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

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Simulators 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: 0.0908 sec (11 req/sec)