Cosco Offers Unconditional Buying of Cogent Shares
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 "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which…
Cosco Shipping Bids for Cogent
Cosco Shipping International has issued formal offer documents for its S$1.02 per share bid to privatise Cogent Holdings, reported Business Times. Cosco said that acceptances of the offer must be received no later than 5.30pm on Jan 5. Cosco Shipping had announced on Nov 3 that it is acquiring and privatising Cogent for S$488.07 million. Cosco Shipping had announced on Nov 3 that it is acquiring Cogent for S$488.07 million. The report quoted Cosco Shipping as saying that the rationale for the acquisition is to acquire control in one of Singapore's leading full service…
A.P. Moller Holding Appoints Jan T. Nielsen as CIO
Jan Thorsgaard Nielsen, Senior Managing Director of Blackstone, is appointed Chief Investment Officer (CIO) of A/S. A P Moller Holding (APMH). APMH is a privately owned holding company and is the biggest shareholder in A P Moller-Maersk (APM), the Danish shipping giant. Jan T. Nielsen holds a Cand. Oecon. from Aarhus University, Denmark, and has been with Blackstone since 2005. He started working for Blackstone in London as an associate and was subsequently promoted to principal and Managing Director. During this time, Jan T.
DESMI Ocean Guard Completes Land Testing
DESMI Ocean Guard A/S has announced that all the required land-based testing of the CompactClean Ballast Water Management System has been successfully completed. The testing was performed in accordance with both International Maritime Organization (IMO) and U.S. Coast Guard (USCG) requirements and paves the way for the issue of both IMO and USCG type approval certificates later this year. DESMI Ocean Guard’s CompactClean Ballast Water Management System (BWMS) has now successfully completed all the land-based testing required by both IMO and USCG.
PortMiami Approves Norwegian Cruise Line Terminal
Miami-Dade County has given the green light for construction to begin on the sleek new terminal for Norwegian Cruise Line (NCL) terminal, designed by Miami-based architecture firm Bermello Ajamil & Partners. The county will invest up to USD 100mln to build 166,000-square-foot terminal at PortMiami, augmented by funds coming from Norwegian Cruise Line Holdings. Commissioners also agreed to advance project costs not to exceed an additional $65m. The terminal will be able to accommodate ships with up to 5…
DFDS to Buy U.N. Ro-Ro in $1.2 Bln Deal
Danish shipping and logistics company DFDS has agreed to buy Turkish freight shipping operator U.N. Ro-Ro from Turkish private equity firms Actera Group and Esas Holdings for 950 million euros ($1.17 billion) on a debt-free basis. It marks a change of course for the Turkish company, which had planned an initial public offering for up to 57.7 percent of the company, a draft prospectus showed last month. U.N. Ro-Ro operates five freight shipping routes between Turkey, Italy and France. DFDS said U.N.
Atlantic Navigation Calls Off Equity Sale to Gulf Navigation
Atlantic Navigation Holdings said that discussions pertaining to sale of a substantial equity stake to Gulf Navigation Holding have terminated because the parties involved could not reach an agreement on the definitive terms. "The deal calling for the sale of a substantial equity stake in Atlantic Navigation to Gulf Navigation Holding PJSC is no longer on the table," said a press release from the company. In a stocke exchange announcement, Atlantic Navigation aid before Monday's trading hours it has entered into an US$8.5 million loan agreement…
Sinanju Orders Singapore's 1st Dual-Fuel Bunker Tanker
Singapore-based Sinanju Tankers Holdings has ordered what it says will be Singapore's first dual-fuel bunker tanker, to be powered mainly by liquefied natural gas (LNG).
Freeport LNG Delays Start of Texas Export Terminal
Freeport LNG, a privately held U.S. liquefied natural gas company, said on Thursday it pushed back the projected start date for its $13 billion export terminal under construction in Texas by about nine months to around Sept. 1, 2019.Freeport LNG now expects the first liquefaction train to enter service around Sept. 1, 2019, with the second and third trains seen in service around Jan. 1 and May 1, 2020, respectively, said Zdenek Gerych, a spokesman at Freeport.Previously, the three…
Navios Announces Delivery of Capesize Vessels
Navios Maritime Holdings Inc. (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, announced that the Capesize vessels Navios Phoenix and Navios Stellar were delivered from a Japanese and a South Korean shipyard respectively to Navios Holdings' owned fleet. The Navios Phoenix is a Capesize vessel of 180,242 dwt. She was delivered to Navios Holdings' fleet on December 21, 2009. Approximately $52.5m was used to finance the purchase from the escrow established under the 8 7/8% First Priority Ship Mortgage Notes. The Navios Stellar is a Capesize vessel of 169,001 dwt. She was delivered to Navios Holdings' fleet on December 23, 2009.
Bunker Holding Appoints New COO
Bunker Holding, the parent company of a group of bunker companies worldwide, has appointed Søren Høll as the company’s new Chief Operations Officer (COO). Søren will be situated at the company’s headquarters in Middelfart, Denmark, but will have frequent and extensive travel to the subsidiaries around the world. Søren Høll brings experience from the bunker business through his 28 year with Dan-Bunkering, a subsidiary of Bunker Holding. At Dan-Bunkering he held the position as Head of Operations Europe/Asia and Senior Vice President. bunker-holding.com
Intellian Opens in China
Intellian, a provider of satellite communication antenna systems, announced that it has established a Chinese corporation subsidiary in Shanghai and officially started operations there to better meet local customer demand. Intellian provides products and technical support to partner companies on every continent of the world through its 10 subsidiaries based in the U.S., U.K., Netherlands, Singapore and other regions. And now it has launched an additional full-scale operating subsidiary in Shanghai…
Marine Resources Group Becomes Foss Marine Holdings
Largest US tug and barge holding company unites family of companies under single powerful brand. America's largest coastal tug and barge operator is taking a new - but widely recognized - name: Foss Marine Holdings, Inc. Company officials announced today that Marine Resources Group (MRG) is becoming Foss Marine Holdings. The Foss name - which celebrates a rich maritime tradition that includes century-long service and a record of innovation - will now represent a family of independent subsidiary companies that spans North America and the globe.
Navios Delivers 3 Newbuild Capesize Vessels
Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it took scheduled delivery in June and July, 2009 of three newbuild Capesize vessels, constructed by South Korean shipyards. Navios Holdings also announced that it issued a $20m unsecured Bond due 2012 having a coupon of 6% to fund a portion of the purchase price due. A more detailed description of the vessels and an overview of certain material terms of the Bond are set forth below. The three vessels will be employed under existing long-term charter-out contracts that will generate a total annual EBITDA of approximately $46.6 million*. These contracts have been insured by an AA+ EU governmental agency.
JACCAR Holdings Sells Shares of Chinese Shipyard
JACCAR Holdings has helped to build Sinopacific Offshore and Engineering (SOE) into one of China’s leading providers of LPG/LEG vessels, offshore cranes, and offshore production, through its 25% share in the company. JACCAR Holdings has sold its shares to Pearlfine Ocean Worldwide, who joins Evergreen Holding Group and Sinopacific Shipbuilding Group in the new shareholding structure. Since 2009 JACCAR Holdings has ordered six LPG Tiger 5000cbm, (first vessel to be delivered at the end of May 2012) and 8 LEG Tiger 12 000cbm (delivery as from 2013) from SOE. This investment, coupled with close cooperation between SOE and JACCAR Holdings have positioned SOE as a strong, innovative and unique player in the LPG/LEG field worldwide.
HSH Nordbank Rejects Rickmers Restructure
Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group, says a press release from the group. Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations, the release said. On 19 April 2017, Rickmers Holding AG reached an understanding with, inter alios, HSH Nordbank AG on a term sheet regarding the restructuring of material…
FSRU Höegh Esperanza Delivered
Höegh LNG Holdings Ltd. took delivery of Höegh Esperanza, its eight floating storage and regasification unit (FSRU). The FSRU was constructed at Hyundai Heavy Industries in South Korea and is designed for open, combined and closed loop regasification operation. It has a storage capacity of 170 000 cbm of LNG and a maximum regasification throughput of 750 million standard cubic feet per day. It is equipped with a GTT Mark III membrane containment system and dual-fuel diesel-electric (DFDE) propulsion.
Scorpio Services Holding Ups Stake in Scorpio Bulkers
Scorpio Bulkers Inc. Dry bulk commodities shipper Scorpio Bulkers Inc. announced today that Scorpio Services Holding Limited has purchased an aggregate of 1,436,352 common shares of the company at an average price of $1.60 per share in the open market since the company's previous announcement on September 14, 2015. Scorpio Service Holdings has been gradually increasing its stake in Scorpio Bulkers since July. Scorpio Bulkers currently has 343,905,637 common shares outstanding, of which Scorpio Services Holding now owns 21,634,390, or 6.3 percent.
California Clean Sea Rules Soon Apply
The state of California has announced a no-discharge zone (NDZ) for passenger vessels of 300 grt or more having berths or overnight accommodations, and oceangoing vessels of 300 grt or more, with available holding tank capacity, or containing sewage generated while the vessel was outside of the marine waters of the state of California. Vessels without dedicated sewage holding tank(s) may enter Californian waters and discharge treated sewage from sewage treatment system as before. Vessels without sewage treatment system, only holding tank(s), are not allowed to discharge any sewage to sea inside the NDZ. Vessels with sewage treatment…
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]
Scorpio Services Holding Buys Scorpio Bulkers Shares
Dry bulk commodities shipper Scorpio Bulkers Inc. announced today that Scorpio Services Holding Limited purchased an aggregate of 500,000 common shares of the company in the open market last week at an average price of $1.71 per share. Scorpio Bulkers currently has 336,081,930 common shares outstanding, of which Scorpio Services Holding owns 18,644,129, or 5.5 percent.
STX OSV Holdings Lodges Preliminary Prospectus
STX Europe AS' wholly-owned subsidiary, STX OSV Holdings Pte. Ltd. (to be renamed STX OSV Holdings Limited), has lodged a preliminary prospectus with the Monetary Authority of Singapore (www.mas.gov.sg, "MAS") in relation to the proposed initial public offering of its shares. The preliminary prospectus may be accessed via MAS' Offers and Prospectuses - Electronic Repository and Access (OPERA) website.
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.