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Lazard News

08 Mar 2023

Alaska's Qilak LNG Targets Asia with $5B Project to Compete with Russia

©alexlmx/AdobeStock

Qilak LNG plans to invest $5 billion in a proposed liquefied natural gas (LNG) facility in Alaska's North Slope to compete with Russia's Yamal project for Asian customers towards the end of this decade, its chief executive said. Major LNG importers such as Japan, South Korea, and Taiwan are rethinking Russian supplies after sanctions on Moscow after it invaded Ukraine and more natural gas could be needed to produce lower emission and alternative fuels as nations try to reduce their carbon emissions.

24 Oct 2022

MSC to Acquire Towage Operator Rimorchiatori Mediterranei

(File photo: Rimorchiatori Mediterranei)

Swiss-headquartered shipping giant MSC Mediterranean Shipping Company SA continues to expand with an agreement to acquire towage provider Rimorchiatori Mediterranei.The company announced Sunday a deal through its wholly owned subsidiary SAS Shipping Agencies Services Sàrl to acquire 100% of the share capital of Rimorchiatori Mediterranei S.p.A. from Rimorchiatori Riuniti and a fund managed by DWS’s Infrastructure Investment business.Completion remains subject to the receipt of approvals…

07 Apr 2022

Oil Tanker Players Euronav, Frontline Plan $4.2B All-stock Merger

©Euronav (File photo)

Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…

20 Mar 2020

Valaris Gears up for Possible Debt Restructuring

© Lorraine / Adobe Stock

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the…

18 Sep 2019

IPO Expected for Italian Yacht-Maker Sanlorenzo

Italian motor yacht maker Sanlorenzo aims to list on the Milan Stock Exchange at about the same time as the rival Ferretti Group, with an initial public offering (IPO) expected to be launched as early as the second half of October, two people familiar with the matter said on Wednesday.The group is controlled by Italian entrepreneur Massimo Perotti through a family holding which bought back shares from third party investors in the recent years.The group plans to issue a mix of existing and new shares, targeting a free float of about 35%, one of the sources added.Sanlorenzo has picked Unicredit, Banca Imi and Bofa Merrill Lynch as global coordinators for its IPO.

20 Mar 2019

INSIGHTS: Peter Stephaich

Peter Stephaich, Chairman & CEO, Campbell Transportation Company

Chairman & CEO, Campbell Transportation Company.Peter H. Stephaich is Chairman and CEO of Blue Danube Incorporated and Campbell Transportation Company. Currently, he is also Chairman of the Board of the Waterways Council, Inc. (WCI). Peter also serves on the Board of Directors of Blue Danube, a position that he has held since 1982. Serving the barge industry for over 30 years in a number of key roles, he also counts among his many qualifications his tenure(s) as Past Chairman and Past Treasurer of the American Waterways Operators (AWO)…

24 Oct 2018

Ship Financiers Toughen Stance on CO2 Emissions

File Image / Adobstock © 14ktgold

Leading shipping finance banks have joined industry players in support of faster action to cut carbon emissions by the sector.In April, the United Nations shipping agency reached an agreement to reduce CO2 emissions by at least 50 percent by 2050 compared with 2008 levels, which fell short of more ambitious targets.The UN's International Maritime Organization (IMO) is meeting in London this week to work on an initial strategy on cutting greenhouse gas emissions.In the meantime…

16 Jul 2018

Tidewater and GulfMark Announce Merger

(File photo: Tidewater)

Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support vessels and continuing consolidation in the offshore sector.The combined company will be operated under the Tidewater brand and will be led by Tidewater president and CEO John Rynd, with the industry’s largest fleet and the broadest global operating footprint in the OSV sector…

16 Oct 2017

Campbell CEO Stephaich Weighs in on All Things Inland

Peter H. Stephaich is Chairman and CEO of Blue Danube Incorporated and Campbell Transportation Company. Peter is also on the Board of Directors of Blue Danube, a position that he has held since 1982. If today he isn’t the most familiar name on the domestic waterfront, then perhaps, he should be. Serving the barge industry for over 30 years in a number of key roles, he also counts among his many qualifications his tenure(s) as Past Chairman and Past Treasurer of the American Waterways Operators (AWO), Past Chairman and Trustee of the National Waterways Foundation, Vice Chairman and Executive Committee of Waterways Council (WCI) and as Commissioner and Vice Chairman of the Port of Pittsburgh Commission.

01 Aug 2017

European Oil Majors Enter U.S. Offshore Wind Markets

Statoil, Shell, DONG Energy turn to U.S. offshore wind; oil firms bring big budgets, offshore tech and risk experience. Some European oil majors have made inroads into the emerging U.S. offshore wind energy market, aiming to leverage their experience of deepwater development and the crowded offshore wind arena at home. Late entrants to the offshore wind game in Europe, which began with a project off Denmark 25 years ago and is now approaching maturity, they are looking across the Atlantic at what they view as a huge and potentially lucrative new market. Norway's Statoil has won a licence to develop a wind farm of the New York coast, is marketing its new floating turbine to California and Hawaii and is retraining some oil and gas staff to work in its wind division.

31 Jul 2017

Tidewater Emerges from Chapter 11 Bankruptcy

New Orleans-based  Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 18, 2017. Through its Plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt…

08 May 2017

DHT Rejects Frontline Bid, Again

Crude oil tanker company DHT Holdings rejected on Sunday a fifth takeover proposal from shipping tycoon John Fredriksen's Frontline. A statement from DHT Holdings said that its Board of Directors has unanimously rejected Frontline April 25 proposal to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share. "This is, of course, the exact same proposal you made at the end of February. We unanimously rejected that proposal, determining it significantly undervalued the contribution that DHT's business would make to a combined company," said the statement. "But charter rates, asset values and other conditions are changing constantly in our industry, and DHT's fleet has evolved significantly since your February proposal.

29 Jan 2017

Frontline Proposes DHT Takeover

DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT, which represents an implied price of $5.09 per DHT share, based on the closing price of Frontline shares of common stock on January 27, 2017. In the proposal letter delivered to DHT's Board of Directors on January 27, 2017, Frontline also disclosed that it has acquired more than 15 million shares of DHT, or approximately 16% of DHT's outstanding common stock. Consistent with its fiduciary duties, DHT's Board will evaluate the proposal from Frontline and respond accordingly in due course.

11 Aug 2016

RBS Looks to Sell Turkish Loans in Bid to Exit Shipping

Royal Bank of Scotland has put its portfolio of Turkish shipping loans up for sale, in the latest move by the state-backed bank to exit this troubled sector and cut overall losses through asset sales, two sources told Reuters. RBS, which has not made an annual profit since 2007, is restructuring under chief executive Ross McEwan and is looking to offload its entire shipping loans business to shore up its capital and avoid more losses on distressed debt. The sources, who declined to be identified, told Reuters the bank was looking to sell between $200 million to $500 million worth of Turkish-related shipping loans. RBS, which reported 2.05 billion pounds ($2.66 billion) of losses for the first half of 2016, declined to comment.

16 Jun 2016

Total Explores Partnership for Port Arthur Refinery Logistics Assets

French oil and gas company Total said on Thursday that it was exploring a partnership deal for the logistics part of its 225,000 barrels-per-day Port Arthur refinery in the United States and had been in talks in the last year with potential investors. Reuters reported on Wednesday that Total had decided not to sell a 50 percent stake in the refinery almost a year after it retained investment bank Lazard to advise on the deal. "In the last year we have been in discussions with potential investors to create a JV partnership for the Port Arthur Refinery," a spokesman for the company told Reuters. "During this time it has become clear that investors would be very interested in participating in a JV involving the logistics assets of the refinery.

14 Sep 2015

Global Maritime take Center Stage @ Danish Forum

The second Annual Danish Maritime Forum, scheduled for October 7-8, 2015, in Copenhagen, brings together a wealth of global maritime leaders to address present and long-term challenges for industry. Discussions at this year’s Danish Maritime Forum are influenced by volatility in global markets and uncertainties about future growth and will focus on how the maritime industry can address these challenges in both the short and long term. Other topical issues will include the New Chinese Silk Road, the global energy outlook and the future of ocean governance.

27 Aug 2013

FSL Appoint Alan Hatton CEO

Alan Hatton: Photo Linkedin

The Board of Singapore's financially-turbulent FSL Trust Management Pte. Ltd. has appointed Investment Banker Alan Hatton to be CEO of the Trust. Alan Hatton joins FSL Trust from FR8 where he has been CEO since 2008. He joined FR8 as CFO in 2007 and has significant commercial shipping experience including negotiating and executing time charters, sale & purchase deals and risk management strategies. Previously, Alan was an investment banker working in Mergers & Acquisitions and Corporate Finance for Lazard and Dresdner Kleinwort in London. Alan has an M.Sc. and B.Sc.

14 Sep 2010

Cargoship Maritime, Magellano Marine to Restructure

Cargoship Maritime BV and Magellano Marine CV, Netherlands-based vessel operating companies managed by Seaarland Shipping Management BV (Amsterdam) have appointed Lazard and Venice Shipping & Logistics (VSL) as restructuring advisors. They will assist the companies to complete the restructuring process begun last year when thirteen owners of twenty-two vessels with time charters with Cargoship Maritime BV and two bareboat charters held by Magellano Marine CV were asked to agree to modified terms. Antonio Zacchello, managing director of Seaarland Shipping Management said, "Towards the end of last year we asked the owners we partner to adjust with us to the new realities of the marketplace.

05 Oct 2009

Agreement on Bavaria Yachtbau Restructuring

Bavaria Yachtbau GmbH announced that Anchorage Advisors, L.L.C. and Oaktree Capital Management ), who collectively control approximately 95 percent of Bavaria's $1,403m debt facilities, have signed a binding agreement to restructure the company's balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of $80.4m in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital. Both Anchorage and Oaktree have been lenders to Bavaria for over a year, and support the strategic plan developed by the management team and Bain.

02 Oct 2001

Kirby On Track to Meet Estimates

Kirby Corp. reported second quarter earnings per share of $.44 versus $.39 a year ago, beating a Wall Street consensus estimate of $.40, reported Lazard Frères & Co., LLC. The marine transportation segment benefited from 94 inland barges leased from Dow Chemical Company in February, the Lazard report said. Lazard noted that the weakness in the company's core chemical and petrochemical business is expected to continue at least through the third quarter, while refined product, fertilizer and black oil volumes should continue to be strong. The company is expected to benefit from lower interest rates and a declining debt balance. As a result, Lazard has raised its 2001 EPS estimate to $1.60 from $1.53 and its 2002 EPS estimate to $1.72 from $1.69.

03 Oct 2001

Carnival Heads Into Rough Waters

According to Lazard Freres and Co., the impact on Carnival's (CCL) business in the first week following terrorist attacks on September 11th is estimated at around $20 million, including loss of revenue from canceled cruises, port reposition costs, and additional transportation expenses. They have since dropped to about 50 to 60 percent of typical levels for this period, but cancellations, which had increased sharply in the days immediately following September 11th, have started to decline steadily with new bookings now outpacing cancellations. Luxury product continued to suffer in the quarter- the company has sold two vessels from the Seabourn fleet and reduced staff at Cunard/Seabourn by 25 percent.

27 Apr 2004

Trico Names Non-Executive Chairman

Accelerating its strategic goal of reducing its total amount of outstanding indebtedness, Trico Marine Services, Inc. announced the appointment of Joseph Compofelice as non-executive Chairman of the Board and the retention of Lazard Freres & Co. LLC as financial advisor and Kirkland & Ellis LLP as legal advisor. This team will assist the Company's management in exploring various alternatives including selling assets, raising additional financing and restructuring the Company's debt, including its $250 million Senior Notes due 2012. Compofelice, a director of Trico since 2003, is chairman of the Company's Audit Committee and has served as an executive of several public companies including CEO of CompX International and CFO of Titanium Metals Corporation…

05 Dec 2001

AMCV Demise Sinks U.S. Cruise Building Hopes For Now

In the fall of 1999, American Classic Voyages (AMCV) announced plans to almost singlehandedly revive the business of building cruise ships in the United States. Critics claimed it couldn’t be done, but the ships steadily took shape on the building ways in Pascagoula, Mississippi. Two years, a sour economy and horrific terrorist attacks later, the dream of building cruise ships in the U.S. is seemingly dead, as AMCV filed for Chapter 11 and the Maritime Administration is unwilling, at press time, to fund the ships further. While the cruise industry was hurting prior to the terrorist attacks of September 11, the industry has been put into a seemingly perpetual tailspin as economic woes and fear of travel have conspired to leave ships far from full capacity.