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Tuesday, January 23, 2018

Cogent Holdings News

Cosco Offers Unconditional Buying of Cogent Shares

Photo: Cogent Holdings

The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently. Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent. "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which…

Gulf Navigation Refinances Two Carriers

Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding. Photo provided by the company.

Gulf Navigation Holding PJSC has announced refinancing 'Gulf Mishref' and 'Gulf Mirdif' petrochemical carriers in less than a month after increasing its capital to AED 1 billion through an Initial Public Offering (IPO). The move underlines the increasing demand for the company’s shipping services, which requires increasing its fleet capacity to meet the demand for its services in the region. Refinancing the two carriers, Gulf Mishref and Gulf Mirdif, is an important addition to the company's petrochemical transportation capabilities.

Norden Reports Holding of Own Shares

Steve Krabbe, the president of Norden A/S, in connection with senior staff’s utilization of share options, announced that the company has sold 23,890 of shares of DKK 20.00. The company’s holding of own shares is now 95,900 shares of DKK 20.00 corresponding to 4.16 percent of the share capital. On March 15, Norden reported in the Annual Report 2003 that the holding of own shares was 119,790 shares of DKK 20.00 corresponding to 5.2 percentof the share capital.

Babcock & Brown to Acquire Bluewater Wind

International investment firm Babcock & Brown (ASX: BNB - News), announced it has entered into a definitive agreement to acquire Bluewater Wind Delaware LLC and its parent holding companies, including Bluewater Offshore Holdings LLC and Bluewater Wind Holdings, LLC, in an effort to expand its portfolio of wind energy projects and contribute to its goal of developing offshore wind. Hunter Armistead, head of Babcock & Brown's North American Energy Development Group added that Bluewater will continue with negotiations with Delmarva Power toward executing a Power Purchase Agreement (PPA), in a process that is being overseen by the Delaware Public Service Commission and three state agencies. [Source: PRNewswire]

Shipbuilding and Repair Presence Primorye

Far Eastern Center for Shipbuilding and Shiprepairing is being created in Primorye. The Primorsky Territory Administration hosted a meeting dedicated to this new center. RF President Aide Alexander Burutin and Primorye Vice-Governor Pavel Popov took part in the meeting dedicated to creation of OJSC, which was held in the Primorsky Territory Administration. As the Administration reports, this open joint-stock company (OJSC) will be a sub-holding within the United Shipbuilding Corporation, which is now being founded on the initiative of the RF President Vladimir Putin. The United Shipbuilding Corporation will consolidate leading state…

Pirates Release Tanker and Crew in Gulf of Guinea

MT Barrett (Photo: Union Maritime)

Product tanker MT Barrett has been released and all crew are safe following a six-day piracy incident in the Gulf of Guinea, U.K. based Union Maritime has confirmed. Union Maritime said it lost communications with its 11,999-dwt product tanker while the vessel was at anchor off Benin, West Africa on the morning of January 10, after which the company immediately implemented its emergency response plan and alerted regional maritime authorities and other vessels. A resolution process began when the pirates holding the MT Barrett made contact with the Union Maritime late on January 12.

GOGL Acquires New Vessel

File Photo: Golden Ocean Group Ltd

Norway based dry bulk shipping company Golden Ocean Group Limited (GOGL) has  taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). On October 16, 2017 GOGL announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel. The first vessel, Golden Behike, was delivered in November 2017.

O'Gara Wins Navy Satellite Deal

SatCom Group Holdings PLC, a reseller of mobile satellite communications, said its subsidiary O'Gara Satellite Systems Inc has won a 5-year contract, worth 10m in the first year, from the US government to supply satellite airtime to the US Navy. O'Gara, which is one of the five companies in the world certified as a Defense Information Technology Contracting Organization (DITCO) awardee, won the contract following a tender. It has an existing agreement under DITCO to supply the government with other satellite services. SatCom Group Holdings chief executive Source: Thompson Financial

BBM Holdings to Terminate Operations

BBM Holdings which provides broadband services to ships, announced today that it has ceased operations and reduced employment to a small residual force. The Company will seek to maintain its assets (primarily intellectual property and technology), settle its obligation

JFE Consider Takeover of Hitachi Zosen Shipbuilding

JFE Holdings Inc. is considering taking over Hitachi Zosen Corp.'s shipbuilding operations, which are now conducted by Universal Shipbuilding Corp., a joint venture between the two firms, sources said Saturday. The deal would mark Osaka-based Hitachi Zosen's effective departure from shipbuilding. It will instead concentrate on its mainline environment equipment and plants business to try to bolster profitability, the sources said. The acquisition is expected to accelerate reconfiguration of the domestic shipbuilding industry. Demand for shipbuilding has increased amid the strong global economy. However, domestic shipbuilders face cutthroat competition with South Korean and Chinese rivals as well as deteriorating profitability due to rising materials costs.

Russia to Set up Three Shipbuilding Holdings in 2007

The Russian government will soon adopt a strategy for the development of shipbuilding until 2020, which envisions the creation of three major shipbuilding holdings, the defense minister said Tuesday. The minister said one of the holdings will be set up in Russia's Far East to ensure the development of the shipbuilding industry on the Pacific coast. The upper house of the Russian parliament recently discussed the current crisis in the civilian shipbuilding industry and issued a statement urging the government to adopt a comprehensive strategy to lead the industry out of the current quagmire. Members of the Federation Council stated that…

Emerson Acquires Marine Valve Supplier

Engineering firm Emerson Electric Co. has acquired marine valve supplier Damcos Holding AS, the AP reported Financial terms of the deal were not disclosed. Damcos Holding supplies valve remote controls and tank monitoring equipment to the marine and shipbuilding industries. Damcos will become part of Emerson's process management business, which helps companies automate their production and processing systems. Emerson bought the company from British investor 3i Group PLC, Danish valve manufacturer Danfoss AS and the Damcos management team. Source: AP

L-3 Closes Purchase of Nautronix

L-3 Communications Holdings Inc. has completed its purchase of Nautronix Defense Group, the mine and anti-submarine weapons systems maker, for $65m in cash plus a possible $6m more, depending on financial performance. Nautronix will be renamed L-3 Communications Nautronix Holdings Inc., and will add about $25m to L-3's estimated sales this year. Source: Reuters

Attica Holdings Sells 3 Vessels

According to reports, Attica Holdings announced that, on March 21, 2006, it has contracted to sell to AS Tallink Grupp its ice-class Ro-Pax vessels Superfast VII, Superfast VIII and Superfast IX for a total cash consideration of Euro 310 million. source: Reporter.gr Pending legal and regulatory procedures, the transaction will close within April 2006. Attica will maintain its presence in the Baltic Sea with the operation of its two RoRo vessels that are trading between Rostock, Germany and Uusikaupunki, Finland.

COSCO Intl. Holdings Gets Acquisitive

COSCO International Holdings Ltd is engaged in talks to acquire COSCO Network Ltd., a global transportation, logistics and communications network, from its parent company China Ocean Shipping (Group) Co. COSCO International also said in a statement that it is considering the acquisition of other technology, environmental protection and Internet assets. The shipping container leasing and handling company said it made the announcement in response to newspaper reports on about these possible transactions.

Investor Group To Acquire Aalborg Industries

Headed by Axcel, an investor group has formalized an agreement with the Danish company J. Lauritzen Holding to attain Aalborg Industries. Aalborg, which is one of Denmark's large industrial companies specializing in the field of boilers and other heat generating equipment, agreed to allow investors to set up a new holding company with shares to be distributed among the investor group. The investor group also includes LD, FIH, and Aalborg president and CEO Freddy Frandsen, senior vice president and CFO Svend Ole Aagren, and group vice president Jorn Nielsen.

KPN And Telstra Form Joint Venture

KPN (Royal Dutch Telecom) and Telstra have agreed to form a joint venture company by merging their respective mobile satellite communications businesses. The new company, which will trade as Station 12 - is positioned to be a major player in the global satcom industry. Contributing an approximate combined figure of $145 million in net tangible assets to launch the venture, with KPN holding 65 percent of equity shares and Telstra holding the remainder, the new company has projected an initial annual revenue around $250 million.

Aker In Talks to Sell Aker Base Unit

Aker Maritime is in talks to sell a 32.5 percent stake in its Aker Base unit to supply ship owners Simen Moekster Shipping and Eidesvik Holding. Aker Maritime, which would maintain a 35 percent holding in Aker Base, would book a pre-tax gain of 208 million crowns ($25.5 million) from the deal, including 140 million in 2000. Under the deal, Aker Base, a land-based support group for offshore installations, would also service Moekster's and Eidesvik's supply ships.

Royal Olympic Considering Proposals

Royal Olympic Cruises Lines stated that a special committee of its outside directors has been considering proposals and alliances involving the company and/or its majority shareholder, ROC Holdings. Consisting of Bobby Melnick, Michael Jolliffe and Nicholas Pisaris, the committee is considering proposals such as a sale of a controlling interest in ROC Holdings that would not involve an offer to purchase the company's publicly held shares.

UDL Holdings OKs Restructuring Plan

UDL Holdings Ltd., its subsidiaries and controlling shareholder have reached an agreement to restructure and rescue the group, excluding its unit KEL Holdings Ltd. The proposed reorganization includes a rights issue and the purchase of Hong Kong Asset Co. and Singaporean Asset Co., which would have a fleet of vessels with the necessary critical mass to compete in the marine engineering construction industry. The plan involves the consolidation of 20 shares into one share, capital reduction, disposal of scheme assets and issue of new shares representing 50 percent of the issued capital as enlarged by the issue of new shares and the rights issue.

NCL Expects $5.9 M In Losses After Grounding

NCL Holding ASA reportedly expects losses from the grounding of its Norwegian Sky vessel off Canada last week to total $5.9 million, including $2.5 million from NCL's part in insurance payments and loss of on-board income not covered by insurance plus $3.4 million for cost cuts on future cruises. However, NCL is still reporting solid liquidity. Cash holdings as of September 30 totaled $115 million.

Hornblower to Manage New Ferry Service in Virginia

Hornblower Marine Services and Virginia-based, MetroMarine Holdings have started a new passenger ferry service between Downtown Hampton and Downtown Norfolk. HarborLink - as the service is known - will be operated by Hornblower Marine Services. This service is privately financed by the group and supplemented by CMAQ federal funds. The contract for this new ferry service was awarded to the joint venture partnership in 1998 by the City of Hampton and Norfolk, following an RFP process. CMAQ federal funds were applied for by the City of Hampton and granted in earlier this year. A further two years of federal funding has also been granted. This new ferry service will be the beginning of a more regional service envisioned for this new partnership in the Hampton Roads area.

Attica Holdings Sells RoRo Vessel

Attica Holdings S.A. announces that it has contracted to sell its RoRo vessel Marin, built 1991, trading between Greece and Italy for a total cash consideration of Euro 8,450,000. The delivery of the vessel and final payment will take place in February 2008. At the time of conclusion of the transaction, Attica Group is expected to book capital gains of approximately Euro 2.2mln.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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