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Million Shares News

09 Nov 2023

Torm Buys Eight LR2 Tankers

(File photo: Torm)

Danish shipping company Torm announced it has entered into an agreement to acquire eight secondhand LR2 vessels from an undisclosed seller.The $399 million deal includes a cash consideration of $239 million and the issuance of approximately 5.5 million shares, Torm said, noting the purchase price is subject to certain adjustments that will be impacted by its share price development and the vessels’ delivery schedules.The vessels are expected to be delivered in late Q4 2023 and…

31 May 2023

Viasat Buys Inmarsat, Creating Global Satellite Communications Powerhouse

Credit: wanfahmy/AdobeStock

U.S.-based global communications company Viasat has completed the acquisition of its UK-based rival Inmarsat."The combined company enhances our scale and scope to continue to drive growth in the increasingly dynamic and competitive satellite communications industry. The company’s assets, once fully integrated, are expected to increase the pace and scope of innovation in the global satellite connectivity sector, offering new and improved capabilities to customers that will address the ever-increasing speed…

03 Apr 2023

Shipbuilder Austal Sinks on Former U.S. Executives' Indictment for Financial Fraud

Credit: Naval Surface Warriors ©CC BY-SA 2.0

Australian shipbuilder Austal Ltd sank as much as 8.4% to its lowest level in more than four years on Monday after the United States Department of Justice indicted three of its former U.S. employees on manipulating financial information. Austal, which builds ships for the U.S. Navy and is working on parts of the Virginia class submarines, plunged to its lowest level since October 25, 2018, and marked its worst intraday drop since January 17. The U.S. Department of Justice (DOJ)…

16 Mar 2023

TORM Buys Three MR Tankers

(File photo: TORM)

Danish tanker shipping company TORM on Thursday announced it has entered into an agreement to buy three secondhand MR tankers from an undisclosed seller.The MR eco product tankers were built in South Korea in 2013, now purchased by TORM for a total cash consideration of $48.5 million and the issuance of 1.42 million shares, the company said.Slated for delivery before May 31, the ships will increase TORM’s total fleet to 88 vessels on a fully delivered basis.TORM said it expects to finance the cash element of the transaction through traditional bank financing…

15 Mar 2023

Golar LNG Buys NFE's Stake in FLNG Hilli

©Keppel (file image)

Golar LNG has acquired New Fortress Energy's (NFE) stake in FLNG Hilli - also known as Hilli Episeyo. "In return for NFE’s 50% Common Unit holding in Golar Hilli LLC, Golar has transferred its remaining 4.1 million NFE shares to NFE, paid NFE $100 million in cash, and assumed approximately $323 million of FLNG Hilli debt," Golar LNG said. FLNG Hilli (Hilli Episeyo) is currently located offshore Kribi, Cameroon. Its customers are oil and gas company Perenco and Cameroon’s national oil firm, Société Nationale des Hydrocarbures (SNH).

16 Aug 2022

Eneti Sells Its Stake in Scorpio Tankers

Eneti is currently building a fleet of wind turbine installation vessels. (Image: NOV)

Offshore wind farm construction and services company Eneti Inc. announced it has sold its entire holding in Scorpio Tankers Inc.Eneti said it sold its 2,155,140 common shares in Scorpio Tankers for $38.65 per share, for gross proceeds of approximately $83.3 million.As part of the transaction, Scorpio Tankers purchased approximately 1.3 million shares for approximately $50 million.Eneti, formerly Scorpio Bulkers, in 2021 changed its name and began selling off its bulk carrier fleet in a pivot to offshore wind farm construction and services.

22 Mar 2022

Reach Subsea Set to Complete Acquisition of iSurvey

©Reach Subsea

Norway-based subsea services company Reach Subsea is set to close the acquisition of the offshore survey company iSurvey, first announced in mid-February.As previously reported, Reach Subsea said on February 17 it had agreed to buy the offshore survey services firm iSurvey in a transaction valued NOK 135 million. Separately, it was announced that Wilhelmsen had acquired a 21% stake in Reach Subsea.The company at the time said that the transaction would be settled through the issuance of 33.8 million shares in Reach…

18 Aug 2021

Eneti Wraps Seajacks Acquisition. Exits Drybulk Business

(Photo: Seajacks)

Eneti, a company until recently known as Scorpio Bulkers, has completed the exit from its bulk carrier business and has also completed the acquisition of Seajacks, boosting its offshore wind ambitions.In its quarterly results release on Tuesday, Eneti said it had on August 12 completed the previously announced transaction to acquire offshore wind installation firm Seajacks for consideration of around 8.13 million shares, $302 million of assumed net debt, $71 million of newly-issued redeemable notes, and $12 million of cash.

05 Aug 2021

Eneti to Acquire Seajacks

(Photo: Seajacks)

Offshore wind services company Eneti announced on Thursday it has entered into an agreement to acquire rival Seajacks, creating one of the world's largest, most capable fleets of wind turbine installation vessels (WTIV).Eneti said its deal with sellers Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. will see it acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited, for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash.

01 Mar 2021

TORM Buys Eight Vessels from TEAM Tankers

TORM said on Monday it has entered into an agreement to purchase eight MR product tankers with chemical trading capabilities from TEAM Tankers in a partly share-based transaction.The deal, which includes a total cash consideration of $82.5 million and the issuance of 5.97 million shares, will increase TORM’s total fleet to 83 vessels.The eight vessels are all built at the Croatian shipyard Brodotrogir from 2007 through 2012, and six of them have specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform.The vessels are:TEAM Amorina (2012-built…

10 Jul 2020

Royal Caribbean Takes Full Ownership of Silversea Cruises

A Silversea Cruises cruise ship -Credit: Fincantieri

Royal Caribbean Group has acquired the remaining shares of Silversea Cruises, a specialist in the ultra-luxury and expedition cruising, after previously buying a two-thirds share of the cruise line in July 2018.The remaining one-third stake held by Heritage Cruise Holding Ltd. was paid for in the form of 5.2 million shares of Royal Caribbean Group common stock, which represents about 2.5% of the total common stock."Silversea has been a great fit for our company from the very first day," said Richard D. Fain, Chairman and CEO of Royal Caribbean Group.

05 May 2020

Norwegian Cruise Line Flags Doubts About Its Ability to Stay Afloat

(Photo: Norwegian Cruise Line)

Norwegian Cruise Line Holdings Ltd, the world’s third-largest cruise operator, raised doubts about its ability to continue operating on Tuesday, the first in the sector to signal it may succumb to the coronavirus crisis.The company’s shares closed down more than 20% as it launched a $1.6 billion offering of shares and bonds in a scramble to raise money, and announced a $400 million investment in a subsidiary from private equity firm L Catterton.“This is an industry that we’ve been pursuing for a long period of time…

25 Nov 2019

Euroseas Acquires More Vessels

Euroseas, a Greece shipping company that was founded about a century ago, said that it has took delivery of four container carrier vessels of intermediate size of 4,253 teu from Synergy Holdings Limited for approximately $40 million.All vessels are built in South Korea, three in 2009 and the other in 2008, the company said.The acquisition of the four vessels was financed by bank debt of $32 million, existing funds of Euroseas and a private placement of $6 million at a share price of $0.71 subscribed equally by an entity affiliated to the Euroseas’s CEO and an entity controlled by the seller of the four vessels.During the third quarter…

30 Sep 2019

Scorpio Buys 19 Tankers from Trafigura

Monaco-based petroleum products shipping firm Scorpio Tankers has signed a deal to acquire 19 product tankers from Trafigura Maritime Logistics for around $803 million.The acquisition of the leasehold interest in the vessels includes a finance lease arrangement with a financial institution under a bareboat contract arrangement.According to the arrangement, Scorpio Tankers will acquire Trafigura Maritime Logistics’ subsidiaries that have leasehold interests in 19 product tankers.The aggregate value of the vessels is $803 million, and after the assumption of the present value of the finance lease arrangement of approximately $670 million, the company issued approximately 4.6 million shares at $29.00 per share to Trafigura for an aggregate market value of $132.6 million.

21 Aug 2019

TOP Ships in 1-for-20 Reverse Stock Split

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

03 Jun 2019

Euroseas Buys Four Feeder Containerships

The provider of seaborne transportation for containerized cargoes, Euroseas also announced that it signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of $15 million and issuance of approximately 22.5 million shares of common stock to the sellers.Euroseas intends to finance the cash portion of the acquisition price with bank debt which will be used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares. This is subject to regulatory approval, including approval from NASDAQ, said a press release from the Greek ship owner.The four vessels…

28 May 2019

CSSC Mulls $280 million Hong Kong IPO

The ship-leasing unit of China’s state-owned shipbuilder China State Shipbuilding Corp. (CSSC) plans to raise as much as HK$2.2 billion ($280 million) in an initial public offering in Hong Kong.CSSC (Hong Kong) Shipping, the leasing company, is issuing 153.4 million shares at an indicative price range of HK$1.34 to HK$1.42. The minimum investment is HK$2,868.62 per lot of 2,000 shares.CSSC (Hong Kong) Shipping owns 100 vessels with a total value of $5.6 billion.According to Caixin, CSSC will remain the largest shareholder of the Hong Kong unit with 75% after the listing.The report said that CSSC (Hong Kong) Shipping has secured four cornerstone investors that subscribed for a combined 1.25 billion shares.The investors are China Reinsurance Corp., China Shipping Container Lines Co.

12 Apr 2019

Chevron Buys Anadarko for $50Bln

Chevron, the second-largest US oil and gas company, has agreed a $50bn deal to buy Anadarko Petroleum (APC)  in a massive deal that will bolster its natural gas and shale operations.The cash and stock deal announced Friday values Anadarko at $65 per share, 39% higher than the oil company's closing stock price on Thursday. Based on Chevron’s closing price on April 11, 2019 and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The total enterprise value of the transaction is $50 billion.The acquisition of Anadarko will significantly enhance Chevron’s already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins.

04 Mar 2019

NAO Logs a Big Loss

Nordic American Offshore Ltd (NYSE: NAO) reported for the three months ended December 31, 2018, the company's net loss was $169.3 million, or $26.23 per basic and diluted loss per share, which included a non-cash impairment charge of $160.1 million, or $24.80 per basic and diluted. Excluding the impairment charge, the net loss for the fourth quarter of 2018 was $9.2 million, or $1.43 per basic and diluted loss per share. For the year ended December 31, 2018, the company's net loss was $197.3 million or $31.50 per basic weighted average and diluted loss per share, which included a non-cash impairment charge of $160.1 million. Excluding the impairment charge…

27 Feb 2019

Belships ASA Names Skarsgård CEO

Following Ulrich Müller's resignation as CEO the board of directors of Belships ASA appointed Lars Christian Skarsgård (38) as new CEO in Belships ASA. Skarsgård is currently a director at Fearnleys AS and will assume his position as CEO on March 15, 2019.In connection with his appointment as CEO, Skarsgård has been granted options to subscribe for up to five million shares in the company with an exercise price of NOK 6 per share. The options can be exercised in the period between 36 months and 60 months from the date of commencement of his position as CEO.

01 Nov 2018

APM Terminals Bahrain IPO Aims to Raise USD 30 mln

Port operator APM Terminals Bahrain plans to raise around BHD12m ($32m) through its planned initial public offering (IPO). This is the first IPO for a transport and logistics company in the Kingdom to list on the Bahrain Bourse. The listing forms part of the contractual agreement made when the port opened in 2009.APM Terminals Bahrain will offer 18 million shares, equivalent to 20 per cent of its issued share capital, at BHD0.66 per share. The net proceeds will be paid to its current shareholders pro-rata based on their shareholding. APM Terminals currently holds 80% of the shares and the remaining 20% of shares are held by YBA Kanoo Holdings of Bahrain…

17 Aug 2018

Maersk to Spin off Drilling, Hand Total Shares to Investors

(Photo: Maersk)

A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a…

08 Aug 2018

Vinalines Mulls USD 210mln IPO

Vietnam’s government is targeting to raise VND4.89 trillion ($210 million) from an initial public offering (IPO) of Vietnam National Shipping Lines (Vinalines) scheduled on September 5, 2018.According to an official release on Hanoi Stock Exchange (HNX), Vinalines will auction 488.82 million shares, or a 34.8 per cent stake at the price of VND10,000 ($0.4) apiece at the HNX. Its charter capital is estimated at approximately VND14 trillion ($616.7 million).The IPO is part of Vietnam’s broader privatisation programme to increase the efficiency and performance of state-owned firms, and to fill government coffers as public debt nears the mandated ceiling of 65 percent of its gross domestic product (GDP)…

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