Capital Corp News

SAAM Towage has acquired a new tug, the SAAM James Point, that arrived in Vancouver, Canada after completing its loading operation onto the cargo ship BBC Moonstone in Halong Bay, Vietnam.The Damen ASD 2312 design tug was acquired from the Dutch company Damen and built at its Song Cam shipyards in Vietnam. Measuring 23 meters long and 12 meters in beam, it boasts 70-ton bollard pull capacity, Kongsberg azimuth thrusters and two CAT 3512C IMO Tier III main engines, which enables…

An Australian port and a stake in the Empire State Building's operator were among assets acquired by sovereign investors such as wealth funds and state pension funds in the third quarter of 2016, with deals totalling $21.2 billion. The combined value of deals was up 38 percent from the previous quarter, helped by a handful of jumbo-sized transactions in the infrastructure, energy and real estate segments, although the number of direct investments fell to 35 from 43 in the second quarter, according to data from Thomson Reuters.

Capital Corp Merchant Banking, a U.S.-based merchant banking group, say they have been working on an environmentally friendly ballast water treatment system (BWTS) project with a client and have entered into USD $41-million funding agreement with them. This patent-pending project makes better, more energy-efficient use of existing ballast water treatment technologies, resulting in a smaller energy footprint of the system and decreasing the ship's power-capacity needs. The funding structure Capital Corp Merchant Banking has devised consists of providing its client with $19M in common stock…

Box Ships Inc. (NYSE:TEU) intends to offer shares of its newly designated Series C Cumulative Redeemable Perpetual Preferred Shares in an underwritten public offering. The public offering price and other terms of the Series C Preferred Stock are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 45-day option to purchase additional shares of Series C Preferred Stock on the same terms and conditions to cover over-allotments, if any.

The Offshore Technology Conference (OTC) annually attracts a global audience of leading engineers, managers, and scientists to the heart of the oil and gas industry. It was 1969 when OTC made its debut in Houston, a big year for the energy industry: oil was discovered in the North Sea; environmentalists were blocking the Trans-Alaskan pipeline that would bring North Slope oil supplies to the lower 48 states; oil rich countries in the Middle East and North Africa were demanding a bigger share of oil profits; and oil prices were positioned for takeoff. That inaugural event was modest by today’s standards, attracting just 4,200 offshore professionals and 125 exhibitors-less than one-tenth the turnout of recent years. Currently OTC is the offshore industry’s largest annual gathering.

Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.

Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.

OMI Corp. has appointed Donald C. Trauscht as a director - he currently serves as chairman of BW Capital Corp. Prior to his current position, Trauscht served as chairman and CEO of Borg Warner Corp. for whom he worked from 1967 to 1995. The company also reported that it expects to earn $.43 - $.48 per share for the fourth quarter. Rated for all its classes of tankers are at higher levels than during the third quarter and have continued to rise. OMI's Board reaffirmed the authorization for the Company to repurchase up to 10 percent of its outstanding shares.

Seabulk International, Inc. announced the signing of a definitive agreement with DLJ Merchant Banking Partners III, L.P., a CSFB Private Equity fund, and affiliated entities, and Carlyle/Riverstone Global Energy and Power Fund I, L.P. for the private placement of 12.5 million shares of newly issued Seabulk common stock at a cash price of $8.00 per share. The $100 million investment would give the new investors approximately 51% of the pro forma, fully diluted common shares of the Company and majority representation on its Board of Directors. The investment is subject to shareholder approval, the refinancing of the Company's senior credit facility, certain regulatory approvals and satisfaction of other customary conditions.

Hornbeck Offshore Services, Inc. has closed on a new five- year senior secured revolving credit facility that increased the amount of the borrowing base, extended the maturity, lowered the interest rate and improved the financial flexibility of the covenant package of the Company's prior revolving credit facility, commensurate with its enhanced credit standing. The new revolving credit facility has increased the Company's borrowing base from $60 million to $100 million, with an accordion feature that allows for the potential expansion of the facility up to $250 million in total. The new facility has also extended the maturity of the prior facility from February 2009 to September 2011.

Sea Containers Ltd. has announced that the company is completely quitting the ferry business, including its SeaStreak commuter service between New York City and New Jersey, taking a $500 million charge and was in talks to amend some of its loan agreements. Shares of the Bermuda-registered passenger transport and marine container leasing company fell as much as 29 percent after the announcement. Sea Containers said it would restate its earnings for all four quarters of 2005 and delay filing its annual reports with the U.S. Securities and Exchange Commission until April to allow time to finalize bank negotiations and outstanding accounting issues.

China Telecommunications Group, the parent of Hong Kong-listed China Telecom Corp, plans to spin off its engineering and telecom services arm for a Hong Kong initial public offering to raise between $200 million and $400 million in the second half this year, The Standard reported. China Telecom Group, which provides fixed-line telecom services in 21 provinces in the southern part of China, may bundle part of its engineering and telecom services business into the proposed listing unit. Those assets will come from five or six wealthier provinces and cities, including Guangdong and Shanghai. The group has picked China International Capital Corp and Goldman Sachs as joint sponsors of the offering…

Seabulk International, Inc. announced approval by its shareholders of the issuance of 12.5 million shares of common stock at $8.00 per share to a group of investors led by affiliates of DLJ Merchant Banking Partners III, L.P. and Carlyle/Riverstone Global Energy and Power Fund I, L.P. Proceeds from the transaction, totaling $100 million less applicable fees, will be used to pay down debt, provide working capital and for general corporate purposes. week. * add a number of minority shareholder provisions. recapitalization of the company and paves the way for the completion of the transactions contemplated in our announcement of June 13," commented president and CEO Gerhard E. Kurz.

Seabulk International, Inc. announced the completion of the issuance of 12.5 million shares of common stock at $8.00 per share to a group of investors led by entities associated with DLJ Merchant Banking Partners III, L.P., an affiliate of CSFB Private Equity, and Carlyle/Riverstone Global Energy and Power Fund I, L.P, an affiliate of The Carlyle Group of Washington, D.C. The stock issuance was previously approved by the company's shareholders at a Special Meeting held on September 5. The new investors also purchased approximately 5.1 million shares of outstanding Company common stock (including shares issuable upon the exercise of warrants) beneficially owned by accounts managed by Loomis, Sayles & Co., L.P.

Hutchison Whampoa Ltd's deal to expand its container port network to six new countries will not bring big near term gains in revenue and net asset value, but analysts said it offers good long-term growth potential. Hutchison said on Monday it had acquired the overseas ports arm of the Philippines' International Container Terminal Services Inc., bringing 23 container and general cargo berths in Mexico, Argentina, Saudi Arabia, Pakistan, Tanzania and Thailand. The Hong Kong conglomerate, controlled by tycoon Li Ka-shing, has declined to disclose the price, but analyst estimates on the size of the deal ranged from US$240 million to US$542 million. Most estimates were based on the 1999 sale of a 29 percent stake in ICTSI International Holdings Inc (IIHI) for US$70 million to J.P.

Standard & Poor's today revised its outlook on American Commercial Lines LLC - the largest operator of dry bulk commodity barges - to negative from stable. At the same time, Standard & Poor's affirmed its ratings on the company, and its rating on ACL Capital Corp. The outlook revision reflects American Commercial's weaker-than-expected operating performance and potential negative credit effect from continued poor operating conditions on key inland waterways, lower coal-hauling contract rates, and higher fuel costs.