Arne Blystad News

MPC Container Ships ASA announce on Tuesday that it has completed its acquisition of Songa Container AS.MPC announced in June that it had entered the share purchase agreement to acquire 100% of Songa shares for $210.25 million on a debt and cash free basis.Constantin Baack, CEO of MPC Container Ships, said, "It is with great pleasure we announce the successful closing of this milestone transaction. Charter rates have continued to rise since the signing of the agreement, improving the risk-reward dynamics of the transaction even further. This transaction will have an immediate accretive impact on our earnings in a surging container market. Our growing fleet reinforces our industry leading position as an intra-regional trade tonnage provider.

MPC Container Ships ASA (MPCC) announced it has reached a deal to acquire fellow Norwegian-based container shipping company Songa Container AS for $210.25 million on a debt and cash free basis. The transaction is expected to be completed by the end of July 2021.Upon closing, MPCC will acquire Songa’s fleet of 11 container vessels, with an average size of 2,250 TEU and an average age of 11.9 years , creating a combined fleet of 75 ships and a total capacity of roughly 158,000 TEU. Nine of the acquired ships are fitted with scrubbers while three are equipped with the highest ice-class.Constantin Baack, MPC Container Ships CEO, said, “This…

Keel laying has been completed for Norway-based Offshore Heavy Transport (OHT)'s new crane vessel Alfa Lift currently under construction at China Merchants Heavy Industry (CMHI) yard in Jiangsu."The new heavy installation crane vessel has reached its second significant build milestone with the laying of the Keel, weeks ahead of schedule," said a press release from the  heavy transport and installation contractor.For the first time the fabricated blocks have come together for assembly in the dry dock and the vessel will start to take shape. This is the next significant step in bringing Alfa Lift to the market, following the Steel Cutting Ceremony that took place on March 1st of this year.The milestone was marked with a Keel Laying Ceremony on the 25th September…

Global shipping company Star Bulk Carriers, announced  that it has closed the previously announced acquisition of fifteen operating dry bulk vessels  from Songa Bulk  for an aggregate of 13.725 million common shares of Star Bulk  and $145.0 million in cash. Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders. First trading day of the secondary listing of the Company’s common shares on Oslo Børs, a regulated stock market operated by Oslo Børs ASA of Norway, is expected to take place by mid-July.

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…

Maritime and Merchant AS  (to be renamed Maritime & Merchant Bank ASA), which was granted a banking license by The Financial Supervisory of Norway (FSAN) on the 28th of January for establishing a global bank dedicated solely to the shipping and offshore industries, has announced the appointment of Dagfinn Lunde to its Board of Directors. Lunde brings more than 30 years experience gained from leadership roles at several leading shipping, banking and consulting companies. His international experience includes management positions within the Klaveness Group of Companies…

An experienced team of shipping, offshore and finance professionals are pleased to announce the intention to establish Maritime & Merchant Bank (M&M) a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide. The newly formed project company, Maritime & Merchant AS (M&M AS), will file a banking license application on behalf of M&M during the autumn of 2013. The main sponsoring shareholders of M&M AS are currently Arne Blystad…

A team of Norway-based shipping, offshore and finance professionals intend to establish Maritime & Merchant Bank (“M&M’’) a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide. The newly formed project company, Maritime & Merchant AS (M&M AS), will file a banking license application on behalf of M&M during the autumn of 2013. The main sponsoring shareholders of M&M AS are currently Arne Blystad…

The Boards of Directors of DHT and Saga have entered into a transaction agreement regarding an acquisition of Saga by DHT. Under the terms of the agreement, DHT will put forward a recommended voluntary exchange offer (the "Offer") pursuant to the Norwegian Securities Trading Act for all of the shares of Saga. The consideration offered will be 0.25 DHT shares per Saga share. The Offer consideration corresponds to NOK 5.44 per Saga share, based on the closing share price of DHT on 27 May 2011 of USD 4.01, applying an USDNOK exchange rate of 5.43, and values the total share capital of Saga at approximately NOK 472.4 million or USD 87.0 million.

Pål Helsing was appointed Executive Vice President for Aker Kvaerner's Business Area Field Development, succeeding Simen Lieungh. Helsing will be a member of the Executive Management Team reporting to Martinus Brandal, President & CEO. Helsing comes from Subsea, one of Aker Kvaerner's five Business Areas, where he was Senior Vice President for Subsea Systems. Helsing has worked with Aker Kvaerner since 1993, and has extensive industry experience from several high-level management positions within the company in Norway and internationally. Before starting with Aker Kvaerner, Helsing worked with FMC Kongsberg as Engineering Manager. He obtained his academic education from Glasgow University and the Norwegian School of Management.

The Norwegian shipping group Camillo Eitzen is to buy its rival Songa Shipholding for a total of $1.2b. It is said that the merger will form one of the biggest chemical transportation tanker groups in the world. The joint fleet will be 66 vessels with a further 43 on order for delivery over the next four years. Songa is based in Singapore, but controlled by a Norwegian businessman, Arne Blystad, and it has offices in Oslo, Westport, Connecticut in the US and Glasgow in the UK. The acquisition will be financed through a combination of equity, debt, bonds, cash and assumption of debt. source: Euronews

Panamax tanker specialist Pegasus Shipping is discussing the restructuring of its $150 million 1997 junk bond issue with noteholders. "Pegasus Shipping...is holding discussions with its noteholders towards implementation of a new business plan aimed at strengthening the company's balance sheet and business," a company spokesman said. The spokesman said the company was using a 30 day grace period in relation to its coupon payment which fell due on November 15. Discussions also included proposals to capitalize on current market sector weakness and the introduction of new capital, he said. Last week ratings agency Moody's downgraded Pegasus' senior secured debt rating on the company's 11.875 percent first preferred ship mortgage notes due 2004 to Ca from B3 on fears of a payment default.

Moody's Investors Service downgraded from B3 to Ca the rating for the senior secured debt of Pegasus Shipping (Hellas) Ltd. The downgrades reflect Moody's expectation that the pressure on freight rates will continue to build beyond the normal level of seasonality. The negative effect on the operating performance is further heightened by the default of the company's major customer which accounted for 20 percent of its revenues. The customer, Arne Blystad S/A, was unable to meet timecharter obligations. A settlement was reached in that in return for a one-time payment, Pegasus forgave a considerable amount of open receivables. The downgrade also considers the relatively old age of the fleet and the resulting weak debt protection…

Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions. Pegasus owns one of the world's largest independent Panamax tanker fleets. The Panamax tanker sector is currently experiencing weak market conditions, and the market is expected to remain weak in the short term.