Thursday.