Korean Shipbuilder Will Build and Invest in U.S. Company

Wednesday, January 09, 2008
Korean ship builder NOK-BONG Ship Building Co., Ltd. (NBS) has purchased 20,000,000 unissued shares of common stock in St. Lawrence Energy Corp., a Delaware corporation, at a price per share of $1.50, for $30m. Concurrently St. Lawrence Energy is making an investment in purchasing 400,000 shares of NOK-BONG common stock for $30m. As a result, St. Lawrence now owns approximately 33% of NOK-BONG. With the transaction, St. Lawrence Energy enters the energy sector, including renewable energy and transportation. St. Lawrence Energy's initial business will involve the ownership of six new ships designed and constructed by NOK-BONG to transport ethanol and other fuels between U.S. ports and worldwide markets in an effective, cost-efficient way. Because of the investment in NOK-BONG, St. Lawrence Energy will be able to obtain the ships from NOK-BONG sooner than otherwise possible, a significant advantage, given the multi-year backlog now existing in shipyards around the world.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Change of Management at Yanmar

Having reached the age of retirement, Geert Jan Mantel will resign from his position as President of Yanmar Europe B.V. as per June 30, 2014, a position he has occupied since April 1, 2002.

LNG Bunkering Will Develop Fast - LR Study

Lloyd's Register’s (LR) LNG Bunkering Infrastructural Survey 2014 indicates that major ports around the world are either planning for, or are anticipating, the wide-scale development of LNG bunkering.

Rolls-Royce congratulates US Navy on christening of USS Zumwalt

Rolls-Royce congratulated the US Navy on the christening of the USS Zumwalt, the first of its new and highly sophisticated DDG 1000 multi-mission destroyer class of ship.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Repair Ship Simulators 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: 0.0814 sec (12 req/sec)