Finaval to Double Fleet after IPO

Tuesday, November 13, 2007
Italian tanker company Finaval SpA reportedly announced the proceeds of its initial public offering will be used to double the capacity of its fleet and to seize any future M&A opportunity. Finaval operates 13 crude oil and product tankers, of which 6.5 are owned, and has six Aframax crude oil tankers on order with Samsung Heavy Industries Co for a total cost of $380m, plus an option for another four. The new Aframax tankers will be delivered by between the first quarter of next year and the fourth quarter of 2010, allowing the group to nearly double its transport capacity to 1 million tonnes from 600,000. Finaval will be offering some 10.4 million shares, all stemming from a capital increase, until Nov. 23, at $4.52-5.99 each, a price that values the company at up to $222.1m, including $62.25m from the capital hike. The company reportedly expects to pay its first dividend in 2011. Using NAV, Finaval is valued at a 20-40 pct discount to its peers, including Italian companies d'Amico and Navigazione Montanari, officials said. According to calculations by Clarkson Research Studies, Finaval fleet has a market value of $316m, against a book value of $250m, while the Aframax tankers on order are worth $435m, against the $380m agreed, officials said. In the first half, EBITDA rose 14 pct to $13.7m from a year earlier, net profit 93 pct to $4.1m, while net sales fell to $32.6m from $45.4m. The company will hold presentations elsewhere, including in London, France, and Switzerland. Finaval shares are due to debut on the market Nov 29. [Source: Thomson Financial]

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

Coatings & Corrosion

Hempel’s Fouling Defence Product Hempaguard Applied to 500 Vessels

Leading marine coatings manufacturer, Hempel, announces - after only two and a half years on the market -  its award winning innovative fouling defence product

Torqeedo to Showcase Cruise Engine at Seawork

Torqeedo will debut its innovative new electric motor at this year’s Seawork International.   The new generation, the Cruise 10.0R, is equivalent to a 20HP combustion engine.

AkzoNobel Debuts Intershield

AkzoNobel’s Marine Coatings business has launched a best-in-class anticorrosive universal primer, Intershield One-2-One, which delivers simplified maintenance,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.0608 sec (16 req/sec)