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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.


Hedge Funds' Big Bets on Energy Companies Pummeled

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


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.


Fredriksen eyes Takeover of Flex LNG

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)


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


Star Bulk to Acquire 34 Drybulk Vessels

Photo: Star Bulk

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


Navios Maritime Charter Restructuring with HMM

MSC Cristina. Photo: Scheepvaartwest

 Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%.   Pursuant to the charter restructuring documentation executed on July 15, 2016


Cosco Acquires 51% of Piraeus Port

File photo: Piraeus Port Authority

China's COSCO Shipping , owner of the world's fourth largest container fleet, took a 51 percent stake in Greece's largest port on Wednesday. The sale of Piraeus Port had been suspended by the leftist-led government when it won elections in January 2015 but talks resumed after Greece agreed an


Kali Acquires Florida Marine Power Company

Image: Wave Marine Services

 Kali, Inc. has completed its acquisition of Florida Marine Power Company, a marine mechanical repair, maintenance and engine installation company.    Kali acquired all of the outstanding stock of Florida Marine Power in exchange for 4 million shares of Kali's common stock. 


Transocean Ltd. to Acquire Transocean Partners LLC

Disoverer Enterprise Vertical Photo Transocean

Transocean Ltd. and Transocean Partners LLC (NYSE: RIGP) today announced that Transocean has agreed to acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction. In the merger


Scorpio Bulkers books Net Loss

Photo: Scorpio Bulkers

 USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.   The New York-listed dry bulk ocean shipper posted revenue of $17.4 million in the period.  


Two more Cranes for APM Terminals Cotonou

APM Terminals new mobile harbor cranes photo APM

APM Terminals Cotonou, operating as Coman SA at Benin’s primary port, adds two new cranes, the largest mobile cranes in the Benin port. Cotonou, Benin- Coman SA, operated by APM Terminals Cotonou in Benin’s primary port, has commissioned two new Mobile Harbor Cranes (MHC) at a


Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year, traders said on Monday.   Marsa Maroc was established in 2006 and manages terminals at nine


Star Bulk Sets Terms on Reverse Stock Split

Pics: Star Bulk Carriers Corp

 Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares.    The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the


ExxonMobil 1Q Profits Plunge 63%

Rex W. Tillerson, chairman and chief executive office ExxonMobil

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash flow from operations and asset sales was $5 billion, including proceeds associated with asset sales of $177 million.


Schlumberger, Cameron Merger Complete

Park Towers South Houston Texas headquarters of Cameron

Schlumberger Limited (NYSE:SLB) announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share


CMA CGM Ups NOL Stake to 2.32%

Pic: Neptune Orient Lines

 French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times.  


CMA CGM Keeps Buying NOL Shares

Pic: Neptune Orient Lines

 French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times.  


Scorpio's Reverse Stock Split

Courtesy Scorpio Bulkers

  Scorpio Bulkers Inc. informed yesterday that its board of directors has determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares


Saverco Makes Squeeze-out Bid on CMB

CMB and Saverco announce that on December 21, 2015, at the closing of the acceptance period of the reopening as a simplified squeeze-out of the voluntary public takeover bid in cash made on CMB by Saverco, a total of 1,270,753 shares were tendered into the simplified squeeze-out bid


Carnival's Earnings Up 40%

Image by Carnival Corporation

  Carnival Corporation reported a 40 percent increase in its results for the full fiscal year ended November 30. Strong operational execution delivered $0.25 per share higher earnings than the mid-point of the company’s full year 2015 December guidance, despite a $0






 
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