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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0806 sec (12 req/sec)