Marine Link
Tuesday, January 16, 2018

Million Shares News

Eidesvik Scores Work for Two Vessels

Photo: Eidesvik Offshore ASA

Norwegian shipping company Eidesvik Offshore ASA  has signed a letter of intent (LoI) with Seabed Geosolution for the use of  two vessels. Contract commencement are ultimo January to primo February and the duration is expected to last for the remaining part of 2018. The LoI is for the use of the multi-purpose support vessel Subsea Viking and for the use of the seismic vessel Vantage. Recently, Eidesvik Invest AS, together with some of the largest shareholders in Eidesvik Offshore, have undertaken to subscribe new equity in a private placement of NOK 120 million at a price of NOK 5 per share.

Cosco Offers Unconditional Buying of Cogent Shares

Photo: Cogent Holdings

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 "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which…

Genco Shipping Cuts Public Offer Size

Genco Shipping & Trading Ltd. said it has cut the size of its primary and secondary public offering to about 3.7 million shares from 6.3 million, and has priced the offers at $75.47 per share. The company said it is offering 2.7 million shares and certain stockholders are selling about 1 million shares. Genco has also granted underwriters a 30-day option to purchase up to 560,600 additional shares to cover overallotments. Source:  CNN

Newport News OKs Share Buyback Program

Newport News Shipbuilding Inc. has approved a $100 million share repurchase program, adding to a $100 million buyback plan authorized last June. The new plan will be implemented over 2000 and 2001. The company has bought back almost 3 million shares under the previous program. The company currently has nearly 33 million shares outstanding, according to Standard & Poor's MarketScope.

Pacific Carriers Is Propositioned by Hovert Investments

Hovert Investments Pte Ltd, a unit of Kuok (Singapore) Ltd, has made an unconditional offer for the shares of shipping company Pacific Carriers Ltd. Hovert accumulated a controlling stake of 56.56 percent on Friday, paying an offer price of S$1.25 per share for 152.7 million shares and an enhanced offer price of S$1.40 per share for 16.8 million shares at the close of business. Although the unconditional offer was at S$1.25 per share, Hovert paid $1.40 per share for the stake of shareholders "presumed to be acting in concert with the offerer" in its takeover bid for PCL.

Seadrill plans up to $305m Malaysian selldown

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters. Norway's Seadrill Ltd., the world's top offshore oil driller, is offering up to 230 million shares of SapuraKencana at 4.3 ringgit each, putting the total value of the deal at up to 989 million ringgit ($305 million). The price is equivalent to a 3.4 percent discount to Wednesday's closing price of 4.45 ringgit. The deal consists of a base offer of 180 million shares, with an option to grow by 50 million shares, according to the terms. Maybank was hired as sole placing agent for the selldown. ($1 = 3.2410 Malaysian Ringgits)   Reporting by Elzio Barreto

Seadrill Sells $300m of SapuraKencana Shares

Seadrill, the world's biggest offshore driller by market capitalisation, has sold 230 million shares in Malaysia's SapuraKencana, raising $300 million and earning a gain of $165 million on the deal, it said on Wednesday.   Seadrill, which still owns around 490 million shares in SapuraKencana, has agreed not to sell any further shares in the company

Hedge Funds' Big Bets on Energy Companies Pummeled

Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter, according to a regulatory filing made with the Securities and Exchange Commission. Diamondback's stock price fell 16 percent over the quarter. The fund manager also raised its bet on oil and gas exploration and production company Cimarex Energy by 37 percent. The stock dropped 11 percent over the quarter.

Double Hull Tankers Cuts IPO Amount

Double Hull Tankers Inc. cut its expected initial public offering (IPO) to 16 million shares at $12 to $13 a share from 20 million shares at $14 to $16, according to a Reuters report. The newly formed shipping company plans to use the expected offering proceeds of $185.7 million, in addition to its credit line and equity, to purchase seven vessels, according to the filing with the SEC.

NNS Announces $100M Share Buyback

Military ship and submarine builder Newport News Shipbuilding Inc. approved a $100 million share buyback program. The amount of the buyback is equivalent to nearly 6 percent of its shares outstanding based on current market prices. The buyback comes on top of previous share repurchases that have totaled 5.6 million shares since mid-1999.

Sea Containers Approves Hotel Subsidiary Spin-Off

Sea Containers Ltd., which runs marine passenger transport and leases equipment, on Friday said its shareholders approved resolutions to permit the spin-off of its luxury hotel subsidiary Orient-Express Hotels Ltd. Sherwood also said net income at Sea Containers for the first half of 2001 should top that of the prior year's first-half, while Orient-Express Hotels expects to report higher earnings for 2001 than for 2000. Sea Containers' president James Sherwood said it was still the company's intention to divest the majority of its shares in Orient-Express around the end of the year. Before that time, the company plans to sell about 5 million shares, in blocks.

Seoul Stocks Close Lower as Shipbuilders Fall

Foreigners bought a net 58 billion won worth of shares listed on the main board, and local institutions sold a net 135b. Local retail investors bought a net 69 billion won, Reuters reported. Decliners outnumbered advancers by 455 to 318, with 82 titles ending unchanged.  Trade volume stood at 268 million shares worth 5 trillion won, compared with 366 million shares worth 6.3 trillion won on Monday. Source:  Reuters

Hercules Offshore Files for $8M Share Offer

Hercules Offshore Inc., a drilling and liftboat service company for the energy industry, on March 27 filed with U.S. regulators for an offering of $8 million shares of its common stock. The Houston company said in a filing with the Securities and Exchange Commission that it would sell $1.6 million shares, and stockholders would sell $6.4 million. Credit Suisse and Citigroup are underwriting the offering.

Hyundai Merchant Marine Sells Off Two Million Shares

Hyundai Merchant Marine, South Korea's largest shipping firm, said on Friday it had sold about two million shares in Hyundai Heavy Industries to raise operating funds and repay debts. "We sold about two million shares in Hyundai Heavy in the market," said a company spokesman. He did not say at what price the shares were sold. The shipping firm would have received 62 billion won ($47.6 million) from the sale, based on Hyundai Heavy's closing price of 31,000 won on Friday. Hyundai Merchant Marine shares finished up 0.3 percent at 3,000 won. After the stock sale, Hyundai Merchant Marine would become the second largest shareholder in the shipbuilder with its stake dropping to 9.8 percent from 12.4 percent earlier.

Sembcorp Ups Stake In SembCorp Marine

Singapore conglomerate SembCorp Industries Ltd has reportedly acquired another five million shares of SembCorp Marine at S$0.705 each after buying 40 million shares last week. The move led some analysts to speculate that the marine unit could be privatized, given its attractive valuation.

American Eagle Tankers Files for IPO

Crude oil tanker owner and operator American Eagle Tankers Inc. Ltd. has filed for an initial public offering that could raise up to $132 million for the unit of Singapore's Neptune Orient Lines Ltd. American Eagle, which is based in Jersey City, N.J., plans to use the net proceeds from the IPO to expand its fleet of tankers, which currently numbers 24, it said on Tuesday in a filing with the U.S. Securities and Exchange Commission. The company is selling 6.75 million common shares for between $17.60 and $19.50 apiece, which would give it a potential market value of $495 million based on the high end of the price range and about 25 million shares outstanding.

Star Bulk Sets Terms on Reverse Stock Split

Pics: Star Bulk Carriers Corp

Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. 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 general meeting on December 21, 2015. When the reverse stock split becomes effective, every five shares of the Company's issued and outstanding common shares will…

Aker Maritime Trims Kvaerner Purchase Plans

Norwegian oilfield services firm Aker Maritime will take a 17.8 percent stake in Anglo-Norwegian engineering group Kvaerner this month after consulting the European Commission. Aker Maritime had previously agreed to buy a 26.7 percent stake, or a total of 28.5 million shares of Kvaerner, prompting an in-depth four-month investigation by the EC. A smaller stake, however, means that the EC will close its investigation into the effects on competition of a possible merger of the two companies, Aker said. The deal, making Aker Maritime the largest shareholder of Kvaerner ... "does not represent a controlling interest according to the EC's definitions, and the matter therefore falls outside the commission's authority according to the European Union's merger regulations," it said.

Cochin Shipyard's $231 Mln IPO Subscribed Over 76 Times

Cochin Shipyard Ltd's initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday, indicating strong interest in the state-run shipbuilder. Investors bid for about 2.59 billion shares, compared with nearly 34 million shares on offer, data from stock exchanges showed as of 0130 GMT. The company, which also repairs ships, was selling about 22.7 million new shares in the price range of 424 rupees to 432 rupees apiece, while the Indian government was selling about 11.3 million shares in the company. SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the lead banks managing the IPO. The stock is set to make its trading debut on or around Aug. 11.

Maersk Divest its Shares in Danske Bank

Danske Bank A/S Photo: A.P. Møller – Mærsk A/S

Danish shipping and energy giant A.P. Møller – Maersk A/S has sold its shares in the Danske Bank A/S for a total of DKK 3.2 billion (USD 477 million). Maersk owns 16.2 million shares representing 1.6 per cent of the total shares in Denmark's largest bank. Sales are made through an accelerated book building, which will also determine the price, according to Maersk. Following the placing, the shipping and energy firm will hold no shares in Danske Bank. American bank JPMorgan and Swedish major bank Nordea are hired as consultants for Maersk in the sales process.

Keppel's Philippine Units Complete Consolidation

Philippine units of Keppel Corporation have reportedly completed the restructuring of their operations, which called for a consolidation of Keppel's domestic marine interests into Keppel Philippines Marine Inc. (KPMI), and a consolidation of Keppel's property interests in the Philippines into Keppel Philippine Properties Inc (KPPI). Under the restructuring, KPPI transferred all its marine interests to KPMI, including 62.5 million shares in Subic Shipyard and Engineering Inc. and 656,838 shares in Consort Land Inc., which manages the shipyard's lot, in exchange for 100.5 million new KPMI shares. KPPI also transferred all of its 159.2 million shares in KPMI to Keppel Philippines Holdings Inc (KPHI). KPMI is now 55 percent owned by KPHI and the rest by the investing public.

Northrop Grumman Buys 9 Million Shares in Accelerated Share Repurchase

Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop Grumman common shares purchased by CSFB. Today's repurchase is part of a $1.5 billion share repurchase program announced by Northrop Grumman on Oct. 25, 2005. The company expects to complete the remaining $1 billion of the share repurchase program over the next 12 to 18 months.

Knightsbridge, Frontline to Form US Capesize Company

Photo courtesy of Knightsbridge Tankers

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014, 14 vessels in 2015 and six vessels in 2016. Knightsbridge recently acquired five Capesize newbuildings from Frontline 2012 and one vessel from Hemen Holding Ltd. The combination of Knightsbridge…

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

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