Euronav to Buy CMB.TECH for $1.15 Billion
Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECHâs âfuture-proofâ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH buildsâŠ
Hornbeck Offshore Discloses Revenue Growth in Its IPO Paperwork
Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firms that listed recently.Hornbeck intends to list its shares on the New York StockâŠ
Cadeler and Eneti Announce Launch of Share Exchange Offer
Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New YorkâŠ
Cadeler Reports Strong Results, Outlook
Cadeler A/S published its interim financial report for the first half of 2023 presenting a positive result exceeding the guidance projected for the fiscal year 2023. Revenue in the first six months of 2023 was EUR 68 million, which is an increase of 57% against the same period last year. Adjusted EBITDA for the first half of 2023 was EUR 44 million, which is a EUR 21 million increase compared to the same period last year. EBITDA for H1 2023 was EUR 42 million. Profit for the period is EUR 29 million, which is EUR 19 million higher than the same period in 2022.
Harsh Weather Offshore LNG Terminal Firm Crown to Merge with Catcha
Crown LNG Holdings AS, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has agreed to merge with Catcha Investment Corp, a publicly traded special purpose acquisition company, that would result in Crown becoming a U.S. publicly listed company. The combined company, named Crown LNG Holdings Limited (âPubCoâ), intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol âCGBSâ.Crown designs andâŠ
Ocean Yield Enters Sustainability-Linked Transaction for Four Product Tankers
Ocean Yield has agreed to purchase four LR1 product tankers, to be constructed at Guangzhou Shipyard International (GSI) in China.The vessels will be built with a design enabling them to be converted to dual-fuel operation with methanol as fuel. Upon delivery (in 2026 and 2027), the vessels will commence 15-year bareboat charters to guaranteed subsidiaries of Braskem S.A., a global petrochemical company listed on the New York Stock Exchange and based in Brazil. Braskem S.A. currently has credit ratings of BBB- from S&P and FitchâŠ
Cadeler and Eneti Agree to Merge
Offshore wind turbine and foundation installation companies Cadeler and Eneti announced they have agreed to merge through a stock-for-stock exchange.The combined company will be named Cadeler, headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange (NYSE) in addition to its current listing on the Oslo Stock Exchange (OSE) with a proforma market capitalization in excess of âŹ1.2 billion. The combined group will operate four vessels on water today and six large-scale state-of-the-art new builds scheduled for delivery from 2024 to 2026.
Eagle Bulk Buys an Ultramax Bulk Carrier for $24.3 Million
U.S.-based shipowner Eagle Bulk Shipping announced it has expanded its fleet with the purchase of a secondhand Ultramax bulk carrier for $24.3 million.The vessel, which was constructed at China's Chengxi Shipyard in 2015, will be renamed Gibraltar Eagle and is expected to be delivered to the company during the first quarter of 2023. Eagle Bulk did not disclose the seller."This transaction is well-aligned with the companyâs growth strategy of enhancing its fleet composition. Specifically, improving the age profile of the fleet, increasing the cargo capacity per vessel and reducing emissions on a per deadweight ton basis," Eagle Bulk said in a press release. The Stamford, Conn.
Eagle Bulk to Transfer Listing to the NYSE
Stamford, Conn. based dry bulk shipping company Eagle Bulk Shipping on Monday announced it will transfer the listing of its shares from the Nasdaq Global Select Market to the New York Stock Exchange (NYSE). The company said it expects to commence trading as a NYSE-listed company at market open on January 4, 2023 under its existing ticker symbol, âEGLEâ. The Companyâs shares will continue to trade on the Nasdaq until the market close on January 3, 2023.Eagle's CEO Gary Vogel commented, âWe are truly excited to join the New York Stock Exchange and have our shares trade alongside some of the worldâs most respected companies, including the majority of our U.S.-listed peers within the maritime/shipping space.
Atlas Receives $3.64 Billion Takeover Offer from Poseidon
Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data.The board will
Samsung Delivers Suezmax Newbuild to NAT
Tanker shipping company Nordic American Tankers on Friday took delivery of a suezmax newbuild from shipbuilder Samsung Heavy Industries in South Korea.The 157,000-dwt crude oil tanker is named Nordic Harrier, which was the first NAT ship when becoming stocklisted on the New York Stock Exchange in 1995.The ship, which is on a 10-year bareboat charter to NAT from Norwegian shipowner Ocean Yield, will commence a contract for six years to ASYAD Shipping Company of the Sultanate of Oman. "The contract is producing earnings and cashflow as from delivery from the yard, creating financial stability and a further foothold in this important area," New York-listed NAT said in a letter to investors and shareholders.
Carnival Reports Record Week of Cruise Bookings
The world's biggest cruise operator Carnival Corp on Tuesday reported its busiest booking week in history as leisure travel continues to rebound from a long pandemic-led hiatus.The news sent shares of Carnival up nearly 4% in afternoon trading. The stock traded up more than 8% earlier in the session on the New York Stock Exchange. The news also earlier lifted rivals Royal Caribbean Group and Norwegian Cruise Line Holdings.Carnival said in a news release that the week of March 28-April 3 showed a double-digit increase from the previous record 7-day booking total.The U.S.
ZIM Announces Record Financial Year in 2021
Net Income of $4.65 Billion, Adjusted EBITDA of $6.60 billion, and Adjusted EBIT of $5.82 billionAs the containershipping industry enjoys its greatest boom of a generation, ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated results for the three and 12 months ended December 31, 2021.Net income for the fourth quarter was $1.71 billion (compared to $366 million in the fourth quarter of 2020), a year-over-year increase of 366%, or $14.17 per diluted shareâŠ
Royal Dutch No More: Shell Officially Changes Name
Shell officially changed its name on Friday, ditching "Royal Dutch", which has been part of its identity since 1907, following plans to scrap its dual share structure and move its head office from the Netherlands to Britain."Shell announced the Board's decision to change its name to Shell plc on December 20, 2021. This change has now taken effect," Shell said in a filing.The London and Amsterdam stock exchanges will reflect the name change on Jan. 25 while the New York Stock Exchange will follow on Jan.
Teekay LNG Rebrands as Seapeak
Shipping company Teekay LNG has rebranded as Seapeak following the completion of its acquisition by U.S.-based investment firm Stonepeak.One of the worldâs largest independent owners and operators of liquefied natural gas (LNG) carriers, Teekay LNG announced in October that it entered into a merger agreement that would see Stonepeak acquire all issued and outstanding common units representing limited partner units in Teekay LNG, and its common un it holders voted to approve the deal in December.
Noble Corp. Shareholder to Vote Against Maersk Drilling Merger
Following the announcement of a proposed merger between offshore drillers Maersk Drilling and Noble Corporation on Wednesday, a Noble shareholder said it would vote against the deal.The combination is a primarily all-stock transaction where the shares of the combined company will be distributed equally between the current shareholders of Noble and Maersk Drilling.The transaction is planned to be implemented through an English incorporated holding company, which will make a voluntary tender exchange offer to the shareholders of Maersk Drilling. The tender exchange offer will allow Maersk Drillingâs shareholders to exchange each Maersk Drilling share for 1.6137 shares in the new holding company.The two drillers said that the proposed transaction completion was targeted to close in mid-2022âŠ
International Seaways, Diamond S Shipping Merge. Become 2nd Largest U.S.-listed Tanker Firm
International Seaways, one of the world's oil largest tanker operators, petroleum products, has completed the previously announced merger with Diamond S Shipping Inc. The combined company will continue to operate as International Seaways and trade on the New York Stock Exchange under the symbol INSW. International Seaways expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million, which are expected to be fully realizable within 2022."Following the completion of the mergerâŠ
Hornbeck Offshore Strikes Restructuring Deal with Lenders
US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeckâs previous announcement earlier this month when the company said it was in talks with lenders over the terms of the balance sheet restructuring, to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.Hornbeck Offshore said Tuesday that it had entered into restructuringâŠ
Norwegian Has Enough Cash to Stay Afloat for 18 Months
Norwegian Cruise Line Holdings Ltdâs $3.5 billion in cash on hand will be enough to bankroll the company for âat least 18 monthsâ without any new revenue due to the coronavirus pandemic that has halted voyages, Chief Executive Frank Del Rio said on Thursday.âThatâs enough to cover our cash burn under a zero-revenue environment for at least 18 months, not 12, 18 months,â Del Rio told Reuters in a phone interview.Norwegianâs shares, which have lost almost 80% of their market value this yearâŠ
Hermitage Offshore Services Appeals NYSE Delisting Decision
Offshore vessel owner Hermitage Offshore Services has appealed against the New York Stock Exchange's move to delist its shares.Hermitage Offshore Services (previously known as Nordic American Offshore) on August 12 filed for a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, It cited a prolonged slump in global oil prices, driven in part by the global coronavirus pandemic, and its effect on the companyâs business, as well as the inability to reach a financial restructuring deal with lenders out of court, as the reason for the move.Following Hermitage's Chapter 11 application, the NYSE then determined to initiate delisting procedures for the companyâs common shares, to which the cash-strapped offshore vessel owner has now decided to appeal.
Teekay Offshore Changes Name
Teekay Offshore Partners L.P., a provider of offshore oil production and storage vessels for the offshore oil and gas industry, has changed its name.The company announced Tuesday its name has changed to Altera Infrastructure L.P. effective March 24, 2020. The move comes following the recent acquisition of the company by Brookfield Business Partners L.P.The group of entities comprising of the company's affiliates and subsidiaries (formerly referred to as Teekay Offshore) is rebranding to Altera InfrastructureâŠ
Ocean Yield Buys Ethylene Gas Carrier
Norwegian shipowner Ocean Yield ASA has agreed to acquire Navigator Aurora, a 37,300 cbm ethylene gas carrier owned by Navigator Gas.According to agreement, the ship will be purchased for a total consideration of USD 69.75 million net of a sellerâs credit, with a 13-year bareboat charter to a company 100% owned and guaranteed by Navigator Holdings - Navigator Gas.The vessel is expected to be delivered to the Company during October 2019. Navigator Gas has certain options to acquire the vessel during the charter period. The transaction is subject to final documentation.The vessel, Navigator Aurora, is a 37,300 cbm ethylene gas carrier that was built in 2016.
Hornbeck Offshore Delisted from NYSE
Hornbeck Offshore Services announced its common stock has been delisted from the New York Stock Exchange (NYSE) on December 20, 2019, and that the company began trading on the OTC Pink marketplace effective December 23, 2019.The NYSE announced that Hornbeck stock was was suspended from trading because the company did not maintain an average global market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.HornbeckâŠ