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Stock Split

Jurong Shares Firm Amid Stock-Split Rumors

Shares of Jurong Shipyard Ltd. firmed by more than six percent in early Friday trading on rumors that the shipyard might announce a stock-split exercise to improve its liquidity, dealers and analysts said. Fueling the market's excitement over Jurong was SembCorp's impending news conference, possibly next week, where Jurong was expected to announce further merger details and restructuring of its shipyard operations. SembCorp, with a yard capacity of 1.8 million dwt, is the owner of Asia's largest shipyard outside Dubai.


Bourbon Holds Annual and Special Shareholders' Meeting

The Bourbon Annual and Special Shareholders' Meeting was held under the chairmanship of Jacques de Chateauvieux at the Palais Brongniart in Paris. The following resolutions were passed at the Meeting: - Distribution of a dividend of 1 euro per share This dividend, which represents a 78% increase compared to 2004, will be paid as from Monday, May 29, 2006. It gives a right to a tax-free allowance of 40%, i.e. 0.40 euros per share, for individuals who are tax


NOL To Split, List American Eagle Tankers

Neptune Orient Lines, the world's sixth largest container shipper, plans to spin off and list its oil-transportation unit, American Eagles Tankers (AET), on the New York Stock Exchange. The Singapore-based company said it plans to offer common shares to be listed on the NYSE and Singapore Depositary Receipts (SDRs) on the Singapore Exchange to investors internationally as well as in the city-state. The offering is expected to be made in the second or third quarter and AET would use net


Kvaerner Advised To Not Name New Board

Kvaerner ASA had been advised to drop a plan to name a new board due to disagreements among major shareholders and a possible scheme to split the company. Kvaerner said in a statement that a two-man election committee seeking to find board members acceptable to big shareholders "concluded it is not possible to put together a board that all major shareholders can agree upon." It said the committee advised the board and major shareholders against calling a suggested extraordinary shareholders'


Scorpio Tankers' Latest Fleet & Financial News

A Scorpio vessel: Photo courtesy of the owners

Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows: After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts, which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate will be split between the Company and charterer. Stock Buyback Authorization


Scorpio Tankers Update on Finance, Vessel Deliveries

Image courtesy of Scorpio Tankers

Scorpio Tankers Inc. gives details of its agreement to acquire some of its own common shares; to buy back stock; and also sets out a fleet update. Scorpio Tankers Inc. says it has entered into an agreement to purchase from an existing shareholder 7,500,000 common shares of the Company in exchange for the sale to the same shareholder of 3,422,665 common shares it currently owns in Dorian LPG Ltd  in a privately negotiated transaction.


Molasses Ship Splits, Sinks

A ship carrying molasses from India to Amsterdam split in two and sank in high seas off Spain's northwest coast, drowning three crew members and leaving eight missing. Air and sea rescue teams plucked 24 survivors from lifeboats after they abandoned the Maltese-registered Kristal, which broke apart about 110 km (70 miles) off Galicia, a Spanish coastguard spokesman said. "The search for the missing people is under way with helicopters and boats," he said


Will MMS be Split in Two?

The first political backlash from the recent explosion and sinking of Deepwater Horizon appears to be the Department of Interior’s Minerals Management Service, as it movement is reportedly underway to split the agency that polices the offshore drilling industry, according to articles in the May 12 edition of the Wall Street Journal. The impetus for the split? As currently configured, MMS is responsible both to ensure safety of oil drilling in federal waters


Navios Maritime Acquisition Corp. Acquires Two New Builds

Navios Maritime Acquisition Corporation (NYSE: NNA), an owner and operator of tanker vessels, announced that the company has entered into an agreement to acquire two 75,000 DWT LR1 product tankers scheduled for delivery in Q4 2011 from a South Korean shipyard. The nominal acquisition price of $87m will be financed with: •    Issuance of $5.4 million mandatorily convertible preferred stock ("preferred stock")


Aker Solutions to Divide Company in Two

Aker OCV: Image courtesy of Aker Solutions

Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry. Financial Highlights Sales rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3 billion in the first quarter of 2013.


General Maritime to buy Navig8 Crude Tanker

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement.   A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc.  


Milaha Reports 32.8% Q4 Net Profit Increase

     Photo courtesy of Milaha

Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results.  It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share. The company said it increased its net profit 10% in 2014


Hercules Offshore Shares Fall 33%

  Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.   State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on


Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a key highway in top soy state Mato Grosso opened. Nationwide, there were 18 roadblocks over rising freight costs by the end of the day


Construction Begins on Royal Caribbean’s Fourth Oasis Ship

A ceremony was held at the STX France shipyard in Saint-Nazaire to mark the beginning of construction for Royal Caribbean’s fourth Oasis class cruise liner. (Photo courtesy of Royal Caribbean)

Today marked the steel cutting for a Royal Caribbean’s new Oasis class cruise ship. Scheduled to be delivered in 2018, the new vessel will join Oasis of the Seas, Allure of the Seas and the third Oasis-class ship as Royal Caribbean’s fourth in the Oasis class


Euronav Pays Bond to Buy 15 Maersk Tankers

Photo: Euronav NV

Euronav NV will repay the US$235 million bond issued to finance the acquisition of 15 VLCC oil tankers from Maersk Tankers Singapore, following a closure of its Initial Public Offering (IPO) of ordinary shares on the New York Stock Exchange.


Seanergy Maritime Receives NASDAQ Notice

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  Seanergy Maritime Holdings Corp. announced yesterdat that it has received written notification from The Nasdaq Stock Market dated January 28, 2015, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from December 12


Diamond Offshore Scraps Special Dividend on Weak Market

Ocean Endeavor (Photo:  Diamond Offshore)

Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year.   The company also said it would not pay a special dividend


WR Systems Awarded NAVSUP Contract

 WR Systems, Ltd. (WR) of Norfolk, Virginia has been awarded an order for the establishment of a Mini Stock Point for wireless communication and navigation systems by the Naval Supply Systems Command Weapon Systems Support (NAVSUP WSS).  The period of performance is February 2


First-of-class Tug for Sanmar

Yenicay (Photo courtesy of Sanmar)

Cooperation between both the operational and construction teams of Sanmar AS and the designers at Robert Allan Ltd. has resulted in another new tug/workboat design.   Yenicay, this first-of-class compact ASD achieves a 30mt bollard pull in a vessel measuring 18.7m x 9.2m, with a draft of 3


Israel Rolls Out Port Privatization Program

Ashdod port (Picture: Israel Ports Development and Asset Company Ltd)

 The Israeli Government will privatize its two main ports, Ashdod and Haifa in 2015 and 2016 respectively. The plans were proposed by the Finance Ministry and have been approved by the Prime Minister.  Finance Minister Yair Lapid said: “This is another step in stopping the


NZ: Oil Spill off Taranaki

FPSO Raroa - Pic by MODEC

 Maritime New Zealand (MNZ) said it was monitoring the situation of a small oil spill at the Raroa platform, about 70 kilometres off the Taranaki coastline.   The operator, the New Zealand branch of international oil company OMV, says about 250 litres of oil was spilt on Friday when a


Tenaga Hits Opposition to Port Operator Move

Tenaga Nasional Bhd , Malaysia's largest power group, hit an obstacle in its attempt to take over Integrax Bhd after a leading shareholder of the port operator rejected its offer on Monday. Perak Corporation Bhd, which holds 15.74 percent stake in Integrax


Fendercare to Equip New UK Navy OPVs

Fendercare Marine has signed a contract with BAE Systems Naval Ships for the provision of rudder blades, rudder stocks, sleeves/liners for rudder stock, anchors, chain and deck equipment for three new Offshore Patrol Vessels (OPVs) for the U.K. Royal Navy.   


Tenaga Raises Offer Price for Port Operator

Tenaga Nasional Bhd , Malaysia's largest power group, said on Wednesday it has raised the takeover price for Integrax Bhd by 18.2 percent after a leading shareholder of the port operator rejected its offer. Tenaga, which counts Malaysia's state investor Khazanah as a major shareholder






 
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