Mr. Peter Evensen Named CMA 2013 Commodore
Award to be presented March 20, 2013 at the conclusion of the CMA's Shipping 2013 Annual Conference and Exposition. Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented to Mr. Evensen on March 20, 2013 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.
Hornbeck 3Q Results
• Hornbeck Offshore Services, Inc. (NYSE: HOS) announced results for the third quarter ended September 30, 2008. Third quarter 2008 revenues increased 15.2% to $109.1 million compared to $94.7 million for the third quarter of 2007. Operating income was $52.6 million, or 48.2% of revenues, for the third quarter of 2008 compared to $44.9 million, or 47.4% of revenues, for the prior-year quarter. Net income for the third quarter of 2008 was $33.5 million, or $1.24 per diluted share, compared to $28.9 million, or $1.09 per diluted share in the year-ago quarter. EBITDA for the third quarter of 2008 was $65.5 million compared to third quarter 2007 EBITDA of $54.3 million.
Hornbeck Offshore Reviews TTB Business
Hornbeck Offshore Services, Inc. announced that the Company has retained J.P. Morgan Securities Inc. (JPMorgan) to act as its financial advisor in a thorough review of strategic alternatives for its downstream tug and tank barge (TTB) business. This review will consider possible alternatives available to the company for the TTB business, including: (i) potential further growth by acquisitions, mergers or consolidations; (ii) potential disposition or monetization of all or a portion of the Company's ownership interests in the TTB business; (iii) other potential restructuring transactions involving the use of a master limited partnership ("MLP") structure; or (iv) maintaining the status quo.
Navios Announces Exercise of Underwriters' Over-Allotment Option and Closing of Offering
Navios Maritime Holdings Inc., announced that the underwriters of its recent common share offering exercised the full over-allotment option granted to them by Navios. As a result of the exercise, Navios sold an additional 1,725,000 shares, bringing the total to 13,225,000 shares sold, resulting in total net proceeds of $124.8 million after deducting the underwriter discount and estimated offering expenses. Concurrent with the exercise of the over- allotment, Navios announced the closing of the share offering originally announced on May 16, 2007. J.P. Morgan Securities Inc. and Merrill Lynch & Co. acted as joint bookrunning managers of the offering. S. Goldman Advisors LLC and Dahlman Rose & Company acted as co-managers.
Horizon Lines Announces Pricing of Secondary Offering
Horizon Lines, Inc.announced the public offering of 5,300,000 shares of its common stock, all of which are being sold by stockholders of the Company, at a price to the public of $14.50 per share. The selling stockholders have also granted the underwriters a 30-day option to purchase up to 795,000 additional shares from them. The Company will not be issuing any primary shares in the offering or upon the exercise of the underwriters' option. The offering is being made through an underwriting syndicate led by Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Goldman, Sachs & Co.
