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
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
A stripped-down wind-energy proposal backed by Maryland’s governor gains traction in the legislature. The proposal may be the first step in creating a network of offshore turbines and sub-sea cables spanning the U.S. Atlantic coast, reports Bloomberg. Maryland’s Democratic Governor Martin O’Malley introduced a bill last month that requires utilities to buy power from offshore wind farms by 2017. Backers feel confident it will pass after two previous efforts were defeated
The U.S. Coast Guard towed a disabled catamaran with one person aboard Tuesday after the boat lost steering approximately six miles offshore from Cape May Inlet. Watchstanders at Coast Guard Station Cape May received a mayday call from the captain of the 44-foot Empire State reporting the boat
In the key Asian growth markets of Korea and China, the competition is on for incremental winter LNG cargos, with the former showing growth related to fuel substitution (lower nuclear capacity) and seasonal use, while the latter will come from new import infrastructure opening up new markets
Prices 8.13 Mln Public Share Sale at Discounted $8/Share Nordic American Tanker (NAT) opened this morning on the stock exchange down more than 10% (Down $0.85 to $8.025/share in late morning trading) after saying it has priced a 8.13 million public offering at $8 per share
Aecon Group Inc. announced that it has completed its previously announced public offering of $150 million aggregate principal amount of 5.5% convertible unsecured subordinated debentures due December 31, 2018. The offering of debentures was completed on a bought deal basis through a syndicate
An active shooter was reported inside the Naval Sea Systems Command Headquarters building (Bldg. 197) on the Washington Navy Yard at 8:20 a.m. (Eastern Time). There is one confirmed injury. Emergency personnel are on scene and a "shelter in place" order has been issued for Navy Yard
WASHINGTON -- Several people were injured and there are reports of fatalities in a shooting at the Washington Navy Yard Sept. 16. An active shooter was reported inside the Naval Sea Systems Command Headquarters building (Bldg. 197) on the Washington Navy Yard at 8:20 a.m. (Eastern Time).
According to various wire and news reports, at least 12 people were killed in a shooting on Monday at the U.S. Navy Yard in Washington, where a suspected gunman was reportedly among the dead and authorities were searching for two other possible assailants wearing military-style clothing
CFR 46 Subchapter M is on track and heading for you. Neither the U.S. Flag inland vessel industry, nor the United States Coast Guard knows for sure where or when, but it is coming. One thing is for sure, however, it is going to be expensive – very expensive.
This month the M/V Karl Senner and the M/V Dickie Gonsoulin will be christened in Houma, La. While the event is centered on a pair of new, high-specification towboats, the celebration is the culmination of more than 45 years of business partnerships between Karl Senner, LLC and LeBeouf Bros. Towing
Today marked the conclusion of the Canadian Ferry Operators Association (CFOA) annual AGM and Conference in St. John’s, NL. The theme of CFOA 2013 was Innovative Approaches to Customer Relations, and the two-day conference featured presentations on enhancing customer relations
Trading in preowned vessels continues to be a popular choice for many customers. Damen Trading facilitates the sale and purchase of both Damen and third-party vessels. Recent deals highlight how trading in vessels results in a win-win situation for buyer and seller.
Planning Ahead Can Help You Use the Act of God as a Defense In the marine industry, the management of risk is an everyday concern. We attempt to minimize risk by maintaining seaworthy vessels, properly training crews, entering into agreements that allocate risk and buying insurance
International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services.
Taking a serious view of the suspicious movement of the American-owned ship, 'MV Seaman Guard Ohio' in Indian waters, the Central Indian Government seeks a report from the Tamil Nadu Government on the vessel which was detained for carrying arms and buying diesel fuel without authorization in India
The Russian state-owned shipbuilding firm USC has confirmed it will take full ownership of the financially challenged Arctech Helsinki shipyard from its current owner, the Korean company STX, according ot the Finnish newspaper Yle. United Shipbuilding Corporation (USC) already holds a 50 percent