Rmk Maritime News

Euroseas Ltd. has announced  that it entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC (TCP) and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the company, for expected net proceeds of approximately $29 million. The company intends to use the proceeds for the acquisition of vessels and general corporate purposes. The transaction is expected to close by January 29, 2014. RMK Maritime acted as an advisor to the company in the transaction.

On 5 January 2014, Euronav announced the acquisition of fifteen (15) Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of USD 980 million. Euronav follows that announcement by advising its intent to raise USD 50,000,000 by way of a capital increase under the authorized capital and that 5,473,571 new shares will be issued upon full payment of the subscription price, which is expected to be at or around 10 January 2014. The subscription…

Euronav says it has contracted to acquire 15 Very Large Crude Carriers (VLCC) from Maersk Tankers for a total acquisition price of US$ 980-million payable as the vessels are delivered. Each vessel will be sold under the industry standard sale form as a stand-alone asset with deliveries taking place between late January and June 2014, with the exception of one vessel currently under charter, which will be delivered towards the end of the year. The vessels, with an average age of 4 years, will add to the Euronav tanker fleet of 1 ULCC, 11 VLCCs and 23 Suezmaxes.

The board of directors of Euronav NV announced that the company has raised $150 million (USD) via a private placement of a perpetual convertible preferred equity instrument. The instrument will be issued at par and will bear an interest of 6% during the first five years payable annually in arrears in cash or in shares at the option of the company. The price against which the securities can be contributed is €5.776 (or $7.928715 at EUR/USD exchange rate of 1.3727) per common share.