Evercore Partners News

Soaring demand for U.S. liquefied natural gas (LNG) as buyers steer clear of Russian fuel is putting some long-stalled U.S. export projects back on track. But rising costs for materials and labor threaten to snarl these plants once again.Two developers with projects sidelined due to the U.S.-China trade war – Energy Transfer with its Lake Charles LNG and Tellurian Inc with its Driftwood LNG – have begun talks with construction provider Bechtel Group over costs, according to a…

Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited has announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction. Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash. Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5 percent of the combined company and Baltic Trading shareholders are expected to own approximately 15.5 percent of the combined company.

Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible with demand to store oil on vessels is strengthening, says a Bloomberg report. Supertanker owners from Tokyo to Athens days that oil-at-sea storage demand has gone up. Frontline Ltd., Nippon Yusen Kaisha and Dynacom Tankers Management Ltd., who control 11 percent of the fleet, said orders are multiplying as the global oil glut expands. Brent crude plunged 60 percent since June. The report says that the price of oil for delivery at later dates is so far above current costs, a market structure known as contango, that it can be profitable to store cargoes and lock in returns now in the futures market.

Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner. “NAMEPA was honored to host this annual event, and gratified by the interest and participation at the highest levels of shipping in our industry” stated NAMEPA Chairman Clay Maitland. Topics covered in the day’s conference included promoting a safety culture and environmental stewardship…

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share. The company also announced the closing of its previously announced private placement of 800,000 shares of its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, were $40,000,000.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that its public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, was priced at $25 per share. Concurrently with the public offering, the company has also sold through a private placement, 800,000 series b preferred shares to Chalkoessa Maritime Inc., an entity associated with the company’s chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, are expected to be $40,000,000.

Safe Bulkers, Inc., an international provider of marine drybulk transpor tation services, announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share to the public. In connection with the public offering, the company intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Shares. Concurrently with the public offering, the company is also selling through a private placement its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price.

Star Bulk Carriers Corp. announced that its Board of Directors approved a backstopped equity rights offering, which will allow the company to raise equity capital through the sale of its commonshares. The proceeds are expected to be primarily used for orders for fuel-efficient dry bulk vessels with some of the proceeds being reserved for working capital and general corporate purposes. The company said it plans to raise gross proceeds of $75 million through a backstopped equity offering of 14,018,692 common shares only to holders of record of its common shares as of the close of business on May 15, 2013. In connection with this offering…

StealthGas Inc., has increased the size of its stock offering, & will sell 10-million shares at $10 each using the proceeds towards purchase of 5 ships. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000. An entity controlled by the family of the Company’s President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels…

StealthGas Inc. announced an underwritten public offering of 8,000,000 shares of its common stock pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission. An entity controlled by the family of the Company's President and Chief Executive Officer has indicated its intention to purchase approximately 5% of the shares offered in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of its common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels…

Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, today announced that DryShips Inc.’s previously announced public offering of Ocean Rig common shares has been upsized to 10,000,000 common shares and priced at a price to the public of $16.25 per share. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. The offering is expected to close on April 17, 2012. DryShips has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering…

Athens, Greece – Dry Ships Inc., a global provider of marine transportation services for dry bulk and petroleum cargoes and off-shore contract drilling oil services, announced that it is offering 9,000,000 common shares of Ocean Rig UDW Inc. (“Ocean Rig”) which it owns in an underwritten public offering pursuant to Ocean Rig’s registration statement on Form F-1, filed with the Securities and Exchange Commission. Dry Ships also intends to grant the underwriters a 30-day option to purchase up to 1,350,000 additional common shares to cover over-allotments. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering…

Athens, Greece - Safe Bulkers Inc., an international provider of marine dry bulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6.50 per share, raising an additional $4,875,000 in aggregate gross proceeds before underwriting discounts and other offering expenses. The option had been granted in connection with a public offering of common stock, completed last week. Morgan Stanley, B of A Merrill Lynch and Credit Suisse acted as book-running managers and Evercore Partners acted as co- manager of the offering, which was made under an effective shelf registration statement.

The global tanker market is depressed, it appears that there is little hope that it will recover for at least two years, according to a panel of expert speaking yesterday at a MarineMoney event in New York City. “What a difference a year makes,” said Jonathan B. “Last year everyone was slapping each other on the back, but I don’t think there is any doubt where we are today; we are in a trough,” Chappell said. The global shipping markets are historically cyclical and difficult to predict, even for seasoned veterans, and there was no consensus on when a full recovery would come about, though generally it seems 12 to 36 months is a popular line of thought. “The easy answer is: ‘rates are down and there are too many ships,’” said Jan Andersen, Head of Shipping, ST Shipping and Transport Pte.

Athens, Greece, April 11, 2011 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it plans to offer 5,000,000 shares of its common stock to the public (the “Public Offering”). In connection with the Public Offering, the Company intends to grant the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock. The Company plans to use the net proceeds of the Public Offering for vessel acquisitions…

Danaos Corporation (NYSE: DAC), international owner of containerships, announced the formal completion of its previously announced Comprehensive Financing Plan, which fully funds Danaos’s current newbuilding program, comprised of 13 additional containerships aggregating 129,250 TEUs with scheduled deliveries up to mid 2012. The Plan provides for new financing of $818 million including $203 million from an Export-Import Bank of China led consortium, $190 million of vendor finance and $425 million from a consortium comprising of 14 of its existing bank lenders. Repayment schedules, interest rate margin and covenants have been reset and harmonized with this new structure and provide a competitive and solid financing package until end of 2018.

Danaos Corporation (NYSE: DAC), aninternational owner of containerships, announced that it received written commitments from all 14 of its bank lenders agreeing to the terms of Danaos’ previously announced arrangement with its lenders to modify its existing debt obligations and provide new credit facilities. Under the agreed terms, which are subject to final documentation and other conditions, Danaos will receive $426.0 million of new debt financing from existing bank lenders as funding toward its current newbuilding orderbook. Additionally, under Danaos' existing bank debt facilities, representing approximately $3.0 billion of indebtedness…

DryShips Inc. (NASDAQ:DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling services, announced that it has entered into an agreement to acquire the remaining 25% of the total issued and outstanding capital stock of Primelead Shareholders Inc. Upon closing of this transaction, Primelead will become a wholly-owned subsidiary of the company. Primelead’s principal assets include two owned and operational ultra deepwater semisubmersible drilling rigs, the Eirik Raude and the Leiv Eiriksson, and four newbuilding drillship contracts for Hulls 1837, 1838, 1865 and 1866. The newbuilding drillships have contractual delivery dates commencing in the fourth quarter of 2010 and ending in the third quarter of 2011.