TOP Ships in 1-for-20 Reverse Stock Split
Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".
TOP Ships Gets Loan for a Tanker
Top Ships, a provider of oil, petroleum products and chemicals transportation services, has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.The Greek tanker owner and operator said in a press release that the gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB.The tenor of the new facility is 10 years, it added.The company also announced that it intends to enter into 2 additional Financing Agreements with the same financier at similar terms, in order to exercise its purchase options for the M/Ts Stena Weco Energy and Stena Weco Evolution.
Yara Acquires Majority Stake in Green Tech Marine
Yara International will expand its emissions control business by acquiring a majority 63% stake in Green Tech Marine (GTM), a sulphur oxide (SOX) scrubber supplier to the marine industry. “New International Maritime Organization (IMO) regulations are being implemented, and combining GTM with our existing Nitrogen Oxide (NOX) portfolio will help the maritime industry cleanse their emissions and be compliant,” said Yves Bonte, Senior Vice President and head of Yara’s Industrial Segment.
WSS Rolls Out Single Payment System
Ship operators and managers are benefitting from the administrative efficiency of a single payment system for port calls launched by Wilhelmsen Ships Service. A Float Account scheme operated by the company enables the ship operator to deposit a fixed amount with them to cover a month’s anticipated port calls. The sum is used to cover all the expenses of the operator’s vessels, wherever they call in the world. Wilhelmsen Ships Service’s global network, plus its “Ships Agency Re…
Philips Joins Wilhelmsen In Canada
Wilhelmsen Ships Service has appointed a new General Manager for Canada. Brian Philip joins the leading worldwide ships service network. He will drive what is expected to be significant growth in Canada by developing and strengthening the company’s ability to deliver a full range of Wilhelmsen Ships Service’s offers. Brian brings with him extensive experience from the logistics industry, where he has held several key commercial management positions, most recently as Business Development Manager and Sales Manager in Canada for a leading global logistics company.
WSS Expands US Ports Services with Jo Tankers
A new contract to supply ships services to one of the world’s largest chemical transportation fleets, Jo Tankers, has strengthened Wilhelmsen Ships Service’s port coverage for the customer in the USA. Wilhelmsen Ships Service (WSS) has been contracted to provide services in the ports of Houston, Freeport and New York by Jo Tankers, which is in addition to the current port calls handled in New Orleans and Philadelphia. The additional ports will bring Wilhelmsen Ships Service nearly 100 new port calls per year for the region. Jo Tankers is a leading provider of deep-sea transportation services, not just for chemicals, but also for other high-value liquids such as petroleum products and edible oils.
Ashland to Sell its Marine Services Business
On June 22 Ashland Inc. (NYSE:ASH) announced it has signed a definitive agreement to sell its global marine services business, known for many years as Drew Marine, to J. F. Lehman & Co. in a transaction valued at approximately $120m before tax. Ashland’s after-tax proceeds will be used to reduce debt. “This transaction will be a win for all parties,” said James J. O’Brien, Ashland chairman and chief executive officer. “For Ashland, this reflects our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses. For J. F. Lehman & Co., the acquisition of Drew Marine represents an opportunity to acquire a leading global brand with strong market positions and prospects for growth.
