Certain Subsidiaries News

Norway-based  bulk ship operator and management company Belships has finalized its merger with Lighthouse Group after receiving an approval of the merger plan by the extraordinary general meeting (AGM)."All the conditions for the completion of the merger, including the expiry of the creditor notice period, have been fulfilled and the Merger has been registered as completed by the Norwegian Register of Business Enterprises today on 10 December 2018," said a press statement.Belships ASA has upon completion of the merger issued 127,765,993 consideration shares to the shareholders of the assigning companies, and following the issuance there are 175,117,993 shares outstanding in Belships ASA, each with a nominal value of NOK 2.

Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.Belships ASA has announced a merger between certain subsidiaries of Kontrari (the Lighthouse Companies) and one or more subsidiaries of Belships with consideration in Belships shares.A reference is made to the stock exchange announcement made by Belships on 6 July 2018 regarding the acceptance by Sonata of an offer from Kontrari AS and Kontrazi AS relating to a contemplated sale of 14,285,714 shares (30.2%) in the Company from Sonata to Kontrari.A press release from the bulk ship operator and management company said: "Following satisfactory completion of a mutual due diligence process and final negotiations…

Containership owner operator Seaspan Corporation has announced that Fairfax Financial Holdings Limited, through certain subsidiaries, has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants, increasing Fairfax’s total investment in Seaspan to $1 billion. "Building on our acquisition of Greater China Intermodal Investments and existing partnership with Prem Watsa and Fairfax, the cumulative investment of $1 billion from Fairfax will also significantly strengthen Seaspan’s balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating," he added.

Seaspan Corporation announced that it entered into a letter of intent (LoI) pursuant to which Fairfax Financial Holdings Limited, through certain subsidiaries, will make an investment of US$250 million in Seaspan in exchange for the issuance by Seaspan of 5.5% interest bearing unsecured debentures and Class A Common Share purchase warrants. Seaspan intends to use the proceeds from this US$250 million investment to fund future growth initiatives, debt repayment and for general corporate purposes. Fairfax has agreed to subscribe on a private placement basis, and subject to certain conditions, for Debentures in a maximum aggregate amount of US$250 million.

Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones. "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee, and a member of the Nomination Committee and the Remuneration Committee due to work commitments, with effect from today (April 27)," says a statement from the company. Zhang, who is 42 years old and joined the Cosco Group in 1995, is currently holding directorships at certain units of China Ocean Shipping (Group) Co.

International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended December 31, 2015 posting revenue from port operations of US$1.051 billion, one percent lower compared to US$1.061 billion the year earlier; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$450.0 million, two percent higher than the US$443.0 million generated the previous year; and reported Net Income attributable to equity holders of US$58.5 million, down 68 percent compared to the US$182.0 million earned in 2014. Diluted earnings per share for the period declined 85 percent to US$0.011 from US$0.075 in 2014.

On February 4, 2014, Euronav announced that it had formed a joint venture with GSO Capital Partners LP (GSO) for the purpose of potentially purchasing some vessels from certain subsidiaries of Overseas Shipholding Group (OSG) who are currently in bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code. On 12 February 2014, OSG made a filing announcing that its debtors entered into an agreement in which they confirmed that debtors will withdraw their previously…

In early January 2014, Euronav announced the acquisition of 15 Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of $980 million (USD), the executive committee of Euronav NV now announce that  it has issued a $235 million seven-year bond to the same investors who participated in the capital increase of January 13, 2014, and it has signed a commitment letter for a $500 million senior secured credit facility with DNB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB (SEB).

Overseas Shipholding Group, Inc. starts Chapter 11 process to reduce debt & other financial obligations to create more solid financial foundation. The Chapter 11 petition for itself and certain operating subsidiaries was filed in the U.S. Bankruptcy Court for the District of Delaware. Certain subsidiaries, including those that manage the Company’s facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company’s market position, business model and strategy.

Seacor Smit Inc. and Stirling Shipping Company Ltd., a private UK company based in Glasgow, Scotland, signed a letter of intent for Seacor to acquire all of the issued share capital of Stirling Shipping and certain subsidiaries. Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping at closing and is estimated to total approximately 58 million pounds. The purchase price will be payable approximately 50% in cash, 20% in shares of Seacor common stock, 20% in loan notes and 10% in convertible notes. Stirling’s long term debt is projected to be approximately (pound)38.3 million at closing. The final price is subject to certain closing adjustments.