Hovert Investments Pte Ltd, a unit of Kuok (Singapore) Ltd, has made an unconditional offer for the shares of shipping company Pacific Carriers Ltd. Hovert accumulated a controlling stake of 56.56 percent on Friday, paying an offer price of S$1.25 per share for 152.7 million shares and an enhanced offer price of S$1.40 per share for 16.8 million shares at the close of business. Although the unconditional offer was at S$1.25 per share, Hovert paid $1.40 per share for the stake of shareholders "presumed to be acting in concert with the offerer" in its takeover bid for PCL.
Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter, according to a regulatory filing made with the Securities and Exchange Commission
Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop
Overseas Shipholding Group completed its purchase of Maritrans. Each outstanding share of Maritrans' common stock was converted into the right to receive $37.50 a share in cash. Based on 12.0 million shares outstanding and the assumption of net debt outstanding as of Sept. 30, the transaction is valued at $471 million, the company said. The company financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from
Military ship and submarine builder Newport News Shipbuilding Inc. approved a $100 million share buyback program. The amount of the buyback is equivalent to nearly 6 percent of its shares outstanding based on current market prices. The buyback comes on top of previous share repurchases that have totaled 5.6 million shares since mid-1999.
Foreigners bought a net 58 billion won worth of shares listed on the main board, and local institutions sold a net 135b. Local retail investors bought a net 69 billion won, Reuters reported. Decliners outnumbered advancers by 455 to 318, with 82 titles ending unchanged. Trade volume stood at 268 million shares worth 5 trillion won, compared with 366 million shares worth 6.3 trillion won on Monday. Source: Reuters
Alexander & Baldwin, Inc. announced that its board of directors renewed an outstanding authorization for repurchase of its common shares. The new authorization, for up to 2 million shares through December 31, 2004, replaces an existing authorization that will expire on December 31, 2002.
Danish DFDS Tor Lines is committed to considering a minority share buyout as part of the privatization of Lithuanian shipper LISCO, but did not specify a price. "In the sale and purchase contract with the government we have committed ourselves to consider offering a bid for the minority-owned shares," Peder Gellert-Pedersen, deputy director of DFDS Tor Lines, said. The government is in talks with DFDS Tor Lines to sell roughly 75 percent of LISCO to the Danish firm
Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels
Shipping tycoon John Fredriksen is aiming to take control of Oslo-listed Flex LNG following his purchase of 12.7 million shares that brought his stake in the firm to 43.3 percent, his firm Geveran said on Friday. "Geveran will make a mandatory offer for the remaining shares in Flex LNG within four weeks," Geveran said in a statement. Flex LNG is awaiting the delivery of two liquefied natural gas carriers due in 2017. (Reuters)
Container shipping group Hapag-Lloyd trimmed its initial public offering (IPO) amid wobbly markets on Wednesday, saying it now expected to raise about $300 million from the sale of shares to investors. The group, which gave a 23-29 euros price range for the shares
Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year.
The shares of German container line Hapag-Lloyd will now be offered at between 20 and 22 euros ($22-$24.20) each, down from 23-29 euros previously, reports Reuters. Its initial public offering on the stock exchanges in Hamburg and Frankfurt set to commence on November 6
German shipping group Hapag-Lloyd priced its initial public offering (IPO) at the low end of a revised range, giving the group a market capitalisation of about 2.4 billion euros ($2.6 bln) or less than half the original target. Hapag-Lloyd shares were sold at 20 euros ($21
Scorpio Tankers Inc. announced today that it has declared a quarterly dividend of $0.12 per share, reflecting an increase of 20% over the previous quarterly dividend, has entered into an agreement to purchase two newbuilding LR2 product tankers
Q3 TRADING UPDATE - HIGHLIGHTS Good third quarter with sizable financial settlements on old projects Order book increased slightly to EUR 3.3 billion 2014 OUTLOOK Market conditions remain challenging Good second half-year expected
FSL Trust Management has sold its entire shareholding in Denmark-based Torm, the company announced Friday. The sale of over 18 million shares generated $2.63 million for FSL. FSL gained $1.71 million from the initial investment in the shipping company
Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6
Horizon Lines, Inc. today reported financial results for the fiscal fourth quarter ended December 21, 2014. "Horizon Lines' fourth-quarter adjusted EBITDA increased 26.6% over the same period a year ago. The improvement in adjusted EBITDA was driven largely by higher fuel recovery
Knightsbridge Shipping Limited announce that the second and final stage of its vessel acquisition transaction with Frontline 2012 Ltd. has closed. The company has issued 31 million shares to Frontline 2012 Ltd. in exchange for 12 Cape size bulk carrier newbuildings.
Sino-Global Shipping America, which was recently listed on Nasdaq, is becoming a shipowner. The shipping agency, logistics and ship management services company today announced that it has signed a Letter of Intent to acquire a small oil/chemical tanker from Rong Yao International
United Shipbuilding Corporation (USC) has taken on 53.5122% of the voting shares of the long planned Far Eastern Plant Zvezda shipbuilding complex in Russia’s Far East. Zvezda (a company of the Far Eastern Shipbuilding and Ship Repair Center
General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit. Net profit increased 16.4 percent to $752 million for the second quarter from $646 million a year
The second quarter 2015 produced better results than the first quarter 2015. So far in the third quarter, we have secured higher average rates than in the two preceding quarters of the year. In 2Q 2015, NAT continued to benefit from both a solid Suezmax tanker market and a top quality
India will sell 5 per cent of its stake in the country's largest dredging company, Dredging Corporation of India (DCI). The government will sell up to 1.4 million shares of face value of Rs 10 each, representing 5 percent of the total paid up equity share capital of the company