OSG, DHT Announce Exercise of Overallotment Option

Tuesday, June 19, 2007
Overseas Shipholding Group, Inc. (OSG) and Double Hull Tankers, Inc. (DHT) announced that Merrill Lynch & Co. and UBS Investment Bank have exercised their option to purchase 750,000 shares of common stock of DHT. OSG granted the underwriters the 30-day option to purchase up to an additional 750,000 shares of common stock for the purpose of covering overallotments in connection with its previously announced offering of 5,000,000 shares of common stock of DHT. OSG expects to recognize an additional gain from the sale of the 750,000 shares of approximately $2 million in the second quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 12.5%, or 3,751,500 shares, to approximately 10.0%, or 3,001,500 shares. This sale was made pursuant to DHT's existing shelf registration statement. DHT will not receive any proceeds from this sale of its common stock.

People & Company News

MPA Appoints Koji Sekimizu as Distinguished Visiting Fellow

The S. Rajaratnam School of International Studies (RSIS) and the Maritime and Port Authority of Singapore (MPA) have appointed former Secretary-General of the

MN100: Klüber Lubrication NA LP

The Company: Klüber Lubrication is one of the world’s leading manufacturers of specialty lubricants, offering high-end tribological solutions to virtually all industries and markets worldwide.

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

Finance

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction 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: 0.0949 sec (11 req/sec)