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Stock Offering

Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0.7193 shares for each share of Newport News common stock validly tendered by the expiration of the offer (subject to the proration procedures and limitations described in the offer) provided the offering period expires at 12:00 midnight New York City time on Nov. 29, 2001. In the event the offering period is extended, the exchange ratio will be recalculated and Northrop Grumman will issue a press release disclosing the new exchange ratio. Northrop Grumman also announced pursuant to the Northrop Grumman-Newport News merger agreement the Parent Stock Value is approximately $93.84. As a result of this determination and the expected retirement of certain Newport News indebtedness for Newport News shares as contemplated by the merger agreement: -- The number of Newport News shares outstanding as of the expiration of the offer is currently expected to be approximately 32,512,951, and -- The amount of cash available for the offer and the merger, subject to adjustment according to the terms of the merger agreement, is


Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt.


Crowley Settles Stockholder Lawsuit

Crowley Maritime Corporation reached a proposed settlement in the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation, a purported class action and derivative complaint filed in November 2004 against certain members of the board of directors and Crowley. The plaintiffs in that lawsuit have agreed to its dismissal if they and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2


Ardmore Shipping Announces Secondary Public Offering by GA Holdings

Photo: Ardmore Shipping Corporation

 Ardmore Shipping Corporation announced that GA Holdings LLC intends to offer for sale in an underwritten public offering 4,000,000 shares of the Company's common stock.    The Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock.    The shares to be sold by the Selling Shareholder, excluding shares subject to the option


Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments


Costamare Announces Pricing of Common Stock Offering

Athens - Costamare Inc. announced that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering


Euroseas Ltd. Announces Public Offering

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers


Maritrans Inc. Announces Tender Offer

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002.


Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. The common stock will begin trading tomorrow on the New York Stock Exchange under the symbol "DRC." Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co


Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246


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.  


No Clues on Hanjin's Financial Health

Photo: Hanjin Shipping Co.

 Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.1 shipping line has come under growing pressure from its creditors to secure more money


IOC Mulls Buying GSPC's Stake in Mundra Terminal

Image: Gujarat State Petroleum Corp

 Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI.  


Dark Cloud of Offshore Storage Looms

Glencore books the STI Grace tanker to store fuel at sea-traders. This has not been the summer many oil traders had expected after last year's bumper profits. Banking on more of the same, the world's refineries have churned out more diesel


Fratelli Neri S.p.A. Orders Three Damen Vessels

L to R:  Dott. Corrado Neri, Director Fratelli Neri Group and Managing Director Labromare Livorno; Andrea Trevisan, Damen Sales Manager; Dott. Piero Neri, President Fratelli Neri Group; Dott. Corrado Neri, Director Fratelli Neri Group and Mr. Riccardo Sala, Broker Branchero Costa on the occasion of the contract signing for the three vessels. (Photo: Damen Shipyards)

Fratelli Neri S.p.A., the family-owned, Livorno-based harbor towage company, has ordered three new Damen vessels; an ASD Tug 2913, a Stan Tug 1606 and a Stan Launch 1305, the last for its subsidiary company Labromare, which is 50% owned by Tripmare S.p.A.  


PALFINGER Makes Takeover Bid for TTS

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 percent of the TTS shares


Hempel Launches New Epoxy Marine Coating

Coatings supplier Hempel has launched a new two-component pure epoxy coating for the marine newbuilding sector, Hempadur Quattro XO 17820, in Canada, the U.S. and Mexico.    The PSPC (Performance Standard for Protective Coatings) compliant Hempadur Quattro XO 17820 was developed for


Two Damen Stan Pontoons for Silverburn

Stan Pontoon 8916 ICE Classed vessels Photo Damen

Silverburn Shipping Group has taken delivery of two Stan Pontoon 8916 ICE vessels. Capable of taking on diverse heavy transport duties, these ice-classed vessels are robust enough to operate in all seasons.Built for stock, the pontoons left Rotterdam earlier this week on the client’s own


New Weight Rules at APM Terminals

Photo: APM Terminals

 With three days of terminal operations completed under the new Safety of Life at Sea Convention (SOLAS) Verified Gross Mass (VGM) Regulations, export cargo loading has proceeded without incident at the facilities within the APM Terminals Global Terminal Network.  


BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down

Oil Product Tanker Earnings

BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016. The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016


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


OSG Joins NYSE "Big Board"

Overseas Shipholding Group leading provider of global energy transportation services, delivering crude oil, petroleum products and liquefied natural gas throughout the world.Courtesy OSG

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT


World's First Offshore Fish Farm Rig

(Image: Rolls-Royce)

World's First Offshore Fish Farm Rig: Designed by Global Maritime - Owned by SalMar - Built by Qingdao Wuchuan Heavy Industries - Moored by Rolls-Royce   Rolls-Royce signed a contract for the construction and delivery of an eight point mooring system to the world’s first offshore fish


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


Otto Marine Shares Soar on Delisting Offer

Photo: Otto Marine

Shares in Singapore-based oilfield services firm Otto Marine Ltd jumped 37 percent on Thursday after the company received an offer from its majority shareholder to take it private.   Executive Chairman Yaw Chee Siew, who owns 61 percent of the company, offered S$0






 
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