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Sunday, January 21, 2018

Definitive News

General Maritime, Navig8 Crude Complete Merger

General Maritime Corporation and Navig8 Crude Tankers Inc. General Maritime Corporation and Navig8 Crude Tankers Inc. have completed a merger to create Gener8 Maritime, Inc., a U.S.-based provider of international seaborne oil transportation services. In accordance with the terms of the definitive agreement, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime. Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock. The definitive agreement provides that…

Pegasus Ceases Definitive Agreement With Friede Goldman Halter

Friede Goldman Halter, Inc. reported today that it has been advised by Pegasus Partners II, L.P. (``Pegasus'') that Pegasus no longer intends to pursue a Definitive Agreement for the proposed $100 million loan to the Company. The Company is continuing to discuss alternatives with Pegasus and others. However, there can be no assurance that the Company will be able to obtain additional equity or financing on terms that will be acceptable.

Tidewater Closes on Sale of 10 Offshore Tugs

Tidewater Inc. announced today the closing on the sale of ten offshore tugs for a total cash price of $31.5 million. The culmination of this transaction results in an approximate $24 million pre-tax financial gain, or $.27 per common share after tax. The company previously announced that it had entered into a definitive agreement with Crosby Marine Transportation, LLC to sell a total of 14 offshore tugs. The balance of the four tugs covered by the definitive agreement, with a total sales price of $13.3 million, should close over the next four months as current charter contracts to which the four tugs are subject to expire.

Genco Shipping Agreement for Time Charters

Genco Shipping & Trading Limited (NYSE:GNK) has reached an agreement to enter into a time charter for the Genco Claudius, a Capesize newbuilding, with Cargill International S.A. for 10.5 to 13.5 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Claudius will commence upon delivery of the vessel, which is expected during December 2009, and is subject to the completion of definitive documentation. The company also announced it has reached an agreement to extend the time charter for the Genco Leader, a 1999-built Panamax vessel, with Baumarine AS for 10.5 to 13.5 months at a rate of $20,000 per day, less a 5% third party brokerage commission.

DryShips Ocean Rig Employment Updates

The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. The company said it has also received a Letter of Award for its ultra deepwater drillship "Ocean Rig Skyros," from a major oil company for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015.

Nordic Shipholding Receives Offer to Invest in the Company

Nordic Shipholding has received an offer from a foreign investor to invest in the company. The board of directors looks favorable at the offer and will now commence negotiations of definitive agreements and work to fulfill the conditions included in in the offer, which among other include obtaining of certain regulatory approvals. If and when definitive agreements are reached with the investor, Nordic Shipholding will convene an extraordinary general meeting at which the transaction and issue of new shares to the investor will be presented for approval.

Foster Wheeler Files Definitive Proxy Materials For EGM

Courtesy Foster Wheeler

Foster Wheeler AG announced today that it has filed with the U.S. Securities and Exchange Commission (SEC) definitive proxy materials in connection with its Extraordinary General Meeting (EGM) to be held on July 10, 2014 at the Company’s offices in Baar, Switzerland. The Company also is mailing these definitive proxy materials (including voting cards) to holders of record as of June 10, 2014. As described in the definitive proxy materials filed with the SEC, the Company's shareholders…

Crude Carriers Corp. Reports 2Q Resultes

Crude Carriers Corp. (NYSE: CRU), today reported its financial results for the second quarter of 2011. The Company reported a net loss for the quarter of $7.5 million or $0.48 per share, which compares with a $0.37 net income per share from the second quarter of 2010. The Company’s reported net loss for the quarter includes $1.7 million in general and administrative expenses related to the definitive merger agreement with CPLP and the proxy statement on Form F-4 filed with the Securities and Exchange Commission. Revenues for the second quarter 2011 amounted to $9.8 million, which is lower compared to the $20.7 million in the second quarter of 2010. The Company’s drop in revenues reflects primarily the weaker crude tanker spot market, when compared to a year ago.

Ambassadors International Acquires merican West Cruises

Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.

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]

DryShips Announces Signing of Drilling Contract

DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m. There are three further optional wells that could extend the contract by 135 days.  

Ocean Rig Announces Contract Signing

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced  that it has signed definitive documentation, following the previously announced Letter of Intent, for one of its semi-submersible drilling rigs, the Eirik Raude, with an oil major.   The drilling contract is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately $112 million, including mobilization and demobilization.   The rig is scheduled to commence this contract in the second quarter of 2013, in direct continuation from its previous contract in West Africa.

Carnival sells Windstar Cruises

Carnival Corporation reportedly signed a definitive agreement to sell Windstar Cruises brand to Ambassadors International Inc. for $100m, according to a report on www.forbes.com. Windstar has three sailing vessels in its fleet, including the 312-passenger Wind Surf and the 148-passenger Wind Star and Wind Spirit.

Genco to Sign Capesize Vessel Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Augustus, a 2007-built Capesize vessel, with Cargill International S.A. for approximately 10.5 to 12.5 months at a rate of $39,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Augustus is subject to the completion of definitive documentation and is expected to commence on or about January 23, 2010 following the vessel's scheduled drydocking. The previous time charter for the Genco Augustus was completed on January 10, 2010.

Genco Expands Time Charter Coverage to 63%

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to extend the time charter for the Genco Knight, a 1999-built Panamax vessel, with Swissmarine Services S.A. for approximately 11 to 13.5 months at a rate of $25,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence following the expiration of the vessel's current time charter on or about April 23, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 63% of its fleet's estimated available days secured on contracts for the remainder of 2010.  

Genco Shipping & Trading Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 67% of its fleet's estimated available days secured on contracts for the remainder of 2010.

COSCO, SeaEnergy sign Offshore Wind Deal

SeaEnergy PLC reportedly signed an agreement with shipbuilder COSCO to develop and market steel structures for the offshore wind industry, according to a report on http://www.tradingmarkets.com. The agreement was expected to lead to a definitive contract to develop and market turbine jacket substructures, towers and access systems for offshore wind farms. (Source: http://www.tradingmarkets.com)  

Genco to Extend Charter for Handymax Vessel

Genco Shipping & Trading Limited announced it has reached an agreement in principle to extend the time charter for the Genco Marine, a 1996-built Handymax vessel currently on charter with NYK Bulkship Europe S.A. The extended time charter would be for an additional eleven to thirteen months at a rate of $24,000 per day, less a 5% third party brokerage commission. The time charter, subject to completion of definitive documentation, would commence following the expiration of the vessel's current time charter on or about March 29, 2007.

Friede Goldman Halter To Get $100 Million Financing

Friede Goldman Halter announced that it and several of its affiliates have signed a letter of intent with Pegasus Partners II and affiliated entities for Pegasus to loan $100 million in the form of a senior secured note with a three-year maturity. In connection with the proposed transaction, the company will issue Pegasus warrants to purchase the company's common stock. The recommended transaction is subject to the negotiation and execution of a definitive agreement and the satisfactory completion of due diligence by Pegasus.

Genmar Sells Hatteras Yachts to Brunswick

Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a sale was the appropriate conclusion to enhance overall shareholder value.

Independent Online Shipping Exchange Launched

Shipping finance specialist Tufton Oceanic is reportedly launching an independent web-based shipping chartering exchange with a group of e-commerce and investment companies. The exchange, to be called ShipDesk, aims to become the definitive independent chartering exchange, benefiting all market participants, a spokesperson said. ShipDesk, which will go live later this year, has been developed in conjunction with U.S.-based electronic market developer OptiMark Technologies, European e-business investment firm antfactory, and private equity group Whitney & Co. The site will provide a confidential exchange for wet and dry bulk commodity trade from shipment to voyage completion.

MTN Completes Purchase Agreement

Maritime Telecommunications Network (MTN), a subsidiary of ATC Teleports, has finalized a definitive Asset Purchase Agreement to attain specific assets of CruisePhone for approximately $1 million. CruisePhone, which previously filed for relief under Chapter 11 of the U.S. Bankruptcy Code, was permitted by the court to complete the sale of assets to MTN. Following a hearing, which occurred in the U.S. Bankruptcy Court for the District of New York, CruisePhone is expected to transfer all of its services to MTN on June 31.

Detroit Diesel Merges With DaimlerChrysler

Detroit Diesel Corp. has signed a definitive merger agreement with a subsidiary of DaimlerChrysler AG. The agreement calls for DaimlerChrysler, a shareholder of DDC since 1993 that currently owns 21.3 percent of the outstanding common shares of DDC, will commence a cash tender offer for the remaining 78.7 percent of DDC at a price of $23 per common share - for a total transaction value of $423 million. Penske Corp., which owns 48.6 percent of the outstanding common shares of DDC, has committed to tender its shares to DaimlerChrysler.

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

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