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.
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
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
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
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'
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
The single-hulled tanker, Prestige, split and sank off the coast of Spain yesterday. The tanker was carrying approximately 70,000 tons of oil before sinking about 100 miles off the northern coast of Spain. Although some oil has already washed ashore from the casualty, Spanish government officials say the Prestige hasn’t leaked any oil since it sank.
DryShips Inc. (NASDAQ:DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling services, announced that it has entered into an agreement to acquire the remaining 25% of the total issued and outstanding capital stock of Primelead Shareholders Inc. Upon closing of this transaction, Primelead will become a wholly-owned subsidiary of the company. Primelead’s principal assets include two owned and operational ultra deepwater
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 $5.4 million mandatorily convertible preferred stock ("preferred stock")
The American P&I Club warns again that stowaways continue to hide in the ship's rudder stock recess. The P&I Club advise its members that stowaways wait in port areas until after dark and then swim to the rudder stock, climbing it and hiding inside the recess. Having gained access to an external area of the vessel, they cannot then be easily found by the ship’s crew. It has been observed that most of these vessels come from Africa in ballast and, for that reason
First quarter 2013 net loss amounted to US$ 20.1 million, while rate, net of fuel, increased 1.9% & adjusted EBITDA was up 25.7% from a year ago. Sam Woodward, Horizon Lines' President and Chief Executive Officer said: "The positive factors resulting in adjusted EBITDA growth were
PBL 3421 was delivered by Raymond & Associates, LLC, Bayou La Batre, AL, to Progressive Barge Line, Inc., New Orleans. PBL 3421 is the first of two barges, both 297.5 x 54 x 12 ft. inland service double skin tank barges, each witha cargo capacity of about 4700 short tons at 11.5 ft
Nam Cheong International secured sale contracts for an Anchor Handling Towing Supply (AHTS) and four Platform Supply Vessels ( PSV's). The total value of the contracts is $110 million. The 12,000 brake horsepower (bhp) AHTS vessel was sold to a new customer in Indonesia
IST introduced its new Shock-Timer-Plus 3D version 2 (STP-3Dv2) low cost tri-axial shock, temperature and humidity recorder. The reusable battery powered instrument captures tri-axial shocks above user selected threshold with date/time stamping along with time periodic temperature and humidity
Employees of W&O, an international supplier of products and services to the marine industry headquartered in Jacksonville, Fla., volunteered their time with the Second Harvest Food Bank of North Florida last week. The employees volunteered their time sorting and stocking food during the
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
Floatel International Ltd is contemplating issuance of approximately USD 150 million new shares on the Oslo stock market. The company says its share placement will further strengthen their position as a leading provider of high-specification
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
New Peerless/ Danfoss website offers marine pressure transmitters, pressure and temperature switches from stock. Peerless Electronics, an authorized stocking distributor for Danfoss announced that these fine Danfoss Marine products can now be found on a new online store.
Naval Sea Systems Command completed a fleet-wide fastener study, identifying and recommending the removal of thousands of fasteners from the Navy supply system. The 16-week supply system review identified 108,000 dormant fasteners-fasteners with no contract
Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement. The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement.
StealthGas Inc. announced an underwritten public offering of 8,000,000 shares of its common stock pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission. An entity controlled by the family of the Company's President and Chief Executive
Drewry Maritime Equity Research takes a positive view on the global port sector thanks to an improved outlook for a global economic recovery, driven by areas of favorable supply demand dynamics. Container trade is predicted to grow by 4.7% this year and 5
StealthGas Inc., has increased the size of its stock offering, & will sell 10-million shares at $10 each using the proceeds towards purchase of 5 ships. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000
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.