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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


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


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'


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")


Prestige Sinks

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.


Oil Price Dives

U.S. stocks of crude oil, gasoline and heating oil grew last week according to the Energy Department on Wednesday, which was more bearish than Tuesday's industry report, analysts said. The figures were evidence that threadbare crude and products stocks that have plagued the petroleum complex most of this year are finally being replenished by increasing imports, analysts said. Crude stocks rose 3.1 million barrels last week according to the Energy Information Administration (EIA), about 700


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


Stowaways Choose to Hide Between a Rock & a Hard Place

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


Principal Maritime Tankers Files for IPO of up to $100m

 Principal Maritime Tankers Corp, which is backed by Apollo Global Management LLC, filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock. UBS Investment Bank was underwriting the IPO, the company told the U


Stalwart Tankers Postpones U.S. IPO

BSS Force (Image: Stalwart Tankers)

Greece-based chemical transportation company Stalwart Tankers Inc has postponed its U.S. IPO plans due to "market conditions," an underwriter told Reuters.   The company filed with U.S. regulators in February to raise up to $100 million in an IPO of its common stock.  


Parsley Energy Makes Public $400 Mln IPO Plan

 Parsley Energy Inc made public its plan to raise up to $400 million in an initial public offering of    Class A common stock.   The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December.  


China crude oil output up

China's refinery crude throughput in March rose 2.6 percent from a year earlier to 41.92 million tonnes, or 9.87 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. Daily crude runs, however, fell 5.7 percent from 10


Dubai Water Canal Project Contract for Parsons-Halcrow JV

Dubai waterfront: Photo CCL3

The Parsons/Halcrow Joint Venture (JV) informs it has been selected by the Roads and Transport Authority (RTA) for the construction supervision of the Dubai Water Canal Project. The JV, whose initial scope of work, awarded in December 2006 was for design


Nordic Tankers to Pay 67th Consecutive Quarterly Dividend

NAT Tankship: Image courtesy of NAT

The Board of Nordic American Tankers (NAT) Limited announces that it has declared a cash dividend of $0.23 per share, the 67th consecutive quartely dividend to be paid to shareholders.  The record date is May 15, 2014 and the payment date is on or about May 25, 2014.


Genco Reaches Bankruptcy Restructuring Deal

Photo: Genco Shipping & Trading Ltd.

Genco Shipping & Trading Ltd. will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. Lenders backing a $1.06 billion credit facility would convert their debt into about 81


Petroperu Tenders to Buy Biodiesel Cargos

State-run Petroperu launched a tender to buy two 100,000 barrel cargos of biodiesel to be received from May 2 to June 6 at Talara, Conchan and Mollendo ports, according to a document seen by Reuters on Friday. The oil company, which operates most of Peru's refineries


Damen Pontoon Deliveries Ensure Stock Availability

Photo: Damen

13 Stan Pontoons, six Stan Tugs and four Stan Tenders come to West Africa and Rotterdam Last Friday, April 4, a shipment that left China seven weeks ago carrying 13 new Damen Stan Pontoons and 10 other Damen vessels arrived in Rotterdam. The built-for-stock pontoons and vessels will uphold


Update: Petrobras Denies Shelving Debt Sales

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer. A source with direct knowledge of the plans told Reuters on Monday that the company was


Transas Names Pfeiffer Navigation Director

Jens Pfeiffer

Transas Marine has announced the appointment of Jens Pfeiffer as a Business Division Director, Navigation, Transas Marine. Jens Pfeiffer first joined Transas as a Sales Manager, Navigation in the company’s German office in 2005 where he worked for two years


U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S


Britain Warns Scots: Independence would Hurt Energy Industry

Britain on Tuesday warned Scots that voting for independence would put jobs and investment in the Scottish energy industry at risk, threatening the commercial viability of North Sea oil and gas fields and renewable energy projects. In September Scotland will hold an referendum on whether to


Petroperu Tenders to Buy ULSD Cargoes

State-run Petroperu launched a tender to buy six 290,000-324,800 barrel cargoes of ultra low-sulfur diesel (ULSD), to be received from May to June at its Conchan, Mollendo and Callao ports in Peru, according to an invitation seen by Reuters on Wednesday.


Aage Hempel to Equip 10 New PSVs

Photo courtesy of Aage Hempel

Aage Hempel, a company in worldwide merchant marine electronic service and focused on 24/7 maritime sales and service, signs agreement for the delivery of navigation and communication equipment included Integrated Bridge System from Kelvin Hughes with Shipyard De Hoop in Lobith


 
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