Be Delisted News

Climate change, rising sea levels, land reclamation and offshore energy are all factors underpinning business models at Europe’s dredge and marine engineering majors. They are adopting strong sustainability credentials as their operations come under closer environmental, social, governance (ESG) scrutiny and new opportunities open up in the US offshore wind sectorThe relatively small number of global marine engineering and dredge firms face more observation of their business models than ever before.

Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request imposes an uncomfortable dilemma on President Joe Biden’s administration as it tries to balance efforts to slash pollution from the fossil…

Polarcus Limited, a seismic surveyor in liquidation, is set to be wound down and delisted from the Oslo Stock Exchange.As previously reported, in January this year, lenders took control of the company's vessels after a debt payment default, and decided to sell them and let go all the employees.On February 8, 2021, David Griffin and Andrew Morrison of FTI Cayman, and Lisa Rickelton of FTI London were appointed Joint Provisional Liquidators (JPL) of the struggling seismic services provider by an order of the Court. Liquidators were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the company’s financial indebtedness with a view to making a compromise or arrangement with the company’s creditors.Since their appointment…

This article will focus on U.S. sanctions on Russia/Ukraine. The Russia/Ukraine sanctions program is a complex mix of comprehensive, noncomprehensive and “sectoral” sanctions. It includes both primary sanctions aimed at U.S. persons and secondary sanctions aimed at non-U.S. persons. It encompasses broad sectors of the Russian economy and significant dealings with sanctioned individuals and entities, while generally permitting most transactions with Russia. Accordingly, it stands alone in U.S.

The United States on Thursday lifted sanctions on Marshall Islands-based Delos Voyager Shipping Ltd and Greece-based Romina Maritime Co Inc that had been imposed last month over accusations the companies operated in the Venezuelan oil sector.The U.S. Treasury Department’s action lifted Venezuela-related sanctions on four companies, including Marshall-Islands based Adamant Maritime Ltd and Sanibel Shiptrade Ltd, as well as on four vessels.The move, which follows the delisting last month of other Greece- and Marshall Islands-based shipping firms, removed the remaining Greece-based companies blacklisted in June for transporting Venezuelan oil from the U.S.

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.Hornbeck…

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport.Despite tough U.S. measures against Venezuela's state-owned oil company PDVSA in January, Cuba's state-run oil import and export company Cubametales and other Cuba-based entities "have continued to circumvent sanctions by receiving oil shipments from Venezuela…

The United States wants all ships to keep their tracking transponders on to cut down on illicit activity and smuggling, and to increase transparency with movements of ships around the world, a senior State Department official told Reuters.Automatic identification systems trackers are the most accessible way of observing where ships are located.The practice of turning off AIS by some vessels from countries such as Iran has become common to evade closer scrutiny as the United States pushes to cut off Iranian oil exports.The official…

Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday."The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end."It is up to shareholders to decide…

General Dynamics has completed its acquisition of CSRA Inc. The transaction, valued at approximately $9.7 billion, is expected to be accretive to GAAP earnings per share and to free cash flow per share in 2019, and is expected to generate estimated annual pre-tax cost savings of approximately 2 percent of the combined company’s revenue by 2020. CSRA is now part of General Dynamics Information Technology. This combination creates a premier provider of high-tech IT solutions to the government IT market. “The combined CSRA and GDIT offers innovative, competitive and compelling solutions to our customers, and provides attractive free cash flow coupled with good incremental return on capital for investors,” said Phebe Novakovic, chairman and chief executive officer of General Dynamics.

Singapore-based offshore shipbuilder Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation. According to a report in the Straits Times, crippled with a debt of US$877 million (S$1.16 billion), the troubled company, which is delisted from the Singapore Exchange (SGX), filed an application last week to be placed under judicial management. The company  has applied for an interim judicial manager to be appointed, pending the hearing of its judicial management application. The hearing has been adjourned to March 12. According to Bloomberg, shipbuilder wants to turn itself around under the court’s supervision and fend off creditors while it restructures its debt, according to its Feb. 20 application for judicial management.

BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile. Martin added: "The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market.

Hanjin Shipping, once the country's top shipping line,  will be delisted from the domestic bourse today (March 7), ending its eight-year trading history, Yonhap News Agency said citing industry sources. According to the Korea Exchange (KRX) the company will be delisted from the main KOSPI market after seven sessions of sell-off trading. It was listed on the bourse Dec. 29, 2009, at 21,300 won ($18.41). It reached a record high of KRW 38,694 per share in January 2011. Hanjin Shipping was put under court receivership in September last year, as its creditors, led by the KDB, rejected its self-rescue plan. After being declared bankrupt on Feb. 9, the country's bourse operator, the Korea Exchange, has allowed investors to unload Hanjin Shipping stocks.

Transocean Ltd. announced the closing of the acquisition of Transocean Partners. Each outstanding public common unit of Transocean Partners was converted into the right to receive 1.20 shares of Transocean Ltd., which issued approximately 23.8 million shares related to the transaction. In connection with the closing, Transocean Partners' common units were delisted from the New York Stock Exchange.

Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said.   Daewoo's main creditor, Korea Development Bank (KDB), said in a statement it will cancel about 60 million of its Daewoo shares, and reduce the remaining stake by a ratio of ten shares to one to cut the ship builder's debt-to-asset ratio.   It will then inject 1.8 trillion won ($1.6 billion) in Daewoo in a debt-for-equity swap.   The Export-Import Bank of Korea will buy 1 trillion won in Daewoo-issued perpetual bonds to shore up Daewoo's finances, KDB added. ($1 = 1,149.3900 won) (Reporting by Joyce Lee; Editing by Edwina Gibbs)

South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald. Both are reportedly planning to draw up detailed plans within the month. The funds will be injected into the ailing shipbuilder through debt-equity swap or by purchasing newly issued shares. Meanwhile, Pulse reported that despite a recent outside audit report questioning the viability of DSME, the Korean government along with the banks are determined to turn the shipbuilder around instead of sending it to the bankruptcy court for reorganization.

Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to wind up  its subsidiaries in Australia - Go Inshore Pty and Go Marine Group Pty, says a report in Bloomberg. Creditors are claiming A$787,204 (S$814,580) from the offshore marine group. The total sum claimed against the subsidiaries pursuant to the applications is in the approximate quantum of A$787,204, the company said. The management of Go Marine Group is seeking legal advice and plans to dispute the debts. The cases will be heard on Nov. Otto Marine itself has been taking legal action against its debtors as the downturn in the offshore marine sector bites.

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private. Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68 percent of NOL’s share capital. With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted. In addition, CMA CGM intends to have NOL delisted from the Main Board of the SGX-ST.

Singapore-based offshore marine group Otto Marine, which is in the midst of a takeover offer by its chairman, has taken a second legal action against payment default, reports Strait Times. Otto Marine said it has commenced arbitration proceedings against Vettal Mega Services for failing to pay around US$6 million (S$8.05 million) in charter fees for tugboats Swordfish 5 and Go Enif. Just last week, Otto also said it has started arbitration proceedings against Robert Knutzen Shipholdings Ltd (RKSL) for alleged default on charter parties. RKSL allegedly took delivery of and operated two vessels under Otto Marine's fleet under bareboat charter parties dated Jan 15, 2009.

South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME),  faced with risks of being delisted from the stock market due to capital erosion, is seeking measures for survival, says a report in Korea Times. DSME has fallen into the state of complete capital impairment after taking a net loss of more than 1 trillion won in the second quarter. If this state continues until the year's end, the company's stock would be delisted from the market. The company may be kicked out of the main bourse KOSPI if it fails to escape full-scale capital erosion. The shipbuilder, which recorded a 423.6 billion won operating loss and 1.2 trillion won net loss in the second quarter…

After successfully acquiring a controlling interest in NOL, CMA CGM has consolidated the Singapore-based company since 14 June, says a press release from the company. Singapore’s Neptune Orient Lines (NOL) is the parent company of container carrier APL. As part of the NOL integration process, CMA CGM reviewed the portfolio of brands deployed on its various lines and concluded that only two brands should be used on each trade. By 30 June, the total stake had risen to nearly 93%. Since that date, a compulsory acquisition process has been initiated, which will result in CMA CGM owning all of the company's outstanding shares. Subsequently, as previously announced, NOL will be delisted.

Shares of Neptune Orient Lines (NOL) - now a wholly owned unit of French container ship operator CMA CGM - delisted from the Singapore Exchange (SGX) with effect from 9am September 07. CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday. CMA CGM has completed the exercise of its rights of compulsory acquisition of all NOL shares held by shareholders who did not accept the all-cash voluntary conditional general offer. The takeover has marked CMA CGM’s biggest ever acquisition and came as container lines sought to cope with a severe market downturn through greater scale.