Marine Link
Wednesday, January 17, 2018

Common Stock News

SEACOR Declares Spin-Off Dividend of SEACOR Marine Shares

SEACOR Holdings Inc. and SEACOR Marine Holdings Inc. announced the timing and details regarding the spin-off of SEACOR Marine from SEACOR. The SEACOR board of directors has declared a pro rata dividend of the shares of SEACOR Marine common stock owned by SEACOR that will result in the complete legal and structural separation of the two companies. On the distribution date of June 1, 2017, SEACOR will distribute to its stockholders of record as of 5:00 p.m., New York City time, on May 22, 2017, the record date for the distribution, for every share of SEACOR common stock held, one share of SEACOR Marine common stock multiplied by a fraction…

Dryships: Partial Spin-Off of Ocean Rig UDW

DryShips Inc. (NASDAQ: DRYS)  announced that its Board of Directors has approved the partial spin-off of its interest in the Company’s majority-owned subsidiary Ocean Rig UDW Inc., of which DryShips currently owns approximately 78% of the issued and outstanding common stock. DryShips will distribute approximately 2,967,359 shares of common stock of Ocean Rig UDW Inc., which will reduce DryShips’ ownership interest in Ocean Rig UDW by approximately 2%. stock of DryShips will be determined by dividing 2,967,359 by the aggregate number of issued and outstanding shares of common stock of DryShips on September 21, 2011, the record date for the distribution.

Trico Marine Services, Inc. Emerges From Chapter 11, Announces New Directors

Trico Marine Services, Inc. announced that it has successfully completed its Chapter 11 reorganization and it and two principal subsidiaries have also emerged from bankruptcy. Thomas Fairley, Trico's President and Chief Executive Officer commented, "We are pleased to emerge from bankruptcy and I would like to thank the Company's customers, employees and suppliers for their continued support. Chapter 11 petitions were filed by Trico and its two principal U.S. subsidiaries on December 21, 2004. The U.S. Bankruptcy Court for the Southern District of New York confirmed Trico's Plan of Reorganization on January 21, 2005 and all conditions have been met which cleared the way for Trico and its subsidiaries to emerge from Chapter 11.

Globus Maritime Mulls 1-for-4 Reverse Stock Split

Photo: Globus Maritime Limited

Globus Maritime Limited, a dry bulk shipping company, announced that its Board of Directors has determined to effect a 1-for-4 reverse stock split of the Company's common shares. At the Company's annual general meeting of shareholders on September 8, 2016, the Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact reverse split ratio and proceed with the reverse stock split. The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market…

Frontline Proposes DHT Takeover

DHT Leopard Photo: DHT Holdings, Inc

DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT, which represents an implied price of $5.09 per DHT share, based on the closing price of Frontline shares of common stock on January 27, 2017. In the proposal letter delivered to DHT's Board of Directors on January 27…

Navios Maritime Acquisition Corp. Acquires Two New Builds

Navios Maritime Acquisition Corporation (NYSE: NNA), an owner and operator of tanker vessels, announced that the company has entered into an agreement to acquire two 75,000 DWT LR1 product tankers scheduled for delivery in Q4 2011 from a South Korean shipyard. The effective acquisition price for the two vessels is $82.8 million or $41.4 million per vessel, giving effect to the preferred stock. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "We purchased these vessels at attractive prices. This deal demonstrates the strength of our relationships and our belief in the product tanker sector. Frangou continued, "We continue to look to grow the fleet.

Teekay Announces IPO Pricing

Teekay Tankers Ltd. has priced its initial public offering of 10,000,000 shares of its Class A Common Stock at $19.50 per share. The 10,000,000 shares of Class A Common Stock (11,500,000 shares if the underwriters exercise their over-allotment option in full) represent a 40% ownership interest in Teekay Tankers Ltd. Teekay Corporation (NYSE: TK) owns the remaining capital stock of Teekay Tankers Ltd., which includes Class A Common Stock and Class B Common Stock. The Class A Common Stock will trade on The New York Stock Exchange under the symbol "TNK".

Diana Containerships Reports 1-for-7 Reverse Stock Split

Photo: Diana Containerships Inc

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.

Diana Containerships Announces Reverse Stock Split

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has 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 not less than one-for-five and not more than one-for-twenty. The exact split ratio will be determined by the Board and announced by the company prior to the effective date. 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 February 24, 2016.

OSG, DHT Announce Exercise of Overallotment Option

Overseas Shipholding Group, Inc. (OSG) and Double Hull Tankers, Inc. (DHT) announced that Merrill Lynch & Co. and UBS Investment Bank have exercised their option to purchase 750,000 shares of common stock of DHT. OSG granted the underwriters the 30-day option to purchase up to an additional 750,000 shares of common stock for the purpose of covering overallotments in connection with its previously announced offering of 5,000,000 shares of common stock of DHT. OSG expects to recognize an additional gain from the sale of the 750,000 shares of approximately $2 million in the second quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 12.5%, or 3,751,500 shares, to approximately 10.0%, or 3,001,500 shares.

FreeSeas Announces Reverse Split of Common Stock

FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, has announced  that the company's amended and restated articles of incorporation were amended to effect a reverse stock split of the company's issued and outstanding common stock at a ratio of one new share for every five shares currently outstanding. The company anticipates that its common stock will begin trading on a split adjusted basis when the market opens on December 2, 2013. FreeSeas' common stock will continue to trade under the symbol free. The common shares will also trade under a new CUSIP number Y26496300. The reverse stock split will consolidate 5 shares of common stock into one share of common stock at a par value of $.001 per share.

Britannia Bulk Holdings Announces Public Offering

Britannia Bulk Holdings announced that its initial public offering of 8,333,333 shares of common stock was priced at $15.00 per share to the public. To the extent the underwriters sell more than the 8,333,333 shares of common stock, the underwriters have the option to purchase up to an additional 1,250,000 shares from the Company. All stock sold in the offering will be issued by the Company. Assuming no exercise of the underwriters’ option to purchase additional shares of common stock, the net proceeds to the company will be approximately $112.8 million. Completion of the offering is expected to occur on June 23, 2008, subject to satisfaction of customary closing conditions.

Horizon Lines Completes Mandatory Debt Conversion

$49.7 Million of 6.00% Series B Mandatorily Convertible Senior Secured Notes Exchanged for Common Stock and Warrants. Horizon Lines, Inc. has announced that it has completed the mandatory debt-to-equity conversion of approximately $49.7 million of the company's 6.00% Series B Mandatorily Convertible Senior Secured Notes (the "Series B Notes"). The mandatory conversion reduces debt, lowers annualized interest payments and is expected to increase the value of the company's shares outstanding.

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…

OceanFreight Undergoes Reverse Stock Split

OceanFreight Inc. has announced that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company’s Class A common stock. 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 2011 annual general meeting of shareholders held on June 15, 2011. The reverse stock split will take effect today, and the Company’s common stock will begin trading on a splitadjusted basis on the NASDAQ Global Market. The Company’s shares will trade for 20 trading days under the symbol “OCNFD” to indicate that the reverse stock split has occurred.

Safe Bulkers Plans IPO

anticipation of a planned initial public offering of its common stock. Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes, such as grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The initial public offering will include approximately 10,000,000 shares of common stock. The offering may increase to approximately 11,500,000 shares of common stock if the underwriters exercise in full their over-allotment option. The shares are being offered by Vorini Holdings Inc. which will own approximately 80% of the common stock following the offering and will receive all of the proceeds.

Safe Bulkers Regains Compliance with NYSE

Safe Bulkers Logo

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s minimum share price standard for continued listing of its common stock. On January 15, 2016, the Company announced that it had received notification from the NYSE that the trading price of the Company’s common stock, listed on the NYSE as “SB”…

DHT Adjusts Senior Notes Conversion Price

DHT Holdings, Inc. announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on November 26, 2014 to stockholders of record as of the close of business on November 20, 2014, (ii) cash dividend of $0.05 per share of common stock paid on February 19, 2015 to stockholders of record as of the close of business on February 10, 2015 and (iii) cash dividend of $0.15 per share of common stock to be paid on May 22, 2015 to stockholders of record as of the close of business on May 13, 2015, the Conversion Price of the Company's 4.5% Convertible Senior Notes due 2019 (the "Notes") was adjusted, effective May 11, 2015.

Malibu Boats Offers Two million Shares at $25.25/Share

Photo: Malibu Boats

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. If exercised, all additional shares will be offered at the public offering price per share of Class A Common Stock in the offering.

Horizon Offshore Prices Shares for Public Offering

Horizon Offshore, Inc. announced the pricing on June 22, 2006 of its public offering of 8,500,000 shares of the company's common stock at $20.53 per share. Company's recapitalization. shares of common stock to cover over-allotments, if any. expenditures and working capital requirements. selling stockholders.

Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0.7193 shares for each share of Newport News common stock validly tendered by the expiration of the offer (subject to the proration procedures and limitations described in the offer) provided the offering period expires at 12:00 midnight New York City time on Nov. 29, 2001.

Dorian Adopts Shareholder Rights Plan

Dorian LPG’s Corvette Photo courtesy Dorian

The Board of Directors of Dorian LPG Ltd. (NYSE: LPG) today adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of Company common stock (each, a "Right"). The shareholder rights plan will replace the Company's existing rights plan that is due to expire pursuant to its terms on December 20, 2016. John Hadjipateras, Chairman and Chief Executive Officer of the Company, stated: "The Board's decision to adopt the rights plan underscores its commitment to the equitable treatment of all the Company's shareholders.

Conrad to Delist and Deregister Stock

Conrad Industries, Inc. intends to voluntarily delist its common stock from Nasdaq on or about March 30, 2005. Simultaneously with delisting, the Company will file a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and to suspend its obligation to file reports under Section 15(d) of the Exchange Act. Conrad Industries, Inc. is eligible to deregister by filing a Form 15 because it has fewer than 300 holders of record of its common stock. Upon the filing of the Form 15, Conrad's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q, and 8-K, will immediately cease.

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

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News