New York Stock Exchange News

10 Oct 2019

Ocean Yield Buys Ethylene Gas Carrier

Image: Ocean Yield ASA

Norwegian shipowner Ocean Yield ASA has agreed to acquire Navigator Aurora, a 37,300 cbm ethylene gas carrier owned by Navigator Gas.According to agreement, the ship will be purchased for a total consideration of USD 69.75 million net of a seller’s credit, with a 13-year bareboat charter to a company 100% owned and guaranteed by Navigator Holdings - Navigator Gas.The vessel is expected to be delivered to the Company during October 2019. Navigator Gas has certain options to acquire the vessel during the charter period.

09 Sep 2019

NYSE Begins to Delist Seadrill Partners

Image: Seadrill Partners

The international offshore drilling contractor Seadrill Partners LLC announced that it has been notified by the New York Stock Exchange that trading in SeaDrill's common units on the exchange has been suspended and the procedure to delist the units has been initiated.According to the UK-based offshore deepwater drilling company, the NYSE's decision was the result of the company's low market capitalization.SeaDrill said its common units are expected to begin trading in the over the counter (OTC) market beginning September 6…

30 Jul 2019

Borr Drilling Launches US IPO

Image: Borr Drilling

Offshore drilling contractor Borr Drilling has launched the initial public offering (IPO) in the United States of 5 million of its common shares on July 29.The drilling company that operates 27 rigs said that the offering of common shares on the New York Stock Exchange is at prices it expects to be ‘substantially similar’ to its share price on the Oslo Bors.The IPO price will be determined based on the book-building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering.

17 May 2019

Petropoulos New Baltic Exchange Chair

Denis Petropoulos (Photo: Baltic Exchange)

Denis Petropoulos has been elected Chairman of the Baltic Exchange Council with effect from June 1, 2019. He replaces Duncan Dunn who has held the position since January 2018. Denis Petropoulos was a founding partner of Braemar Tankers Ltd and remains a significant shareholder at Braemar Shipping Services PLC. He most recently headed up Braemar's Singapore office for seven years, before returning to the UK.He has been a Baltic Exchange Member since 1999 and has held positions…

28 Mar 2019

CPLP Completes DSS Holdings Merger

Pic: Capital Product Partners L.P.

Greek shipping company Capital Product Partners (CPLP) has completed its merger of crude and product tanker business with businesses owned by tanker owner and operator DSS Holdings.A new company named Diamond S Shipping Inc has been formed which could be the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operators.Common stock of Diamond S Shipping  has begun regular-way trading on the New York Stock Exchange yesterday, March 28.CPLP further announced that it has completed its 1-for-7 reverse unit split.

14 Dec 2018

Navios Acquisition Completes Navios Midstream Merger

Pic: Navios

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…

25 Oct 2018

Ocean Yield Adds Tankers to its Fleet

Lars Solbakken, Chief Executive Officer. Photo: Ocean Yield

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard…

11 Sep 2018

CGG Plans to Delist from the NYSE

Oceanic Sirius deploying streamer spread during offshore seismic survey (image courtesy of CGG)

CGG S.A., an geoscience company providing geological, geophysical and reservoir capabilities, said that the Board of Directors has unanimously approved the voluntary delisting of its American Depositary Shares from the New York Stock Exchange and its voluntary deregistration with the U.S. Securities and Exchange Commission.According to a press release on the matter, CGG said that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by CGG…

01 Aug 2018

Diana Shipping Appoints Directors and Executive Officers

Board of Directors. Photo: Diana Shipping Inc.

Diana Shipping announced that, effective August 1, 2018, the Company increased the size of its Board of Directors from nine to eleven members.The global shipping company specializing in the ownership of dry bulk vessels appointed Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018.The Board has determined that Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934…

22 Jun 2018

Schlumberger Wins in US Supreme Court on Patent Damages

© sframe / Adobe Stock

The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor.

16 May 2018

Statoil ASA Changes Name to Equinor ASA

CEO Eldar Sætre (Photo: Equinor)

Equinor ASA (OSE: EQNR, NYSE: STO), the new name of Statoil ASA, was approved by the annual general meeting yesterday, May 15, 2018, and the new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret). The company's shares will from May 16, 2018 (inclusive) be quoted on Oslo Børs with the new name and the new ticker EQNR. Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be May 17, 2018 at the earliest. ISIN number is unchanged.

14 May 2018

Statoil Name Change Expected in May

Photo: Jan Arne Wold / Woldcam

Statoil ASA will vote on the proposal to change the company’s name, from Statoil ASA to Equinor ASA, at the company's annual general meeting on May 15.The company said in March it intends to change its name to reflect its move to become a broad energy company.The company expects to implement the name change from (and including) May 16, 2018. This entails that May 15, 2018 is expected to be the last day of trading on Oslo Børs under the ticker “STL”. From May 16, 2018 (inclusive)…

27 Feb 2018

Exxon Selling Stake in Terra Nova Oil Project

Terra Nova FPSO (Photo:Suncor)

Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.

22 Feb 2018

Navios Maritime Closes $35M Offering

© Faraways / Adobe Stock

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.

10 Jan 2018

GasLog Partners Eyes USD 97mln through IPO

Image: GasLog Partners LP.

US based LNG carrier GasLog Partners is expecting to raise up to USD 97 million by selling shares to finance future fleet expansion. The New York-listed spinoff of LNG shipper GasLog  has announced that it has priced its public offering of 4 million units of its 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference US$25.00 per unit at a price to the public of US$25.00 per unit. The underwriters have a 30-day option to purchase up to 600,000 additional Series B Preference Units from the Partnership.

12 Dec 2017

NAT Announces Public Offering of USD 100mln

Photo: Nordic American Tankers

Nordic American Tankers (NAT) announced an underwritten public offering of $100 million of its common shares pursuant to the Company’s effective shelf registration statement. At the Company’s request, the underwriters have reserved for sale an aggregate of approximately $1.2 million of its common shares for certain members of the Company’s board of directors, management and advisors, which includes approximately $1.0 million to be purchased by the Company’s Chairman and Chief Executive Officer and his immediate family.

03 Dec 2017

Ocean Yield Invests in 3 NAT Suezmaxes Newbuilds

Photo: Nordic American Tankers

Ocean Yield ASA has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018. NAT will have options to acquire the vessels after year 5 and 7 in addition to an obligation to repurchase the vessels at the end of year 10.

28 Nov 2017

GoM Stakeholders Energized Despite Lingering Oil Bust

Miss Marilene Tide (Credit Tidewater)

Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.

22 May 2017

Vancouver: Maritime’s New Home Address

Kaity Arsoniadis-Stein, Executive Director of the VIMC (Photo: VIMC)

The Vancouver International Maritime Centre (VIMC) is on a mission to grow the city and port into one of the world’s premiere maritime centers. Maritime Reporter & Engineering News recently spoke with Kaity Arsoniadis-Stein, Executive Director of the newly re-established VIMC, for her insights on the pace and direction of the initiative. Let’s start out easily. Why Vancouver? Why now? Why Vancouver? Projections and studies indicate that global trade will increase and shift to the Pacific due to the demand of resources by China and India.

17 May 2017

In Demand: Hoegh LNG’s Sveinung Stoehle

The business model: Hoegh LNG president and CEO, Sveinung Støhle. Photo: handout

Satisfied with the recent opening of a new floating LNG import terminal in Turkey plus contract successes in Africa and Asia, Hoegh LNG CEO and president, Sveinung Stoehle, cautiously lets us into his stylish Oslo offices for a bit of “disclosure”. The Hoegh business model is winning out, and now six floating storage and regasification units, or FSRUs, are in operation with four newbuilds on the way. The terminal in Turkey was built in just six months: “It would be years, not months, for a land-based gas terminal,” Stohle asserts.

03 Jan 2017

The American Club Celebrates Its Centenary

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JPMorgan Chase & Co. The American Club was founded in February, 1917.

18 Jan 2017

TechnipFMC Begins Operations Post-merger

Image: TechnipFMC

TechnipFMC has begun operating as a unified oil and gas services company following completion of the merger of Houston-based FMC Technologies and paris-based Technip. Now with a combined 44,000 employees, the new TechnipFMC will work on oil and gas projects, technologies, systems and services “from concept to project delivery and beyond” with headquarters in Houston, London and Paris. A key focus for TechnipFMC will be project economics across subsea, onshore/offshore and surface, the company said in a press release.

12 Dec 2016

Transocean Closes Acquisition of Transocean Partners

NEXT GENERATION DRILLSHIPS AND RIGS PHOTO TRANSOCEAN

Transocean Ltd. announced the closing of the acquisition of Transocean Partners. Each outstanding public common unit of Transocean Partners was converted into the right to receive 1.20 shares of Transocean Ltd., which issued approximately 23.8 million shares related to the transaction. In connection with the closing, Transocean Partners' common units were delisted from the New York Stock Exchange.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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 maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News