Nordic American Tankers Acquires Scandic American Shares

Friday, January 11, 2013

Nordic American Tankers Ltd. ("NAT") Completes Acquisition of Scandic American Shipping Ltd., the Business Manager of NAT.

 

On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjørn Hansson, NAT's Chairman and CEO, and his closest family. As part of the consideration payable to the seller, the Company issued an aggregate of 1,910,112 common shares of the Company, which are subject to a one-year lock up agreement. Following this transaction, Mr. Hansson and members of his family own about 5.6% or 3.1 million shares of the Company's outstanding shares.

 

Mr. Hansson commented: "Our ownership in Scandic has now been converted into NAT shares and as a result of this transaction our interests are further aligned with those of all shareholders. This increased shareholding in NAT is showing my strong support of the Company and its strategy and policies. The NAT acquisition of Scandic will have no effect on the management of NAT in any way. I plan to serve as Chairman and CEO for a good many years to come."

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Latest LCS Completes US Navy Trials

Littoral Combat Ship 6 (LCS 6), the future USS Jackson, has completed U.S. Navy acceptance trials, shipbuilder Austal Limited announced.   The trials, the final milestone before delivery,

Tanker Trends

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

GasLog Partners To Buy Three Vessels

GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Mergers & Acquisitions

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

A/S Trumf Bunker Joins KPI Bridge Oil Group

KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has announced the take over of A/S Trumf Bunker. A/S

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1386 sec (7 req/sec)