Oceanaut Seeks Approval to Dissolve
Excel Maritime Carriers Ltd announced on Feb. 18 that the board of directors of Oceanaut, Inc. (AMEX: OKN; OKN.U; OKN.WS) has determined that Oceanaut will not consummate a business combination by the March 6, 2009 deadline provided for in its charter, and that it is advisable that Oceanaut be dissolved. Oceanaut intends to begin promptly the process of dissolution and liquidating its trust account in accordance with its charter and applicable Marshall Islands law. Assuming shareholder approval of Oceanaut’s plan of liquidation, Oceanaut expects to liquidate its trust account and make an estimated payment of approximately $8.27 per share of common stock.
Star Bulk Completes Merger
Star Bulk Carriers Corp. (NASDAQ:SBLK), or Star Bulk, announced the completion of the Redomiciliation Merger by which Star Maritime has merged with and into Star Bulk with Star Bulk as the surviving entity. Star Bulk's common stock and warrants have been approved for listing on the NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively. Trading under said symbols is expected to commence on Monday, December 3, 2007. The Company expects to take delivery of its first vessel early next week. Each outstanding share of Star Maritime common stock, par value $0.0001 per share, has been converted into the right to receive one share of Star Bulk common stock…
V.Investments to Buy Shares in MC Shipping
V.Investments Ltd, part of the V.Ships Group, and it’s investment partner, Navalmar, announces that it has acquired the Vlasov Group’s shareholding in the American Stock Exchange-listed shipping company, MC Shipping Inc. Established in May 1989, via an initial public offering sponsored by Vlasov, Monaco-based MC Shipping Inc currently owns a fleet of 13 vessels. The fleet comprises seven liquefied petroleum gas (LPG) carriers from 3,000 to 72,000 CBM, four container vessels ranging from 2,800 to 3,500 TEU and two small multipurpose/general cargo vessels. These vessels are deployed either on a time or voyage charter basis with technical management provided by V.Ships. The Vlasov Group, which also holds a number of investments in the cruise market, held a 48% shareholding in MC Shipping.
Seacor Smit Drilling Unit Chiles Offshore Files IPO
Chiles Offshore LLC, the 55-percent owned unit of offshore oil exploration company Seacor Smit Inc., has filed for an initial public offering of 8 million common shares in a range of $17-$19 each. Chiles owns and operates ultra-premium jack-up drilling rigs -- mobile offshore drilling platforms with legs that lower to the ocean floor to support the platform while drilling. Ultra-premium rigs differ from other drilling rigs because of their greater depth capabilities and more powerful mud pumps that speed up well drilling. According to papers filed with the Securities and Exchange Commission, the Houston-based firm has applied for an American Stock Exchange listing. A ticker symbol will be disclosed later.
Star Maritime Receives Audit Report
Star Maritime Acquisition Corp. announced that it received an audit report, which is included in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, that contains a going concern qualification. This announcement is made in compliance with Section 610(B) of the American Stock Exchange Company Guide.
