Fearnley Securities News

Shipowner and shipping fund manager Pelagic Partners announced it has teamed up with asset management firm Borealis Maritime to invest in a pair of platform supply vessels (PSV).Built in 2021, the 89-meter Aurora Coey – formerly Viking Coey – and Aurora Cooper – ex-Viking Cooper – are both dual-fuel and capable of operating on liquefied natural gas (LNG), as well as being ammonia-ready. The ice-class sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions…

Offshore wind turbine installation firm Eneti plans to raise $200 million through a public offering of shares. It will use the funds raised to fund wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act compliant newbuilding vessel. As part of the Offering, Scorpio Holdings Limited, a related party of the company, has expressed an interest to purchase common shares at the public offering price with a value of at least $30.0 million.Citigroup…

MPC Container Ships ASA (MPCC) announced it has reached a deal to acquire fellow Norwegian-based container shipping company Songa Container AS for $210.25 million on a debt and cash free basis. The transaction is expected to be completed by the end of July 2021.Upon closing, MPCC will acquire Songa’s fleet of 11 container vessels, with an average size of 2,250 TEU and an average age of 11.9 years , creating a combined fleet of 75 ships and a total capacity of roughly 158,000 TEU. Nine of the acquired ships are fitted with scrubbers while three are equipped with the highest ice-class.Constantin Baack, MPC Container Ships CEO, said, “This…

Integrated Wind Solutions, a newly formed offshore wind service company owned by Norway's Awilhelmsen investment group, is eyeing a private placement of new shares in the company in connection with a listing on Euronext Growth Oslo, aiming to raise up to $89 million.Integrated Wind Solutions describes itself as a company that aims to be a leading offshore wind service player by integrating service operation vessels with engineering and manpower services in the windfarm’s construction and operations phase.

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

Leading container shipping firm A.P. Moller-Maersk scrapped its 2020 earnings forecast on Friday, while rival Hapag-Lloyd warned of slowing growth until at least June, as the coronavirus pandemic takes a heavy toll on global tradeThe container shipping industry, a bellwether for international trade, has been blown off course by the new virus, which brought parts of China to a standstill before spreading around the world, leading container lines to re-route cargoes and reduce calls to Chinese ports.Despite lower volume growth…

A.P. Moller-Maersk, the world's largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight.Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China."The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% interval (range)…

Norwegian seismic acquisition company SeaBird Exploration said  it is in an exclusive process to acquire the seismic vessels BOA Galatea and BOA Thalassa owned by BOA Offshore in a transaction which values the vessels at NOK 185 million ($22 million).The BOA Vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019 with options for EMGS ASA to extend for three periods of six months each.In order to finance the acquisition of the BOA Vessels, as well as to finance an upgrade of BOA Galatea to high end 2D / source capability, the Company is contemplating a private placement of new shares  in the Company raising gross proceeds of minimum NOK 225 million and maximum of NOK 250 million.

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percent following the placement from 49.9 percent.The new shares of Oslo-listed Flex were sold at 14.25 Norwegian crowns each, a five percent discount to Wednesday's closing price of 15 crowns, and the plac

Diana Shipping announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance.In addition, the global shipping company specializing in the ownership of dry bulk vessels may issue up to an additional US$25 million of the bonds on one or more occasions.The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year. The Company will apply for listing of the bonds on the Oslo Stock Exchange.The offering is expected to close on September 27, 2018…

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it has already completed a private placement of common shares, totaling $30.0 million, which is expected to close on March 13, 2018. Navios Containers will issue approximately 5,450,000 common shares at a subscription price of $5.50 per common share for an aggregate of $30.0 million of gross proceeds. The net proceeds will be used for general corporate purposes, including vessel acquisitions. Navios Maritime Holdings and Navios Maritime Partners have subscribed for $15.0 million in the private placement and thus will own approximately 39% of the outstanding share capital upon closing.

Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner units outstanding. This includes $5.0 million of common units purchased by Navios Maritime Holdings Inc., and the purchase of general partner units by Navios GP L.L.C., our general partner, a wholly-owned subsidiary of Navios Holdings, to maintain its 2.0% general partner interest in Navios Partners.

Denmark-based shipping company Hafnia Tankers has successfully completed a sale and leaseback in the Japanese market through the sale and leaseback of its 2010 built LR1 tanker, MT Hafnia Australia. The Vessel has been sold to a Japanese private ship owning company (the Lessor) with a 12-year bareboat charter back with annual purchase options from year four onwards. The Transaction entailed a sale of the 74,539 dwt ship at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx. $8.7 million and further adds to the already strong cash position. The profile of the lease arrangement allows the Company to abide by its strict policy of maintaining a low cash-breakeven.

The Oslo, Norway-based MPC Container Ships AS has entered into a commitment to acquire a fleet of feeder container vessels with a total purchase price of USD 130 million. MPC Container Ships was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The company has also announced the successful completion of the private placement of 30.25 million new shares announced on 22 November 2017. The Private Placement was completed at a subscription price of NOK 47.50 per share, which was determined through an accelerated book-building process. The Private Placement will raise gross proceeds of approximately USD 175 million.

Hafnia Tankers has successfully completed its first sale and leaseback in the Japanese market through the sale and leaseback of its 2010 built LR1 tanker, MT Hafnia Africa. The Vessel has been sold to a large Japanese private ship owning company with an 8-year bareboat charter back with annual purchase options from year four onwards. The Company has an option to extend the lease to 12 years. The Transaction entailed a sale of the Vessel at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx. $8.5 million and further adds to the already strong cash position. The profile of the lease arrangement allows the Company to abide by its strict policy of maintaining a low cash-breakeven.

Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London, top rated Senior Shipping Analyst in DNB Markets and partner in Inge Steensland AS, specializing in gas related maritime matters.    Outgoing NAT/NAO CFO, Turid M. Sorensen, will leave her administrative duties before the end of 2017. She will be suggested as board member of NAT.

MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes. DNB Markets and Fearnley Securities acted as joint lead managers for the bond issue. MPC has recently acquired six container vessels in a portfolio transaction from various owners.

Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division. Giaever has more than 20 years of experience in the shipping industry, holding key roles in corporate finance and equity research. In addition to having worked as investment banker towards the shipping & offshore industry for the past seven years…

Navios Maritime Containers announced that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share. Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet that Navios Maritime Partners previously agreed to purchase from Rickmers Maritime as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close in full on or about June 1, 2017. Navios Partners will invest $30 million and receive 40% of the equity, and Navios Maritime Holdings will invest $5 million and receive 6.67% of the equity of Navios Containers.

MPC Capital AG, an international asset and investment manager, has initiated an investment company with a focus on small-size container ships between 1,000 and 3,000 TEU. The newly formed 'MPC Container Ships AS' raised USD 100 million in equity in a private placement towards international institutional investors and family offices in the Norwegian capital market. Following its corporate investment strategy, MPC Capital is a co-investor. Based on the current pipeline exceeding 100 vessels, capital proceeds are expected to be fully deployed within 2017. An initial fleet of attractive assets has already been secured. Among other partners, MPC Capital's subsidiaries, Ahrenkiel Steamship and Contchart, are offering technical and commercial management services to the fleet.

Concordia Maritim said is selling the Suezmax tanker Stena Supreme as part of a sale and leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis for 12 years, with annual purchase options from year three onwards. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”. The transaction is scheduled for late November, and the sale gives rise to an accounting profit of approx. $1.8 million and a positive liquidity effect of approx. $22 million.

Concordia Maritime is selling the IMOIIMAX tanker Stena Image to a large Japanese financial institution. The transaction is a sale and leaseback agreement, which in this case means that the vessel will be chartered back to Concordia Maritime on a bareboat basis (i.e., without crew) for eight years, with annual purchase options from year four onwards. The sale price is $37.5 million and delivery to the buyer is scheduled for mid-October. “Through this transaction, we have simultaneously accomplished goals of strategic and financial importance to the company.