Oaktree Capital News

Greece-based Empire Navigation is investigating whether Iranian oil was transferred onto one of the vessels it manages, the company said in a statement, after a U.S. advocacy group first made such allegation last week.Top oil shipping companies say they are grappling with a growing risk of handling oil shipments originating from countries that have been targeted by U.S. sanctions such as Iran and Venezuela.A breach of U.S. sanctions could lead to a company losing access to the dollar financial system, having assets seized, and insurance cover for ships canceled, U.S. and insurance industry officials say.Empire Navigation said it was "aware of the allegation of non-compliance regarding our managed vessel…

Canada Pension Plan Investment Board (CPPIB) said on Wednesday it had agreed to buy Ports America, one of the largest marine terminal operators in the United States, from investment firm Oaktree Capital Management LP.While no valuation was given in the announcement statement, the deal values Ports America at over $4 billion, according to two sources familiar with the matter.The transaction comes amid heightened interest in logistics, with supply-chain disruption in focus as the…

Offshore wind caught a favorable gust with the 2020 election of Joe Biden, and the following breeze from the early 2021 reconfiguration of the U.S. Senate toward Democrats. Though widely touted as a growth engine for maritime businesses (as well as shoreside trades), the latter years of the Trump administration seemed to see delay after delay.The class society DNV has been involved in offshore wind since its outset in the early 1990s, and now has 2,000 energy experts working in its efforts supporting this power source.

The American shipbuilding scene, filled with participants constructing all manner of vessels, has been navigating through stormy times (lately, yards along the Gulf Coast have literally been dealing with storms). The orders for newbuild, repair and conversion projects continue to flow in—albeit at a reduced pace—and the boats and ships go down the ways into the water, but the overall panorama has seen tremendous sea changes as the business has shifted.Maritime businesses worldwide have been grappling with currents both internal and external.

NorthStar Midstream, a portfolio company of funds managed by Oaktree Capital Management, L.P., has announced the formation of Polaris New Energy (“PNE”), a marine transportation company focused on the transportation and distribution of liquefied natural gas (LNG) along the coastal and inland waterways of the United States.NorthStar has executed an agreement with Fincantieri Bay Shipbuilding to build a 5,400 cubic meter (CBM), with the ability to potentially construct two sister barges, for coastwise transportation of LNG.

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at best…

Star Bulk Carriers announced that it has closed the previously announced acquisition of three  newbuilding Newcastlemax dry bulk vessels in an all-share transaction, from Oceanbulk Container Carriers (OCC). The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company. OCC is an entity affiliated with Oaktree Capital Management and with family members of our CEO, Petros Pappas and entities affiliated to them. The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding (SWS), with expected delivery dates in the end of 2018 and first half of 2019. CSSC (Hong Kong) Shipping Company Limited has agreed to provide $104.4m to finance the remaining $103.8m capital expenditure of the three vessels via a ten-year capital lease.

Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels . The cash portion of the Songa consideration will be financed through proceeds of a new five-year capital lease of $180 million with China Merchants Bank Leasing with a margin of 280 bps…

The French coastguard on Tuesday searched for Pierre Agnes, the chief executive of U.S. surfwear retailer Boardriders Inc, after his 36-foot (10.97 m) sailboat was found washed up on the country's Atlantic coast. Rescuers were scouring the Bay of Biscay waters off Hossegor, a surfing resort from where the 54-year-old Agnes set sail early in the morning, the Landes prefecture said. Agnes sent a message to port authorities indicating that he was delaying his return because of thick fog. His beached boat was later found empty not far from Hossegor. "An air and sea search operation is underway," the Landes prefecture said in a statement, adding that two helicopters and two boats were involved in the rescue operation.

Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported. The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s third biggest container shipping company. “We will either exit our investment completely or remain as an ordinary shareholder,” said Yildirim. Yildirim invested $600 million to become a shareholder in CMA CGM between 2010 and 2011. According to the company, the current value of the shares ranges between USD 2.5-3 billion based on recent deals in the industry. A report in Hürriyet CMA CGM has confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24% stake.

Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering. Giving effect to this offering, Oaktree and Senator are expected to beneficially own 51.4% and 6.5%, respectively, of the Company's outstanding common shares. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.

Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share. The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million. The Company has agreed to grant shelf registration rights to the investors for the resale of their common shares. Star Bulk intends to use the net proceeds of the offering for general corporate purposes. Giving effect to this offering…

JAX LNG said it has executed the remaining engineering and procurement contracts required to begin construction of a new liquefied natural gas (LNG) liquefaction and storage facility at Dames Point near the Port of Jacksonville. The JAX LNG liquefaction facility is expected to be operational in the fourth quarter of 2017. Once completed, it will be outfitted with a 2 million-gallon storage tank with the capacity to produce in excess of 120,000 gallons of LNG per day. JAX LNG’s Jacksonville plant will be North America’s first small-scale coastal LNG facility and will include marine distribution capabilities utilizing North America’s first LNG bunker barge, Clean Jacksonville. “The LNG industry is seeing a steady growth in demand,” said Tim Hermann, president of Pivotal LNG.

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes. Oaktree Capital Management, L.P., Caspian Capital LP and family members or entities owned and controlled by affiliates of the family of our Chief Executive Officer and founder, Mr. Pappas, have indicated that they will purchase common shares with gross proceeds representing their respective pro rata shares of the gross proceeds of the offering, based on their respective current percentage ownership in the Company.

A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, to be named ETHOS OFFSHORE LIMITED, will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base to market-leading standards. The new company, backed by investment funds advised and managed by Oaktree Capital Management, L.P. (“Oaktree”), is expected to have a contracted backlog of $145 million worth of projects. The move also could potentially safeguard more than 100 jobs across North America, Africa and Mexico.

Navig8 Chemical Tankers has signed sale and leaseback agreements with China's Bank of Communications Financial Leasing (BCFL) for a quartet of medium range tankers. The  for four 49,000 DWT Interline coated medium range tankers being built at STX Offshore & Shipbuilding Co., Ltd, Korea (STX). The four vessels from STX  have contractual delivery dates ranging from end March 2017 to end June 2017. Under the sale and leaseback agreements, BCFL will provide funding for pre-delivery as well as the delivery instalments for the STX Vessels. The net proceeds from the transaction (after a 12% sellers' credit) will be USD 140,025,600. The STX Vessels will be delivered to BCFL on their respective deliveries from STX.

Harkand's key shareholder Oaktree Capital Management has reaffirmed a strong commitment with an additional $25 million of funding which will allow the company to expand its footprint in new and existing regions. As well as maintaining its operations in current market conditions, the global inspection, repair and maintenance company has recently been awarded three major frame agreements taking them into West Africa and Mexico for the first time. It has also expanded its services with its first decommissioning project in the North Sea supporting Maersk Oil North Sea Ltd.

As previously reported, TORM has obtained the creditor consents necessary to implement its Restructuring through an English law Scheme of Arrangement (cf. announcement no. 15 of 25 June 2015). The Scheme has now been sanctioned by the High Court of England and Wales and the sanction order has today been lodged with the Companies House. The Scheme has thus become effective. Earlier this year, TORM entered into a Restructuring Agreement to memorialize the support of certain of its lenders for the Restructuring (cf. announcement no. 8 of 27 March 2015). As required by TORM’s finance documents and in connection with negotiations regarding the Restructuring Agreement…

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships has driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy. At least five private-equity backed shipping firms are seeking share listings…

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels…

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd. (Mega Bank) will strip him of intellectual property worth more than $100 million for each ship. According to Ken Liang's deposition at the court, Mega Bank is the agent for vulture fund Oaktree Capital Group. U.S.

Unique partnership offers the first fully integrated LNG solution to ship owners. WesPac Midstream LLC (WesPac), a leading provider of energy infrastructure and LNG solutions, announced a partnership agreement with Clean Marine Energy LLC (CME), the global facilitator of finance mechanisms for LNG conversion and Emission Control Area (ECA) compliance. This strategic partnership will ensure the supply and delivery of LNG to ship owners utilizing CME’s Emissions Compliance Service Agreement (ECSA) to convert to cleaner fueling.

WesPac Midstream LLC (WesPac), a provider of energy infrastructure and LNG solutions, announced a partnership agreement with Clean Marine Energy LLC (CME), the global facilitator of finance mechanisms for LNG conversion and Emission Control Area (ECA) compliance. This strategic partnership will ensure the supply and delivery of LNG to ship owners utilizing CME’s Emissions Compliance Service Agreement (ECSA) to convert to cleaner fueling. The WesPac/CME integrated solution represents a significant step in the evolution of LNG as a marine fuel. The partnership is able to provide both the funding required for LNG conversion as well as the infrastructure for LNG supply and delivery.