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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


DONG Energy Listing to Value Group at up to $16 Bln

Photo: DONG Energy

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies.   State-controlled DONG Energy on Thursday set a price range for its


DLM Launches Container Load Monitoring System

Chant Engineering announced that business partner DLM has introduced a new product for the International Shipping Industry: the Twistlock Load Cell and Container Load Monitoring System.    To increase the safety of cargo ships at sea


Conrad Declares Dividend

Photo Conrad Industries, Inc.

Conrad Industries, Inc. which provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas, announced today that its Board of Directors has declared a quarterly dividend of $0.10 per share of common stock


First Damen Tug for Peru

ASD Tug 2810 - Artist Impression Courtesy Damen

Ian Taylor Peru chooses ASD 2810 for harbour duties in the Port of Callao Launching the business relationship between the two companies, Ian Taylor Peru has signed a contract with Damen Shipyards Group for an ASD Tug 2810. The vessel’s MTU engine and rapid delivery time were both key


Floating Products Storage in Focus

Graph: Gibson Tanker Report

 For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.   However, at the same time, much of the oil surplus was being absorbed by refiners chasing some of the best


Yen Drops on Rate Cut Talk; Oil Climbs

Oil Barrels Photo AOPL

The U.S. dollar rose to a three week high against the yen on Friday, on a report of likely further monetary policy easing from the Bank of Japan, while a rise in crude oil prices was offset by poor technology sector earnings, leaving Wall Street stocks steady.


US Gulf Coast Diesel Exports Down Sharply

  Diesel fuel exports from the U.S. Gulf Coast declined sharply since December as increasing output from refiners in South American markets and brimming stocks in Europe squeezed key outlets, Thomson Reuters data show.   As a result


Navios Regains NYSE Compliance

Navios Maritime Holdings Inc. regains compliance with NYSE continued listing requirements   Dry bulk shipping and logistics firm Navios Maritime Holdings Inc. announced that, based upon a notice received on April 1, 2016 from the New York Stock Exchange, Inc


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


DryShips Ups Its Revolver Facility

Courtesy DryShips

DryShips an international owner of drybulk carriers and offshore support vessels, today announced that it has entered into an agreement to increase its secured revolving facility (“Revolver”) provided by an entity controlled by the Company’s Chairman and CEO, Mr. George Economou


Oil Price Rise: Perhaps Wrong, Not Irrational

The oil futures curve is flattening as a wave of bullishness washing across the market raises the price of near-dated contracts faster than that of contracts for deferred delivery.   Brent for delivery in May 2016 has risen more than $10 per barrel since early February


EU Agrees on Plan to End Overfishing in Baltic Sea

European Union lawmakers and member states have agreed on a long-term plan to end over fishing of cod, sprat and herring stocks in the Baltic Sea, the first such plan of its kind under the EU's reformed fisheries policy.   The multi-annual deal clinched late on Tuesday will combine the


Paragon Sells Ships, Defer Deliveries

Pic: Paragon Shipping Inc.

 The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations.   The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final


Dryships Sinks Into Loss

DryShips Headquarters Photo Dryships

DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2015. Fourth Quarter 2015 Financial Highlights


Approval for Piraeus Port Sale

Image: Piraeus Port Authority (OLP)

 The National Privatization Fund (TAIPED) sources said that Greece's Court of Audit has approved the sale of a 67 percent in the Piraeus Port Authority (OLP) to Chinese Cosco, according to Kathimerini.   Greek national news agency AMNA also reported






 
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