Marine Link
Wednesday, October 18, 2017

Initial Public

NAO Exercises Option to Purchase Shares

Nordic American Offshore Ltd. (NAO) announced that the underwriters of the company's initial public offering, which closed on June 17, 2014, have exercised in full their option to purchase an additional 882,352 common shares. The sale of these common shares isexpected to close on June 26, 2014. After the exercise of the overallotment option, there are 23,431,370 shares in issue in NAO. The total capital inflow into NAO from the Initial Public Offering and the exercise of the overallotment is in total about $100m. The company intends to use the net proceeds of this offering for acquisitions and general corporate purposes, including working capital. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers. In addition, Global Hunter Securities, LLC is acting as a co-manager for the initial public offering.  

Transocean Inc. Subsidiary - Todco - to go Public

Transocean Inc. said its subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates to TODCO common stock to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering.

Chiles IPO Shelved Indefinitely

Chiles Offshore Inc. postponed indefinitely its initial public stock offering because of market conditions, lead underwriters Credit Suisse First Boston said. The Houston-based company expected to price 8 million shares between $17-$19 per share. Chiles Offshore was the second company to postpone its IPO on Monday because of uncertainty in the market, joining Taiwan-based Digital United Holdings Ltd.

Costamare Declares Quarterly Dividend

Costamare Inc. (NYSE: CMRE), owners and providers of containerships for charter, announced that the company's board of directors declared a dividend for the fourth quarter ended December 31, 2010, of $0.25 per share payable on February 4, 2011 to stockholders of record at the close of trading of the company's common stock on the New York Stock Exchange (NYSE) on January 28, 2011. This is the first cash dividend the Company has declared since its initial public offering on November 4, 2010

Fincantieri to List Stake Close to 50%

Photo courtesy Fincantieri

Italian state-owned Fincantieri plans to list a stake close to 50 percent in its initial public offering on the Milan bourse, a source close to matter said on Tuesday. The group, wholly owned by state lender Cassa Depositi e Prestiti (CDP), which in turn is controlled by Italy's Treasury, announced earlier on Tuesday it has filed for listing. The sale of a minority stake in the group is part of a privatisation push the Italian government launched last year to raise funds to cut its

Euronav Announces IPO in the US

Photo: Euronav

Euronav NV announced the commencement of its underwritten initial public offering in the United States of 13,550,000 ordinary shares. The company will grant the underwriters a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares.    On January 19, 2015 the closing price of the company’s ordinary shares on Euronext Brussels was $12.94 per share (based upon the Bloomberg Composite Rate of EUR 0.8604 per $1

New Century Shipbuilding Seeks $500-800M IPO

According to a report from Dow Jones, Chinese shipbuilder New Century Shipbuilding Ltd. plans to raise $500m - $800m in an initial public offering ahead of a listing in Hong Kong in the first half, Dow Jones sources said. New Century submitted an application for the listing earlier this month and will have a listing hearing at the Hong Kong stock exchange in February, according to those sources. (Source: Dow Jones)

Nordic American Offshore Prices IPO

File photo

Nordic American Offshore Ltd. says it has priced its initial public offering of 5,882,352 common shares at $16.00 per share.  The Company adds that it has granted the underwriters a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments. The Company's common shares are expected to commence trading on June 12, 2014 on the New York Stock Exchange under the symbol "NAO."

Hapag Lloyd IPO Valued at Over $5.5 Bln

Photo: Hapag-Lloyd AG

 A flotation of a minority stake could value the world's fourth-largest shipping group German-Chilean Hapag-Lloyd AG at more than 5 billion euros ($5.5 billion) and could take place as early as autumn.   Hapag-Lloyd AG has already mandated investment banks Deutsche Bank AG, Goldman Sachs Inc. and Joh. Berenberg, Gossler & Co. to advise on the initial public offering (IPO), as per various media reports.  

Intellian Announces IPO

Intellian is a leading global provider of stabilized satellite antenna systems Photo Intellian Technologies

Intellian Technologies announced an initial public offering of 1,450,000 common shares via the KOSDAQ, at an initial price of $17.27 per share.   The initial public offering will result in roughly $26m in raised capital and a total market capitalization for the company of just below $124m. Shares will start trading on the KOSDAQ Market on October 18, 2016 under the ticker symbol “189300 KS Equity.” Founded in 2004, Intellian's company turnover in 2015 reached $54m

Cochin Shipyard's $231 Mln IPO Subscribed Over 76 Times

Cochin Shipyard Ltd's initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday, indicating strong interest in the state-run shipbuilder. Investors bid for about 2.59 billion shares, compared with nearly 34 million shares on offer, data from stock exchanges showed as of 0130 GMT. The company, which also repairs ships, was selling about 22

Cochin Shipyard Shares Jump After $225 mln IPO

Shares in India's Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company's 14.42 billion rupees ($224.7 million) initial public offering.   The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees.   The shipbuilder, which also repairs ships

Cochin Shipyard Spreads its Wings

Nitin Gadkari, Indian  Shipping Minister. Photo: PIB

 After successfully completing its initial public offer (IPO) recently, India's Cochin Shipyard Ltd (CSL) has lined up expansion projects. The IPO's proceeds will be utilised to fund these expansions.   The PTI reported that CSL is now setting sail to newer shores as it looks to set up ship-building and repair facilities in Andaman and Nicobar, Gujarat, Kolkata and Mumbai.   The report quoted Nitin Gadkari, Indian  Shipping Minister

Brookfield Completes Acquisition of Teekay

Image: Teekay Corporation

 Teekay Corporation and Teekay Offshore Partners announced that they have completed their previously announced comprehensive transaction with Brookfield Business, together with its institutional partners (collectively Brookfield).   “With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the Partnership’s continued growth,” commented Kenneth Hvid

Daewoo Shipbuilding Fights Liquidity Crunch

File Image: Daewoo Shipbuilding & Marine Engineering Co

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is going all out to secure cash amid growing concerns over a possible liquidity crisis and a widening probe into accounting fraud, reports Korea Herald.   DSME, currently under a creditor-led corporate rehab, plans to submit later this week a detailed plan to secure funds to its creditors.    According to local reports

Hoegh LNG Profits Dip

Photo: Höegh LNG Partners

 Norway-based owner and operator of floating LNG import terminals, Höegh LNG  reported a second quarter profit after tax of US$3.5 million, down from $6.3 million in the first quarter 2016.   The company’s profit after tax was also down in comparison to the corresponding quarter in 2015 when it reached $6 million.   Analysts are calling the result a "marginal miss" on the numbers

Cochin Shipyard Gears Up for IPO

Indias first indigenous aircraft carrier Photo: Cochin Shipyard Ltd.

 India’s biggest shipbuilder under state control, Cochin Shipyard Ltd (CSL) is looking to file documents for its initial public offering (IPO) with the markets regulator by the end of this month, reports Live Mint.   According to sources, CSL is all set to file documents for its IPO of Rs 600 crores ($90 million) with the Securities and Exchange Board of India (SEBI). The plan is part of its effort to expand and construct larger vessels and also undertake ship repair and

Hunter Maritime Acquisition Launches IPO

Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one Class A common share of the company. The company will grant the underwriters a 45-day option to purchase up to 2,250,000 additional units.

Saudi Aramco Selects Lead Underwriters for $100 Bln IPO

Oil giant Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters on the firm's planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.   Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.   Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh

India's Cochin Shipyard Gears up for IPO

Photo: Cochin Shipyard Ltd

 Cochin Shipyard Ltd (CSL),  India's largest public sector shipyard, has filed  initial public offering (IPO)document with  the market regulator Securities and Exchange Board of India (SEBI)  to go public.  The government approved a stake sale of up to 25 percent.   Cochin Shipyard IPO will consist of 34 million shares to raise about INR 1,400-1,500 crore (USD 214 - 229 million).  On completion of a successful IPO

Norway Invites Coastal Ferry Route Bids

Norways Geiranger fjord (CREDIT: AdobeStock / (c) iPics)

The Norwegian government is inviting shipping firms to compete for the right to provide a transport service for goods and passengers along the country's coastline, with 34 port calls from Bergen to Kirkenes, the Ministry of Transport and Communications said in a statement on Monday.   The European Surveillance Authority recently approved an overall $600 million subsidy scheme for the ferry route for the years 2012 to 2019  

Hunter Buys Five Capsize Bulkers

Hunter Maritime Acquisition Corp. said it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers in an en-bloc transaction from five Cyprus-based companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany.   The vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd

DOF Subsea Shelves IPO Plans

Pic: DOF ASA

Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions.   Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership, announced in May that they were considering an opportunity for the company to apply for a listing on Oslo Stock Exchange.   The shareholders have now decided to shelve these plans, instead opting to wait for market conditions to improve.

Abu Dhabi Ports: No Immediate Plans for a Listing

(Photo: Abu Dhabi Ports)

Abu Dhabi Ports has no plans to launch a public sale of shares in the short term, the chief executive of the state-owned company told Reuters on Tuesday. "There are no immediate plans to go public," Mohamed Juma al Shamisi said when asked if the company planned to sell shares and a subsequent listing.   His comments came after Bloomberg News reported that Abu Dhabi Ports is considering an initial public offering

Russia in Talks with Asian Investors on Sovcomflot Sell-off

(File photo: Sovcomflot)

Russia is in talks with Asian investors on the privatisation of state shipping company Sovcomflot, the RIA news agency cited Russian First Deputy Prime Minister Igor Shuvalov as saying on Tuesday.   The government does not rule out other forms of the company's privatisation apart from an initial public offering, the agency quoted Shuvalov as saying. (Reporting by Gleb Stolyarov; Writing by Dmitry Solovyov; Editing by Maria

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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