Marine Link
Wednesday, December 13, 2017

Merrill Lynch Co News

Double Hull Tankers Files for IPO

Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock. Double Hull Tankers, Inc. and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering. A copy of the prospectus relating to these securities may be obtained, when available, from: UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments. As previously announced, the company intends to use the net proceeds of the offering for general corporate purposes, including capital expenditures. The offering will be made to investors in the U.S. by managing underwriters Goldman, Sachs & Co., Merrill Lynch & Co., Banc of America Securities LLC, William Blair & Company, A.G.

ACL IPO Closes

American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full. Based on the public offering price of $21.00 per share and after deducting underwriting discounts and commissions, the net proceeds to the Company were approximately $146.5 million, and the aggregate net proceeds to the selling stockholder were approximately $38.8 million.

Dryships Completes “ATM” Equity Offering

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced the completion of the ATM Equity Offering in which the company raised gross proceeds of approximately $475m since commencing the offering pursuant to the prospectus supplement filed on May 7 2009. Merrill Lynch & Co. acted as sales agent in the offering. Following the completion of the program, the Company has approximately 257,645,000 common shares outstanding. George Economou, Chairman and Chief Executive Officer of the Company commented, “We have successfully completed our latest $475 million equity offering in market conditions where many established companies are struggling to raise capital.

Navios Announces Exercise of Underwriters' Over-Allotment Option and Closing of Offering

Navios Maritime Holdings Inc., announced that the underwriters of its recent common share offering exercised the full over-allotment option granted to them by Navios. As a result of the exercise, Navios sold an additional 1,725,000 shares, bringing the total to 13,225,000 shares sold, resulting in total net proceeds of $124.8 million after deducting the underwriter discount and estimated offering expenses. Concurrent with the exercise of the over- allotment, Navios announced the closing of the share offering originally announced on May 16, 2007. J.P. Morgan Securities Inc. and Merrill Lynch & Co. acted as joint bookrunning managers of the offering. S. Goldman Advisors LLC and Dahlman Rose & Company acted as co-managers.

Teekay Announces Pricing of Initial Public Offering

Teekay Offshore Partners L.P. announced that it has priced its initial public offering of 7,000,000 of its common units at $21.00 per unit. The 7,000,000 common units represent a 35.0% limited partner interest in the master limited partnership and the offering will increase to 8,050,000 common units if the underwriters exercise in full their over-allotment option. Teekay Shipping Corporation owns the remaining interests in the partnership, including common units, subordinated units, incentive distribution rights and its 2% general partner interest. Citigroup Corporate and Investment Banking and Merrill Lynch & Co. acted as joint book-running managers and representatives of the underwriters, which include Morgan Stanley, A.G.

OSG Announces Sale of DHT Shares

Overseas Shipholding Group, Inc. announced the sale of 4,600,000 shares of common stock of Double Hull Tankers, Inc. in a registered public offering underwritten by Merrill Lynch & Co. OSG expects to recognize a gain from the transaction of approximately $15 million in the first quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 44.50% or 13,351,500 shares, to approximately 29.17%, or 8,751,500 shares. This sale was made pursuant to DHT's existing shelf registration statement. DHT will not receive any proceeds from this sale of its common stock.

Double Hull Tankers Files Registration Statement with SEC

Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering.

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.

Merrill Lynch Slashes Rates On Trio of Oil Giants

Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market. Merrill said that it previously believed drilling demand would improve by the late part of 2001, but it now looks as though that will not occur until early 2002. Shares of Global Marine were down $0.33 cents at $15.30. ENSCO was down $0.27 cents at $18.63, while Rowan was down $0.06 at $16.95 on the New York Stock Exchange.

Maritrans Announces Final Results of Tender Offer

Maritrans Inc. announced the final results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on January 18, 2002. Maritrans will purchase 2,176,296 shares of Maritrans Common Stock at a purchase price of $11.50 per share, or a total of $25,027,404. The 2,176,296 shares to be purchased are comprised of the 2,000,000 shares Maritrans offered to purchase and 176,296 shares to be purchased pursuant to Maritrans' right to purchase up to an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to the exercise of such option, there will be no proration and all shares tendered at $11.50 per share or lower will be purchased.

Teekay Announces IPO

Teekay Corporation (Teekay) announced that its wholly owned subsidiary, Teekay Tankers Ltd., has filed a registration statement with the U.S. Exchange Commission for an initial public offering of its Class A Common Stock. their over-allotment option in full), representing a 40% ownership interest. under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. Suezmax-class oil tankers. distribution, subject to any reserves established by its board of directors. Company, Scotia Capital, and Johnson Rice & Company L.L.C.

New York Firm to Buy Maritrans

Overseas Shipholding Group Inc. has a definitive agreement to acquire Maritrans Inc., for $455 million. Terms call for New York-based Overseas Shipholding to acquire Maritrans in an all-cash transaction for $37.50 a share, a 47 percent premium over Maritrans' closing price of $25.50 on Sept. 22. OSG also will assume Maritrans' debt outstanding as of June 30, according to a release from the companies. OSG will finance the deal through a combination of available cash and borrowings under existing credit facilities, the release said. Maritrans ships crude oil and petroleum products, and owns and operates one of the largest fleets of double-hull vessels serving the East coast and U.S. Gulf coast. OSG is one of the largest publicly traded tanker companies in the world.

OSG Sells 5 Million Shares of DHT

Overseas Shipholding Group, Inc. and Double Hull Tankers, Inc. jointly announced today the sale of five million shares of common stock of Double Hull Tankers pursuant to an underwriting agreement with Merrill Lynch & Co. and UBS Investment Bank. OSG has granted the underwriters a 30-day over-allotment option to purchase up to an additional 750,000 shares of DHT common stock at the agreed price. The shares of common stock will be offered by the underwriters from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale…

Manitowoc Sells Marine Business

On Jan. 2, the Manitowoc Company, Inc. (NYSE:MTW) announced the completion, effective as of December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120m. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes. "We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment," said Manitowoc CEO Glen E. Tellock. "We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further.

BP Spill Opportunity in Disguise for Rig Builders

According to a June 14 report from Bloomberg, heightened U.S. scrutiny of offshore drilling after the BP spill, the worst in the nation’s history, may spur oil companies to replace aging rigs with new platforms made in South Korea and Singapore. Rig-makers Samsung Heavy Industries Co. and Keppel Corp. stand to benefit from drillers buying $300m-plus semi-submersible rigs. About 57% of current units are more than 20 years old, according to Merrill Lynch, the Bloomberg report said. (Source: Bloomberg)

Intelsat Proposes Public Offering of Common Shares

Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the "Series A preferred shares"). The offerings are being made pursuant to a registration statement on Form F-1 filed with the Securities and Exchange Commission. The company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 3,260,869 common shares. The company has granted the underwriters in the public offering of Series A preferred shares a 30-day option to purchase up to an additional 450…

Yangzijiang to Benefit From Ship Orders: Merrill Lynch

Bank of America-Merrill Lynch said that it sees Yangzijiang Shipbuilding Ltd. benefiting from potential orders after a revival of interest from container shipping firms in larger vessels. The broker’s outlook came after reports that Taiwan's Evergreen, the world's sixth-largest container shipping firm, ordered 10 vessels with a capacity of 13,800 twenty-foot containers (TEU) each. "Evergreen Marine decided to lease ten 13,800-TEU container ships from Korea Infrastructure Investments Asset Management Co (KIIMA). KIIMA will place new build orders with Hyundai Heavy," the broker said in a report. Merrill has a buy rating on Yangzijiang's stock with a target price of S$2.12.

Cruise Powerhouse Carnival Corp. Commences Intermediate Ratings

Merrill Lynch said on Monday it had started coverage of Carnival Corp., the world's largest cruise line operator, with "intermediate" and "long term accumulate" ratings. Merrill said in a research note Carnival had a leading and growing market share in the expanding cruise industry, and both the company's and industry's prospects are reinforced by high consumer satisfaction levels and strong value ratings. It added that it had a 12-18 month price objective of $32 for Carnival - whose shares closed on Friday at $27.59 on the New York Stock Exchange and have a 52-week range of $18.31 to $34.93.

Mersey Docks & Harbor Downgraded

Merrill Lynch downgraded its intermediate-term rating on Mersey Docks & Harbour Plc to "accumulate" from "buy," while keeping a long-term "acumulate" rating on the stock. "We believe MDK's attractive valuation by itself is not compelling enough to support a dramatic re-rating," Merrill analysts said in a research note. They cut their 12-month price objective on the stock to 620 pence from 665p. – (Reuters)

Maritrans Inc. Announces Tender Offer

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002. Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within the $11.00 to $12.50 price range. Based on the number of shares tendered and the prices specified by the tendering stockholders…

Container Shippers Seek Rate Hikes

A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year. The rate increases are scheduled to go into effect May 1, 2000. The Oakland, Calif.-based Transpacific Stabilization Agreement represents major shipping lines including A.P. Moller-Maersk Line, Evergreen Marine Corp.

Merrill Lynch "Reduces" P&O's Rating

Merrill Lynch said on Monday it had cut its rating on British shipping and logistics group The Peninsular & Oriental Steam Navigation Company (P&O) to "reduce" from "neutral" in the intermediate term. Analysts at the investment bank also cut their long-term rating on the stock to "accumulate" from "buy", citing a worsening outlook for the company's container business. They expected second-quarter results for P&O Nedlloyd (P&O's joint venture with Dutch Koninklijke Nedlloyd Groep), due on Thursday, to be poor for sentiment, they said. "The tone is unlikely to be encouraging and the risk with forecasts is on the downside," they said.

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

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