Marine link
 

Million Shares

Pacific Carriers Is Propositioned by Hovert Investments

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.


NNS Announces $100M Share Buyback

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.


Seoul Stocks Close Lower as Shipbuilders Fall

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


Northrop Grumman Buys 9 Million Shares in Accelerated Share Repurchase

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


OSG Closes Maritrans Buy

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


A&B Stock Repurchase Authorized

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.


DFDS Tor Lines Considers LISCO Buyout

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


Northrop Grumman Extends Again NNS Tender Offer

U.S. defense contractor Northrop Grumman Corp. on Thursday said it extended again its tender offer for the shares of Newport News Shipbuilding, as the antitrust enforcers weighed the proposed $2.1 billion takeover. Los Angeles-based Northrop, which is competing with rival General Dynamics Corp. for control of Newport News, said it extended its tender offer for shares of the warship builder to July 19 at midnight EDT from the prior deadline of July 5.


Cosco Singapore Higher on New Shipbuilding Orders

Shares of Cosco Corp. Singapore, a shipping company that owns a shipyard in China, rebounded after announcing it secured an order to build 29 bulk carriers worth $1.34b. The news has provided the stock a much needed shot in the arm as investors have been selling the stock in the last two days on concerns its shareholder, shipyard operator SembCorp Marine Ltd., may sell more shares in the company. SembCorp Marine said it had sold 39 million Cosco shares, taking its holding to 111


Global Industries Prices Offering Stock at $9

Global Industries Ltd. priced an offering of 8.5 million shares of its common stock at $9 each. The offering of the shares will generate about $72.3 million in net proceeds that will be used to repay outstanding indebtedness under the company's term loan facility and for general corporate purposes and working capital, Global Industries said. The company said it also granted the underwriters an option to purchase up to an additional 850,000 shares to cover over-allotments


Wall St Stabilizes After 6 Days of Gains, Energy Sector Advances

  U.S. stocks ended little changed on Monday in a quiet session, as investors saw little reason to continue buying on Wall Street after a winning streak of six days of the S & P 500, although the activity mergers and acquisitions boosted the energy sector.


Scorpio Tankers Update on Finance, Vessel Deliveries

Image courtesy of Scorpio Tankers

Scorpio Tankers Inc. gives details of its agreement to acquire some of its own common shares; to buy back stock; and also sets out a fleet update. Scorpio Tankers Inc. says it has entered into an agreement to purchase from an existing shareholder 7,500


Omani Power Firms Set To Double Profits After Share Offer

Logos

  Oman's Al Batinah Power Co and Al Suwadi Power Co, which launched twin initial public share offers on Sunday and are owned by the same consortium, will double their profits from 2014 to 2018 as they pay off start-up costs, a top executive said.


VLCCF Reports Q1 2014 Results

vcclf.jpg

First Quarter 2014 Results The Company reports net income of $10.7 million and earnings per share of $0.35 for the first quarter compared with net income of $3.5 million and earnings per share of $0.12 for the preceding quarter. Net income in the first quarter includes $9


Knightsbridge, Frontline to Form US Capesize Company

Photo courtesy of Knightsbridge Tankers

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014


POSH raises $311m in Singapore IPO

Image: POSH file photo

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388


POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.


Padbury delays detailing port funding

Padbury Mining on Thursday failed to reveal the investors behind a more than $6 billion port and rail project in Western Australia's iron ore belt, asking for its shares to remain suspended until it can provide details on the huge deal.


Seadrill Sells $300m of SapuraKencana Shares

Seadrill, the world's biggest offshore driller by market capitalisation, has sold 230 million shares in Malaysia's SapuraKencana, raising $300 million and earning a gain of $165 million on the deal, it said on Wednesday.   Seadrill, which still owns around 490 million shares in


Seadrill plans up to $305m Malaysian selldown

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters. Norway's Seadrill Ltd., the world's top offshore oil driller


POSH attracts Hwang, Fortress as IPO investors

PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400


Wilbur Ross-backed Diamond S Shipping drops IPO

Diamond S Shipping Group Inc's largest shareholder, Wilbur Ross, said the tanker company's initial public offering had been canceled because the suggested price was too low, Bloomberg reported, citing an email from the billionaire investor.


Investor Selling up to 10% of d'Amico

Photo: dAmico

Reuters - The main shareholder in D'Amico International Shipping has launched a placement of up to 42.2 million shares, or about 10 percent in the Italian shipper, the company said on Thursday. In a statement, it said the shares will be sold via an accelerated bookbuilding to boost liquidity in


General Dynamics Authorizes Share Repurchases

The board of directors of General Dynamics (NYSE: GD) yesterday authorized management to repurchase up to 20 million shares of the company’s issued and outstanding common stock on the open market.   General Dynamics, headquartered in Falls Church, Virginia, employs approximately 96


Teekay Forms New Tanker Company

Samba Spirit is one of Teekays four modern Samba Class shuttle tankers, designed for offshore loading in Brazil. (Photo: Teekay Corporation)

Teekay Tankers Ltd. and Teekay Corporation today jointly announced the creation of Tanker Investments Ltd. (TIL), which will seek to opportunistically acquire, operate and sell modern secondhand tankers to benefit from an expected recovery in the current cyclical low of the tanker market






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright