Diana Containerships Reports 1-for-7 Reverse Stock Split
Diana Containerships, a global shipping company specializing in the ownership of containerships, today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-seven. The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on June 29, 2017. The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Global Select Market, as of the opening of trading on or around August 24, 2017 under the existing trading symbol “DCIX.” The new CUSIP number for the Company’s common stock following the reverse stock split is Y2069P408. Upon effectiveness of the reverse stock split, every seven shares of the Company’s issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock, without any change to the par value per share. This will reduce the number of outstanding common shares of the Company from approximately 5.3 million shares to approximately 0.8 million shares.
Jurong Shares Firm Amid Stock-Split Rumors
Shares of Jurong Shipyard Ltd. firmed by more than six percent in early Friday trading on rumors that the shipyard might announce a stock-split exercise to improve its liquidity, dealers and analysts said. Fueling the market's excitement over Jurong was SembCorp's impending news conference, possibly next week, where Jurong was expected to announce further merger details and restructuring of its shipyard operations. SembCorp, with a yard capacity of 1
Bourbon Holds Annual and Special Shareholders' Meeting
The Bourbon Annual and Special Shareholders' Meeting was held under the chairmanship of Jacques de Chateauvieux at the Palais Brongniart in Paris. The following resolutions were passed at the Meeting: - Distribution of a dividend of 1 euro per share This dividend, which represents a 78% increase compared to 2004, will be paid as from Monday, May 29, 2006. It gives a right to a tax-free allowance of 40%, i.e. 0.40 euros per share, for individuals who are tax
Kvaerner Advised To Not Name New Board
Kvaerner ASA had been advised to drop a plan to name a new board due to disagreements among major shareholders and a possible scheme to split the company. Kvaerner said in a statement that a two-man election committee seeking to find board members acceptable to big shareholders "concluded it is not possible to put together a board that all major shareholders can agree upon." It said the committee advised the board and major shareholders against calling a suggested extraordinary shareholders'
Dryships Sinks Into Loss
DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2015. Fourth Quarter 2015 Financial Highlights * For the fourth quarter of 2015, the Company reported a net loss of $527.6 million, or $0.79 basic and diluted loss per share. Included in the fourth quarter 2015 results are:
DryShips Ups Its Revolver Facility
DryShips an international owner of drybulk carriers and offshore support vessels, today announced that it has entered into an agreement to increase its secured revolving facility (“Revolver”) provided by an entity controlled by the Company’s Chairman and CEO, Mr. George Economou. The Revolver was amended to increase the maximum available amount by $10 million to $70 million, to give Dryships an option to extend the maturity of the facility by 12 months to October 21
NOL To Split, List American Eagle Tankers
Neptune Orient Lines, the world's sixth largest container shipper, plans to spin off and list its oil-transportation unit, American Eagles Tankers (AET), on the New York Stock Exchange. The Singapore-based company said it plans to offer common shares to be listed on the NYSE and Singapore Depositary Receipts (SDRs) on the Singapore Exchange to investors internationally as well as in the city-state. The offering is expected to be made in the second or third quarter and AET would use net
Aker Solutions to Divide Company in Two
Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry. Financial Highlights Sales rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3 billion in the first quarter of 2013.
Scorpio Tankers' Latest Fleet & Financial News
Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows: After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts, which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate will be split between the Company and charterer. Stock Buyback Authorization
Scorpio Tankers Update on Finance, Vessel Deliveries
Scorpio Tankers Inc. gives details of its agreement to acquire some of its own common shares; to buy back stock; and also sets out a fleet update. Scorpio Tankers Inc. says it has entered into an agreement to purchase from an existing shareholder 7,500,000 common shares of the Company in exchange for the sale to the same shareholder of 3,422,665 common shares it currently owns in Dorian LPG Ltd in a privately negotiated transaction.
DryShips Commenses USD 100mln Rights Offering
DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million.
New Dredgers Delivered in Bangladesh
Following various dredgers recently delivered in Bangladesh, and the Damen Dredging Seminar held last month in Dhaka where her Excellency Leoni Cuelenaere, the Dutch Ambassador to Bangladesh was the honorable Chief guest, Damen said it has again delivered multiple dredgers from available stock. Regional Sales Director Rabien Bahadoer said, “Damen has again confirmed its long-term commitment to Bangladesh by delivering quality dredgers with a proven design from
Container Lines Speed up Their Assault on Reefer Cargo
Container shipping lines are increasing their share of the seaborne reefer market and are forecast to accelerate their assault over the coming years, according to the latest edition of the Reefer Shipping Market Review and Forecast 2017/18 published by global shipping consultancy Drewry. In 2016, the estimated perishable reefer cargo split was 79% in reefer containerships and 21% in specialised reefers. By 2021 this modal split is forecast to have changed to nearer 85% and 15%
CSSC to Restructure
The primary contractor for China's naval force China State Shipbuilding Corp (CSSC) is preparing a major asset reorganization involving its two subsidiaries, reported China Daily. The companies have halted stock trading on the Shanghai Stock Exchange The announcement said that whether the reforms take place would be decided in the next 10 trading days. CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company
UniCarriers Corporation becomes Mitsubishi Logisnext
Mitsubishi Nichiyu Forklift announced that it will conduct the operational integration with its consolidated subsidiary UniCarriers Corporation and change its company name to "Mitsubishi Logisnext. Mitsubishi Nichiyu already announced its intention to perform the operational integration, on May 12, 2017, and, as of today, would like to announce that it will conclude the agreement between Mitsubishi Nichiyu and UniCarriers (Absorption-type Company Split Agreement) for which
Asia Tankers-VLCC Rates Under Pressure on Oversupply
Charterers set to split VLCC cargoes if owners push rates higher. Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday. "At the slightest attempt by owners to push rates higher, charterers can split the cargo into Suezmax cargoes for the same rate," an European supertanker broker said on Friday.
Yang Ming to Float 500 mln Shares
The Taiwanese ocean carrier Yang Ming Marine Transport will make a public offering of 500 million shares as part of the company's ongoing recapitalization plan, the Taiwanese ocean carrier said in a statement . It will offer the shares to existing shareholders, Yang Ming employees and the general public as part of the company's ongoing recapitalization plan. "As the subsequent round of private offering continues with amounts pledged exceeding the first round
Golden Ocean Adds Golden Keen
Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered. Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel. In a stock exchange filing the reference is made to the stock exchange notice dated March 14
France to Nationalize STX if Italy Deal Fails
French govt has made 50/50 ownership offer to Italy; Minister says offer on the table until Thursday. The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX's capital equally, putting down a marker on the limits of economic liberalism under new President Emmanuel Macron. The threat raises the stakes in a standoff with Rome over the shipyard's fate
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
Malibu Boats Offers Two million Shares at $25.25/Share
US manufacturer of recreational boats Malibu Boats has announced the pricing of the follow-on offering of 2,000,000 shares of the Company's Class A Common Stock at a price to the public of $25.25 per share. The offering is expected to close on or about August 14, 2017, subject to customary conditions. The Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 300,000 shares of the Company's Class A Common Stock
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
Vesconite Introduces Thicker Plate Stock
Whether a simple wear plate or machined into a complex, multi-faceted shape, many projects call for a material of substantial thickness. Vesconite and Vesconite Hilube plate stock is now available in sizes up to 4" thick. The plates are available up to 8" wide and 10' long. Because stock can be ordered close-to-size, machining time and costs are reduced. Vesconite and Vesconite Hilube are self-lubricating and have no stick-slip, so grease is unneeded
Kalani Hit With Lawsuit on Top Ships
An investigation has been launched on behalf of investors of Top Ships into the company’s dealings with Kalani Investment. Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Top Ships from January 17, 2017 through August 22, 2017, inclusive. The lawsuit seeks to recover damages for Top Ships investors under the federal securities laws.
Tanker Shipping: Is the Oil Market Rebalancing or Not?
Demand The one key factor to watch is the one thing that’s impossible to measure accurately on a global scale, oil stocks. Global stocks for both crude oil and oil products rose significantly following the sharp fall in crude oil prices in the second half of 2014. But while this may seem to be in the past, it is still haunting the oil market and the oil tanker market. Demand in the tanker market is below normal levels and will only increase once the global oil stocks have been