Seoul Shares
Seoul Shares Up 0.4% on Shipyards
According to an August 9 report from Reuters, Seoul shares rose as investor hopes for further stimulus measures from the U.S. Federal Reserve strengthened ahead of its meeting, with gains in shipyards and banking stocks lifting the index. The Korea Composite Stock Price Index .KS11 (KOSPI) ended up 0.36 percent at 1,790.17 points.. (Source: Reuters)
Seoul Shares Close at New High on Shipbuilding
South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226.
EU, S. Korea Will Try Last Minute Negotiations
European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors
Diana Shipping Announces Time Charter Contract for MV Oceanis
Diana Shipping Inc. has entered into a time charter contract with Hanjin Shipping Co., Ltd., Seoul, for one of its Panamax dry bulk carriers, the Oceanis, at a gross rate of $40,000 per day for a minimum 22 to a maximum 25 month period. This employment is anticipated to generate approximately $26.5m of gross revenues for the minimum scheduled period of the charter. The charter is expected to commence in mid-September, 2007.
STX Shipbuilding Shares Falls
STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co
Samsung Heavy $1.2B LNG Ship Orders
According to a report from Bloomberg, Seoul-based Samsung Heavy Industries Co. received orders to build six liquefied natural gas carriers worth a total $1.2b as demand for the fuel surges, prompting a jump in the shares. (Source: Bloomberg)
Hyundai Heavy Leads Gains Among Korean Yards
According to a June 21 report from Bloomberg, Hyundai Heavy Industries Co., the world’s largest shipbuilder, led advances among shipyards in Seoul trading on expectations that a stronger yuan will help improve their price competitiveness against rivals in China. Hyundai Heavy climbed 4.9%t to close at 236,000 won, the highest price since May 12. Samsung Heavy Industries Co., the world’s biggest maker of drill ships, gained five percent to 24,200 won.
This Day in Naval History – September 27
1922 - Report on observations of experiments with short wave radio at Anacostia, DC, starts Navy development of radar 1941 - Launch of first Liberty ship, SS Patrick Henry, in Baltimore, MD 1942 - Armed Guard on SS Stephen Hopkins engages German auxiliary cruiser Stier and supply ship Tannenfels. Stephen Hopkins and Stier both sink. 1944 - Special Air Task Force (STAG-1) commences operations with drones, controlled by TBM aircraft, against Japanese in Southwestern Pacific
Korean Register Elects a New Chairman & CEO
Today (27 March), in Seoul, at an extraordinary meeting of the general assembly, the Korean Register of Shipping (KR) elected Dr Chon Young-kee as its new Chairman & CEO. The general assembly oversees the running of KR and comprises 86 voting members. Prior to election, Dr Chon served as executive vice president of KR’s technical division and this is the first time in KR’s 53 year history that an internal appointment to Chairman and CEO has been made
Korean Register Elects a New Chairman and CEO
At a meeting of the general assembly in Seoul, the Korean Register of Shipping (KR) elected Dr. Chon Young-Kee as its new Chairman and CEO. The general assembly oversees the running of KR and comprises 86 voting members. Prior to election, Dr. Chon served as executive vice president of KR’s technical division and this is the first time in KR’s 53 year history that an internal appointment to Chairman and CEO has been made. Dr. Chon takes over from outgoing Chairman and CEO, Dr
Aker Enters TRS Agreement
Aker ASA entered a TRS (Total Return Swap) agreement with exposure to 1,500,000 shares in Aker Solutions ASA. The expiration date of the TRS agreement is November 1, 2013 and the settlement price in the agreement is NOK 83.717325 share.
Star Bulk Proposes $75 million Backstopped Equity Rights Offering
Star Bulk Carriers Corp. announced that its Board of Directors approved a backstopped equity rights offering, which will allow the company to raise equity capital through the sale of its commonshares. The proceeds are expected to be primarily used for orders for fuel-efficient dry bulk vessels
Conrad Industries Report Smooth Sailing in Q1 2013
US shipbuilder & repairer Conrad Industries, announces its first quarter 2013 results and backlog. For the quarter ended March 31, 2013, Conrad achieved net income of $5.9 million and earnings per diluted share of $0.99 compared to net income of $3
Safe Bulkers Reports $44.2 Million Revenue, 1Q13 Results
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013.
Dockwise Applies for Delisting from Euronext
This press release is issued by Royal Boskalis Westminster N.V. (Boskalis) and Dockwise Ltd. (Dockwise) pursuant to the provisions of Article 5-12 of the Norwegian Securities Trading Act (Verdipapirhandelloven), Article 5:25i paragraph 2 of the Dutch Act on Financial Supervision (Wet op het
Dockwise Ties the Knot with Boskalis
The outcome of last month's mandatory cash offer was that 99% of the Dockwise shares became committed to Boskalis. Highlights: • 99% of the Shares committed to Boskalis • No Post Closing Acceptance Period
Singapore's Mercator Lines Sell off Subsidiary
Mercator Lines has signed a share purchase agreement for the sale of its 81% stake in Target Ship Management. The sale of its 81% stake in the Company comprised 426 ordinary shares and realised SGD 128,709.00 in cash. Following the disposal
NOIA President Comments on Senators' Proposed Offshore Revenue Sharing Bill
National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement commenting on the proposed offshore revenue sharing Senate Energy bill: “NOIA thanks Senators Murkowski and Landrieu for continuing their visionary leadership on the revenue sharing issue
Diana Containerships Buy 'Hanjin Malta'
Diana Containerships Inc. has taken delivery of the m/v “Hanjin Malta”, a 1993-built Panamax container vessel of 4,024 TEU capacity. The Hanjin Malta is time chartered to Hanjin Shipping Co. Ltd., Seoul, for a period of minimum thirty-six and a half months to maximum thirty-eight
US Shipbuilder Holds Course in 2012
Conrad Industries announces its 2012 financial results and also the addition of new business during Q1 2013. For the quarter ended December 31, 2012, Conrad had net income of $8.0 million and earnings per diluted share of $1.33 compared to net income of $6
Nordic American Tankers Announce Public Offering
Nordic American Tankers Limited announced commencement of a public offering of $87 million aggregate amount of common shares pursuant to the Company's effective shelf registration statement. The company then announced a follow-on offering of 9.75 million common shares has been priced at $9
Intelsat Proposes Public Offering of Common Shares
Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting
Bourbon Board to Submit Resolutions at Shareholder Meeting
Main resolutions passed by the Board to date will be submitted to the General Shareholder Meeting to be held on May 28, 2013 At its meeting of April 9, 2013, the Bourbon’s Board of Directors decided to seek approval from shareholders on the following resolutions to the combined General
Intelsat Commences Proposed IPO
Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the
Tsakos Announces Public Offering
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, today announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares (the Series B Preferred Shares) in a public offering under its effective shelf registration statement.