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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Cummins Expands Marine Tier 3 Product Line

Cummins Inc., a manufacturer of diesel engines and generator sets for the marine industry, has launched a new Onan marine U.S. Environmental Protection Agency (EPA) Tier 3-certified generator,

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

The Next Generation of Hull Performance Management

Hull performance monitoring solutions can offer significant fuel savings potential, a fact that is prompting growing interest from the maritime industry. To spur

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0607 sec (16 req/sec)