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

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Coatings & Corrosion

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

Great Lakes Shipyard Awarded Ferry Repair Contract

Great Lakes Shipyard has been awarded a drydocking contract for Miller Boat Line’s M/V Put-In-Bay.   The ferry was hauled out using the 770-ton capacity Marine Travelift at Great Lakes Shipyard.

GAC's Hull Cleaning Solution Debuts in Singapore

GAC EnvironHull’s eco-friendly, diver-free hull cleaning technology makes its Asian debut at this year’s Sea Asia exhibition, marking its introduction at one of the world’s busiest ports, Singapore.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.1125 sec (9 req/sec)