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
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.
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
ING Barings has raised its ratings of the shares of several oil and gas companies. ING raised Burlington Resources to strong buy from hold, Transocean Offshore to strong buy from buy and Ocean Energy Inc. to buy from hold. On Transocean, analyst Stephen Gengaro wrote: "We believe the stock has lagged the group because of the relatively high level of contract rollovers over the next six months, which includes some of the company's high-specification semis currently working at high day rates
Taiwan's state-owned Chinese Petroleum Corp (CPC) has bought two very large crude carriers (VLCC) of West African crudes via its September tender, a company official said on Thursday. The volumes were below CPC's usual purchase of three to four VLCCs per month. Each VLCC can load up to two million barrels each. "We have high inventories and not so much requirement," the CPC official said. The details of the tender, which closed on Monday, were still unclear.
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
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
China Shipping Development and Sinopec Kantons are to spend HK$11.71 billion to buy six LNG carriers, which will be chartered to Sinopec. The two companies have set up a joint venture China Energy Shipping Investment (CESI) which is 51 percent controlled by China Shipping and 49 percent by
An ex-Royal Navy officer’s converted warship has been seized by Spain amid fears he is a mercenary planning to fight pirates in Somalia. Former lieutenant Chris Enmarsh’s decommissioned gunboat Defender has been stopped from sailing since being forced to stop off in Tenerife for
General Dynamics Advanced Information Systems was awarded a contract by Austal USA to be the Platform Systems Engineering Agent (PSEA) of Littoral Combat Ships (LCS) 14 and 16. These are the fifth and sixth ships of the Independence-variant LCS to be ordered by the U.S
The Stifel Logistics Confidence Index continued its downward trend in May as it fell for the second consecutive month. Compiled by Transport Intelligence, the overall index, which combines the current situation with future expectations, was down 0.8 points from April to 50.7 in May and was 1
The ‘Marineco Thunderbird’ is UK-based Marineco’s fourth FCS 2610 Twin Axe to join its windfarm support fleet of vessels. Marineco was the first customer to buy one of these vessels nearly two and a half years ago, based on a design for an Offshore and Offshore Wind support
Martek Marine’s leasing package offers an option to adopt ECDIS early, which they said can help shipowners benefit from increased safety and lower costs. ECDIS product specialist Bentley Strafford-Stephenson said, “DNV research has shown that deploying ECDIS may reduce grounding
A recent forecast indicated a 2013 growth of 8% in the American boating industry. In light of an improving consumer outlook, more than half (51%) of marine industry survey participants said the best time to increase inventory levels is right now to be fully stocked for the spring selling season
Konecranes to buy certain assets of the container handling truck business of KION Group-owned Linde Material Handling. • Konecranes to acquire certain assets of the container handling truck business of KION Group’s Linde brand
Greek ship-owners bought 72 ships within the first three months of 2013, invest US$848-million in their companies. While the Greek government continues to mull plans to tax the country’s shipping industry to raise money during a crushing economic crisis
Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto
Diana Shipping Inc. signs up to buy the 'M/V Tamou', a 2005 built Capesize dry bulk carrier of 177,243 dwt. The purchase price is US$27,020,202, less one percent address commission to the buyers. The vessel, to be renamed "Baltimore
Offshore wind consortium, Forewind’s second and final stage of consultation for its first offshore wind energy development, Dogger Bank Creyke Beck begins Friday, April 19. The consultation, which starts with the publication of documents, plans and maps about the proposed development
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory
Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the
Odfjell buys long-term chartered vessel 'MT Bow Engineer', a 30,086 dwt chemical tanker. Odfjell, a leading company in the global market for transportation and storage of bulk liquid chemicals, acids, edible oils and other special products, has entered into a contract for the purchase of the MT