General Maritime Goes Public, Raises $144 Million

Tuesday, June 12, 2001
General Maritime Corp., a crude oil shipping company, raised $144 million by selling 8 million shares in an initial public offering, the latest in a spate of energy companies to go public.

New York-based General Maritime priced shares on Tuesday at $18 each, the middle of its expected range of $17 to $19 a share. Shares are expected to begin trading on Tuesday on the New York Stock Exchange under the trading symbol GMR.

The company, which operates a fleet of oil tankers in the Atlantic basin, intends to use the proceeds to reduce debt and fund operations. T

he IPO, which was underwritten by joint bookrunners Lehman Brothers and ABN Amro Rotschild, was co-managed by Jefferies & Co. It follows a series of other recent energy-related offerings seeking to whet increased investor appetite for a sector that could benefit from the Bush administration's emphasis on energy. Other recent offerings include Torch Offshore Inc., Global Power Equipment Group Inc. and Peabody Energy.

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

Contracts

Mexican Navy Contracts Damen for Two Vessels

Secretaria de Marina orders seventh patrol vessel and a fast crew supplier In August 2014 the Mexican Navy (Secretaría de Marina) and the Netherlands’ Damen

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

BAE Systems Awarded 'USS Hopper' Repair Contract

US Department of Defense informs BAE Systems Hawaii, Honolulu, Hawaii, is being awarded a not-to-exceed $22,905,907 undefinitized contract action to a previously

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
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: 0.1221 sec (8 req/sec)